IBM Debt definition

IBM Debt means Indebtedness owed by Maker to International Business Machines Corporation (“IBM”) in connection with those certain Agreements for Wholesale Financing entered into prior to the Closing Date by and between Maker, on the one hand, and IBM, on the other hand.
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IBM Debt means all indebtedness and obligations of the Company and Datatec Industries, Inc. to IBM Credit Corporation pursuant to the IBM Credit Facility.
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IBM Debt means all of the Debt, obligations and liabilities of the Borrower to IBM Credit LLC pursuant to (a) that certain Agreement for Wholesale Financing between the Borrower and IBM Credit LLC and (b) all other agreements, documents and instruments executed in connection therewith, in each case as the same may be amended, modified, supplemented, restated or replaced from time to time.
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Examples of IBM Debt in a sentence

  • Upon the satisfaction of the IBM Debt and until all of the Obligations have been satisfied, promptly upon Secured Party's request, Debtor shall, and shall cause its subsidiaries to, enter into one or more control agreements substantially in the form of Exhibit B hereto (each, a "Control Agreement") with the Banks at which Debtor and/or its subsidiaries maintain Deposit Accounts (as defined in Exhibit A hereto) to secure Debtor's Obligations.

  • Very truly yours, INTERNATIONAL BUSINESS MACHINES CORPORATION By: /s/ Rxxxxx Xxx Xxxx Name: Rxxxxx Xxx Xxxx Title: Vice President and Treasurer IBM Debt Offering The foregoing Agreement is hereby confirmed and accepted on the date specified in Schedule I hereto.

  • So long as any portion of the Notes remain outstanding (whether or not any Event of Default under the Notes exists), Debtor shall not make any payments of principal, interest, penalties or any other amounts to any creditor of Debtor (or any other party) other than payments to (i) the Secured Party and (ii) IBM Lender with respect to the IBM Debt, provided that payments to IBM Lender shall be limited solely to Debtor's obligations as guarantor of the IBM Debt.

  • Very truly yours, IBM CREDIT LLC By: Name: [ ] Title: [ ] IBM Debt Offering The foregoing Agreement is hereby confirmed and accepted on the date specified in Schedule I hereto.

  • Notwithstanding the foregoing, if, upon satisfaction of the IBM Debt, the Debtor (or any of its subsidiaries) obtains new asset-based financing as may be permitted in accordance with Section 3.4, the Debtor or such subsidiaries, as the case may be, shall be permitted to grant control over the Deposit Accounts to the lender providing such asset-based financing to the extent (and only to the extent) necessary to obtain and maintain such new asset-based financing.

  • Notwithstanding the foregoing, if, upon satisfaction of the IBM Debt, the Debtor (or any of its subsidiaries) obtains new asset-based financing as may be permitted in accordance with SECTION 3.4, the Debtor or such subsidiaries, as the case may be, shall be permitted to grant control over the Deposit Accounts to the lender providing such asset-based financing to the extent (and only to the extent) necessary to obtain and maintain such new asset-based financing.

  • As a result of the Merger, all of the rights, privileges, powers and franchises of the Company and the Purchaser shall vest in the Surviving Corporation, and all restrictions, disabilities, liabilities and obligations of the Company and the Purchaser shall become the restrictions, disabilities, liabilities and obligations of the Surviving Corporation.

  • Very truly yours, IBM CREDIT LLC By: /s/ Axxx Xxxxxx Name: Axxx Xxxxxx Title: Vice President, Finance IBM Debt Offering The foregoing Agreement is hereby confirmed and accepted on the date specified in Schedule I hereto.

  • On Monday of each week, Parent shall provide to Agent (a) a certificate signed by the Chief Financial Office of Parent, certifying as to (i) the outstanding principal balances of the Ixxxxx Micro Debt, the GE Debt, and the IBM Debt in each case as of such Monday; (ii) whether Parent has missed any required payments in respect of each such Indebtedness; and (b) any and all additional documentation in respect of each such Indebtedness that is reasonably requested by Agent.

  • Xxxxxxxx Title: Vice President and Treasurer IBM Debt Offering The foregoing Agreement is hereby confirmed and accepted on the date specified in Schedule I hereto.


More Definitions of IBM Debt

IBM Debt means that certain means the Indebtedness owed by Parent to IBM in connection with those certain Agreements for Wholesale Financing entered into prior to the Closing Date by and between Parent, on the one hand, and IBM, on the other hand.
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Related to IBM Debt

  • Existing Debt means Debt of each Loan Party and its Subsidiaries outstanding immediately before the occurrence of the Effective Date.

