Current Obligation definition

Current Obligation means any obligation of the Trust arising from the extension of credit to the Trust in connection with the purchase by the Trust of Stock and that is either (a) payable in cash within one year from the date of reference pursuant to the terms of the applicable credit agreement, or (b) designated by the Committee as subject to current payment with Trust assets available therefore pursuant to the terms of the Plan.
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Current Obligation means an obligation, or any portion of an obligation, that on the day of service of a garnishee summons on the garnishee
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Current Obligation means current liabilities (determined in accordance with GAAP) and as identified on Schedule 5.11 increased by 20% of those current liabilities and reduced by the amount of current liabilities payable to related parties, the lesser of the actual cost associated with this transaction or $15,000 and the $20,000 payable to Venture Vest Capital Corporation. For purposes of this definition related parties shall include any shareholders, employees, directors or relatives of shareholders, employees and directors.
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Examples of Current Obligation in a sentence

  • If such obligation is not satisfied prior to the closing, it shall be satisfied after closing by re-allocating, at the direction of the holder of the Current Obligation, a portion of the New USN Shares issued to the Shareholders as provided in Schedule 1.01, with the New USN Shares to be retained by the listed Shareholders reduced pro rata.

  • The Parties shall mutually agree on the number of New USN Shares to be re-allocated to satisfy the Current Obligation.

  • Seller covenants and agrees that, to the extent any Current Obligation is not paid in full at the Closing as provided in Section 3.2(a), Seller will promptly after the Closing pay such Current Obligation in full.

  • If such obligation is to be exchanged for equity in the Company prior to the closing, Schedule 1.01, the identity of the Shareholders, will be adjusted to include the identity of the obligee of the Current Obligation, and the number of New USN Shares to be issued to the currently listed Shareholder will be reduced to accommodate this modification so that the total number of New USN Shares remains as indicated on Schedule 1.01.

  • On or before the closing, the Parties will resolve the approximately $167,000 of current obligations on the balance sheet of the Company (the “Current Obligation”), through the exchange of the Current Obligation into equity in the Company or the establishment of other arrangements satisfactory to the parties.

  • SMI and CARD shall only have an obligation to sell or otherwise supply Repair Parts to TCS with respect to: i) shufflers which TCS currently owns, whether in TCS’ current inventory or on lease or rental with a customer; and ii) shufflers concerning which TCS has a legally binding current written contractual obligation or the renewal thereof (“Current Obligation”) to a casino, but only for as long as such Current Obligation is legally in effect.

  • The Borrower’s Current Obligation shall be due and payable in full in cash upon the Termination Date.

  • Upon the Termination Date, the Borrower at such time shall promptly (and in no event in more than (30) business days) repay the full amount of the Borrower’s Current Obligation.

  • By way of further clarification, in the event that a SMI or CARD shuffler is currently owned by a casino under which TCS has a Current Obligation to provide Repair Parts to said casino, SMI’s and CARD’s obligation to supply Repair Parts to TCS for said casino shall only last as long as the Current Obligation with that casino is in effect, i.e., until the current written contract between TCS and said casino for TCS to supply Repair Parts is not renewed.

  • In the event that such payment exceeds the Borrower’s Current Obligation at such time, the excess amount shall constitute a Loan made under the Intercompany Credit Facility such that the recipient of such payment becomes the Borrower from the effective time of such payment in respect of such excess amount.


More Definitions of Current Obligation

Current Obligation. The unpaid principal balance of said Note as of October 04, 2005 is $0.00 on which interest is paid to June 20, 2005 , with a maturity of October 05, 2OO5 [ ] As modified by previous N/A dated N/A. REVISION: The undersigned Borrower hereby requests Bank to revise the terms of said Note, and said Bank to accept payment thereof at the time, or times, in the following manner: The maturity date is hereby amended from October 5, 2005 to October 5, 2006. The attached Addendum "B" is hereby attached to made a part of said Note. In consideration of Bank's acceptance of the revision of said Note, including the time for payment thereof, all as set forth above, the Borrower does hereby acknowledge and admit to such indebtedness, and further does unconditionally agree to pay such indebtedness together with interest thereon within the time and in the manner as revised in accordance with the foregoing, together with any and all attorney's fees, cost of collection, and any other sums secured by the Encumbrance. Any and all security for said Note including but not limited to the Encumbrance, if any, may be enforced by Bank concurrently or independently of each other and in such order as Bank may determine; and with reference to any such security in addition to the Encumbrance Bank may, without consent of or notice to Borrower, exchange, substitute or release such security without affecting the liability of the Borrower, and Bank may release any one or more parties hereto or to the above obligation or permit the liability of said party or parties to terminate without affecting the liability of any other party or parties liable thereon. This Agreement is a revision only, and not a novation; and except as herein provided, all of the terms and conditions of said Note, said Encumbrance and all related documents shall remain unchanged and in full force and effect. When one or more Borrowers signs this Agreement, all agree:
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Current Obligation has the meaning assigned that term in the Recitals of this Trust Agreement.
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Current Obligation means the obligation that is currently enforceable.
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Current Obligation means, for any Plan Year, that portion of an Acquisition Loan (including interest) which is payable in cash during the one (1) year period beginning on the most recent Anniversary Date.
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Current Obligation means the amount the obligor is ordered to pay each month for any of the following:
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Related to Current Obligation

  • Swap Agreement Obligations means any and all obligations of the Loan Parties and their Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap Agreements permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement transaction.