Institutional Indebtedness definition

Institutional Indebtedness means, for purposes of this Agreement (i) indebtedness under any credit facility provided by a bank or other financial institution, (ii) indebtedness for borrowed money under any bond or note indenture and notes issued pursuant thereto, (iii) indebtedness under any financing facility, note or other evidence of indebtedness (as determined in accordance with generally accepted accounting principles) provided by or issued to a financial institution in connection with a borrowing or other financing transaction, and (iv) any refinancing of the foregoing. During the period of any such deferral, the portion of the Shortfall Adjustment amount so deferred shall bear interest at the rate of 10% per annum compounded annually. Shortfall Adjustments determined pursuant to this Paragraph 4(d) shall be the sole and exclusive remedy available to Pro-Fac with respect to Agrilink's failure to commit to the purchase of the Target Volume or Target Percentage of any Covered Crop during the term of this Agreement, and any such failure by Agrilink shall not constitute a breach of the terms of this Agreement provided that the Shortfall Adjustments required to be paid are duly paid in accordance with this Paragraph 4(d).

Institutional Indebtedness means the principal of and unpaid accrued interest on: (i) all indebtedness to banks, commercial finance lenders, insurance companies or other financial institutions regularly engaged in the business of lending money, which is for money borrowed by the Company or Diomed, as the case may be, (whether or not secured), (ii) any such indebtedness or any debentures, notes or other evidence of indebtedness issued in exchange for or to refinance such Institutional Indebtedness, and (iii) any indebtedness arising from the satisfaction of such Institutional Indebtedness by a guarantor. Then, or at any time thereafter, and in each and every such case, unless such Event of Default shall have been waived in writing by a majority in interest of the Holders of the Notes (which waiver shall not be deemed to be a waiver of any subsequent default) at the option and in the discretion of Holders holding sixty-six and two-thirds percent (66-2/3%) of the principal amount of the Class A Notes and the Class B Notes, in the aggregate and voting as a single class, the Holders may declare this Note, together with all accrued and unpaid interest herein, to be immediately due and payable, without presentment, demand, protest or notice of any kinds, all of which are hereby expressly waived, anything herein or in any note or other instruments contained to the contrary notwithstanding, and the Holders of two-thirds of the Class A Notes and the Class B Notes, in the aggregate, with the Lenders’ Approval, may immediately enforce any and all of the Holder’s rights and remedies provided herein or any other rights or remedies afforded by law.

Institutional Indebtedness means all existing and future senior indebtedness incurred (a) by the Payor to banks, insurance companies, lease financing institutions, or other lending institutions (other than small business investment companies or venture capital firms) regularly engaged in the business of lending money; and (b) any amendment, renewal, extension or refunding of any such debt. Each holder, by accepting a Note, agrees to the subordination of this Note to such Institutional Indebtedness and authorizes Payor to give it effect.

Examples of Institutional Indebtedness in a sentence

• For the purposes of this Note, the term Institutional Indebtedness shall mean all existing and future indebtedness incurred (a) by the Payor to banks, insurance companies, lease financing institutions, or other lending institutions (other than small business investment companies or venture capital firms) regularly engaged in the business of lending money; and (b) any amendment, renewal, extension or refunding of any such debt.

• For all purposes of this paragraph, no event of default which existed or was continuing with respect to the Senior Institutional Indebtedness to which the Blockage Period relates on the date such Blockage Period commenced shall be or be made the basis for the commencement of any subsequent Blockage Period by the holder or holders of such Senior Institutional Indebtedness (or their respective agents) unless such event of default is cured or waived for a period of not less than 90 consecutive days.

• This Note is subordinated in right of payment to Institutional Indebtedness (hereinafter defined), which includes any principal of, premium, if any, or interest on indebtedness of Payor except Institutional Indebtedness, which, by its terms, is not superior in right of payment to the Notes.

• All payments due under this Note shall be subordinated and made junior, in all respects to the payment in full of all principal, all interest accrued thereon and all other outstanding amounts under Institutional Indebtedness (hereinafter defined), except Institutional Indebtedness, which, by its terms, is not expressly senior in right of payment to this Note.

• The term "Institutional Indebtedness" shall mean all existing and future senior indebtedness incurred (a) by the Payor to banks, insurance companies, lease financing institutions, or other lending institutions (other than small business investment companies or venture capital firms) regularly engaged in the business of lending money; and (b) any amendment, renewal, extension or refunding of any such debt.

More Definitions of Institutional Indebtedness

Institutional Indebtedness on any date shall mean all of the Company's indebtedness on such date, after giving effect to any application of Company cash and cash equivalents thereto prior to Closing, including without limitation, all revolving credit facilities, term loans and notes and lines of credit or loans due to banks, lending or investing entities or Persons or similar financial institutions, negative book balances and overdrafts, and capital leases.

Institutional Indebtedness means at any time of determination the aggregate Indebtedness for Borrowed Monies of the Borrower (including current maturities), including each of the following:

Institutional Indebtedness means all current and long-term obligations of the Transferor under revolving credit facilities, term loans and notes and lines of credit or loans due to banks or similar financial institutions, negative book balances and overdrafts and capital lease obligations and shall not include obligations to any Transferor or Affiliate thereof.

Institutional Indebtedness means the principal of and unpaid accrued interest on: (i) all indebtedness to banks, commercial finance lenders, insurance companies or other financial institutions regularly engaged in the business of lending money, which is for money borrowed by the Company or Diomed, as the case may be, (whether or not secured); (ii) any such indebtedness or any debentures, notes or other evidence of indebtedness issued in exchange for or to refinance such Institutional Indebtedness; and (iii) any indebtedness arising from the satisfaction of such Institutional Indebtedness by a guarantor.

Institutional Indebtedness means all current and long-term institutional indebtedness (including all revolving credit facilities, term loans and notes and lines of credit or loans due to banks or similar financial institutions, negative book balances and overdrafts and capital lease obligations other than the New Lease to be entered into by the Transferee pursuant to section 7.20) of the Transferor reflected on the December 1998 Balance Sheet (as defined in section 5.5); provided, however, that "Institutional Indebtedness" shall exclude any and all amounts due to any Shareholder and any and all Affiliates (as defined in section 5.15) of any Shareholder, all of which shall be and shall remain Excluded Liabilities pursuant to section 2.2.

Institutional Indebtedness of the Company means all present and future indebtedness of the Company to institutional lenders, other than Project Indebtedness, including any and all refinancings of, modifications of, amendments to and/or substitutions for such indebtedness incurred by the Company at any time and from time to time and, as of the Execution Date, shall specifically include the indebtedness evidenced by (i) that certain Third Amended and Restated Revolving Loan Agreement, dated as of December 31, 1998, by and among AGCC, the Financial Institutions Listed on the Signature Pages Thereof and XX Xxxxxxxx & Co., LLC, as Agent and Collateral Agent, as amended (in the principal amount of $19.0 million as of December 1, 1999), (ii) that certain Term Loan Agreement, dated as of December 31, 1998, by and among AGCC, the Financial Institutions Listed on the Signature Pages Thereof, Anglo-American Financial, as Agent, and XX Xxxxxxxx & Co., LLC, as Collateral Agent, as amended (in the principal amount of $26.5 million as of December 1, 1999), and (iii) that certain Future Advance Note in the principal amount of $850,000, dated as of December 31, 1998, payable to AP-AGC, LLC, as amended, and that certain Future Advance Note in the principal amount of $1,000,000, dated as of December 31, 1998, payable to AP-AGC, LLC, as amended.

Institutional Indebtedness means all current and long-term institutional indebtedness (including all revolving credit facilities, term loans and notes and lines of credit or loans due to banks or similar financial institutions, negative book balances and overdrafts and capital lease obligations) of the Seller reflected on the April 30 Balance Sheet.