Material Contract Estoppel definition
Material Contract Estoppel means an undertaking in form and substance satisfactory to each Agent in their sole discretion pursuant to which each Person other than a Credit Party that is a party to a Specified Material Contract (excluding any agreements, permits or licenses between a Credit Party, on the one hand, and any Governmental Authority, on the other hand) (i) consents to the granting of Liens encumbering the applicable Credit Party’s interest in such Specified Material Contract, (ii) consents to the enforcement of such Lien pursuant to the terms of the Credit Documents, (iii) consents to transfer of the applicable Specified Material Contract to any initial transferee following enforcement of such Lien or a transfer in lieu of such enforcement, and (iv) agrees to continue to perform its obligations under such Specified Material Contract so long as such transferee performs the obligations of the Credit Party thereunder.
Material Contract Estoppel means an undertaking in form and substance reasonably acceptable to the Required Lenders pursuant to which each Person other than a Loan Party that is party to any agreement set forth on Schedule 4.14A, which Schedule may be amended from time to time at the request of the Required Lenders in their commercial business judgment, (i) consents to the granting of Liens encumbering the applicable Loan Party’s interest in such Material Contract, (ii) consents to the enforcement of such Lien pursuant to the terms of the Loan Documents, (iii) consents to transfer of the applicable Material Contract to any initial transferee following enforcement of such Lien or a transfer in lieu of such enforcement, and (iv) agrees to continue to perform its obligations under such Material Contract so long as such transferee performs the obligations of the Loan Party thereunder.
Material Contract Estoppel means an undertaking in form and substance reasonably acceptable to the Borrower and Required Lenders pursuant to which each Person other than a Loan Party that is party a contract set forth on Schedule 4.14A (excluding any agreements, permits or licenses between Borrower and any Subsidiary, on the one hand, and any Governmental Authority, on the other hand) (i) consents to the granting of Liens encumbering the applicable Loan Party’s interest in such Material Contract, (ii) consents to the enforcement of such Lien pursuant to the terms of the Loan Documents, (iii) consents to transfer of the applicable Material Contract to any initial transferee following enforcement of such Lien or a transfer in lieu of such enforcement, and (iv) agrees to continue to perform its obligations under such Material Contract so long as such transferee performs the obligations of the Loan Party thereunder.
Examples of Material Contract Estoppel in a sentence
The Lenders shall have received a Material Contract Estoppel with respect to each Material Contract identified on Schedule 4.14A as being accompanied by a Material Contract Estoppel on the Closing Date, entered into by each Person other than a Loan Party that is a party to such Material Contract.