Description of Indebtedness Sample Clauses

Description of Indebtedness. (A) The Indebtedness for borrowed money (including Financing Leases) of the Company and its Subsidiaries as of June 30, 1991 is as follows: Description Amount ----------- ------
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Description of Indebtedness. Obligors individually and collectively acknowledge and agree as follows: The extension of credit by Lender to Obligors is evidenced by the Notes described below, which Notes together with all related documents are collectively referred to as the “Loan Documents”: Revolving Line of Credit Note Note No: Date: July 27, 2011 Original Principal Amount: $18,000,000.00 Outstanding Balance as of November 20, 2012: $18,081,100 Per diem: $3,000 Payment Status: Matured Term Note Note No: Date: July 27, 2011 Original Principal Amount: $11,300,000.00 Outstanding Balance as of November 20, 2012: $8,744,151.55 Per diem: $1,571.12 Payment Status: Due for November 27, 2012 installment
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Description of Indebtedness. This Agreement is made for the purpose of securing the following:
Sample 1
Description of Indebtedness. Obligors individually and collectively acknowledge and agree as follows: The extension of credit by Lender to Obligors is evidenced by the Notes described below, which Notes together with all related documents are collectively referred to as the “Loan Documents”: Revolving Line of Credit Note Note No: 15114327-301 Date: July 27, 2011 Original Principal Amount: $18,000,000.00 Outstanding Balance as of May 2, 2013: $ 16,512,063.00 Payment Status: Matured Term Note Note No: 14114327-9001 Date: July 27, 2011 Original Principal Amount: $11,300,000.00 Outstanding Balance as of May 2, 2013: $ 7,996,393.53 Payment Status: Due for May, 2013 installment
Sample 1
Description of Indebtedness. Guarantee of certain debt of Atlantic Natural Foods, LLC of up to $1,000,000 Guarantee of certain debt of Kent Warehouse & Labeling, LLC of debt in the aggregate principal amount of up to $200,000 Trip Loans of up to $200,000 in the aggregate. Loan from Her Majesty the Queen in the right of New Brunswick to Connors CL GP Limited, as General Partner of Clover Leaf Seafoods LP for the construction of Brunswick Provider with an outstanding principal balance of $300,000 Schedule 4.20 Existing Tax Liabilities Payment of Taxes United States • US customs duties - There is a current dispute with U.S. Customs over the appropriate classification of, and proper customs duty rates charged, on March through November 2006 tuna imports. • Puerto Rican income tax - P.R. income tax on equipment leases has not been withheld. No audit is currently being conducted. • Columbian income tax - Columbian income tax on royalties received under the Seafman license agreement in Columbia has not been withheld. No audit is currently being conducted. • Sales taxes - Registration and filing of sales tax returns may not have been done in all required states, and all necessary exemption certificates may not have been maintained. No audit is currently being conducted. • Transfer pricing - Loan Parties may not have complied in all respects with applicable transfer pricing rules. No audit is currently being conducted. Potential exposure estimated (based on reasonable assumptions) at up to $4,000,000 (plus interest and penalties). • Recharacterization of debt as equity - Intercompany debts could be challenged as equity by the IRS. However, a tax opinion was obtained that the instruments are debt for US income tax purposes. No audit is currently being conducted. • Internal Revenue Code Section 988 transaction - settlement of intercompany notes in 2006. • City of Seattle has concluded that Bumble Bee Foods, LLC is subject to the Seattle B&O tax. The exposure has been estimated to be up to $40k. The Company intends to contest the conclusion. Canada • GST audit - Target potentially did not comply with certain GST rules. An audit is currently being conducted. Taxes, interest and penalties for these issues could be up to C$4M, or potentially negotiated down to a lesser amount. Any assessment could be offset by a potential refund of approximately C$2M and an L/C for approximately C$2M to protect against collection. • Transfer pricing - Loan Parties may not have complied in all respects with applicabl...
Sample 1

Related to Description of Indebtedness

  • Confirmation of Indebtedness Borrowers confirm and acknowledge that as of the close of business on September 30, 2014, Borrowers were indebted to Lenders for the (a) Advances under the Loan Agreement without any deduction, defense, setoff, claim or counterclaim, of any nature, in the aggregate principal amount of $22,817,930.38 due on account of Revolving Advances and $0.00 on account of undrawn Letters of Credit, plus in each case all fees, costs and expenses incurred to date in connection with the Loan Agreement.

