GMAC Debt definition

GMAC Debt means the amount outstanding (including any interest, fees and penalties incurred in connection therewith) pursuant to the loan in the original principal amount of $12 million issued by GMAC Commercial Mortgage Corporation under the Loan Agreement dated February 10, 1998 to HPI Orlando, Inc. and secured by a mortgage on the Renaissance Orlando Hotel-Airport.
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GMAC Debt means all principal of and premium, if any, and interest on, and all other amounts owing in respect of Indebtedness of Greka Energy and certain Guarantors outstanding under the GMAC Loan Agreement not exceeding $10,000,000 in aggregate principal amount.
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GMAC Debt means debt of Borrower or an affiliate of Borrower as the case may be, to General Motors Acceptance Corporation, but only to the extent existing as of the date of this Agreement.
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Examples of GMAC Debt in a sentence

  • The Seller covenants that at the Closing all outstanding Debt shall have been repaid, defeased or otherwise released; provided, however, that, subject to the provisions of Schedule 2.4 with respect to the GMAC Debt, the GMAC Debt and the Düsseldorf Debt will not be repaid and will be assumed by the Buyer at the Closing.

  • Directly or indirectly, prepay, redeem, defease, purchase, or otherwise acquire any Indebtedness of any Credit Party in excess of $250,000 in the aggregate during any Fiscal Year, other than the Obligations in accordance with this Agreement; provided, however, that the Guarantors may prepay the GESPA Debt and the GMAC Debt.

  • The Partnership shall continue to maintain the GMAC Debt following the Closing, provided that the then-existing first-mortgage lender for the Property permits the Partnership to maintain the GMAC Debt.

  • Guarantee or otherwise become in any way liable with respect to the obligations of any third Person except (i) by endorsement of instruments or items of payment for deposit to the account of Credit Parties or which are transmitted or turned over to the Purchasers with respect to the GMAC Debt, (ii) for guarantees of Indebtedness permitted under Section 6.2(a) and guarantees set forth on Schedule 6.2(f) hereto and (iii) for guarantees of performance, surety or appeal bonds of any Credit Party.

  • If Credit Parties do not use such amounts in the escrow account to make Capital Expenditures within 90 days of such sale, such amount shall be applied to repay the GESPA Debt or the Obligations or, if such amounts are proceeds of the Santa ▇▇▇▇▇ Collateral, the GMAC Debt and the GESPA Debt, and then the Obligations.

  • Create, incur, assume, or permit to exist, directly or indirectly, any Lien on or with respect to any of its assets, of any kind, whether now owned or hereafter acquired, or any income or profits therefrom, except for Permitted Liens and with respect to the Santa ▇▇▇▇▇ Collateral, the Lien existing on the date hereof securing the GMAC Debt.

  • Directly or indirectly, prepay, redeem, defease, purchase, or otherwise acquire any Indebtedness of any Credit Party in excess of $250,000 in the aggregate during any Fiscal Year, other than (i) the Obligations in accordance with this Agreement, and (ii) the GMAC Debt.


More Definitions of GMAC Debt

GMAC Debt means the outstanding principal balance as of the date hereof --------- due under that certain promissory note in the amount of Fourteen Million Dollars ($14,000,000) dated December 5, 1995 from Seller to GMAC.
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GMAC Debt means the capital lease of the Partnership in the approximate amount of $957,956.00.
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