Examples of New Debt in a sentence
Except if otherwise provided in this Agreement, all Security created pursuant to any Secured Finance Document will be provided with first priority in respect of Secured Debt (pari passu between the Notes Debt, any New Debt and the Hedging Debt), subject to Clause 3.1 (Ranking of Secured Debt) and the other terms of this Agreement.
Each Credit Representative and the Security Agent will and is hereby authorised, empowered and directed to enter into such agreement or agreements with the Debtors and/or the holders of the Liabilities pursuant to Clause 16.1 (New Debt Financings) and/or their agents and trustees, whether by way of supplement, confirmation, amendment or restatement of the terms of this Agreement or by a separate deed, as may be necessary to give effect to the terms of Clause 16.1 (New Debt Financings).
For the avoidance of doubt, the failure to repay principal or pay interest on a due date shall constitute an event of default (however described) under the Terms and Conditions and the New Debt Documents.
Unless expressly provided to the contrary in this Agreement, the Secured Debt shall rank pari passu in priority between the Notes Debt, any Hedging Debt and any New Debt.
In setting the account balance, to the extent the fair market value of the Mining Assets held by TMPA exceeds any remaining System Debt or New Debt in the Mining Business, such net fair market value shall be added to the cash funds held in the account, such that the account balance is the sum of the net fair market value of the Mining Assets plus the cash funds in the account.