Benefitted Party definition
Examples of Benefitted Party in a sentence
If either Party benefits from any tax, fee or Duty exemption (a “Benefitted Party”) applicable to the other Party or its Subcontractors (the “Other Party”), such Benefitted Party agrees to provide the Other Party, without charge, before invoicing, or before any other relevant event, documentation acceptable to supporting the tax or customs authorities supporting the exemption, together with instructions for the Other Party on the procedure for the exemption.
For purposes of the foregoing definitions, any Benefitted Party that has purchased a participation in the Obligations owing to another Benefitted Party shall be deemed to be the holder of the amount of such Obligations which are the subject of such participation.
For purposes of this Section 4(g), any pro rata calculation shall be on the basis of the outstanding principal amount of the Obligations (determined by assuming that all Obligations are denominated in U.S. Dollars based upon the Applicable Exchange Rate) held by or for each Benefitted Party at the time of the act, omission or transaction giving rise to the reimbursement or indemnity required by this Section 4(g).
Each Benefitted Party agrees that upon the occurrence of a Triggering Event, it shall promptly notify the Collateral Agent of the occurrence of such Triggering Event.
If any Guarantor becomes liable for any indebtedness owing by Borrower to any Benefitted Party, other than under this Guaranty, that liability shall not be in any manner impaired or affected by this Guaranty.