Thorn definition
Examples of Thorn in a sentence
In consideration of the Thorn Tree Debt and the agreements contained herein, Equistar hereby grants a first priority security interest to each of the Thorn Tree Parties in any proceeds Equistar receives from (A) Emex in partial or full satisfaction of the amount outstanding under the Emex Debt, and (B) Universal in partial or full satisfaction of the Equistar Debt.
Subject to Section 1(d)(ii) below, Sixth Avenue shall continue to hold the remaining 11,957,100 Universal Shares and any dividend shares subsequently paid with respect to the remaining Universal Shares (the "Universal Pledged Shares," and together with the Thorn Tree Pledged Shares, the "Pledged Shares") pursuant to the Standstill Pledge Agreement as security for the Sixth Avenue Debt.
The Notice of Acceptance shall state the proportion of the Basic Amount Universal and/or Thorn Tree wish to purchase.
The remaining 30% of the proceeds of any sale of all or any portion of the Universal Pledged Shares or the Thorn Tree Pledged Shares, as the case may be, by Sixth Avenue shall be paid to the Universal Parties or the Thorn Tree Parties, as applicable.
As of the date hereof, each of Universal and Thorn Tree has delivered to Sixth Avenue all Universal Dividend Shares and Thorn Tree Dividend Shares in accordance with the Standstill Pledge Agreement.
Upon the full satisfaction in cash in accordance with this Agreement of the portion of the Sixth Avenue Debt that constitutes a Universal Obligation, the right to nominate all other members to serve on the Board will inure to the benefit of DHP until the DHP Debt, the Thorn Tree Debt and the Equistar Debt are satisfied in full in cash in accordance with this Agreement.
Such security interests shall inure to each of the Thorn Tree Parties pro rata in the same proportion as (x) the debt outstanding to each of the Thorn Tree Parties, respectively, bears to (y) the total amount of Thorn Tree Debt.
Commencing February 15, 2002, the DHP Debt, the Equistar Debt, the Eweson Debt, the Bank Debt and the Thorn Tree Debt shall accrue interest at the rates set forth in the Schedules attached hereto.
The Proxy granted by Universal to DHP shall terminate upon the full satisfaction in cash of the DHP Debt, the Equistar Debt and the Thorn Tree Debt.
Notwithstanding anything to the contrary in the Universal Note, Universal hereby agrees that it shall only have the right to collect and enforce any obligation to pay the principal and/or interest owed by Emex pursuant to the Universal Note if Thorn Tree receives payment of the principal and/or interest owed by Emex pursuant to the Thorn Tree Note in accordance with the following sentence.