  • Assumed Indebtedness means Indebtedness of a Person which is (a) in existence at the time such Person becomes a Restricted Subsidiary of the Borrower or (b) is assumed in connection with an Investment in or acquisition of such Person, and has not been incurred or created by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the Borrower.

  • Subordinate Debt means indebtedness secured hereby or by any Supplemental Indenture which is by its terms expressly subordinate and inferior hereto both in lien and right of payment.

  • New Debt has the meaning assigned to such term in the definition of Permitted Refinancing Indebtedness.

  • Subordinated Indebtedness Documents means any document, agreement or instrument evidencing any Subordinated Indebtedness or entered into in connection with any Subordinated Indebtedness.

  • Permitted First Priority Refinancing Debt means any secured Indebtedness incurred by the Borrower in the form of one or more series of senior secured notes or senior secured loans; provided that (i) such Indebtedness is secured by the Collateral on a pari passu basis with the Obligations and is not secured by any property or assets of Holdings and its Subsidiaries other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of Term Loans, (iii) such Indebtedness does not mature prior to the Maturity Date of the Refinanced Debt and such Indebtedness shall have a Weighted Average Life to Maturity that is not shorter than the Refinanced Debt, (iv) to the extent applicable, the security agreements relating to such Indebtedness are substantially the same as the Security Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (v) no Restricted Subsidiary guarantees such Indebtedness unless it is a Subsidiary Guarantor (or becomes a Subsidiary Guarantor substantially concurrently with the incurrence of such Indebtedness); provided that, if, at any time, such Restricted Subsidiary ceases to be a Guarantor, it shall not guarantee such Indebtedness, (vi) the other terms and conditions of such Indebtedness (excluding pricing, fees, rate floors, premiums, optional prepayment or optional redemption provisions) reflect market terms and conditions at the time of incurrence and issuance; provided, that, to the extent such terms and documentation are not substantially identical to the Indebtedness being refinanced, (x) such terms (taken as a whole) shall be less favorable to the providers of such Permitted First Priority Refinancing Debt than those applicable to the Indebtedness being refinanced, except, in each case, for financial or other covenants or other provisions contained in such Indebtedness that are applicable only after the then Latest Maturity Date, or (y) such documentation shall be reasonably acceptable to the Administrative Agent and (vii) a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to a Pari Passu Intercreditor Agreement and the Administrative Agent shall have become a party to the Pari Passu Intercreditor Agreement (or any then-existing Pari Passu Intercreditor Agreement shall have been amended or replaced in a manner reasonably acceptable to the Administrative Agent, which results in such Senior Representative having rights to share in the Collateral as provided in clause (i) above). Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

  • Intercompany Indebtedness means Indebtedness of Company or any of its Subsidiaries which is owing to Company or any of its Subsidiaries.

  • Project Finance Debt means Debt of any Subsidiary of the Borrower (i) that is (A) not recourse to the Borrower other than with respect to Liens granted by the Borrower on direct or indirect equity interests in such Subsidiary to secure such Debt and limited Guaranties of, or equity commitments with respect to, such Debt by the Borrower, which Liens, limited Guaranties and equity commitments are of a type consistent with other limited recourse project financings, and other than customary contractual carve-outs to the non-recourse nature of such Debt consistent with other limited recourse project financings, and (B) incurred in connection with the acquisition, development, construction or improvement of any project, single purpose or other fixed assets of such Subsidiary, including Debt assumed in connection with the acquisition of such assets, or (ii) that represents an extension, renewal, replacement or refinancing of the foregoing, provided that, in the case of a replacement or refinancing, the principal amount of such new Debt shall not exceed the principal amount of the Debt being replaced or refinanced plus 10% of such principal amount.

  • Refinancing Debt means Debt that refunds, refinances, renews, replaces or extends any Debt permitted to be Incurred by the Company or any Restricted Subsidiary pursuant to the terms of this Indenture, whether involving the same or any other lender or creditor or group of lenders or creditors, but only to the extent that:

  • Company Indebtedness means all indebtedness of the Company (including without limitation, any loans, advances, letters of credit, bank overdrafts, capital lease obligations and all other indebtedness of any kind including interest, principal and fees).

  • Secured Indebtedness means any Indebtedness of the Issuer or any of its Restricted Subsidiaries secured by a Lien.

