TARC definition
Examples of TARC in a sentence
Any notices or other communications required or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand delivery, by telex, by facsimile or registered or certified mail, postage prepaid, return receipt requested, addressed as provided in Section 9.3 of the TARC Intercompany Loan Agreement.
If any provision of the TARC Intercompany Loan Agreement limits, qualifies, or conflicts with any similar provision of this Agreement, such provision of the TARC Intercompany Loan Agreement shall control.
The TARC Intercompany Loan Agreement, and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms of the TARC Intercompany Loan Agreement, are hereby amended so that any reference therein to the TARC Intercompany Loan Agreement shall mean a reference to the TARC Intercompany Loan Agreement as amended hereby.
At any time after the TARC Intercompany Note is due and payable, upon maturity, acceleration thereof or otherwise, funds in any of the Accounts specified by TEC shall be disbursed by the Disbursement Agent to any account specified by TEC, upon receipt of a certificate of TEC substantially in the form of Exhibit B hereto (each, a "TEC Certificate"), certifying that such amounts will be applied promptly in satisfaction of obligations of TARC under the TARC Intercompany Loan Documents.
The Disbursement Agent will promptly send copies of all statements, confirmations and other correspondence concerning the Accounts and/or any financial assets credited thereto simultaneously to each of TEC, TARC, the Construction Supervisor and the Trustee in accordance with Section 8.2.
Upon receipt of any such notice of resignation, TARC shall have the right to appoint a successor Construction Supervisor, which successor shall not be affiliated with, or under the control of, TARC or any of its affiliates.
The Disbursement Agent shall not change the name or account number of any of the Accounts without the prior written consent of the Trustee (in the case of the TEC Accounts) or TEC (in the case of the TARC Accounts).
Notwithstanding anything in this Indenture to the contrary, (i) TARC shall not, directly or indirectly, Incur or suffer to exist any Lien on the Capital Stock of TCR Holding owned by it (other than a Lien to secure the TARC Intercompany Loan), (ii) TCR Holding may incur a Lien on Capital Stock of TransContinental to secure the TARC Working Capital Loan and (iii) TransContinental shall not be bound by this Section 4.13.
Upon receipt of any such notice of resignation, TARC shall have the right to appoint a successor Disbursement Agent, which shall be a bank or trust company reasonably acceptable to TEC and the Trustee.
TEC and TARC hereby authorize the Disbursement Agent to take such actions, exercise such powers and perform such duties as are expressly delegated to the Disbursement Agent by the terms of this Agreement, together with such other powers as are reasonably incidental thereto.