ICS Debt definition

ICS Debt means, in the aggregate as of any date, the unpaid principal of, accrued interest on, and any other amounts due on, the ICS Note.
Sample 1

Examples of ICS Debt in a sentence

  • On 24 April 2019, the Liquidators filed an application in Originating Summons No 544 of 2019 (“OS 544”) to set aside the Waiver of the ICS Debt on the basis that it was a transaction at an undervalue under s 329 read with s 98 of the Bankruptcy Act (Cap 20, 2009 Rev Ed) and is therefore void and unenforceable.

  • Affert’s purported Waiver of the ICS Debt was also referred in a Deed of Termination (“DOT”) dated 24 March 2015, which was signed by Affert, ICS and Transfert.

  • In the proceedings before the Judge, a key aspect of ICS’s defence against RV1’s claim under the Sulphur Contracts was that Affert had waived the ICS Debt (“the Waiver Defence”).

  • Two hearings took place in Dakar, Senegal on 31 December 2018 and 16 January 2019 and on 23 January 2019, the Dakar Commercial Court gave default judgment in favour of ICS, holding that Affert’s 7 October 2014 Letter constituted a unilateral act of debt relief, was valid under Senegalese law, and that Affert had waived the ICS Debt.

  • According to ICS, Affert had agreed in or around October 2014 to waive the ICS Debt as part of an acquisition of Senfer’s stake in ICS (“the Acquisition”) by Indorama Holdings B.V. (“Indorama”).

  • On 26 September 2017, the Liquidators also sent a letter of demand to ICS to recover the ICS Debt.

  • On 7 June 2017, FKT sent ICS a letter demanding payment of the ICS Debt.

  • As part of the Acquisition, Affert would unconditionally waive and forego all of its past claims against ICS, including the ICS Debt.

  • In response to the question as to whether ICS had made an admission or acknowledgment of the ICS Debt such that the limitation period was extended, Mr Kebe simply stated that “… [the] legal claim constituted by the summons filed at the clerk’s office of the Commercial Court amount to an admission or acknowledgment of the ICS Debt under Senegalese law and is sufficient to extend the limitation period” (the summons is a reference to the summons for the declaration of the extinguishing of the ICS Debt).

  • Thus, the Judge incorrectly thought that the ICS Debt would have been due but for the Waiver defence and thus gave the governing law of the Sulphur Contracts no weight.

Related to ICS Debt

  • Second Lien Indebtedness means the Indebtedness of the Loan Parties owing to the Second Lien Agent and the Second Lien Lenders under the Second Lien Credit Agreement, which Indebtedness is on terms and conditions reasonably acceptable to the Collateral Agent.

  • 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.

  • Consolidated First Lien Indebtedness means Consolidated Indebtedness that is secured by a first priority Lien (other than Permitted Liens) on assets of any Borrower or Restricted Subsidiary.

  • Subordinate Indebtedness means all present and future indebtedness, obligations, and liabilities of Borrower to Subordinate Lender under or in connection with the Subordinate Loan or the Subordinate Loan Documents.

  • Indebtedness means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

  • First Lien Indebtedness means any Indebtedness for borrowed money (which, for the avoidance of doubt, does not include Purchase Money Indebtedness, and any related Liens thereto) secured by a Lien on any assets of the Issuer or any Restricted Subsidiary ranking pari passu with the Liens securing the Notes Obligations.

  • 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.

  • Senior Unsecured Indebtedness means Indebtedness that is not subordinated to any other Indebtedness and is not secured or supported by a guarantee, letter of credit or other form of credit enhancement.

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

  • Second Lien Debt means the indebtedness under the Second Lien Indenture Notes issued on the date hereof and guarantees thereof and all additional indebtedness incurred under any Additional Second Lien Documents and all additional indebtedness in respect of Additional Notes and guarantees thereof, in each case, that was permitted to be incurred and secured in accordance with the Secured Debt Documents and with respect to which the requirements of Section 4.04(b) have been (or are deemed) satisfied, and all Indebtedness incurred under any Second Lien Substitute Facility.

  • Senior Secured Indebtedness means, with respect to any Person as of any date of determination, any Specified Indebtedness; provided that such Indebtedness is in each case secured by a Lien on the assets of the Issuer or its Restricted Subsidiaries on a basis pari passu with or senior to the security in favor of the Notes.

  • 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).

  • 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:

  • Consolidated First Lien Debt means, as to any Person at any date of determination, the aggregate principal amount of Consolidated Total Debt outstanding on such date that is secured by a first priority Lien on any asset or property of such Person or its Restricted Subsidiaries that constitutes Collateral.

  • Class Debt has the meaning assigned to such term in Section 8.09.

  • Junior Lien Indebtedness means any Indebtedness of any Credit Party that is secured by Liens on Collateral that rank junior in priority to the Liens that secure the Obligations.

  • Other Debt means the Subordinated Debt, the Senior Unsecured Debt, the Second Priority Debt.

  • Consolidated Senior Secured Indebtedness means, at any time, without duplication, the aggregate principal amount of all Consolidated Funded Indebtedness of the Company and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in accordance with GAAP that, as of such date, is secured by a Lien on any asset of the Company or any Restricted Subsidiary.

  • Unsecured Indebtedness means Indebtedness which is not Secured 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.

  • Permitted Financial Indebtedness means Financial Indebtedness:

  • Permitted Subsidiary Indebtedness means any of the following:

  • Consolidated First Lien Secured Debt means Consolidated Total Debt as of such date that is not Subordinated Indebtedness and is secured by a Lien on all of the Collateral that ranks on an equal priority basis (but without regard to the control of remedies) with Liens on all of the Collateral securing the Obligations.

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

  • Acquisition Indebtedness Indebtedness of (A) the Borrower or any Restricted Subsidiary Incurred to finance or refinance, or otherwise Incurred in connection with, any acquisition of any assets (including Capital Stock), business or Person, or any merger or consolidation of any Person with or into the Borrower or any Restricted Subsidiary, or (B) any Person that is acquired by or merged or consolidated with or into the Borrower or any Restricted Subsidiary (including Indebtedness thereof Incurred in connection with any such acquisition, merger or consolidation).

  • 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.