Examples of New Corporate Guarantor in a sentence
Any amounts so withdrawn (an “Additional Capital Infusion”) shall be in exchange for the issuance to the Management Shareholders of Preferred Equity of the New Corporate Guarantor issued separately and apart from the Rights Offering.
The Borrowers shall further ensure that any further equity raised by the New Corporate Guarantor shall be utilised in meeting the Borrowers’ equity contributions as required under this Clause in the first instance and any balance thereafter shall promptly be credited to the Restricted Equity Deposit Account.
The Borrowers shall not and shall procure that the New Corporate Guarantor or any of its subsidiaries do not purchase any additional vessels without the prior written consent of the Agent acting on the instructions of the Majority Lenders.
As long as no Event of Default has occurred or would occur as a result of the payment of any dividend or the making of any distribution the Borrowers may pay any dividends or make other forms of distributions to the New Corporate Guarantor.
The Borrowers, the Corporate Guarantor and the New Corporate Guarantor acting individually or together shall not invest more than $10,000,000 in aggregate in any Joint Ventures of which any amounts in excess of $5,000,000 shall require the prior written consent of the Agent acting on the instructions of the Majority Lenders.
The Borrowers and the New Corporate Guarantor hereby jointly and severally represent and warrant to the Bank as at the date hereof that the representations and warranties set forth in clause 6.1 of the Principal Agreement as hereby amended (updated mutatis mutandis to the date of this Agreement) are (and will be on the Effective Date) true and correct as if all references therein to “this Agreement” were references to the Principal Agreement as amended and supplemented by this Agreement.
With effect as from the Effective Date all references to “Corporate Guarantor” shall be construed as references to the New Corporate Guarantor and all references in the Principal Agreement to “this Agreement”, “hereunder” and the like and in the Security Documents to the “Agreement” shall be construed as references to the Principal Agreement as amended and/or supplemented by this Agreement.
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Each of the representations and warranties contained in clause 11 of the Loan Agreement and clause 2 of the New Corporate Guarantee shall be deemed repeated by the Borrowers and the New Corporate Guarantor at the date of this Second Supplemental Agreement and at the Effective Date, by reference to the facts and circumstances then pertaining, as if references to the Finance Documents included this Second Supplemental Agreement.
In accordance with the Investment Agreement and the Escrow Agreement, the Final Capital Infusion shall be available to be drawn, at the discretion of the New Corporate Guarantor, on or prior to the Equity Outside Date to fund Permitted Discretionary Activities or to maintain compliance with the Minimum Liquidity Covenant.