Substantial Debt definition
Substantial Debt means, in relation to any Customer, the amount as determined under Deduction" Clause 5.7; "Substantial Receivable" means the aggregate of the Purchased Receivables from an individual Customer that exceeds 25 per cent of the aggregate of the Purchased Receivables from all Customers from time to time; "Target Assets" means the business and assets acquired by the Initial Client pursuant to the Acquisition Agreement; "Taxes" includes all present and future governmental taxes, charges, imposts, duties, levies, deductions, withholdings or fees of any kind whatsoever, or any amount payable on account of or as security for any of the foregoing, by whomsoever on whomsoever and wherever imposed, levied, collected, withheld or assessed, together with any penalties, additions, fines, surcharges or interest relating thereto; and "Tax" and "Taxation" shall be construed accordingly; "Term Loan" has the meaning given to that term in the NWB Agreement; "Termination Date" means the third anniversary of Commencement Date or such later date as is agreed in writing between the Initial Client (on behalf of the Clients) and LND under Clause 7.1; "Transaction Documents" means, in relation to a Group Company, each of the following documents to which it is a party: the NWB Lending Documents, the Discounting Documents, the Acquisition Documents; "Unpurchased Receivable" means: (a) any Receivable not denominated in an Approved Currency; (b) any Receivable where the debtor is an Affiliate of any Client or the Holding Company or any of its Subsidiaries; (c) any Receivable arising from the conduct of trading activities of a Client other than those undertaken at the date of this Agreement or which LND has approved in writing; (d) any Receivable where British Steel Plc or any Subsidiary of British Steel Plc is the Customer; (e) any Receivable the subject of payment in cash or where payment is made by the Customer in advance of an invoice being issued by the Client; (f) Receivables where the debtor is resident or domiciled in a country which is not a member of the OECD; (g) Receivables where the payment obligation of a Customer is secured by a letter of credit payable upon sight; "US Lockbox Account" means the account held by the Initial Client at MTT and numbered 8700343711; "VAT" means value added tax as provided for in the Value Added Tax ▇▇▇ ▇▇▇▇ and legislation (or purported legislation and whether delegated or otherwise) supplemental to that Act or in any primary or secondary legisla...
Examples of Substantial Debt in a sentence
In the absence of agreement the determination of the relative Substantial Debt Deduction by LND shall be binding on all the Clients.
Substantial Debt Deduction shall be made and reviewed promptly by LND after the end of each calendar month.
Any agreement in respect of the determination of a Substantial Debt Deduction between LND and the Initial Client shall be binding on all the Clients.