Pari Passu Bank Product Obligations definition

Pari Passu Bank Product Obligations means Bank Product Debt in respect of each Pari Passu Bank Product, in each case, valued at the Bank Product Amount thereof as of the date of designation of such Bank Product Debt as a “Pari Passu Bank Product” pursuant to the definition of “Bank Product”.
Pari Passu Bank Product Obligations means all debts, liabilities and obligations of the Loan Parties now or hereafter arising from or in connection with the Hedge Agreements constituting Bank Products and reported to the Agent pursuant to Section 7.23; provided that the Pari Passu Bank Product Obligation with respect to any Hedge Agreement shall be equal to the Bank Product Reserves established for such Hedge Agreement in accordance with Section 7.23.
Pari Passu Bank Product Obligations means Obligations in respect of any Bank Product with respect to which a Bank Product Reserve has been established; provided that (a) Obligations under any Bank Product shall only constitute Pari Passu Bank Product Obligations if (i) at the time the Bank Product Amount is designated in respect of such Bank Product in accordance with Section 9.11(b), (A) no Default or Event of Default shall have occurred and be continuing (provided that, upon the cure or waiver of all Defaults or Events of Default hereunder in accordance with the terms hereof, the Borrower Agent shall be deemed to have re-designated a Bank Product Amount in respect of such Obligations in accordance with Section 9.11(b)) and (B) no Overadvance shall exist or would result from the establishment of a Bank Product Reserve in the amount of such Obligations and (ii) at each time of determination, the Hedge Bank or Cash Management Bank, as the case may be, providing such Bank Product is a Lender or an Affiliate of a Lender; and provided further that in no event shall Obligations under any Bank Product constitute Pari Passu Bank Product Obligations to the extent that such Obligations exceed the Bank Product Reserve established in respect thereof. For purposes of this definition, any increase in the Bank Product Amount in respect of any 39 Bank Product from the Bank Product Amount initially designated in accordance with Section 9.11(b) shall be treated as a separate Bank Product Amount designated in respect of such Bank Product to the extent of such increase.

Examples of Pari Passu Bank Product Obligations in a sentence

  • Amounts distributed with respect to any Pari Passu Bank Product Obligations shall be the lesser of the maximum Pari Passu Bank Product Obligations last set forth in the most recent written notice from the applicable Secured Party to the Administrative Agent for each Pari Passu Bank Product or the actual Pari Passu Bank Product Obligations as calculated by the methodology reported to the Administrative Agent for determining the amount due.

  • The Administrative Agent shall have no obligation to calculate the amount to be distributed with respect to any Pari Passu Bank Product Obligations, and may request a reasonably detailed calculation of such amount from the applicable Secured Party.


More Definitions of Pari Passu Bank Product Obligations

Pari Passu Bank Product Obligations means Bank Product Obligations in respect of Pari Passu Bank Products. “Pari Passu Bank Products” means Bank Products designated by a Borrower as a “Pari Passu Bank Product” pursuant to the definition of “Bank Product”, which shall in any event include all Bank Products provided by Citibank or any of its Affiliates to any Loan Party or Subsidiary. “Participant” has the meaning specified in Section 10.06(d). “Participating Member State” means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. “Payment Conditions” means, collectively, the Distribution Payment Conditions, the Investment Payment Conditions and the Non-Guarantors Payment Conditions. “Payment Recipient” has the meaning assigned to it in Section 9.15(a). “PBGC” means the Pension Benefit Guaranty Corporation. “Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Loan Party or any ERISA Affiliate or to which any Loan Party or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding six years. “Perfection Certificate” means the certificate in the form of Exhibit G-3 to the Original Credit Agreement or any other form approved by the Administrative Agent, as the same shall be supplemented from time to time. “Periodic Term SOFR Determination Day” has the meaning set forth in the definition of “Term SOFR”. “Permitted Acquisition” has the meaning set forth in Section 7.02(i). - 68- CG&R Draft Current date: 03/02/2023 10:05 AM 63515514v23CG&R Draft Current date: 03/01/2023 4:17 PM 70014411v6

Related to Pari Passu Bank Product Obligations

  • Secured Bank Product Obligations Debt, obligations and other liabilities with respect to Bank Products owing by an Obligor to a Secured Bank Product Provider; provided, that Secured Bank Product Obligations of an Obligor shall not include its Excluded Swap Obligations.

  • Bank Product Obligations means (a) all obligations, liabilities, reimbursement obligations, fees, or expenses owing by each Loan Party and its Subsidiaries to any Bank Product Provider pursuant to or evidenced by a Bank Product Agreement and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, (b) all Hedge Obligations, and (c) all amounts that Agent or any Lender is obligated to pay to a Bank Product Provider as a result of Agent or such Lender purchasing participations from, or executing guarantees or indemnities or reimbursement obligations to, a Bank Product Provider with respect to the Bank Products provided by such Bank Product Provider to a Loan Party or its Subsidiaries.

  • Banking Product Obligations means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of such Person in respect of any treasury, depository and cash management services, netting services and automated clearing house transfers of funds services, including obligations for the payment of fees, interest, charges, expenses, attorneys’ fees and disbursements in connection therewith.

