Parity Indebtedness Sample Clauses

Parity Indebtedness. The Company covenants not to incur or assume any Parity Indebtedness or Subordinated Indebtedness unless the Company has received consent of the holders of 100% of the principal amount of the Bonds Outstanding; provided, however, that the Indebtedness incurred by the Company in connection with the City of Springdale, Arkansas Industrial Development Refunding Revenue Bonds (Advanced Environmental Recycling Technologies Project) Series 2008 shall be deemed Parity Indebtedness approved by the holders of the Bonds. Upon issuance of Parity Indebtedness, such debt will be entitled to share on a parity in all property and rights securing the Bonds, except the moneys in the Funds, which shall secure only the Bonds. Unless otherwise consented to by the holders of 100% of the principal amount of the Bonds Outstanding, all instruments creating or securing Parity Indebtedness shall (a) provide that the Trustee shall have the sole power to select remedies to be used to enforce rights against common security for the Bonds and Parity Indebtedness, subject to the right of the owners of a majority in aggregate principal amount of the sum of the Bonds and Parity Indebtedness then Outstanding to direct remedies in the manner provided in the Indenture; (b) provide that the holders of Parity Indebtedness or the trustee therefor shall undertake such actions as may be requested by the Trustee that are reasonably necessary to effectuate the purposes of clause (a); and (c) contain cross default provisions with the Loan Agreement, the Indenture and all other instruments creating Parity Indebtedness. All collateral given or to be given to secure Parity Indebtedness (other than credit enhancement devices such as letters of credit, insurance or surety bonds and other than reserve funds) shall also secure the obligations of the Company under the Loan Agreement on a parity basis; and the instruments under which any Parity Indebtedness is incurred shall contain provisions that all Parity Indebtedness and the obligations of the Company under the Loan Agreement shall be secured equally and ratably by all such security provided for any such Parity Indebtedness. The Property, the Pledged Revenues and any other collateral at any time given to secure the obligations of the Company under the Loan Agreement (other than the Funds) shall likewise secure Parity Indebtedness, and such shall be set forth and so provided in any instrument securing Parity Indebtedness. No release by or permission from ...
Sample 1
AutoNDA by SimpleDocs
Parity Indebtedness. Any Indebtedness that is to be secured by any collateral securing the Bonds shall be subject to the conclusion and prior execution of an inter-creditor agreement by the Trustee and any other parties with an interest in such collateral that is to be shared on a parity with such Indebtedness. EXHIBIT A REQUEST FOR DISBURSEMENT OF PROCEEDS OF ST. JOSEPH’S COLLEGE REVENUE BONDS, SERIES 2020B This certificate is delivered by St. Joseph’s College, New York (the “Institution”) pursuant to the Loan Agreement dated as of , 2020 (the “Loan Agreement”) by and between the Dormitory Authority of the State of New York (the “Authority”) and the Institution in connection with the disbursement of proceeds of the above-referenced Bonds (the “Bonds”) issued under St. Joseph’s College Revenue Bond Resolution, adopted June 23, 2010, as amended or supplemented and the Series 2020B Resolution Authorizing the Issuance of a Series of St. Joseph’s College Revenue Bonds, Series 2020B, adopted July 15, 2020 (collectively, the “Resolution”). Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement or the Resolution, as applicable.
Sample 1
Parity Indebtedness. Subject to the provisions of this Paragraph 37, Mortgagor may from time to time incur additional indebtedness with respect to the Project and secure such indebtedness with a mortgage lien on the Premises on a parity with, and equal and coordinate in lien with, the lien of this Mortgage. Any such indebtedness is referred to herein as "Parity Indebtedness" and any mortgage securing Parity Indebtedness is referred to herein as a "Parity Mortgage." Parity Indebtedness may be incurred only for the purposes of (i) completing construction of the Project, (ii) making improvements or betterments to the Project or (iii) to redeem all or a portion of the Bonds, subject, however to the following conditions:
Sample 1

Related to Parity Indebtedness

  • Refinancing Debt Borrowed Money that is the result of an extension, renewal or refinancing of Debt permitted under Section 10.2.1(b), (d) or (f).

  • Secured Indebtedness The Borrower shall not permit the ratio of (i) Secured Indebtedness of the Borrower and its Subsidiaries to (ii) Total Asset Value to be greater than 0.40 to 1.00 at any time.

  • Subordinated Indebtedness The Obligations constitute senior indebtedness which is entitled to the benefits of the subordination provisions of all outstanding Subordinated Indebtedness.

