Examples of Applicable Indebtedness in a sentence
UTC shall have performed (i) in all material respects all obligations required to be performed by it under this Agreement and (ii) in all respects the obligation required to be performed by it under the first sentence of Section 3 of the Separation Principles (relating to the Applicable Indebtedness (as defined in the Separation Principles) not exceeding the Target Indebtedness), in the case of each of clauses (i) and (ii), at or prior to the Closing Date.
Payment of the full purchase price is being made as follows: (a) by payment to Seller concurrently with the execution and delivery hereof, of the total amount specified in Schedule A as the "cash portion" (if any) by check payable to Seller; and (b) by Buyer's assumption, for the benefit of Seller, of all of Seller's outstanding obligations with respect to the "Applicable Indebtedness" as described in Schedule A.
Seller shall, upon written request of Buyer, cause notice of the sale of the Assigned Rent hereby to Buyer and the assumption of Seller's obligations with respect to the Applicable Indebtedness to be served upon Lessee and any Lender, and to direct all payments of Assigned Rent hereafter to be made by Lessee to Buyer or as otherwise directed by Buyer or provided in the Lease with respect thereto.
If Seller shall receive any payment from a Lessee or User --------- which includes Assigned Rent, Seller will hold the same in trust for Buyer and will, immediately and without demand, deliver same to Buyer, or, if so provided in the Underlying Agreements, pay or cause such amounts to be paid to Lender in respect of the Applicable Indebtedness secured thereby.
Buyer's assumption of the Applicable Indebtedness is further described in Section 5 of this Agreement.