Par Borrower definition

Par Borrower shall have the meaning set forth in the preamble to this Agreement.
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Par Borrower is used in respect of a financial covenant or a related definition, it shall be understood to mean the Par Borrower and its Restricted Subsidiaries on a consolidated basis, unless the context clearly requires otherwise. Notwithstanding anything to the contrary contained herein, (a) all financial statements delivered hereunder shall be prepared, and all financial covenants contained herein shall be calculated, without giving effect to any election under the Statement of Financial Accounting Standards Board’s Accounting Standards Codification Topic 825 (or any similar accounting principle) permitting a Person to value its financial liabilities or Indebtedness at the fair value thereof, and (b) the term “unqualified opinion” as used herein to refer to opinions or reports provided by accountants shall mean an opinion or report that is (i) unqualified, and (ii) does not include any explanation, supplemental comment, or other comment concerning the ability of the applicable Person to continue as a going concern or concerning the scope of the audit. Notwithstanding any changes in GAAP or application of GAAP after March 30, 2018, any lease of the Par Borrower or their Subsidiaries that would be characterized as an operating lease under GAAP in effect on March 30, 2018, or as applied on March 30, 2018 (whether such lease is entered into before or after March 30, 2018) shall not constitute a Capital Lease under this Agreement or any other Loan Document as a result of such changes in GAAP or application thereof unless otherwise agreed to in writing by the Par Borrower and Required Lenders.
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Examples of Par Borrower in a sentence

  • The Agent shall concurrently with such release (to the extent the Par Borrower has delivered to the Agent notice thereof at least three Business Days prior to such release, and if such notice was not delivered in such time frame, within three Business Days after such notice was delivered) execute and deliver such acknowledgments, releases and terminations as the Par Borrower may reasonably request in connection with any such release.

  • The Par Borrower shall select the rate of interest and Interest Period, if any, applicable to any Loan at the time a Notice of Borrowing is given or at the time a Notice of Conversion/Continuation is given pursuant to Section 2.6.

  • Notwithstanding anything in any Loan Document to the contrary, any Net Cash Proceeds received by the Par Borrower or any Restricted Subsidiary in connection with any Disposition of a Refinery owned by the Par Borrower or a Restricted Subsidiary (other than any Excluded Refinery or Specified Assets) shall not be subject to reinvestment rights set forth above, and a prepayment offer shall be required pursuant to Section 2.4(b)(ii).

  • The Agent shall have received a certificate of a financial officer that is an Authorized Person of the Par Borrower certifying to the Solvency of Loan Parties taken as a whole as of the Amendment No. 3 Effective Date immediately after giving effect to the transactions contemplated hereby, which such certificate shall be substantially similar to the certificate delivered on the Closing Date.

  • No later than three (3) Business Days after the receipt by the Par Borrower or any Restricted Subsidiary of Net Cash Proceeds from any issuance or incurrence of Indebtedness not otherwise permitted pursuant to Section 6.1, the Borrowers shall offer pursuant to clause (viii) below to prepay the Loans in accordance with clauses (vi) through (x) below in an aggregate amount equal to one hundred percent (100%) of such Net Cash Proceeds.

  • Par Borrower is hereby appointed by each of the Borrowers as its contractual representative (herein referred to as the “Borrower Representative”) hereunder and under each other Loan Document, and each of the Borrowers irrevocably authorizes the Borrower Representative to act as the contractual representative of such Borrower with the rights and duties expressly set forth herein and in the other Loan Documents.

  • The Par Borrower will and will cause each Subsidiary, as applicable, to execute and deliver the documents and complete the tasks described on Schedule 5.23, in each case, within the time limits specified on such schedule (or such longer period of time as the Agent may agree in its sole discretion).

  • No proceeds of any Loan made hereunder will be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity, or otherwise used in any manner that would result in a violation of any Sanction, Anti-Corruption Law or Anti-Money Laundering Law by Holdings, Par Borrower or any of Par Borrower’s Subsidiaries).

  • The Borrower may use the proceeds of the Incremental Loans for general corporate purposes of the Par Borrower and its Subsidiaries (including permitted acquisitions, Investments and distributions).

  • If the Par Borrower fails to give a timely Notice of Conversion/Continuation prior to the end of the Interest Period for any SOFR Loan, then the applicable SOFR Loan shall be converted to a Base Rate Loan.

Related to Par Borrower