Excluded Principal Property definition

Excluded Principal Property means (a) any Principal Property, (b) any shares of capital stock or Indebtedness (as defined in the Existing Con-way Indenture) of any Restricted Subsidiary (as defined in the Existing Con-way Indenture) or (c) any other assets or property owned by Con-way or any Restricted Subsidiary (as defined in the Existing Con-way Indenture) to the extent, in the case of this clause (c), that the existence of liens on such assets or property in favor of the Lenders as security for the Obligations owing under this Agreement would result in the breach of, or require the equal and ratable securing of, all or any portion of the Con-way Existing Indebtedness; provided that the Borrower may, in its sole discretion, elect to designate any property which is an Excluded Principal Property as not being an Excluded Principal Property.
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Excluded Principal Property means (a) any Principal Property, (b) any shares of capital stock or Indebtedness (as defined in either or both of the Existing Con-way Indentures) of any Restricted Subsidiary (as defined in either or both of the Existing Con-way Indentures) or (c) any other assets or property owned by Con-way or any Restricted Subsidiary (as defined in either or both of the Existing Con-way Indentures) to the extent, in the case of this clause (c), that the existence of liens on such assets or property in favor of the Lenders as security for the Obligations owing under this Agreement would result in the breach of, or require the equal and ratable securing of, all or any portion of the Con-way Existing Indebtedness; provided that the Borrower may, in its sole discretion, elect to designate any property which is an Excluded Principal Property as not being an Excluded Principal Property.
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Excluded Principal Property means (a) any Principal Property, (b) any shares of capital stock or Indebtedness (as defined in either or both of the Existing Con-way IndenturesIndenture) of any Restricted Subsidiary (as defined in either or both of the Existing Con-way IndenturesIndenture) or (c) any other assets or property owned by Con-way or any Restricted Subsidiary (as defined in either or both of the Existing Con-way IndenturesIndenture) to the extent, in the case of this clause (c), that the existence of liens on such assets or property in favor of the Lenders as security for the Obligations owing under this Agreement would result in the breach of, or require the equal and ratable securing of, all or any portion of the Con-way Existing Indebtedness; provided that the Borrower may, in its sole discretion, elect to designate any property which is an Excluded Principal Property as not being an Excluded Principal Property.
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Examples of Excluded Principal Property in a sentence

  • Notwithstanding the foregoing, in no event shall any Credit Party that is a Non-Con-way Subsidiary be merged, amalgamated or consolidated with or into, or transfer all or substantially all of its property or business to, a Con-way Subsidiary if such transaction would cause Equity Interests or any Principal Property owned by a Non-Con-way Subsidiary to become Excluded Principal Property, unless Borrower agrees that such property will not constitute Excluded Property.


More Definitions of Excluded Principal Property

Excluded Principal Property means (i) any “Principal Property” (as defined in the Existing Con-way Indenture) owned by Con-way or any of its “Restricted Subsidiaries” (as defined in the Existing Con-way Indenture), (ii) any shares of capital stock or “Indebtedness” (as defined in the Existing Con-way Indenture) of any “Restricted Subsidiary” (as defined in the Existing Con-way Indenture) or (iii) any other assets or property owned by Con-way or any “Restricted Subsidiary” (as defined in the Existing Con-way Indenture) to the extent, in the case of this clause (iii), that the existence of liens on such assets or property in favor of the Notes Collateral Agent, the Trustee or the holders as security for the Notes Obligations owing under this Indenture would result in the breach of, or require the equal and ratable securing of, all or any portion of the Indebtedness under the Existing Con-way Indenture; provided that the Company may, in its sole discretion, elect to designate any property which is an Excluded Principal Property as not being an Excluded Principal Property.
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Related to Excluded Principal Property

  • Principal Property means any manufacturing plant or manufacturing facility, located within the United States of America (other than its territories and possessions), owned or leased by the Company or any Restricted Subsidiary, unless, in the opinion of the Board of Directors, such plant, facility or property is not of material importance to the total business conducted by the Company and its Restricted Subsidiaries as an entirety.

  • Excluded Property shall have the meaning set forth in the Security Agreement.

  • Attributable Debt in respect of a sale and leaseback transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP.

  • Disposition Date shall have the meaning ascribed thereto in Subsection 5.1(d);

  • Excluded Debt , in relation to a debtor, means any:

  • Sale and Leaseback Transaction means, with respect to any Person, any arrangement, directly or indirectly, whereby such Person shall sell or transfer any property used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold or transferred.

  • Principal Proceeds means, with respect to any Collection Period or the related Determination Date, all amounts received by the Borrower during such Collection Period that do not constitute Interest Proceeds, including unapplied proceeds of the Advances and any amounts received by the Borrower as equity contributions (howsoever designated).