Excess Indebtedness means the amount, if any, of any obligations of the Company to the Lender remaining due and payable after the occurrence of an Event of Default and disposition (or receipt by the Lender of the value as determined by a court of competent jurisdiction) of all Collateral. Unless and until an Event of Default shall have occurred and the Lender received the proceeds of disposition thereof (or the value thereof as determined by a court of competent jurisdiction), there will be no Excess Indebtedness.
Excess Indebtedness means any Company Indebtedness (other than the Parent Loan) as of the Closing Date in excess of $50,000.
Excess Indebtedness means the amount of all Indebtedness of the Company in excess of the Assumed Company Debt.
Examples of Excess Indebtedness in a sentence
Not an Excess Indebtedness: For loans secured with a general obligation pledge or a general obligation pledge on special assessments: The RECIPIENT agrees that this agreement and the loan to be made do not create an indebtedness of the RECIPIENT in excess of any constitutional or statutory limitations.
Excess Indebtedness Excess Indebtedness is the amount, if any, by which Policy Debt exceeds Policy Value.
If Excess Indebtedness occurs on any date, the policy, including all policy benefits (i.e., the Base Face Amount, any Supplemental Face Amount and any Supplementary Benefit riders), will be in default, as of the date in question.
At least 15 and not more than 45 days prior to termination of coverage, we will send notice of your Policy Excess Indebtedness to your last known address and to the last known address of any assignee on record with us.
The policy will terminate on the 31st day after we send such notice if Excess Indebtedness is not repaid to us by that date.
More Definitions of Excess Indebtedness
Excess Indebtedness means any Indebtedness of the Earnout Group Business in excess of the sum of (a) $1,000,000 and (b) other Indebtedness that is incurred with the consent of the Sellers’ Representative.
Excess Indebtedness is the amount, if any, by which indebtedness exceeds an amount equal to the Account Value. "Notice Date" is the date on which notice of Excess indebtedness is mailed to you and any assignee of record with us at the address last known to us. Loan Assets are equal to the total of all loans advanced plus interest credited on each loan amount measured from the date of the loan. When a loan is made, the amount of the loan will be transferred to Loan Assets. The interest rate credited to Loan Assets is fixed at an effective annual rate of interest of 4%. The interest credited to Loan Assets will be added daily and will bear interest from that date at the same rate. The effective annual rate of interest credited to Loan Assets is 4%. The amount transferred to Loan Assets will be removed from the Subaccounts in proportion to your policy investment in each Subaccount on the date such loan is made (unless our then current rules allow you to designate different proportions in your loan request and you in fact do so). Upon loan repayment, the same proportionate amount of the entire loan as was borrowed from the Fixed Account will be repaid to the Fixed Account. The remainder of the loan repayment will be allocated to the appropriate Subaccounts as stipulated in the current Subaccount Investment Option (unless our then current rules allow you to designate a different allocation with your repayment and you in fact do so).
Excess Indebtedness means, for any monthly period, (I) Total Indebtedness minus (II) (A) six multiplied by (B) EBIDAT for such one month period multiplied by twelve (12); provided that Excess Indebtedness shall never be less than zero; and (ii) "Total Indebtedness" means, at any date of determination, the aggregate principal amount of all Indebtedness of Holdings, Borrower and Borrower's Subsidiaries as of such date on a consolidated basis plus the aggregate liquidation preference or redemption amount of all Disqualified Stock as of such date. Further, for purposes of this paragraph only, Total Indebtedness shall be calculated based on: (x) the average daily balance of all Indebtedness (excluding Subordinated Indebtedness) during such one month Interest Period, and (y) the Subordinated Indebtedness outstanding as of the last day of such month. Excess Indebtedness for any month, and the corresponding additional interest charge, shall be calculated by Agent as soon as reasonably practicable after receipt by Agent of financial information for the month in question from Borrower sufficient to allow Agent to make the necessary calculations. Any such calculation of the additional interest charge by Agent shall, absent manifest error, be deemed to be conclusive and binding on Borrower. Borrower hereby covenants and agrees to provide Agent with the necessary financial information on or before the thirtieth day of each month through January 1998."
Excess Indebtedness means the amount, if any, by which the consolidated Indebtedness of the Transferred Companies as of the close of business on December 31, 2014, in each case derived from the PFASC 2014 Financial Statements and calculated in accordance with the Accounting Principles, in a form consistent with, and subject to the adjustments set forth in, the sample Closing Statement attached as Annex A, exceeds $83,300,000; provided that in the event of any inconsistency between the application of GAAP in the preparation of the PFASC 2014 Financial Statements and the Accounting Principles, the Accounting Principles shall apply.
Excess Indebtedness means, as of any date with respect to any Transferred Subsidiary, the Indebtedness of such Transferred Subsidiary in excess of the amount specified with respect to such Transferred Subsidiary on Schedule 1.1(b).
Excess Indebtedness means (1)(A) the aggregate principal amount of total debt for borrowed money, including current portion and capital leases, obligating or encumbering, the Business or the Companies, (B) as a result of the consummation of the transactions contemplated by this Agreement, any transactional expenses incurred by the Companies or the Business on or before the Closing (including all of the fees, expenses and other amounts payable to outside advisors and attorneys) but not paid on or prior to the Closing and (C) any Transfer Taxes that London is liable for and obligated to pay pursuant to Section 5.14 but not paid on or prior to the Closing Date, to the extent, if any, that the Companies or the Business have any liability therefor, minus (2) cash and cash equivalents of the Business, if any.
Excess Indebtedness. Shall have the meaning set forth in Subsection 5.2(a)(ii).