Conduit Debt means any debt of a special purpose entity that is consolidated on Parent’s financial statements in accordance with GAAP, provided that (i) the proceeds of such debt are used by such special purpose entity to make loans to, or to purchase assets from, any Person that is not an Affiliate of Parent, in the ordinary course of business and (ii) such debt and/or payment with respect to accounts receivable and other assets underlying such debt are guaranteed by Corp., in the ordinary course of business.
Conduit Debt. Any obligation (other than Mortgage Secured Financings) that would constitute Debt of a special purpose entity or a trust established by the Parent Guarantor or any Subsidiary that is consolidated on the Parent Guarantor’s financial statements in accordance with GAAP, whether or not such obligation is guaranteed in whole or in part by the Parent Guarantor and/or any Subsidiary and whether or not such obligation is with recourse to the Parent Guarantor and/or any Subsidiary, provided that the proceeds of such obligation are used by such special purpose entity or trust to make loans to, or to purchase assets from, the Parent Guarantor, any Subsidiary or any Affiliate of the Parent Guarantor or any Subsidiary, or other Person, in the ordinary course of business (it being understood that securitization and similar transactions involving special purpose entities or trusts established by the Parent Guarantor or any Subsidiary are in the ordinary course of business).
Conduit Debt means any debt of a special purpose entity or Subsidiary that is consolidated on the Borrower’s financial statements in accordance with GAAP, provided that (i) the proceeds of such debt are used by such special purpose entity or Subsidiary to make loans to, or to purchase assets from, any Person that is not an Affiliate of the Borrower, in the ordinary course of business and (ii) such debt and/or payment with respect to accounts receivable and other assets underlying such debt are guaranteed by the Borrower, Radian Asset Assurance, Inc. or another Insurance Subsidiary, in the ordinary course of business.
Examples of Conduit Debt in a sentence
Except for telephone equipment and vehicles leased in connection with the Secaucus New Jersey Holiday Inn (Hotel #19), the Borrower shall, and shall cause each Subsidiary to, own all personal property required for operation of its Hotels free and clear of the security interests of third parties other than the Agent and, in the case of the Conduit Debt Hotels, the Conduit Lender.
Each Consolidated Affiliate except DDR Office Flex II, LLC is indebted to the respective lender shown on Schedule 6.22 pursuant to Permitted Conduit Debt which prohibits such Consolidated Affiliate from executing the Subsidiary Guaranty.
Neither Borrower nor any Consolidated Affiliate of Borrower shall pledge any of its respective interests in any Consolidated Affiliate of Borrower except to secure Permitted Conduit Debt of such Consolidated Affiliate of Borrower.
More Definitions of Conduit Debt
Conduit Debt means that certain non-recourse loan from the Conduit Lender to the Special Purpose Entity in the original principal amount of $71,000,000, evidenced by a promissory note executed by the Special Purpose Entity, dated November 3, 1998, and payable to the Conduit Lender.
Conduit Debt means non-recourse Debt of a Person payable solely from loan or lease payments made to such Person by another Person and reserves funded from the proceeds of such loan or lease, provided that other Person is not an Affiliate of such first Person.
Conduit Debt means any obligation (other than Mortgage Secured Financings) that would constitute Debt of a special purpose entity or a trust established by the Guarantor or any Subsidiary that is consolidated on the Guarantor’s financial statements in accordance with GAAP, whether or not such obligation is guaranteed in whole or in part by the Guarantor and/or any Subsidiary and whether or not such obligation is with recourse to the Guarantor and/or any Subsidiary, provided that the proceeds of such obligation are used by such special purpose entity or trust to make loans to, or to purchase assets from, the Guarantor, any Subsidiary or any Affiliate of the Guarantor or any Subsidiary, or other Person, in the ordinary course of business (it being understood that securitization and similar transactions involving special purpose entities or trusts established by the Guarantor or any Subsidiary are in the ordinary course of business).
Conduit Debt means any obligation that would constitute Indebtedness of a special purpose entity or a trust established by the Borrower or any Subsidiary that is consolidated on the Borrower’s financial statements in accordance with GAAP, whether or not such obligation is guaranteed in whole or in part by the Borrower and/or any Subsidiary and whether or not such obligation is with recourse to the Borrower and/or any Subsidiary, provided that the proceeds of such obligation are used by such special purpose entity or trust to make loans to, or to purchase assets from, the Borrower, any Subsidiary or any Affiliate of the Borrower or any Subsidiary, or other Person, in the Ordinary Course of Business (it being understood that securitization and similar transactions involving special purpose entities or trusts established by the Borrower or any Subsidiary are in the Ordinary Course of Business).
Conduit Debt means any obligation (other than Mortgage Secured Financings) that would constitute Indebtedness of a special purpose entity or a trust established by the Borrower or any Subsidiary that is consolidated on the Borrower’s financial statements in accordance with GAAP, whether or not such obligation is guaranteed in whole or in part by the Borrower and/or any Subsidiary and whether or not such obligation is with recourse to the Borrower and/or any Subsidiary, provided that the proceeds of such obligation are used by such special purpose entity or trust to make loans to, or to purchase assets from, the Borrower, any Subsidiary or any Affiliate of the Borrower or any Subsidiary, or other Person, in the Ordinary Course of Business (it being understood that securitization and similar transactions involving special purpose entities or trusts established by the Borrower or any Subsidiary are in the Ordinary Course of Business).
Conduit Debt means any obligation that would constitute Debt of a special purpose entity or Subsidiary (including a trust) that is consolidated on the Borrower’s financial statements in accordance with GAAP, whether or not such obligation is guaranteed in whole or part by the Borrower, Radian Asset Assurance, Inc. or another Insurance Subsidiary, provided that the proceeds of such obligation are used by such special purpose entity or Subsidiary to make loans to, or to purchase assets from, the Borrower, any Subsidiary or Affiliate of the Borrower, or any Person that is not an Affiliate of the Borrower, in the ordinary course of business (it being understood that securitization and similar transactions involving special purpose entities or Subsidiaries are in the ordinary course of business).