SPC Debt definition

SPC Debt means indebtedness incurred by a Trust which limits such Trust’s business to that of a “special purpose entity” or that otherwise is intended to make such Trust a “bankruptcy remote” entity.
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SPC Debt means all Indebtedness, whether principal or interest, and other obligations from time to time owing by the Borrower or any of its Subsidiaries to SPC, whether in respect of Management Fees or otherwise, provided, however, that SPC Debt shall not include obligations of the Borrower or any of its Subsidiaries to SPC in respect of (i) SPC Expense Reimbursement, and (ii) that portion of Management Fees which does not exceed an amount equal to two and one-half
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Examples of SPC Debt in a sentence

  • Notwithstanding the foregoing, no Trust shall amend the provisions of its declaration of trust relating to SPC Debt.

  • It is intended by the Agent and the Senior Secured Parties that the subordination provisions contained in this Agreement shall benefit the Agent and the Senior Secured Parties equally (in priority) and ratably, and that the SPC Debt and the payment thereof shall be subordinate to the Senior Secured Obligations.

  • SPC hereby unconditionally waives notice of the incurring of the Senior Secured Obligations or any part thereof and reliance by any Senior Secured Party upon the subordination of the SPC Debt to the Senior Secured Obligations.

  • From and after the occurrence of any Default of which SPC has or should reasonably be expected to have knowledge, and for so long as the same shall be continuing, SPC agrees that it will not exchange, forgive, waive or cancel the SPC Debt or any part thereof or reduce the principal amount of the SPC Debt in whole or in part.

  • SPC hereby agrees that, except as and to the extent hereinafter provided, the SPC Debt is and shall be subordinate and subject in right of payment to the prior payment in full of all of the Senior Secured Obligations, whether or not such Senior Secured Obligations have been voided, disallowed or subordinated pursuant to Sect▇▇▇ ▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇kruptcy Code or any applicable state fraudulent conveyance laws, whether asserted directly or under Sect▇▇▇ ▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇kruptcy Code.

  • So long as no Potential Event of Default or Event of Default has occurred and is continuing, and only to the extent not prohibited by the provisions of any of the Loan Documents, SPC may from time to time receive from the Borrower payments of principal of and interest on the SPC Debt.