Offshore Borrowers definition
Examples of Offshore Borrowers in a sentence
Company and Borrowers will maintain, and cause Holdings and each of their respective Subsidiaries to maintain, a system of accounting established and administered in accordance with sound business practices to permit preparation of consolidated financial statements in conformity with GAAP (which, in the case of financial statements of the Offshore Borrowers, shall mean generally accepted accounting principles as applicable in their respective foreign jurisdictions).
Such inscription shall be made on behalf of either or both of the Australian Offshore Borrowers for the purposes of issuing the debentures.
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In addition, the Australian Offshore Borrower(s) making such issue shall execute and deliver to each Lender having an Australian Revolving Loan Exposure one or more Australian Revolving Loan Notes, substantially in the form of Exhibit VI attached hereto, immediately after the making of such Australian Revolving Loans.
The Australian Offshore Borrowers shall make prepayments of the Australian Revolving Loans to the extent necessary so that the Total Utilization of Australian Revolving Loan Commitments does not exceed the Offshore Sublimit then in effect for the Australian Offshore Borrowers.
Notwithstanding any of the foregoing to the contrary, such contribution arrangements shall not limit in any manner the joint and several nature of the Obligations of the Offshore Borrowers within each jurisdiction as described in clause C, above, limit, release or otherwise impair any rights of any Agent or any Lender under the Loan Documents, or alter, limit or impair the obligation of each Offshore Borrower, which is absolute and unconditional, to repay its Obligations.
Each Lender (other than a Person exempt from Taxes with respect to any payments to such Lender of interest payable by UK Offshore Borrowers under the Loan Documents) shall endeavor to designate a UK Lending Office for the making of its UK Loans, so long as such Lender may legally do so at no more than nominal cost and such designation is consistent with such Lender's internal policies.
For the avoidance of doubt, the aggregate principal amount of Multicurrency Revolving Loans made to Offshore Borrowers shall reduce the availability of Multicurrency Revolving Loans made to ▇▇▇▇▇-▇▇▇▇▇▇▇▇ and other Additional Domestic Subsidiary Borrowers on a dollar-for-dollar basis to the extent of the Dollar Equivalent of the Multicurrency Revolving Loans outstanding.
Non-compliance by either Arranger with this paragraph shall not relieve the Australian Offshore Borrowers of their obligations under subsections 2.7C(i) or 2.7C(ii).
For the avoidance of doubt, the aggregate principal amount of Multicurrency Revolving Loans made to Offshore Borrowers shall reduce the availability of Multicurrency Revolving Loans made to ▇▇▇▇▇- ▇▇▇▇▇▇▇▇ and other Additional Domestic Subsidiary Borrowers on a dollar-for-dollar basis to the extent of the Dollar Equivalent of the Multicurrency Revolving Loans outstanding.