Contingent Payment Undertakings definition

Contingent Payment Undertakings means the SIHNV Contingent Payment Undertakings and the SIHPL Contingent Payment Undertakings.
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Examples of Contingent Payment Undertakings in a sentence

  • The SIHNV Financial Creditors' and the Intra-Group Creditors' rights against SIHNV will only be preserved with respect to any contractual Claims they may have under the terms and conditions of the SIHNV Contingent Payment Undertakings and the Intra-Group Loans, respectively.

  • As such a failure would also cause a cross-default under other SIHNV Contingent Payment Undertakings, the rights to receive payment under the NV/Hemisphere Contingent Payment Undertaking will be preserved in this SIHNV Composition Plan.

  • To the latter end, during 2018 and 2019, the Steinhoff Group negotiated and after extensive discussions put in place a financial restructuring to consolidate and extend its financings until 31 December 2021 (with a total value of approximately€8.8 billion), including under the terms of Contingent Payment Undertakings entered into by SIHNV and SIHPL in substitution of guarantees previously and respectively given by them (the " Financial Restructuring").

  • The justification for the (partial) preservation of rights under the SIHNV Contingent Payment Undertakings and the Intra-Group Loans pursuant to this SIHNV Composition Plan is as follows:(i) The SIHNV Financial Creditors' Claims against SIHNV under the SIHNV Contingent Payment Undertakings and the Intra-Group Creditors' Claims against SIHNV under the Intra-Group Loans are already the result of a compromise reached pursuant to the Financial Restructuring (see par.

  • This represents significant value to SIHNV and the Distribution Creditors.(ii) The SIHNV Contingent Payment Undertakings were, and are, an essential component in ensuring the stability of the Steinhoff Group.

  • The SIHNV Contingent Payment Undertakings, and the Financial Restructuring more broadly, have therefore significantly improved the prospects of recovery of SIHNV Financial Creditors against their primary debtors within the Steinhoff Group and, consequently, decreased the residual value of the SIHNV CPU Claims against SIHNV.

  • However, subject to the Steinhoff Group Settlement and the UK Scheme becoming effective, the SIHNV Financial Creditors and the Intra-Group Creditors are prepared to grant a further extension of the maturities under the SIHNV Contingent Payment Undertakings and the Intra-Group Loans to 30 June 2023, with the ability to obtain another six months' extension (par.106 111 below).

  • The SIHNV Contingent Payment Undertakings were, and are, an essential component in ensuring the stability of the Steinhoff Group.

  • However, subject to the Steinhoff Group Settlement and the UK Scheme becoming effective, the SIHNV Financial Creditors and the Intra-Group Creditors are prepared to grant a further extension of the maturities under the SIHNV Contingent Payment Undertakings and the Intra-Group Loans to 30 June 2023, with the ability to obtain another six months' extension (par.

  • Other SIHNV Contingent Payment Undertakings were concluded later than the NV/Hemisphere Contingent Payment Undertaking, and for that reason set out different terms which did not include a comparative payment provision.73.78.

Related to Contingent Payment Undertakings

  • Contingent fee as used in this clause, means any commission, percentage, brokerage, or other fee that is contingent upon the success that a person or concern has in securing a Government contract.

  • Contingent Claim means any Claim, the liability for which attaches or is dependent upon the occurrence or happening of, or is triggered by, an event, which event has not yet occurred, happened or been triggered as of the date on which such Claim is sought to be estimated or an objection to such Claim is filed, whether or not such event is within the actual or presumed contemplation of the holder of such Claim and whether or not a relationship between the holder of such Claim and FairPoint now or hereafter exists or previously existed.

  • Contingent Liability means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, obligation or any other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions upon the shares of any other Person. The amount of any Person’s obligation under any Contingent Liability shall (subject to any limitation set forth therein) be deemed to be the outstanding principal amount (or maximum outstanding principal amount, if larger) of the debt, obligation or other liability guaranteed thereby.

  • Identified Contingent Liabilities means the maximum estimated amount of liabilities reasonably likely to result from pending litigation, asserted claims and assessments, guaranties, uninsured risks and other contingent liabilities of the Borrower and its Subsidiaries taken as a whole after giving effect to the Transactions (including all fees and expenses related thereto but exclusive of such contingent liabilities to the extent reflected in Stated Liabilities), as identified and explained in terms of their nature and estimated magnitude by responsible officers of the Borrower.

  • Specified Acquisition Agreement Representations means the representations and warranties made by, or with respect to, the Target and its subsidiaries in the Acquisition Agreement that are material to the interests of the Lenders, but only to the extent that the Borrower (or its applicable affiliate) has the right (taking into account applicable cure provisions) to terminate its obligations under the Acquisition Agreement or to decline to consummate the Acquisition (in each case, in accordance with the terms thereof) as a result of a breach of any such representations and warranties.

  • BRRD Liability means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable Bail-in Legislation may be exercised.

  • Contingent Obligations means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent:

  • Contingent Obligation is, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement.

  • Indemnification Obligation means any existing or future obligation of any Debtor to indemnify current and former directors, officers, members, managers, agents or employees of any of the Debtors who served in such capacity, with respect to or based upon such service or any act or omission taken or not taken in any of such capacities, or for or on behalf of any Debtor, whether pursuant to agreement, the Debtors’ respective memoranda, articles or certificates of incorporation or formation, corporate charters, bylaws, operating agreements, limited liability company agreements, or similar corporate or organizational documents or other applicable contract or law in effect as of the Effective Date, excluding any obligation to indemnify any of the foregoing parties with respect to any act or omission for or on behalf of the Debtors arising out of any act or omission determined by a Final Order to constitute actual fraud, willful misconduct, or gross negligence.