SNIG definition
Examples of SNIG in a sentence
SNIG will, and will cause each Subsidiary to, comply with all applicable statutes, regulations and orders of, and all 48 applicable restrictions imposed by, all governmental bodies, domestic or foreign, in respect of the conduct of its business and the ownership of its property (including applicable statutes, regulations, orders and restrictions relating to environmental standards and controls) other than those the non-compliance with which would not have a Material Adverse Effect.
Any payment by the Borrower or other circumstance which operates to toll any statute of limitations as to the Borrower shall operate to toll the statute of limitations as to SNIG.
SNIG waives any defense arising out of any such election by the Guaranteed Creditors, even though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of SNIG against the Borrower or any other party or any security.
SNIC hereby sells to SNIG, and SNIG hereby purchases from SNIC, effective upon the Closing under the Loan Agreement, all of SNIC's right, title and interest in, to and under the Sold Receivables.
SNIG will, for financial reporting purposes, cause (i) each of its, and each of its Subsidiaries', fiscal years to end on December 31 of each year and (ii) each of its, and each of its Subsidiaries', fiscal quarters to end on March 31, June 30, September 30 and December 31 of each year.
SNIG waives all rights and defenses arising out of an election of remedies by the Banks, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed the guarantor's rights of subrogation and reimbursement against the principal by the operation of Section 580d of the Code of Civil Procedure or otherwise.
SNIG and each of its Subsidiaries have obtained all material patents, trademarks, servicemarks, trade names, copyrights, licenses and other rights, free from burdensome restrictions, that are necessary for the operation of their respective businesses as presently conducted and as proposed to be conducted.
Annex III sets forth a true and complete list of all Indebtedness of SNIG and its Subsidiaries as of the Closing Date which has been reviewed and approved by the Banks (after giving effect to the Transaction), in each case showing the aggregate principal amount thereof, the name of the lender in respect thereof and the name of the respective borrower and any other entity which has directly or indirectly guaranteed such Indebtedness.
On the Closing Date, the Banks shall have received an independent auditor's opinion, in form and substance reasonably satisfactory to the Administrative Agent, addressed to the Banks, indicating a Tax Net Operating Loss Carry Forward at SNIG of at least $80,000,000 at December 31, 1995.
Without limiting the generality of the foregoing, SNIG hereby agrees with the Guaranteed Creditors that it will not exercise any right of subrogation which it may at any time otherwise have as a result of this Guaranty (whether contractual, under Section 509 of the Bankruptcy Code or otherwise) until all Guaranteed Obligations have been irrevocably paid in full in cash.