Exempt Indebtedness

Example Definitions of "Exempt Indebtedness"
Exempt Indebtedness. Means any Indebtedness of any Person (other than the Account Party or any of its Affiliates) that is consolidated on the balance sheet of the Account Party and its consolidated Subsidiaries in accordance with GAAP (whether or not required to be so consolidated); provided that (a) at the time of the incurrence of such Indebtedness by such Person, the cash flows from the assets of such Person shall reasonably be expected by such Person to... liquidate such Indebtedness and all other liabilities (contingent or otherwise) of such Person and (b) no portion of such Indebtedness of such Person shall be Guaranteed (other than by guarantees of the type referred to in clause (a) or (b) of the definition of the term Indebtedness) by, or shall be secured by a Lien on any assets owned by, the Account Party or any of its Subsidiaries and neither such Person nor any of the holders of such Indebtedness shall have any direct or indirect recourse to the Account Party or any of its Subsidiaries (other than in respect of liabilities and guarantees of the type referred to in clause (a) or (b) of the definition of the term Indebtedness); View More Arrow
Found in XL GROUP LTD contract
Exempt Indebtedness. Means Means, any Indebtedness of any Person (other than the Account Party XL Capital or any of its Affiliates) that is consolidated on the balance sheet of the Account Party XL Capital and its consolidated Subsidiaries in accordance with GAAP (whether or not required to be so consolidated); provided that (a) at the time of the incurrence of such Indebtedness by such Person, the cash flows from the assets of such Person shall reasonably be expected by such Person to liquidate such Indebtedness... and all other liabilities (contingent or otherwise) of such Person and (b) no portion of such Indebtedness of such Person shall be Guaranteed (other than by guarantees of the type referred to in clause (a) or (b) of the definition of the term Indebtedness) by, or shall be secured by a Lien on any assets owned by, the Account Party XL Capital or any of its Subsidiaries and neither such Person nor any of the holders of such Indebtedness shall have any direct or indirect recourse to the Account Party XL Capital or Amendment No. 1 to Three-Year Credit Agreement -3- any of its Subsidiaries (other than in respect of liabilities and guarantees of the type referred to in clause (a) or (b) of the definition of the term Indebtedness); Indebtedness). View More Arrow
Found in XL GROUP LTD contract
View Variation Arrow
All Definitions