EF Obligations definition
Examples of EF Obligations in a sentence
Payments received by GECC from or on account of Borrower shall be applied in the following order: (i) first to satisfy the CF Obligations until (y) all of the CF Obligations have been paid in full, and (z) CF has no obligation to extend any credit to Borrower under any one or more of the CF Documents, the Forbearance Agreements, or otherwise, and (ii) second, and only after the CF Obligations have been paid in full, to satisfy the EF Obligations.
Guarantor Bad Toys has executed and delivered the Tri-Party Agreement for the benefit of GECC, whereby, among other things, Guarantor guaranteed payment in full of Borrower’s obligations to pay the entire amount of the CF Obligations and the EF Obligations (the “Bad Toys Guaranty”).
Payments received by GECC from or on account of Borrower shall be applied in the following order: (i) first to satisfy the CF Obligations until (y) all of the CF Obligations have been paid in full, and (z) CF has no obligation to extend any credit to any Borrower under any one or more of the CF Documents or the Forbearance Agreements, and (ii) second, and only after the CF Obligations have been paid in full, to satisfy the EF Obligations.
CF shall continue to service and manage the CF Obligations, EF shall continue to service and manage the EF Obligations, and nothing contained in this Agreement shall be construed to mean otherwise.
EF is willing to forbear from exercising its rights and remedies on account of the Existing Default through the earlier of (i) GECC’s receipt of payment in full of the EF Obligations, or (ii) May 31, 2005, subject to all of the provisions stated in the Restructuring Agreement and if, and only if each payment required to be made by Sections 6.1 through 6.4 of this Agreement has been made timely and in accordance with such Sections.
Borrower and Parent hereby represent to GECC and agree that no Equity Offering/Loan shall result in any lien or encumbrance on or any charge against the Collateral or any portion thereof or lien on or charge against any other property securing the CF Obligations and EF Obligations; the existence of any such lien, encumbrance, or charge shall constitute an immediate Event of Default without further notice or action on the part of GECC.
Borrower and Parent hereby represent to GECC and agree that no Equity Offering shall result in any lien or encumbrance on or any charge against the Collateral or any portion thereof or lien on or charge against any other property securing the CF Obligations and EF Obligations; the existence of any such lien, encumbrance, or charge shall constitute an immediate Event of Default without further notice or action on the part of GECC.
Borrower and Parent have represented to GECC that: (i) Borrower continues to work diligently to resolve the Enforcement Notice, as well as the Unfunded Payroll Taxes, with the IRS, and (ii) Parent anticipates that proceeds from financing that it intends to obtain will be sufficient to pay in full the CF Obligations and the EF Obligations.
The forbearance period with respect to both the EF Obligations and the CF Obligations expired on July 15, 2005.
Guarantor further acknowledges and agrees that the Restructuring Agreement has no effect upon the Guaranty Documents which documents shall continue in full force and effect until such time as all of the CF Obligations and the EF Obligations have been paid in full.