  • Permitted Subsidiary Indebtedness means any of the following:

  • Existing Indebtedness Agreements shall have the meaning provided in section 7.18.

  • Permitted Secured Indebtedness any Secured Indebtedness that:

  • Credit Facility Indebtedness means any and all amounts, whether outstanding on the Issue Date or thereafter Incurred, payable under or in respect of any Credit Facility, including without limitation principal, premium (if any), interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company or any Restricted Subsidiary whether or not a claim for post-filing interest is allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees, other monetary obligations of any nature and all other amounts payable thereunder or in respect thereof.

  • Assumed Debt has the meaning set forth in Section 2.2.

  • Permitted Financial Indebtedness means Financial Indebtedness:

  • Existing Indebtedness means Indebtedness of the Company and its Subsidiaries (other than Indebtedness under the Credit Agreement) in existence on the date of this Indenture, until such amounts are repaid.

  • Project Finance Indebtedness means any present or future indebtedness incurred to finance the ownership, acquisition, development and/or operation of an asset, whether or not an asset of a member of the Group:

  • Mortgage Debt means (i) debt secured only by real property at the time of the MSPLF Loan’s origination;2 and (ii) limited recourse equipment financings (including equipment capital or finance leasing and purchase money equipment loans) secured only by the acquired equipment.

  • Permitted Second Priority Refinancing Debt secured Indebtedness incurred by the Borrower in the form of one or more series of second lien secured notes or second lien secured loans; provided that (i) such Indebtedness is secured by the Collateral on a second lien, subordinated basis to the Obligations and is not secured by any property or assets of the Borrower or any of its Subsidiaries other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of Term Loans, (iii) such Indebtedness does not mature or have scheduled amortization or payments of principal prior to the date that is 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, (iv) the security agreements relating to such Indebtedness are substantially the same as the Security Documents (with such differences as are reasonably satisfactory to the Administrative Agent; provided that such differences are not more favorable to the investors in such secured Indebtedness), (v) such Indebtedness is not also incurred by or guaranteed by any Subsidiaries of the Borrower other than the Subsidiary Guarantors and is not incurred by or guaranteed by any other Person, (vi) an agent or representative acting on behalf of the holders of such Indebtedness (a “Second Lien Agent”) shall have become party to an intercreditor agreement in form and substance satisfactory to the Administrative Agent (the “Second Lien Intercreditor Agreement”); provided that, if such Indebtedness is the initial Permitted Second Priority Refinancing Debt incurred by the Borrower, then the Borrower, the Subsidiary Guarantors, the Administrative Agent and the Second Lien Agent for such Indebtedness shall have executed and delivered the Second Lien Intercreditor Agreement, (vii) the other terms and conditions of such secured Indebtedness are on the whole substantially identical to, or less favorable to the investors providing such secured Indebtedness, than those applicable to the Refinanced Debt (except for (x) pricing, fees, rate floors and prepayment or redemption premiums, which shall reflect market terms and conditions at the time of incurrence or issuance, (y) covenants or other provisions applicable only to periods after the date that is 91 days after the Latest Maturity Date that is in effect on the date such Indebtedness is issued, incurred or obtained and (z) differences that reflect the nature of such secured debt as fixed or floating rate securities), and (viii) a Responsible Officer shall have certified compliance with the foregoing requirements and that the incurrence of such Indebtedness complies with Section 6.2.

  • Subordinated Indebtedness means any Indebtedness of the Borrower or any Subsidiary the payment of which is subordinated to payment of the obligations under the Loan Documents.

  • Refinanced Indebtedness shall have the meaning provided in the definition of the term “Permitted Refinancing Indebtedness”.

  • Related Indebtedness means any and all indebtedness paid or payable by Borrower to Administrative Agent or any Lender pursuant to any Loan Document other than any Note.

  • Balloon Indebtedness means Long-Term Indebtedness, 25% or more of the original principal amount of which becomes due (either by maturity or mandatory redemption) during any consecutive twelve-month period, if such principal amount becoming due is not required to be amortized below such percentage by mandatory redemption or prepayment prior to such twelve-month period.

  • Securitization Indebtedness means (i) Indebtedness of the Company or any of its Restricted Subsidiaries incurred pursuant to on-balance sheet Securitizations treated as financings and (ii) any Indebtedness consisting of advances made to the Company or any of its Restricted Subsidiaries based upon securities issued by a Securitization Entity pursuant to a Securitization and acquired or retained by the Company or any of its Restricted Subsidiaries.