Permitted Obligation means an obligation of STX, the Borrower or any Subsidiary (for purposes of this definition, a “Primary Obligor”) not constituting Indebtedness, including obligations under the Swap Agreements permitted under Section 6.06, provided (a) such obligation is entered into in the ordinary course of such Primary Obligor’s business, (b) any Guarantee of such obligation by STX, any Subsidiary or the Borrower, is given in the ordinary course of business, and (c) any Guarantee of such obligation is reasonably consistent with the practices of STX, any such Subsidiary or the Borrower and reasonably necessary to permit the Primary Obligor to incur such obligation.
Permitted Obligation means an obligation of Intermediate Holdings, the Borrower or any Subsidiary (for purposes of this definition, a “Primary Obligor”) not constituting Indebtedness, provided (a) such obligation is entered into in the ordinary course of such Primary Obligor’s business, (b) any Guarantee of such obligation by Intermediate Holdings or, in the case of any Subsidiary or Intermediate Holdings, the Borrower, is given in the ordinary course of business of Intermediate Holdings or the Borrower, as the case may be, and (c) any Guarantee of such obligation is reasonably consistent with the practices of Intermediate Holdings and the Borrower and reasonably necessary to permit the Primary Obligor to incur such obligation.
Permitted Obligation means an obligation of Seagate Ireland, the Borrower or any Subsidiary (for purposes of this definition, a “Primary Obligor”) not constituting Indebtedness, provided (a) such obligation is entered into in the ordinary course of such Primary Obligor’s business, (b) any Guarantee of such obligation by Seagate Ireland or Intermediate Holdings or, in the case of any such obligation of Seagate Ireland or any Subsidiary, the Borrower, is given in the ordinary course of business of Seagate Ireland, Intermediate Holdings or the Borrower, as the case may be, and (c) any Guarantee of such obligation is reasonably consistent with the practices of Seagate Ireland, Intermediate Holdings and the Borrower and reasonably necessary to permit the Primary Obligor to incur such obligation.
Examples of Permitted Obligation in a sentence
The Board of Managers shall have the sole right to admit additional Members upon such terms and conditions and at such time or times as the Board of Managers shall in its sole discretion determine; provided that, notwithstanding the foregoing, so long as any Permitted Obligation remains outstanding, no additional Members may be admitted to the Company without the prior unanimous consent of the Board of Managers and Monsanto.
More Definitions of Permitted Obligation
Permitted Obligation means an obligation of either Borrower or any -------------------- Subsidiary (for purposes of this definition, a "Primary Obligor") not --------------- constituting Indebtedness, provided (i) such obligation is entered into in the -------- ordinary course of such Primary Obligor's business, (ii) any Guarantee of such obligation by any Loan Party is given in the ordinary course of such guarantor Loan Party's business and (iii) any Guarantee of such obligation is reasonably consistent with the practices of the Loan Parties and reasonably necessary to permit the Primary Obligor to incur such obligation.
Permitted Obligation set forth in Section 1.01 of the Credit Agreement is hereby amended by deleting the definition in its entirety and substituting in lieu thereof the following:
Permitted Obligation. A Senior Secured Bond or a Senior Secured Note. "Permitted Offer": An Offer (i) pursuant to the terms of which the offeror offers to acquire a debt obligation (including a Collateral Obligation) in exchange for consideration consisting of (x) Cash in an amount equal to or greater than the full face amount of the debt obligation being exchanged plus any accrued and unpaid interest or (y) other debt obligations that rank pari passu or senior to the debt obligation being exchanged which have a face amount equal to or greater than the full face amount of the debt obligation being exchanged and are eligible to be Collateral Obligations plus any accrued and unpaid interest in Cash and (ii) as to which the Collateral Manager has determined in its reasonable commercial judgment that the offeror has sufficient access to financing to consummate the Offer. "Permitted Use": With respect to any amount in the Supplemental Reserve Account or any Contribution received into the Contribution Account, any of the following uses: (i) the transfer of the applicable portion of such amount to the Interest Collection Subaccount for application as Interest Proceeds; (ii) the transfer of the applicable portion of such amount to the Principal Collection Subaccount for application as Principal Proceeds; provided that any such amount that is directed to be applied as Principal Proceeds by the Collateral Manager may not be subsequently re-directed for any other Permitted Use; (iii) the repurchase or repayment of Secured Debt of any Class through a tender offer, in the open market, or in privately negotiated transaction(s) in each case, subject to applicable law and in accordance with Section 2.9(b) (Cancellation); (iv) the payment of any Administrative Expense of the Issuers; (v) to pay the expenses of a Refinancing or a Re-Pricing; (vi) to be treated as Partial Redemption Interest Proceeds; (vii) to exercise a warrant, option, or other similar rights in accordance with this Indenture; (viii) to make payments to acquire a Loss Mitigation Loan and (ix) any other use of funds permitted, or otherwise not prohibited, under this Indenture. "Person": An individual, corporation (including a business trust), partnership, limited liability company, joint venture, association, joint stock company, statutory trust, trust (including any beneficiary thereof), unincorporated association or government or any agency or political subdivision thereof.