Excess Indebtedness means the amount, if any, of any obligations of the Company to the Lender remaining due and payable after the occurrence of an Event of Default and disposition (or receipt by the Lender of the value as determined by a court of competent jurisdiction) of all Collateral. Unless and until an Event of Default shall have occurred and the Lender received the proceeds of disposition thereof (or the value thereof as determined by a court of competent jurisdiction), there will be no Excess Indebtedness.
Excess Indebtedness means any Company Indebtedness (other than the Parent Loan) as of the Closing Date in excess of $50,000.
Excess Indebtedness has the meaning specified in Section 8.01(l) of the Credit Agreement.
Examples of Excess Indebtedness in a sentence
Not an Excess Indebtedness: For loans secured with a general obligation pledge or a general obligation pledge on special assessments: The RECIPIENT agrees that this agreement and the loan to be made do not create an indebtedness of the RECIPIENT in excess of any constitutional or statutory limitations.
Excess Indebtedness Excess Indebtedness is the amount, if any, by which Policy Debt exceeds Policy Value.
If Excess Indebtedness occurs on any date, the policy, including all policy benefits (i.e., the Base Face Amount, any Supplemental Face Amount and any Supplementary Benefit riders), will be in default, as of the date in question.
Except for the Excess Indebtedness, the obligations of the Company to the Lender under this Note shall at all times be senior to or pari passu with all other obligations of the Company to the extent they are unsecured.
We will send notice of Excess Indebtedness to your last known address and to the last known address of any assignee on record with us.
More Definitions of Excess Indebtedness
Excess Indebtedness means the amount by which Company Indebtedness exceeds the amount of the Purchased Indebtedness. If the Company Indebtedness does not exceed the Purchased Indebtedness, then there shall be no Excess Indebtedness.
Excess Indebtedness means (i) the amount of Indebtedness of N-Mer as of the Closing minus (ii) $1,000,000.
Excess Indebtedness shall have the meaning prescribed in Section 2.5(a) below.
Excess Indebtedness is the amount, if any, by which indebtedness exceeds an amount equal to the Account Value. "Notice Date" is the date on which notice of Excess indebtedness is mailed to you and any assignee of record with us at the address last known to us. Loan Assets are equal to the total of all loans advanced plus interest credited on each loan amount measured from the date of the loan. When a loan is made, the amount of the loan will be transferred to Loan Assets. The interest rate credited to Loan Assets is fixed at an effective annual rate of interest of 4%. The interest credited to Loan Assets will be added daily and will bear interest from that date at the same rate. The effective annual rate of interest credited to Loan Assets is 4%. The amount transferred to Loan Assets will be removed from the Subaccounts in proportion to your policy investment in each Subaccount on the date such loan is made (unless our then current rules allow you to designate different proportions in your loan request and you in fact do so). Upon loan repayment, the same proportionate amount of the entire loan as was borrowed from the Fixed Account will be repaid to the Fixed Account. The remainder of the loan repayment will be allocated to the appropriate Subaccounts as stipulated in the current Subaccount Investment Option (unless our then current rules allow you to designate a different allocation with your repayment and you in fact do so).
Excess Indebtedness means (1)(A) the aggregate principal amount of total debt for borrowed money, including current portion and capital leases, obligating or encumbering, the Business or the Companies, (B) as a result of the consummation of the transactions contemplated by this Agreement, any transactional expenses incurred by the Companies or the Business on or before the Closing (including all of the fees, expenses and other amounts payable to outside advisors and attorneys) but not paid on or prior to the Closing and (C) any Transfer Taxes that London is liable for and obligated to pay pursuant to Section 5.14 but not paid on or prior to the Closing Date, to the extent, if any, that the Companies or the Business have any liability therefor, minus (2) cash and cash equivalents of the Business, if any.
Excess Indebtedness means any and all indebtedness that would be reflected on a parent-only balance sheet of FTC, prepared in accordance with GAAP, as of the Effective Date, other than (i) indebtedness for current accounts payable incurred for services and materials in the ordinary course of operations, (ii) FTC's Subordinated Debentures totaling approximately $124,000 at September 30, 1996, and (iii) the mortgage payable to the Bank in the approximate amount of $249,000 at September 30, 1996.
Excess Indebtedness means, for any monthly period, (I) Total Indebtedness minus (II) (A) six multiplied by (B) EBIDAT for such one month period multiplied by twelve (12); provided that Excess Indebtedness shall never be less than zero; and (ii) "Total Indebtedness" means, at any date of determination, the aggregate principal amount of all Indebtedness of Holdings, Borrower and Borrower's Subsidiaries as of such date on a consolidated basis plus the aggregate liquidation preference or redemption amount of all Disqualified Stock as of such date. Further, for purposes of this paragraph only, Total Indebtedness shall be calculated based on: (x) the average daily balance of all Indebtedness (excluding Subordinated Indebtedness) during such one month Interest Period, and (y) the Subordinated Indebtedness outstanding as of the last day of such month. Excess Indebtedness for any month, and the corresponding additional interest charge, shall be calculated by Agent as soon as reasonably practicable after receipt by Agent of financial information for the month in question from Borrower sufficient to allow Agent to make the necessary calculations. Any such calculation of the additional interest charge by Agent shall, absent manifest error, be deemed to be conclusive and binding on Borrower. Borrower hereby covenants and agrees to provide Agent with the necessary financial information on or before the thirtieth day of each month through January 1998."