Partnership Obligations definition
Examples of Partnership Obligations in a sentence
Upon payment by FTX of any sums to a Bank or an Agent as provided above in this Section 7.1, all rights of FTX against the Partnership arising as a result thereof by way of right of subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior payment in full of all the Partnership Obligations to the Banks and the Agents and shall not be exercised by FTX prior to payment in full of all Partnership Obligations and termination of the Commitments.
This Agreement shall terminate on the earlier of (a) January 15, 2003 (or, if later, the date on which each Partner has paid in full its pro rata portion of the Partnership Obligations); and (b) such time as the Loans under the Credit Agreement shall have been refinanced and the Credit Agreement shall have been terminated.
Each of the Partners agrees that, no later than five business days following the receipt of the Monthly Budget described in Section 6(a), such Partner shall purchase, and the Partnership shall sell, a Promissory Note in an original principal amount equal to the product of (i) such Partner’s Percentage Interest (as set forth on Schedule II hereto), multiplied by (ii) the total amount of additional funding required by the Partnership to meet the Partnership Obligations (as defined below).
MCSI shall be liable for a share of the Pre-Closing Partnership Obligations equal to 50% thereof, its pre-Closing beneficial interest.
This Agreement shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Partners and their successors and assigns thereof until each Partner shall have paid in full its pro rata portion of the Partnership Obligations.
Each of the Partners hereby agrees that, if the TWC Documentation described in Section 6(b)(i) or Section 6(b)(iii) shows that the Partnership has more capital than is required to meet the Partnership Obligations then such additional capital shall remain in the Partnership.
Subject to the foregoing, the Partnership Obligations shall be fully recourse to the Borrower and all its assets and properties.
If any amount shall be paid to FTX on account of any amount paid by FTX pursuant to this guarantee or otherwise at any time when all the Partnership Obligations shall not be paid in full, such amount shall be held in trust by FTX for the benefit of the Agent and the Banks and shall forthwith be paid to the Administrative Agent to be credited and applied to the Partnership Obligations, whether matured or unmatured.
In addition to and not in derogation from its obligations under the FTX Guaranty, FTX hereby agrees that it shall be jointly and severally liable with the Borrower for each of the Partnership Obligations (other than principal and interest on the Loans, with respect to which FTX has guaranteed a certain amount thereof with respect to the Loans pursuant to the FTX Guaranty).
In addition to and not in derogation from its obligations under the FTX Guaranty, FTX hereby agrees that it shall be jointly and severally liable with the Borrower for each of the Partnership Obligations.