Examples of Specified Additional Debt in a sentence
In addition to the other redeterminations of and adjustments to the Borrowing Base provided for herein, and notwithstanding anything to the contrary set forth herein, upon the issuance or incurrence of any Specified Additional Debt, the Borrowing Base shall be automatically reduced by an amount equal to 25% of the aggregate stated principal amount of such Specified Additional Debt (without regard to any original issue discount issued at such time).
No Credit Party will amend, supplement or otherwise modify any instruments evidencing, or agreements relating to or executed in connection with, any Specified Additional Debt, in any manner which would (a) violate the requirements set forth in the definition of “Specified Additional Debt”, (b) result in a Material Adverse Change, or (c) be materially adverse to the Lenders.
Such decrease in the Borrowing Base shall occur automatically upon the incurrence of such Specified Additional Debt on the date of incurrence, without any vote of the Lenders or action by the Administrative Agent.
In the event that any Credit Party intends to incur Specified Additional Debt, the Borrower shall provide to the Administrative Agent at least five (5) Business Days’ (or such later date as the Administrative Agent may agree in its sole discretion) prior written notice of such intended incurrence, the intended principal amount thereof and the anticipated date of closing.
The Department of Education shall notify all school districts and schools not meeting the standards for accreditation of deficiencies by June 15 of each year.