  • Company Indebtedness The Company shall, and shall cause its Subsidiaries to, timely deliver all notices and take all other administrative actions required to facilitate (i) the termination of commitments, repayment in full of all outstanding loans or other obligations, release of any Liens securing such loans or obligations and guarantees in connection therewith, and replacement of or cash collateralization of any issued letters of credit in respect of the Credit Facility on or before the Closing Date and (ii) to the extent reasonably requested in writing by Parent, no later than ten (10) Business Days prior to the Closing Date with respect to any Indebtedness (other than Indebtedness in respect of the Credit Facility) incurred by the Company or any of its Subsidiaries after the date hereof in compliance with Section 6.1(b)(xi) (it being understood that the Company shall promptly and in any event no later than fifteen (15) Business Days prior to the Closing Date notify Parent in writing of the amount of any such Indebtedness incurred or to be incurred and expected to be outstanding on the Closing Date), repayment in full of all obligations in respect of such Indebtedness and release of any Liens securing such Indebtedness and guarantees in connection therewith, in each case, on the Closing Date. In furtherance and not in limitation of the foregoing, the Company and its Subsidiaries shall use reasonable best efforts to deliver to Parent no later than one (1) Business Day prior to the Closing Date payoff letters with respect to the Company Credit Facility and, to the extent reasonably requested by Parent in writing no later than ten (10) Business Days prior to the Closing Date, any Indebtedness incurred by any of the Company and its Subsidiaries after the date hereof in compliance with Section 6.1(b)(xi) (each, a “Payoff Letter”) in form and substance customary for transactions of this type, from the persons, or the applicable agent on behalf of the persons, to which such Indebtedness is owed, which Payoff Letters together with any related release documentation shall, among other things, include the payoff amount and provide for Liens (and guarantees), if any, granted in connection therewith relating to the assets, rights and properties of the Company and its Subsidiaries securing such Indebtedness and any other obligations secured thereby, upon the payment of the amount set forth in the applicable Payoff Letter on or prior to the Closing Date, to be released and terminated. Upon at least ten (10) days’ prior written notice from the Company that the Company has determined, after reasonable consultation with Parent, that it will not at the time of the Real Estate Purchase (and without giving effect to the payment of the Real Estate Purchase Price or any other payment under this Agreement) have sufficient unencumbered and available cash, net of “cage cash”, cash on hand required by any Governmental Entity, the reasonably estimated additional amount of cash necessary to ensure the sound operation of the Company’s business consistent with past practice, and any other restricted cash, to pay in full the outstanding Indebtedness in respect of the Credit Facility, then to the extent of such shortfall Parent will extend an unsecured loan to the Company on the day of the Closing so that, together with such net unencumbered and available cash, the proceeds of such loan are sufficient to pay in full the outstanding Indebtedness in respect of the Credit Facility as may be necessary to release all Liens and obligations in respect thereof at the time of, or immediately prior to, the Real Estate Purchase, and the terms of such loan shall be reasonable for the circumstance as negotiated in good faith by Parent and the Company.

  • Prepayment of Other Indebtedness, Etc (a) Amend or modify any of the terms of any Indebtedness of any Loan Party or any Subsidiary (other than Indebtedness arising under the Loan Documents) if such amendment or modification would add or change any terms in a manner adverse to any Loan Party or any Subsidiary, or shorten the final maturity or average life to maturity or require any payment to be made sooner than originally scheduled or increase the interest rate applicable thereto.

  • Prepayments of Other Indebtedness Modifications of Organizational Documents and Other Documents, etc. 90 SECTION 6.12 Limitation on Certain Restrictions on Subsidiaries 90 SECTION 6.13 [Reserved.] 91 SECTION 6.14 [Reserved.] 91 SECTION 6.15 Business 91 SECTION 6.16 Limitation on Accounting Changes 91 SECTION 6.17 Fiscal Year 91 SECTION 6.18 No Further Negative Pledge 91 SECTION 6.19 Anti-Terrorism Law; Anti-Money Laundering 92 SECTION 6.20 Embargoed Person 92 ARTICLE VII GUARANTEE SECTION 7.01 The Guarantee 93 SECTION 7.02 Obligations Unconditional 93 SECTION 7.03 Reinstatement 94 SECTION 7.04 Subrogation; Subordination 94 SECTION 7.05 Remedies 94 SECTION 7.06 Instrument for the Payment of Money 95 SECTION 7.07 Continuing Guarantee 95 SECTION 7.08 General Limitation on Guarantee Obligations 95 SECTION 7.09 Release of Guarantors 95 SECTION 7.10 Right of Contribution 95 ARTICLE VIII EVENTS OF DEFAULT SECTION 8.01 Events of Default 96 SECTION 8.02 Rescission 98 SECTION 8.03 Application of Proceeds 98 ARTICLE IX THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT SECTION 9.01 Appointment and Authority 99 SECTION 9.02 Rights as a Lender 99 SECTION 9.03 Exculpatory Provisions 99 SECTION 9.04 Reliance by Agent 100 SECTION 9.05 Delegation of Duties 101

  • Subsidiary Indebtedness The Borrower will not permit any Subsidiary to create, incur, assume or permit to exist any Indebtedness, except:

  • Existing Indebtedness; Future Liens (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of the dates specified in such Schedule (and specifying, as to each such Indebtedness, the collateral, if any, securing such Indebtedness), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Company or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

  • Indebtedness Create, incur, assume or suffer to exist any Indebtedness, except:

  • Guaranteed Indebtedness No Credit Party shall create, incur, assume or permit to exist any Guaranteed Indebtedness except (a) by endorsement of instruments or items of payment for deposit to the general account of any Credit Party, and (b) for Guaranteed Indebtedness incurred for the benefit of any other Credit Party if the primary obligation is expressly permitted by this Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.