Cancellation of Indebtedness Owed to It. No Loan Party shall cancel, or permit any of its Subsidiaries to cancel, any claim or Indebtedness owed to it except for adequate consideration and in the ordinary course of business, except to the extent that such cancellation occurs in connection with the consummation of a plan of reorganization or liquidation of the obligor under such Indebtedness and such cancellation would not have a Material Adverse Effect.
Appears in 3 contracts
Samples: Credit Agreement (WHX Corp), Credit Agreement (WHX Corp), Credit Agreement (Wheeling Pittsburgh Corp /De/)
Cancellation of Indebtedness Owed to It. No Loan Party shall The Borrower will not cancel, or and will not permit any of its Subsidiaries to cancel, any claim or Indebtedness owed to it except for (i) adequate consideration and in the ordinary course of business, except to business or (ii) the extent that such exchange or cancellation occurs in connection with the consummation of intercompany indebtedness of a plan of reorganization or liquidation of the obligor under such Indebtedness and such cancellation would not have a Material Adverse EffectLoan Party owing to another Loan Party.
Appears in 1 contract
Samples: Loan and Security Agreement (Reunion Industries Inc)
Cancellation of Indebtedness Owed to It. No The Loan Party shall cancelParties will not, or and will not permit any of its Subsidiaries to cancelother Group Member to, cancel any claim or Indebtedness owed to it except for adequate consideration and in the ordinary course of business, except to the extent that such cancellation occurs in connection business consistent with the consummation of a plan of reorganization or liquidation of the obligor under such Indebtedness and such cancellation would not have a Material Adverse Effectpast practice.
Appears in 1 contract
Samples: Credit Agreement (Memec Inc)