Medallion Rights definition

Medallion Rights means (a) all license, operating and/or ---------------- subscription rights to Taxicab Medallion(s), and all license, operating and/or subscription rights evidenced by such Medallion(s) and (b) all renewals thereof.
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Medallion Rights means, as to any Credit Party, all license, ---------------- operating and/or subscription rights to Taxicab Medallion(s), and all license, operating and/or subscription rights evidenced by such Medallions, and all renewals thereof, in which a perfected security interest has been obtained by such Credit Party to secure the Loan made by such Credit Party to such Person, and assigned to the Agent, for the benefit of the Banks, pursuant to the Borrower Security Agreement or the Guaranty and Security Agreement, as the case may be.
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Examples of Medallion Rights in a sentence

  • Borrower shall ensure that, for so long as any amounts are owed by it to the Banks, the Swing Line Lender or the Agent under the Loan Documents, at all times at least 65% of the aggregate principal amount of all Loans then outstanding shall be Eligible Medallion Loans to Persons who have obtained such Loans for the purpose of acquiring Medallion Rights for use primarily in New York City.

  • Borrower shall ensure that, for so long as any amounts are owed by it to the Banks, the Swing Line Lender or the Agent under the Loan Documents, at all times at least 65% of the aggregate principal amount of all Loans made by it and then outstanding shall be Eligible Medallion Loans to Persons who have obtained such Loans for the purpose of acquiring Medallion Rights for use primarily in New York City.

  • The Company shall ensure that, for so long as any amounts are owed by it to the holders of the Notes under the Note Documents, at all times at least 50% of the aggregate principal amount of all Loans made by it and then outstanding shall be Eligible Medallion Loans to Persons who have obtained such Loans for the purpose of acquiring Medallion Rights for use primarily in New York City.