IDRB definition
Examples of IDRB in a sentence
Buyer acknowledges and agrees that Seller's bond counsel may rely on Buyer's representations, warranties and covenants as hereinabove provided for the purpose of rendering legal opinions, as required by the IDRB Documents as a precondition to the sale by Seller of such Assets, to the effect that the sale of such Assets will not result in the inclusion of the interest on the Bonds in the gross income of the recipient for purposes of federal income taxation.
Nothing in this Agreement is intended to nor shall it be interpreted as (i) an assignment to, and assumption by, Buyer of any of the IDRB Documents, or (ii) as an undertaking or agreement by Buyer to assume, guarantee or pay any of Seller's loan or other payment obligations pursuant to the IDRB Documents.
Citizens and the other Seller Parties represent that the representations and warranties of "Company" in the IDRB Documents remain true and correct, and that they have not taken nor permitted to be taken any action which would have the effect of subjecting the interest on any of such Bonds to federal or state (other than Illinois) income taxation, except as otherwise contemplated or permitted by the IDRB Documents.
The parties shall use their respective best commercially reasonable efforts to obtain all consents and legal opinions as may be required under the Retained IDRB Documents to enable Seller to retain all Retained IDRB Indebtedness and to sell the Acquired Assets to IAWC or Parent.
Prior to the Closing Date, KeyBank issued the IDRB Letter of Credit for the account of Core Molding.
Agent and the Lenders are hereby authorized, at their option, to deduct any and all such amounts from any deposit balances then owing by any Lender (or any affiliate of such Lender, wherever located) to or for the credit or account of Core Molding or any Domestic Guarantor of Payment, as security for the obligations of Core Molding and any Domestic Guarantor of Payment to reimburse Agent and the Lenders for any then outstanding Letters of Credit and the IDRB Letter of Credit.
Agent shall have the right to request that each Lender fund the participation in the amount due with respect to the IDRB Letter of Credit, and Agent shall promptly notify each Lender thereof (by facsimile or telephone, confirmed in writing).
The aggregate unpaid amount of Loans, types of Loans, Interest Periods and similar information with respect to the Loans, the Letters of Credit and the IDRB Letter of Credit set forth on the records of Agent shall be rebuttably presumptive evidence with respect to such information, including the amounts of principal, interest and fees owing to each Lender.
Each Lender shall at all times maintain the same Commitment Percentage (as rounded to the sixth decimal) with respect to the Revolving Credit Commitment, the Term Loan Commitment, the Capex Commitment, the Mexican Loan Commitment and the IDRB Letter of Credit Commitment.
Borrowers shall have terminated the Loan Agreement (and any documents executed in connection therewith (other than any document related to the IDRB Letter of Credit)), dated as of December 30, 2003, as amended, between Core Molding and KeyBank, which terminations shall be deemed to have occurred upon payment in full of all of the Indebtedness outstanding thereunder.