Opus Loan definition

Opus Loan means that certain loan by Opus to TIETEK LLC, a Delaware limited liability company, TIETEK Technologies, Inc., a Texas corporation, North American Technologies Group, Inc., a Delaware corporation, in the original principal amount of $14,000,000 as evidenced by that certain Construction Loan Agreement, dated as of February 5, 2004, as amended, supplemented, extended, refinanced or otherwise modified from time to time, and the Promissory Note and security agreements executed pursuant thereto, as amended, replaced or restated from time to time.
View Source

Examples of Opus Loan in a sentence

  • The Company hereby agrees that it may not make, and the Holder hereby agrees that it will not accept, any payment or distribution with respect to the Debenture (other than the Interest Share Amount) until the Opus Loan is indefeasibly paid in full in cash.

  • Until the Opus Loan is indefeasibly paid in full in cash, Holder shall not, without the prior written consent of Opus, take any Enforcement Action with respect to the Debenture.

  • Notwithstanding the foregoing, (a) Holder may file proofs of claim against the Company in any bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property and (b) Holder may accelerate the Debenture to the extent the Opus Loan has been accelerated; provided, that if the acceleration of the Opus Loan has been rescinded, Holder shall be deemed to have automatically rescinded its acceleration of the Debenture.

  • Any payments or distributions or other proceeds of any Enforcement Action obtained by Holder in violation of the foregoing prohibition shall in any event be held in trust by Holder for the benefit of Opus and promptly paid or delivered to Opus in the form received until the Opus Loan is indefeasibly paid in full in cash.

  • As of the Closing Date, no indebtedness or other equity of the Company is senior to the Debentures in right of payment, whether with respect to interest or upon liquidation or dissolution, or otherwise, other than indebtedness secured by purchase money security interests (which is senior only as to underlying assets covered thereby), capital lease obligations (which is senior only as to the property covered thereby) and the Opus Loan.

  • Any payments or distributions or other proceeds of any Enforcement Action obtained by Holder in violation of the foregoing prohibition shall in any event be held in trust by ▇▇▇▇▇▇ for the benefit of Opus and promptly paid or delivered to Opus in the form received until the Opus Loan is indefeasibly paid in full in cash.