Bank Indebtedness. The grant of a security interest in any accounts receivable of the Borrower or any of its Restricted Subsidiaries to secure Bank Indebtedness shall not be deemed a Qualified Receivables Transaction.
Bank Indebtedness. The Company has the following credit facilities: A UK credit facility allowing for an operating line of credit of 161,000 (90,000 GBP) was extended by the UK Bank. A Canadian credit facility requires the Canadian subsidiary to comply with certain financial covenants. As at July 31, 2006, the Canadian subsidiary was not in compliance therewith.
Bank Indebtedness. The Stockholders hereby represent to LandCare that the aggregate outstanding balance of the Company's indebtedness to NationsBank as of July 31, 1998 was not more than $1,678,000 (the "NationsBank Debt"). As promptly as practicable after the Closing, and in any case within three business days after Closing, LandCare shall cause the Company to repay the NationsBank Debt, plus any and all costs, expenses and fees associated with the termination of such credit facility, and shall cause the prompt release of any and all liens and guaranties securing such debt.
Bank Indebtedness. As soon as practicable, and in any event no later than two (2) Business Days, following the Closing Date, the Company shall:
(i) apply the proceeds from the sale of the Initial Notes hereunder to the purchase of the assets of SolBright pursuant to an agreement requiring SolBright to discharge the Bank Indebtedness and deliver or cause to be delivered to the Security Agent the following:
(A) a release executed by Wxxxx Fargo Bank and confirming that the security granted in respect of the Bank Indebtedness is of no force and effect; and
(B) within 5 days, evidence of the discharge of all UCC financing statements registered against SolBright in respect of the Bank Indebtedness;
(ii) execute and deliver to the Security Agent the Company Pledge Agreement;
(iii) deliver to the Security Agent certificates evidencing the Company's 100-percent ownership of the securities of each of Subsidiaries along with executed and undated transfer powers in respect thereof;
(iv) such other documents as may be required by the Security Agent (in its discretion except if instructed by the Majority Holders).
Bank Indebtedness. The Shareholders shall have either (i) furnished evidence satisfactory to the Purchaser that all outstanding Bank Indebtedness has been repaid in full or (ii) requested Purchaser apply that portion of the purchase price to be paid at the Closing to the repayment in full of all outstanding Bank Indebtedness.
Bank Indebtedness. The Loans and other Obligations under the Loan Documents collectively constitute “Bank Indebtedness”, and this Agreement and the other Loan Documents collectively constitute the “Credit Agreement”, for all purposes of the Subordinated Note Documents. The Loans and other Obligations under the Loan Documents collectively shall constitute designated senior indebtedness in any indenture or other definitive documentation for any Additional Subordinated Debt.
Bank Indebtedness. Liens on properties or assets (1) of the Company or any Note Guarantor securing Senior Indebtedness or Guarantor Senior Indebtedness, (2) of any Wholly Owned Subsidiary that is not a Note Guarantor securing Indebtedness of any Wholly Owned Subsidiary that is not a Note Guarantor or (3) of any Restricted Subsidiary that is not a Note Guarantor securing its Indebtedness;
Bank Indebtedness. As the accounts receivable portion of the Assets transferred to the Purchaser at the Closing are collected by the Purchaser in the Ordinary Course of Business (and in any case, no later than three (3) months following the Closing Date), the Purchaser or the Parent shall pay to the Seller in cash in Canadian dollars, by check or wire transfer, the Bank Indebtedness, if any, paid at the Closing pursuant to Section 1.3(a)(iv).
Bank Indebtedness. (a) The Borrower does not and shall not have Debt except:
(i) the indebtedness to the Lender under this Agreement,
(ii) indebtedness owing to Marsulex,
(iii) indebtedness in connection with Purchase Money Mortgages permitted hereunder,
(iv) until the Indenture Termination Date, Debt incurred pursuant to guarantees of the indebtedness of the Guarantor or any Subsidiary of the Guarantor which has entered into a blocked account agreement on similar terms to that with the Guarantor and entered into a blocked account arrangement providing the Lender with a first charge security interest in the blocked account and the funds contained therein;
(v) and if agreed under section 3.1(b), the additional term debt with the Lender of Ten Million Dollars ($10,000,000).
(b) As to the Guarantor:
(i) The Lender hereby acknowledges that the Guarantor has incurred and may hereafter incur Debt to its banker and other Persons (which Debt, together with interest, fees, costs, expenses and premiums with respect thereto is called the "Bank Indebtedness"), which Bank Indebtedness is or may be secured by various security instruments ("Bank Security"), over all or part of the assets and undertaking of the Guarantor (which security and any other security now held or hereafter acquired by its banker or other Persons ("Bank") in respect of all or part of the undertaking, property and assets of the Guarantor, both present and future, but shall not include any interest in the shares of the Borrower, is hereinafter called "Bank Security"; and
(ii) The Lender acknowledges that the Bank Security is a Permitted Encumbrance and agrees, with respect to the incurrence of Bank Indebtedness from a Bank prior to the Release Date, that at any time and from time to time that the ratio of Debt to EBITDA of the Guarantor does not exceed 2.5:1, calculated for such purposes upon giving effect to the incurrence of such Bank Indebtedness, at the request of the Guarantor, to enter into an intercreditor agreement with such Bank pursuant to which the Lender will covenant and agree in favour of such Bank, subject to the last sentence of this section, that (i) the Lender shall not be entitled to payment with respect to indebtedness owing by the Guarantor to the Lender (including, under the Guarantee) after the occurrence of a payment default on the Bank Indebtedness or any demand or acceleration by the Bank, prior to the repayment in full of such Bank's Indebtedness, (ii) that such Bank's Bank Security shall ran...
Bank Indebtedness. (1) In calculating the amount of assets of the Company as of December 31, 1996 and as of the Closing Date the entire amount of the indebtedness owed by the Company to the banks shall be excluded.
(2) The Seller shall, by its own account, pay up the indebtedness referred to in Subclause (1) above or cause the Company to be discharged therefrom in full by the Closing Date.
