Sponsor Debt definition

Sponsor Debt all obligations of the Loan Parties to the Sponsor pursuant to the Sponsor Note Documents (as amended by that certain Sponsor Note Agreement Amendment).

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Sponsor Debt means any present or future loan extended to the Borrower by any member of the Guarantor Group;

Sponsor Debt means the working capital and extension loans made by Sponsor to SPAC in the amount of (a) USD $ 3,461,943.80 pursuant to the promissory note dated August 4, 2022; (b) USD $ 955,748 pursuant to the promissory note dated November 14, 2022; (c) USD $ 245,411.55 pursuant to the promissory note dated May 22, 2023; (d) USD $ 250,000.00 pursuant to the promissory note dated May 22, 2023; and (e) USD $ 150,000.00 pursuant to the promissory note dated July 27, 2023.

Examples of Sponsor Debt in a sentence

Each Lender hereby irrevocably appoints, designates and authorizes the Agent to enter into the Intercreditor Agreement, Seller Debt Subordination Agreement, Sponsor Debt Subordination Agreement, Management Fee Subordination Agreement, and any other subordination or intercreditor agreement pertaining to the Revolving Loan Documents or any other Subordinated Debt, on its behalf and to take such action on its behalf under the provisions of any such agreement.
Each Lender further agrees to be bound by the terms and conditions of the Intercreditor Agreement, Seller Debt Subordination Agreement, Sponsor Debt Subordination Agreement, Management Fee Subordination Agreement and any other subordination or intercreditor agreement pertaining to the Revolving Loan Documents or any other Subordinated Debt.
Except as expressly provided in this Section 13.04(f), the provisions of this Section 13.04(f) shall not be applicable to any Sponsor Debt Fund.
As of the Closing, SPAC shall (i) not have any Indebtedness other than the Sponsor Debt and (ii) provide evidence thereof to the Company.
Subordinated Debt: (i) the Sponsor Debt and (ii) any other Debt (other than intercompany debt) incurred by a Loan Party or Subsidiary that is expressly subordinate and junior in right of payment to Full Payment of all Obligations, and is on terms (including maturity, interest, fees, repayment, covenants and subordination) satisfactory to Agent in its commercially reasonable credit judgment.
SPAC shall deliver to the Company copies of the amendments to the Sponsor Promissory Notes in connection with the Sponsor Debt pursuant to, and in accordance with, the Sponsor Support Agreement.
Other than (i) the SPAC Redemption Rights and (ii) the Sponsor’s rights to convert Sponsor Debt into New SPAC Common Stock under the Sponsor Promissory Notes, there are no outstanding contractual obligations of SPAC to repurchase, redeem or otherwise acquire any shares of SPAC Common Stock.
A Sponsor or an Affiliate of a Sponsor shall only have the voting rights applicable to the providers of Senior Sponsor Debt as set out in the Intercreditor Agreement.
The Holders and the Parent agree that, contingent upon the Closing and immediately prior to the Reincorporation Merger, the Parent shall exchange all Indebtedness and other payables owed by it to the Sponsor or any of its Affiliates (the “Sponsor Debt”) into a number of Parent Ordinary Shares equal to the aggregate amount of the Sponsor Debt divided by $10.
Upon the delivery of a Project Debt Service Reserve Letter of Credit provided in accordance with this Section 5.21(b), the Administrative Agent shall cause the Collateral Agent to return to the Borrower the Sponsor Debt Service Reserve Letter of Credit, marked canceled, or the Depositary shall transfer the Sponsor Debt Service Reserve Cash Collateral to the Distribution Account, as the case may be.

More Definitions of Sponsor Debt

Sponsor Debt means the debt obligation under the Credit Agreement.

Sponsor Debt means the indebtedness incurred or to be incurred by the Sponsor to make the Sponsor Loan; (viii) “Sponsor Loan” shall mean that certain indebtedness incurred or to be incurred by the SPAC up to an aggregate principal amount of $750,000 in connection with the SPAC shareholder approval of the amendment to the SPAC’s certificate of incorporation to extend the date by which the SPAC has to consummate a business combination, in the form of one or more non-interest bearing, unsecured promissory notes issued by the SPAC to the Sponsor; and (ix) “Trust Account” shall mean the trust account into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited; (vii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

Sponsor Debt means indebtedness incurred or to be incurred by the Sponsor to make the Sponsor Loan.”

Sponsor Debt means indebtedness incurred or to be incurred by the Sponsor to make the Sponsor Loan.” (c) Sections 5(a) and (c) of the Letter Agreement are hereby amended and restated in their entirety as follows: