IP Notes definition
Examples of IP Notes in a sentence
The Administrative Agent shall have received a signed term sheet concerning the IP Notes Financing.
The Administrative Agent shall have received evidence in form and substance satisfactory to the Administrative Agent that sufficient and timely progress has been made in respect of the IP Notes Financing.
The purchased assets would include (a) the go-forward retail footprint of approximately 425 stores and related real estate interests (including headquarters and distribution locations) and certain designation rights with regard to additional real estate interests, inventory, infrastructure and material related contracts and (b) Sears Auto Centers, Shop Your Way, Monark, Innovel, Sears Home Services (including the PartsDirect business unit), material related contracts and the KCD IP Notes.
The Administrative Agent shall have received a commitment by the relevant insurance company to underwrite the IP Notes Financing.
Furthermore, our Going Concern Proposal contemplates our acquisition of all of the outstanding KCD IP Notes currently held by non-debtor Sears Reinsurance Company Ltd.
Our proposed consideration for the KCD IP Notes is comprised of the assumption of the protection agreement liabilities currently reinsured by Sears Re. We also would be willing to acquire the underlying Kenmore and DieHard intellectual property directly from non-Debtor KCD IP, LLC for additional cash consideration.
The Company issued the Notes under an Indenture (IP Notes) dated as of September 25, 2020 (the “Indenture”) among the Company, the Parent, the Trustee and Wilmington Trust, National Association, as Collateral Agent.