Examples of Operating Indebtedness in a sentence
The Holder by accepting this Note agrees that the payment (by set-off or otherwise) of principal of and interest on the Notes is subordinated in right of payment, to the extent and in the manner provided in Section 9 of the Subscription Agreement, to the prior payment in full of all obligations in respect of Operating Indebtedness of the Company, whether outstanding on the date of the Subscription Agreement or thereafter incurred.
All Term Indebtedness, Operating Indebtedness and Swap Indebtedness shall rank in right of payment in priority to the Intercompany Subordinated Debt, the Convertible Debt and the Subordinated Debt.
Without limiting the generality of the foregoing, the Borrower's liability shall extend to all amounts which constitute part of the Subsidiary Operating Indebtedness Obligations and would be owed by any such Subsidiary to the respective Operating Lender thereunder, but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving such Subsidiary.
The Lenders acknowledge that all Term Indebtedness, Operating Indebtedness and Swap Indebtedness shall be guaranteed under any Loan Party Guarantee and that, after delivery of an Acceleration Notice or the occurrence of any Insolvency Event, payments received in respect of any Term Indebtedness, Operating Indebtedness or Swap Indebtedness shall be applied as provided for in Section 9.4 and the other provisions hereof.
Except during the continuance of an Event of Default while the Credit Agreement is in effect, and thereafter an event (if any) which would permit a Hedge Bank or Operating Lender to exercise its remedies under a Hedge Agreement or Operating Indebtedness Agreement, respectively, each Guarantor may receive regularly scheduled payments from any other Loan Party on account of the Subordinated Obligations.