Off Balance Sheet Indebtedness means any obligation of a Person that would be considered indebtedness for tax purposes but is not set forth on the balance sheet of such Person, including, but not limited to, (a) any synthetic lease, tax retention operating lease, off balance sheet loan or similar off-balance sheet financing product of such Person, (b) the aggregate amount of uncollected accounts receivables of such Person subject at such time to a sale of receivables (or similar transaction) and (c) obligations of any partnership or joint venture that is recourse to such Person.
Off Balance Sheet Indebtedness means, with respect to any Person, (i) any repurchase obligation or repurchase liability of such Person with respect to accounts or notes receivable sold by such Person, (ii) any liability of such Person under any sale and leaseback transactions that do not create a liability on the balance sheet of such Person, (iii) any obligations under Synthetic Leases or (iv) any obligation arising with respect to any other transaction which is the functional equivalent of borrowing but which does not constitute a liability on the balance sheet of such Person. As used herein, “Synthetic Lease” means a lease transaction under which the parties intend that (a) the lease will be treated as an “operating lease” by the lessee pursuant to Statement of Financial Accounting Standards No. 13, as amended and (b) the lessee will be entitled to various tax and other benefits ordinarily available to owners (as opposed to lessees) of like property.
Off Balance Sheet Indebtedness means, with respect to any Person, (a) any repurchase obligation or repurchase liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any liability of such Person under any sale and leaseback transactions that do not create a liability on the balance sheet of such Person, (c) any obligations under Synthetic Leases or (d) any obligation arising with respect to any other transaction which is the functional equivalent of borrowing but which does not constitute a liability on the balance sheet of such Person. As used herein, “Synthetic Lease” means a lease transaction under which the parties intend that (i) the lease shall be treated as an “operating lease” by the lessee pursuant to Statement of Financial Accounting Standards No. 13, as amended and (ii) the lessee shall be entitled to various tax and other benefits ordinarily available to owners (as opposed to lessees) of like property.
Examples of Off Balance Sheet Indebtedness in a sentence
As of the Closing Date, the Company has no secured Indebtedness or Off Balance Sheet Indebtedness other than, in each case, as set forth in the Company’s most recent annual report filed on Form 10-K and quarterly report filed on Form 10-Q, in each case as filed with the Securities and Exchange Commission.
Set forth on the Borrower’s annual report on Form 10-K for the year ended December 31, 2014 and the Borrower’s quarterly report on Form 10-Q for the quarter ended June 30, 2015 is a specific description of all material Off Balance Sheet Indebtedness of the Borrower and its Subsidiaries as of the periods covered thereby.
Schedule 2 attached hereto sets forth the true and correct amount of Off Balance Sheet Indebtedness of the Parent and all Subsidiaries as of the end of fiscal period cited above.
As of the Closing Date, the Company and its Subsidiaries have (a) no Indebtedness other then Indebtedness reflected in the annual financial statements for the fiscal year ending on December 31, 2011; and (b) no Off Balance Sheet Indebtedness.
Set forth on the Borrower’s Annual Report on Form 10‑K for the year ended December 31, 2015 is a specific description of all material Off Balance Sheet Indebtedness of the Borrower and its Subsidiaries as of the periods covered thereby.
More Definitions of Off Balance Sheet Indebtedness
Off Balance Sheet Indebtedness means any obligation of a Person (a) that would be considered indebtedness for tax purposes but is not set forth on the balance sheet of such Person or (b) in respect of principal or its equivalent under a Qualified Securitization Transaction, including, but not limited to,
Off Balance Sheet Indebtedness means any obligation of a Person that would be considered indebtedness for tax purposes but is not set forth on the balance sheet of such Person, including, but not limited to, (a) any synthetic lease, tax retention operating lease, off balance sheet loan or similar off-balance sheet financing product of such Person, (b) the aggregate amount of uncollected accounts receivables of such Person subject at such time to a sale of receivables (or similar transaction) and (c) obligations of any partnership or joint venture that is recourse to such Person. Off Balance Sheet Indebtedness shall not include indemnifications of lenders by the Parent or the Borrower with respect to obligations of any Joint Venture or Subsidiary with an Investment Grade Rating in which the Parent, the Borrower or any of their respective Affiliates has an ownership interest as of the Effective Date.
Off Balance Sheet Indebtedness of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any liability under any sale and leaseback transaction which is not a Capital Lease, or (c) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheets of such Person, but excluding from this clause (c) operating leases.
Off Balance Sheet Indebtedness means, with respect to any Person, (i) any repurchase obligation or repurchase liability of such Person with respect to accounts or notes receivable sold by such Person,
Off Balance Sheet Indebtedness of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person (including, at any time following the Qualified Factoring Program Reclassification Date, any such obligation or liability incurred in connection with any Permitted Factoring Transaction), (b) any liability under any sale and leaseback transaction which is not a Capital Lease, or (c) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheets of such Person, but excluding from this clause (c) operating leases. “Omnibus Agreement” means the Omnibus Agreement dated as of November 1, 2002, among the MLP, the Borrower, the MLP General Partner and Xxxxxx Resource, as amended by such parties pursuant to Amendment No. 1 to the Omnibus Agreement dated as of November 24, 2009, and as further amended in accordance with Section 7.13.
Off Balance Sheet Indebtedness means any obligation of a Person that would be considered indebtedness for tax purposes but is not set forth on the balance sheet of such Person, including, but not limited to, (a) any synthetic lease, tax retention operating lease, off balance sheet loan or similar off-balance sheet financing product of such Person, (b) the aggregate amount of uncollected accounts receivables of such Person subject at such time to a sale of receivables (or similar transaction) and (c) obligations of any partnership or joint venture that is recourse to such Person. “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become
Off Balance Sheet Indebtedness means any obligation of a Person that would be considered indebtedness for tax purposes but is not set forth on the balance sheet of such Person, including, but not limited to, (a) any synthetic lease, tax retention operating lease, off balance sheet loan or similar off-balance sheet financing product of such Person, (b) the aggregate amount of uncollected accounts receivables of such Person subject at such time to a sale of receivables (or similar transaction) and