Indebtedness Statement Clause Samples
An Indebtedness Statement clause requires a party, typically a borrower, to provide a written declaration of the total amount of debt currently outstanding under an agreement. In practice, this statement is often requested by the lender or another interested party, especially in situations such as refinancing, sale of the loan, or enforcement actions, to confirm the precise amount owed including principal, interest, and any applicable fees. The core function of this clause is to ensure transparency and accuracy regarding the borrower's obligations, thereby reducing the risk of disputes over the amount of indebtedness at critical junctures.
Indebtedness Statement. As promptly as practicable, but not later than thirty (30) days after the Closing, the Company shall deliver to SpinCo a statement (the "Indebtedness Statement") setting forth a good faith determination of the amount of all Indebtedness of the Company and its Subsidiaries as of the Closing (the “Closing Indebtedness”).
Indebtedness Statement. As at the close of business on 31 December 2010, the Enlarged Group had shareholder’s loan with an outstanding principal and carrying amount of approximately HK$57.9 million. Save as aforesaid or as otherwise disclosed herein, and apart from intra-group liabilities, as at the close of business on 31 December 2010, the Enlarged Group did not have any loan capital issued and outstanding or agreed to be issued, bank overdrafts, loans or other similar indebtedness, liabilities under acceptances or acceptance credits, debentures, mortgages, charges, hire purchases commitments, guarantees or other material contingent liabilities.
Indebtedness Statement. The Indebtedness Statement shall be prepared (a) using all the line items set out below and in accordance with this Schedule; and (b) otherwise, using the same accounting principles, policies, bases, practices and estimation techniques as were used in the preparation of the Financial Statements and shall comprise indebtedness to the Banks, including daily interest rate and settlement costs. The Indebtedness Statement shall be prepared on a consolidated basis for the Acquired Entities. Senior A — capital 10,487,500.00 Senior A — back dated interest 146,955.35 Senior B — capital 13,500,000.00 Senior B — back dated interest 176,054.79 Senior C — capital 13,500,000.00 Senior C — back dated interest 176,054.79 Mezzanine 8,631,643.61 Interest due to 9 August 2010 98,659.32 Revolving Credit facility 7,500,000.00 Revolving Credit facility — back dated interest 84,082.20 Overdraft 0 Non-utilisation fee 30.00 Break costs 93.84 Hedging break cost — RBS 725,800.00 Hedging break cost — LBG 731,600.00 Due to the banks (ignoring soft facilities) 55,758,473.90 Debt instrument 0.00 Acceptance credit facilities 0.00 Receivables sold otherwise than on a non-recourse basis 0.00 Deferred payments for assets or services acquired (but not ordinary trade credit) 0.00 Finance leases and hire purchase contracts 0.00 A counter-indemnity in respect of a Guarantee 0.00 Carbon Trust Loan (note 1) 0.00 Letters of Credit (note 2) 2,013,323.25 Outstanding Bond 1,150,000.00