Negative Undertakings definition

Negative Undertakings. As per Schedule 15 (General Undertakings) of the Precedent Senior Facilities Agreement (as amended in accordance with the baskets and thresholds set out in Schedule 1 (Key Baskets and Thresholds) and the terms of the Commitment Documents), amended to reflect that the proviso to the definition of Permitted Collateral Lien in Schedule 17 (Certain New York Law Defined Terms) of the Precedent Senior Facilities Agreement shall be deleted in its entirety and replaced with the following wording: “provided that, in the case of paragraphs (b) and (c) above, each of the secured parties to any such Indebtedness that exceeds an aggregate amount equal to the greater of (x) £21 million and (y) ten (10) per cent. of LTM EBITDA that is to share in all or substantially all of the Transaction Security will have entered into the Intercreditor Agreement or an Additional Intercreditor Agreement and provided further that for purposes of determining compliance with this definition, in the event that a Permitted Collateral Lien meets the criteria of more than one of the categories of Permitted Collateral Liens described in paragraphs (a) through (c) above, the Company will be permitted to classify such Permitted Collateral Lien on the date of its Incurrence and reclassify such Permitted Collateral Lien at any time and in any manner that complies with this definition and provided further that Permitted Collateral Liens may not have super senior priority status in respect of the proceeds from the enforcement of the Charged Property or a distressed disposal of assets, other than as permitted by paragraph (b)(ii) above, save that nothing in this definition shall prevent lenders under any Credit Facilities from providing for any ordering of payments under the various tranches of such Credit Facilities.” As per the Precedent Senior Facilities Agreement updated to reflect the Market Terms and adjusted to remove reference to the 60 day grace period in paragraph (e) of clause 30.6 (Acceleration) of the Precedent Senior Facilities Agreement. Mechanics, conditions and other terms as per the Precedent Senior Facilities Agreement, as amended in accordance with the baskets and thresholds set out in Schedule 1 (Key Baskets and Thresholds) and the terms of the Commitment Documents and as further amended to reflect that the definitions of "Additional MFN Term Facility (EUR)" and "Additional MFN Term Facility (USD)" shall be amended to:
View Source
Negative Undertakings. Undertakings usual for facilities of this type (subject to customary exceptions and qualifications to be agreed) including:
View Source
Negative Undertakings. The Company: (a) LIMITATION ON SECURITY INTERESTS: will not, and it will procure that no Restricted Subsidiary will, create or permit to arise or exist any Security Interest over its assets to secure any Debt or any indebtedness under any Guarantee of Debt, other than a Permitted Security Interest;
View Source

Examples of Negative Undertakings in a sentence

  • If the Issuer requests that the Security Trustee grant its consent as required pursuant to clause 37 (Negative Undertakings), the Security Trustee may grant or withhold the requested consent at its discretion, taking into account the reasonable interests of the Transaction Creditors in accordance with clause 3.1 hereof.

  • So long as the Debentures are outstanding the Issuer agrees to comply with each of the undertakings given by it that are set out in Schedule 4 (Positive Undertakings) and Schedule 5 (Negative Undertakings) of this Deed.

  • The undertakings in this Clause 22 (Negative Undertakings) remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

  • The undertakings in this Clause 17 (Negative Undertakings) shall continue for so long as any sum remains payable or capable of becoming payable under the Senior Finance Documents or any Commitment is in force.

  • The undertakings in this Clause 8 (Negative Undertakings) remain in force throughout the Security Period except as the Security Trustee, acting with the authorization of the Majority Lenders may otherwise permit.

  • The undertakings in this Clause 20 (Negative Undertakings) remain in force throughout the Security Period except as the Facility Agent, acting with the authorization of the Majority Lenders may otherwise permit.

  • Subject to the provisions of this Agreement and in particular those of Clauses 3 (Conditions Precedent and Availability), 4 (Purpose of the Term Loan Facility), 7 (Interest), 8 (Repayment of Principal), 9 (Payment Provisions), 12 (Warranties and Representations), 14 (Affirmative Undertakings) and 15 (Negative Undertakings) hereof being complied with, the Board shall make available to the Company the Term Loan Facility at the times and in the manner as hereinafter provided.

  • The Borrower breaches any of the undertakings set out in clause 14 (Negative Undertakings).

  • Clause 19.5(b) (xii) (Negative Undertakings - disposals) commencing "disposal of assets which were acquired after the date of this Agreement..." shall be renumbered Clause 19.5(b) (xiii) and Clause 19.5(b) (xiii) shall be renumbered Clause 19.5 (xiv) and any reference to such clauses shall be deemed to be a reference to such clauses as renumbered.

  • If the Issuer requests that the Security Trustee grant its consent as required pursuant to clause 37 (Negative Undertakings), the Security Trustee may grant or withhold the requested consent at its discretion, taking into account the reasonable interests of the Transaction Creditors in accordance with clause 3.1 (Position of the Security Trustee in relation to the Transaction Creditors) hereof.

Related to Negative Undertakings

  • Standard Securitization Undertakings means representations, warranties, covenants and indemnities entered into by the Company or any Subsidiary of the Company which are customary in an accounts receivable securitization transaction involving a comparable company.

  • undertakings as references to obligations under this Framework Agreement;

  • Disclosure Undertaking means the Continuing Disclosure Undertaking, dated as of the Dated Date, relating to certain obligations contained in the SEC Rule.

  • Negative Covenants means any negative or similar restrictive covenant (including, without limitation, under Article 7) made by the Borrowers in this Agreement or in any other Loan Document.

  • Loan Agreements means any other loan agreements entered into by and between the Trust and one or more of the Borrowers pursuant to which the Trust will make Loans to such Borrowers from moneys on deposit in the Project Fund, excluding the Project Loan Account, financed with the proceeds of the Trust Bonds.