  • Subordination of Indebtedness Any indebtedness or other obligation of Borrower now or hereafter held by or owing to Guarantor is hereby subordinated in time and right of payment to all obligations of Borrower to Bank, except as such indebtedness or other obligation is expressly permitted to be paid under the Credit Agreement; and such indebtedness of Borrower to Guarantor is assigned to Bank as security for this Guaranty, and if Bank so requests shall be collected, enforced and received by Guarantor in trust for Bank and to be paid over to Bank on account of the Obligations of Borrower to Bank, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty. Any notes now or hereafter evidencing such indebtedness of Borrower to Guarantor shall be marked with a legend that the same are subject to this Guaranty and shall be delivered to Bank.

  • Satisfaction of Indebtedness Until the Indebtedness has been indefeasibly paid and fully satisfied (other than contingent indemnification obligations to the extent no unsatisfied claim has been asserted) and the commitments of Lender under the Credit Facility have been terminated, Lender shall be entitled to retain the security interests in the Collateral granted under the Loan Documents and the ability to exercise all rights and remedies available to Lender under the Loan Documents and applicable laws.

  • Cancellation of Indebtedness No Credit Party shall cancel any claim or debt owing to it, except for reasonable consideration negotiated on an arm's-length basis and in the ordinary course of its business consistent with past practices.

  • Evidence of Indebtedness (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and evidenced by one or more entries in the Register maintained by the Administrative Agent, acting solely for purposes of Treasury Regulation Section 5f.103-1(c), as agent for the Borrower, in each case in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be prima facie evidence absent manifest error of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note payable to such Lender, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

  • Repayment of Indebtedness Except as disclosed in the Registration Statement and the Prospectus, the Company does not intend to use any of the proceeds from the sale of the Shares to repay any debt owed to the Sales Agent or the Forward Seller or any affiliate thereof.

  • Payment of Indebtedness Pledgor will pay the principal sum of the Note secured hereby, together with interest thereon, at the time and in the manner provided in the Note.

  • Prepayments, Etc. of Indebtedness (a) None of the Covenant Parties shall, nor shall they permit any of their Restricted Subsidiaries to, directly or indirectly, prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner (it being understood that payments of regularly scheduled interest shall be permitted) the Senior Subordinated Debt, any subordinated Indebtedness incurred under Section 7.03(g) or any other Indebtedness that is required to be subordinated to the Obligations pursuant to the terms of the Loan Documents, but excluding any Existing Indebtedness or Outstanding Indebtedness (collectively, “Junior Financing”) or make any payment in violation of any subordination terms of any Junior Financing Documentation, except (i) the refinancing thereof with the Net Proceeds of any Indebtedness (to the extent such Indebtedness constitutes a Permitted Refinancing and, if such Indebtedness was originally incurred under Section 7.03(g), is permitted pursuant to Section 7.03(g)), to the extent not required to prepay any Loans pursuant to Section 2.05(b), (ii) the conversion of any Junior Financing to Equity Interests (other than Disqualified Equity Interests) of the Company or any of its direct or indirect parents, (iii) the prepayment of Indebtedness of any Covenant Party or any Restricted Subsidiary of a Covenant Party to the extent permitted by the Collateral Documents, (iv) any payments in respect of Senior Subordinated Debt constituting bridge loans with the proceeds of any other Junior Financing and (v) prepayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled maturity in an aggregate amount not to exceed $250,000,000 plus, if the Total Leverage Ratio calculated on a Pro Forma Basis is less than or equal to 7.00 to 1.00, the portion, if any, of the Cumulative Credit on such date that Xxxxxxx elects to apply to this paragraph, such election to be specified in a written notice of a Responsible Officer of Xxxxxxx calculating in reasonable detail the amount of Cumulative Credit immediately prior to such election and the amount thereof elected to be so applied.

  • Amendment, Etc. of Indebtedness Amend, modify or change in any manner any term or condition of any Indebtedness set forth in Schedule 7.02, except for any amendment, refinancing, refunding, renewal or extension thereof permitted by Section 7.02(e).

  • Prepayment of Indebtedness At any time, directly or indirectly, prepay any Indebtedness (other than to Lenders), or repurchase, redeem, retire or otherwise acquire any Indebtedness of any Borrower.

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