STATUS OF THE LOAN. 9.1 The Loan shall rank pari passu with all other ordinary debt of the Borrower, but shall be subordinated in all respects to, and rank after, the Borrower’s obligations under the Guarantee and the Security Documents.
STATUS OF THE LOAN. The Loan constitutes and will constitute direct, unsecured and subordinated obligations of the Borrower and is not, and will not be, guaranteed by any other entity. In the event of liquidation or bankruptcy of the Borrower, the rights and claims (if any) of the Lender to payments of the Loan and any other amounts in respect of the Loan (including any accrued and unpaid interest amount or damages awarded for breach of any obligations under this Agreement, if any are payable) shall:
(a) be subordinated to the claims of all (i) depositors and/or other unsubordinated creditors of the Borrower; (ii) creditors of present and future Senior Non- Preferred Liabilities of the Borrower; (iii) subordinated creditors of the Borrower (whether in the event of liquidation or bankruptcy of the Borrower or otherwise) other than those whose claims by law rank, or by their terms are expressed to rank, pari passu with or junior to the Loan;
(b) rank at least pari passu with the claims of all subordinated creditors of the Borrower which in each case by law rank, or by their terms are expressed to rank pari passu with the Loan; and
(c) rank senior to any share capital and any obligations of the Borrower ranking, or expressed to rank, junior to the Loan.
5.1 The Lender shall not be entitled to exercise any right of set-off or counterclaim against moneys owed by the Borrower in respect of the Loan.
STATUS OF THE LOAN. 8.1 The of the under the Loan are not by or Security. The Loan senior of the and rank of capital.
STATUS OF THE LOAN. The obligations of the Borrower under the Loan Agreement are not secured by any mortgage, pledge or other security. The Loan shall with other existing unsecured senior debt of the Borrower and shall rank ahead of subordinated capital.
STATUS OF THE LOAN. 8.1 The obligations of the Borrower under the Loan Agreement are not secured by any mortgage, pledge or other security. The Loan shall with other existing unsecured senior debt of the Borrower and shall rank ahead of subordinated capital.
8.2 Without the consent from the Loan Trustee, the Borrower will not issue new debt which at any time will result in net interest bearing debt exceeding three times the book value of the Borrowers' equity. Net interest bearing debt is defined as the aggregate interest bearing secured and unsecured debt consolidated basis, excluding debt not appearing in the consolidated balance sheet, net of consolidated cash cash equivalents. Book value of equity is defined as the total shareholder equity in the consolidated balance sheet.
8.3 Observance of the conditions of sub-clause 8.2 shall be documented to the Loan Trustee with a statement from the Borrower in accordance with sub-clause 13.1
STATUS OF THE LOAN. Borrower and Guarantor acknowledge for the benefit of Lender that the Notes, the Loan Agreement, including this Addendum and all prior addenda, amendments and modifications thereto, the Security Instruments, and any other Loan Documents are all valid and binding obligations enforceable in accordance with their terms, and that neither Borrower nor Guarantor has any offset or defense against the indebtedness evidenced by the Notes or any of the obligations set forth in the Loan Documents. Loan Agreement Gladstone 2020 Facility Loan Nos. 196915, 198677 & 200539 105131550 0053564-00437
STATUS OF THE LOAN. 8.1 The Loan shall with all other existing senior debt of the Borrower and shall rank ahead of subordinated capital.
8.2 The Bondholders, being aware of the main terms of the and investing in the Loan in full knowledge of the being expected to be completed during the term of the Loan, hereby waive the right to make objections to the whether under this Loan Agreement or pursuant to the provisions of the Public Limited Companies Xxx 0000, waive the right to require that a resolution by the Bondholders' meeting be obtained in relation to the accept and approve the transfer of assets to New Sinvest, and New Sinvest being released from any obligations under or arising out of the Loan Agreement, and accept that no Bondholders' meeting will be required for the completion of the
9.1 Interest accrues from and including 15 August 2005 based on NIBOR plus
STATUS OF THE LOAN. Lender and Assignor hereby represent to each other and to Assignee that as of this date:
(a) Interest is paid to August 1, 2006;
(b) the outstanding principal balance is $161,000,000.00;
(c) the coupon interest rate is 5.0%;
(d) the maturity date is January 1, 2010;
(e) the monthly interest payment is $670,833.33; and
(f) to the best of Lender’s and Assignor’s knowledge, as the case may be, there are no defaults beyond any applicable grace and cure periods under the terms of the Loan Documents. The above disclosures are subject to collection and final settlement by Lender of all remittances received to date.
STATUS OF THE LOAN. Ensure that the Loans rank pari passu in right of payment with the Senior Notes and that the term loan facility evidenced by this Agreement constitutes the initial Unsecured Term Loan Facility (as defined in the Senior Credit Agreement).
STATUS OF THE LOAN. During the term of the Loan, the Borrower undertakes to ensure that the obligations of the Borrower under the Agreement at all times rank pari passu to all of the Borrower’s other loans and debt obligations except loans that are agreed to rank behind the Borrower’s other loans and debt obligations (subordinated loans).