  • Contract Obligations means all contractual obligations of a Pledgor under the Call Option Agreement and Proxy Agreement; all contractual obligations of a Target Company under the Exclusive Service Agreement, Call Option Agreement, Proxy Agreement; and all contractual obligations of a Pledgor under this Agreement.

  • Hedging Obligations means, with respect to any specified Person, the obligations of such Person under:

  • Bank Product Collateralization means providing cash collateral (pursuant to documentation reasonably satisfactory to Agent) to be held by Agent for the benefit of the Bank Product Providers (other than the Hedge Providers) in an amount determined by Agent as sufficient to satisfy the reasonably estimated credit exposure with respect to the then existing Bank Product Obligations (other than Hedge Obligations).

  • DIP Obligations means “DIP Obligations” as defined in the DIP Order.

  • Secured Hedging Obligations means all Hedging Obligations owing by the U.S. Borrower or any Restricted Subsidiary to the Agent, a Joint Lead Arranger or a co-arranger or any Affiliate of any of the foregoing or a Person that was a Lender or an Affiliate of a Lender on the Closing Date or at the time the Hedge Agreement giving rise to such Hedging Obligations was entered into.

  • Secured Cash Management Obligations means Obligations under Secured Cash Management Agreements.

  • Bank Product Debt means the Indebtedness and other obligations of any Credit Party or Subsidiary relating to Bank Products.

  • Swap Obligations means with respect to any Guarantor any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

  • Overdraft Obligations means, with respect to any Portfolio, the amount of any outstanding Overdraft(s) provided by the Custodian to such Portfolio together with all accrued interest thereon.

  • Bank Product Agreements means those agreements entered into from time to time by Parent or its Subsidiaries with a Bank Product Provider in connection with the obtaining of any of the Bank Products.

  • Secured Hedge Obligations means Obligations under Secured Hedge Agreements.

  • Bank Product means any one or more of the following financial products or accommodations extended to any Loan Party or any of its Subsidiaries by a Bank Product Provider: (a) credit cards (including commercial cards (including so-called “purchase cards”, “procurement cards” or “p-cards”)), (b) payment card processing services, (c) debit cards, (d) stored value cards, (e) Cash Management Services, or (f) transactions under Hedge Agreements.

  • Bank Products Obligations of any Person means the obligations of such Person pursuant to any Bank Products Agreement.

  • Cash Management Obligations means (a) obligations in respect of any treasury management services, overdraft and related liabilities arising from treasury, depository, cash pooling arrangements and cash management services or any automated clearing house transfers of funds and (b) other obligations in respect of netting services, employee credit, commercial credit card, debit card, stored value card or purchase card programs and similar arrangements.

  • Hedging Obligation of any Person means any obligation of such Person pursuant to any Interest Rate Agreement, Currency Exchange Protection Agreement, Commodity Price Protection Agreement or any other similar agreement or arrangement.

  • Bank Products Provider means any Lender or Affiliate of a Lender that provides Bank Products to the Borrower, any Restricted Subsidiary or any Guarantor.

  • Loan Document Obligations means (a) the due and punctual payment by the Borrower of (i) the principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under this Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon and obligations to provide cash collateral and (iii) all other monetary obligations of the Borrower under this Agreement and each of the other Loan Documents, including obligations to pay fees, expense reimbursement obligations (including with respect to attorneys’ fees) and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual performance of all other obligations of the Borrower under or pursuant to this Agreement and each of the other Loan Documents and (c) the due and punctual payment and performance of all the obligations of each other Loan Party under or pursuant to each of the Loan Documents (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), in each case of clauses (a), (b) and (c), whether now or hereafter owing.

  • Secured Swap Obligations means the due and punctual payment and performance of all obligations of Holdings, the Parent Borrower, and the Subsidiaries under each Swap Agreement that (a) is with a counterparty that is the Administrative Agent or any of its Affiliates, (b) is in effect on the Effective Date with a counterparty that is a Lender or an Affiliate of a Lender as of the Effective Date or (c) is entered into after the Effective Date with any counterparty that is a Lender or an Affiliate of a Lender at the time such Swap Agreement is entered into.

  • Bank Products means any service or facility extended to any Loan Party by any Lender or its Affiliates including: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) ACH transactions, (f) cash management, including controlled disbursement, accounts or services, or (g) Hedging Agreements.

  • Lender Counterparty means each Lender or any Affiliate of a Lender counterparty to a Hedge Agreement (including any Person who is a Lender (and any Affiliate thereof) as of the Closing Date but subsequently, whether before or after entering into a Hedge Agreement, ceases to be a Lender) including, without limitation, each such Affiliate that enters into a joinder agreement with Collateral Agent.

  • Cash Management Obligation means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of such Person under or in respect of a Cash Management Agreement.

  • Rate Hedging Obligations of a Person means any and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Rate Hedging Agreements, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any Rate Hedging Agreement.

  • Credit Document Obligations shall have the meaning provided in the definition of "Obligations" in this Article IX.