PP Notes definition
Examples of PP Notes in a sentence
As of the Closing Date, the parties hereto agree that the Borrowing Base shall be equal to $450,000,000 until such time as the Borrowing Base is redetermined in accordance with this Agreement; provided, however, that to the extent that the aggregate principal amount of PP Notes outstanding on the Closing Date exceeds $700,000,000, then the amount specified in this Section for the Borrowing Base shall be reduced by $0.50 for each $1.00 of such excess.
It has not offered or sold within the six months preceding any Borrower Private Placement, and will not offer or sell within six months following that Borrower Private Placement, any security of the same or similar class as the Borrower PP Notes issued by it in such Borrower Private Placement other than in an offering of Borrower PP Notes under circumstances that would not require registration of such securities under the Securities Act.
If a change of control repurchase event occurs, the issuer will be required, subject to certain conditions, to make an offer to repurchase the Series PP Notes at a price equal to 101% of the principal amount of the Series PP Notes, plus accrued and unpaid interest to the date of repurchase.
Based on the Code, the Treasury Regulations and the IRS rulings addressed above, and the representations from the Company and resolutions from the Board regarding the value of the Development Properties during the period of time which the PP Notes were outstanding, each of the PP Notes should be treated as having been adequately secured by real property at the time it was issued and at the end of each calendar quarter through the time when each PP Note was repaid by PSSH.
No part of the proceeds from the sale of any Borrower PP Notes constitutes or will constitute funds obtained on behalf of any Sanctions Restricted Person or will otherwise be used by it or its Affiliates, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Sanctions Restricted Person, (B) for any purpose that would cause any Borrower Secured Creditor to be in violation of any Sanctions or (C) otherwise in violation of any Sanctions.
In the event there is a conflict between the express provisions of the Commitment and the express provisions hereof or of the Mortgage, the provisions of this Note and the Mortgage shall govern and control.
If it were determined that a portion of the PP Notes were not secured by real property, such unsecured amounts would not have been real estate assets and would have caused the Company to violate the 10% Value Limitation.
The Borrower shall make any prepayment of principal in respect of a Loan under Clause 5.2 (Mandatory Prepayment) on such date and by such time as is required by the IBLA Creditor to enable the IBLA Creditor to redeem the Corresponding Debt in accordance with the terms and conditions governing such Bonds, PP Notes or Institutional Loan.
The votes in respect of the relevant Series, PP Notes and/or Institutional Loan (as the case may be) will then be cast for or against (as the case may be) in accordance with clause 31.5 of the IBLA Creditor STID.
The Administrative Agent, the Issuer and the Lenders hereby acknowledge and agree that, upon the satisfaction of the condition set forth in Section 5(e)(iv) below, the Pledged Notes Security Agreement and the PP Notes Letter Agreement shall terminate and such agreements and each other agreement, certificate, document or instrument specifically delivered in connection therewith shall be of no further force and effect (subject only the provisions thereof regarding reinstatement).