Contingent Indebtedness definition
Contingent Indebtedness of any Person at a particular date means the sum (without duplication) at such date of (a) all obligations of such Person in respect of letters of credit, acceptances, or similar obligations issued or created for the account of such Person, (b) all obligations of such Person under any contract, agreement or understanding of such Person pursuant to which such Person guarantees, or in effect guarantees, any indebtedness or other obligations of any other Person in any matter, whether directly or indirectly, contingently or absolutely, in whole or in part, (c) all liabilities secured by any Lien on any property owned by such Person, whether or not such Person has assumed or otherwise become liable for the payment thereof and (d) any liability of such Person or any Affiliate thereof in respect of unfunded vested benefits under in ERISA Plan, excluding any GAAP Indebtedness.
Contingent Indebtedness of any Person at a particular date means the sum (without duplication) at such date of (a) all obligations of such Person in respect of letters of credit, acceptances, or similar obligations issued or created for the account of such Person, (b) all obligations of such Person under any contract, agreement or understanding of such Person pursuant to which such Person guarantees, or in effect guarantees, any indebtedness or other obligations of any other Person in any matter, whether directly or indirectly, contingently or absolutely, in whole or in part (excluding such Person’s contingent liability as endorser of negotiable instruments for collection in the ordinary course of business), (c) all liabilities secured by any Lien on any property owned by such Person, whether or not such Person has assumed or otherwise become liable for the payment thereof and (d) any liability of such Person or any Affiliate thereof in respect of unfunded vested benefits under any ERISA Plan, in each case excluding any such liabilities or obligations that constitute Debt.
Contingent Indebtedness shall, as of any date of determination, mean the sum of (i) guaranties of the obligations of others (including the guaranty of lease obligations of Borrower's members to the extent such lease obligations are insured) and (ii) the product of (x) the Portfolio Loss Factor and (y) the total principal amount of Indebtedness owed by Borrower's members to Borrower in respect of store and equipment financing which has been sold by Borrower on a recourse basis. The term "Portfolio Loss Factor" shall mean the greater of (i) five (5) times the average for the three (3) most recently ended fiscal years of Borrower of the actual losses incurred during such fiscal year on the portfolio of Indebtedness owed to Borrower (or to a buyer of such Indebtedness from Borrower) by members for equipment and store financing divided by the average principal amount of such portfolio during such fiscal year; or (ii) three percent (3%).
Examples of Contingent Indebtedness in a sentence
At all times, the ratio of (i) the sum of GAAP Indebtedness and Contingent Indebtedness to (ii) the Seller’s Consolidated Tangible Net Worth shall not be more than 8.0 to 1.0.
At all times, the ratio of (i) the sum of GAAP Indebtedness and Contingent Indebtedness to (ii) the Seller’s Consolidated Tangible Net Worth shall not be more than 10.0 to 1.0.
Each Lender with Contingent Indebtedness shall describe the status of such Indebtedness.
Borrower shall not, at any time, have outstanding Contingent Indebtedness in an amount exceeding the sum of (a) Six Million Dollars ($6,000,000) and (b) fifty percent (50%) of Borrower's consolidated cumulative net income between September 29, 1990 and the date of determination.
Such notification shall state the amount of its Indebtedness, how much is then due and owing, and how much is Contingent Indebtedness.
More Definitions of Contingent Indebtedness
Contingent Indebtedness means the liabilities of the Fronting Bank, the Lenders or, as the case may be, the Obligors, with respect to any outstanding Letter(s) of Credit which have not matured and remain contingent by reason of such Letter(s) of Credit being outstanding.
Contingent Indebtedness of any Person at a particular date means the sum (without duplication) at such date of (a) all obligations of such Person in respect of letters of credit, acceptances, or similar obligations issued or created for the account of such Person, (b) all obligations of such Person under any contract, agreement or understanding of such Person pursuant to which such Person guarantees, or in effect guarantees, any indebtedness or other obligations of any other Person in any matter, whether directly or indirectly, contingently or absolutely, in whole or in part, (c) all liabilities secured by any Lien on any property owned by such Person, whether or not such Person has assumed or otherwise become liable for the payment thereof and (d) any liability of such Person or any Affiliate thereof in respect of unfunded vested benefits under in any ERISA Plan, in each case excluding any such liabilities or obligations that constitute Debt; provided, that Contingent Indebtedness shall not include Seller’s obligations on Permitted Letters of Credit.
Contingent Indebtedness means any assumption, guarantee, endorsement or otherwise becoming directly or contingently liable (including, without limitation, liable by way of agreement, contingent or otherwise to purchase or provide funds for payment, to supply funds to, or otherwise invest in any debtor or otherwise to assure any creditor against any loss) in connection with any Indebtedness of any other Person.
Contingent Indebtedness shall have the meaning assigned such term in Section 3.03.
Contingent Indebtedness means at any time in relation to a Facility, any contingent indebtedness owing by an Obligor to a Creditor or Creditors under or with respect to that Facility at such time.
Contingent Indebtedness of any Person at a particular date means the sum (without duplication) at such date of (a) all obligations of such Person in respect of letters of credit, acceptances, or similar obligations issued or created for the account of such Person, (b) all obligations of such Person under any contract, agreement or understanding of such Person pursuant to which such Person guarantees, or in effect guarantees, any indebtedness or other obligations of any other Person in any matter, whether directly or indirectly, contingently or absolutely, in whole or in part (excluding such Person’s contingent liability as endorser of negotiable instruments for collection in the ordinary course of business), (c) all liabilities secured by any Lien on any property owned by such Person, whether or not such Person has assumed or otherwise become liable for the payment thereof and (d) any liability of such Person or any Affiliate thereof in respect of unfunded vested benefits under any ERISA Plan, in each case excluding any such liabilities or obligations that constitute Debt. “Control” means, with respect to an eNote, “control” of such eNote as such term is defined in 15 U.S.C. § 7021(b) (being Section 7021(c) of E-SIGN) and/or Section 16 of UETA, as applicable, which is established by reference to the MERS eRegistry and any party designated therein as the Controller. “Control Failure” means, with respect to any eMortgage Loan, the occurrence of any event or condition while such eMortgage Loan is subject to a Transaction which results in the Custodian not having Control of the eNote evidencing such eMortgage Loan or the Custodian not being the Controller of such eNote, excluding, however, any Transfer of Control intentionally made by Custodian pursuant to this Agreement or any other Repurchase Documents, including in conjunction with the sale, conveyance or other disposition of such eMortgage Loan. “Controller” means, with respect to an eNote, the party designated in the MERS eRegistry as the “Controller,” and who in such capacity shall be deemed to be “in control” or to be the “controller” of such eNote within the meaning of UETA or E-SIGN, as applicable. “Corporation Tax Treatment Certificate” is defined in Section 7.5(a). “Currency Agreement” means any foreign exchange contract, currency swap agreement, futures contract, option contract, synthetic cap or other similar agreement or arrangement for the
Contingent Indebtedness has the meaning set forth in Section 7.15.