Material Debt. Debt (other than the Loans and Letters of Credit), or obligations in respect of one or more Hedging Agreements, of any one or more of the Borrowers, their Restricted Subsidiaries, PHR and any Future Intermediation Subsidiary in an aggregate principal amount exceeding $10,000,000. For purposes of determining Material Debt, the “principal amount” of the obligations of the Borrowers or any Restricted Subsidiary in respect of any Hedging Agreement at any time shall be the Hedging Termination Value.
Appears in 2 contracts
Sources: Loan and Security Agreement (Par Pacific Holdings, Inc.), Loan and Security Agreement (Par Pacific Holdings, Inc.)
Material Debt. Debt (other than the Loans and Letters of Credit), or obligations in respect of one or more Hedging Agreements, of any one or more of the Borrowers, Borrowers and their Restricted Subsidiaries, PHR and any Future Intermediation Subsidiary Subsidiaries in an aggregate principal amount exceeding $10,000,00030,000,000. For purposes of determining Material Debt, the “principal amount” of the obligations of the Borrowers or any Restricted Subsidiary in respect of any Hedging Agreement at any time shall be the Hedging Termination Value.
Appears in 1 contract
Sources: Loan and Security Agreement (Key Energy Services Inc)