Sun Loan definition
Examples of Sun Loan in a sentence
Material Contract - any agreement or arrangement to which an Obligor is party (other than the Loan Documents, the Revolver Loan Documents or the Sun Loan Documents) (a) for which breach, termination, nonperformance or failure to renew could reasonably be expected to have a Material Adverse Effect, or (b) that relates to Subordinated Debt, Debt under the 2009 Indenture or Debt in an aggregate amount of $46,000,000 or more.
Restrictive Agreement - an agreement (other than a Loan Document, Revolver Loan Document or Sun Loan Document) that conditions or restricts the right of any Borrower, Domestic Subsidiary or other Obligor to incur or repay the Obligations, to grant Liens on the Collateral, to declare or make Distributions to an Obligor, to modify, extend or renew the Obligations, or to repay any intercompany Debt owed to an Obligor.
As of the date hereof Sun has conveyed the Real Property Assets to Borrower and Borrower has accepted the conveyance subject to the Sun Loan.
This Agreement shall terminate only upon payment or performance in full of all of the obligations under the Sun Loan, Hagelstein Loan and Joli▇▇ ▇▇▇n.
Debtor agrees that as long as Debtor is indebted to Creditors under the Sun Loan, Hagelstein Loan and Joli▇▇ ▇▇▇n, no dividends or distributions, whether in cash, stock or other property shall be declared or paid to any shareholder.
Subordinating Creditors further covenant and agree that until the payment in full of any and all indebtedness of Borrower to Lender pursuant to the Sun Loan Agreements, they shall not assign their respective Loan Documents or any of their respective interests in such Loan Documents to any other person ("Transferee") without the consent of Lender, which will not be unreasonably withheld, and the written agreement of such Transferee to be bound by all of the terms and conditions of this Agreement.
The $890,000 in indebtedness of Borrower to Subordinating Creditors, and all payments of monies by Borrower to Subordinating Creditors due or to become due pursuant to the Loan Documents (hereinafter referred to as "Subordinated Debt") and all security interests granted to Subordinating Creditors in the Property for said Subordinated Debt shall be subordinated and postponed to the prior payment and satisfaction in full of any and all indebtedness of Borrower to Lender pursuant to the Sun Loan Agreements.
As of the date hereof, as a result of (i) the exchange of debt owed to Sun in consideration for the issuance to Sun of other securities of SANZ and (ii) the payment by SANZ to Sun of some of the outstanding indebtedness owed to Sun under the Sun Loan, the aggregate principal amount owed to Sun under the Sun Loan is equal to or less than $5,000,000.
Pursuant to the Letter Agreement, SANZ was required to periodically issue to Sun on November 16 and May 16 of each year, a Guaranty Warrant, exercisable for a number of shares of SANZ Common Stock calculated pursuant to a formula set forth in the Letter Agreement, for so long as there remained an aggregate principal amount owed to Sun under the Sun Loan in an amount in excess of $3,000,000.
No parol evidence of prior or contemporaneous agreements, understandings or negotiations shall govern or be used to construe or modify this Agreement, or any of the Sun Loan Agreements.