Existing Subordinated Debt. The Company will not amend or otherwise change the terms of any Existing Subordinated Debt except as specifically permitted hereby, or make, directly or indirectly, any payment consistent with an amendment or change thereto, if the effect of such amendment or change is to increase the interest rate on such Debt, change the dates upon which payments of principal or interest are due thereon, change any event of default or condition to an event of default with respect to such Debt, grant any security interest in favor of such Existing Subordinated Debt, change the redemption provisions thereof, change the subordination provisions thereof, cause the Existing Subordinated Debt to be guaranteed by any Person or which, together with all other amendments or changes made, increase materially the obligations of the obligor or confer additional rights on the holder of such Debt which would be adverse to the Company or the Banks.
Existing Subordinated Debt. (a) On the Purchased Notes Discharge Date, (i) effectuate, and cause and direct the Existing Trustee to effectuate, the indefeasible cancellation of the Purchased Notes, and Parent shall comply in all respects with the Existing Indenture as necessary for such purposes, and (ii) request and obtain from Existing Trustee, and deliver to Agent, a written acknowledgement from Existing Trustee of the cancellation of the Purchased Notes.
Existing Subordinated Debt. As of the Closing Date, the outstanding principal balance of the Existing Subordinated Debt is $17,750,000.
Existing Subordinated Debt the Debt incurred by Borrower Agent pursuant to the Existing Subordinated Debt Documents.
Existing Subordinated Debt. The Borrower Agent has the power and authority to incur the Debt provided for under the Existing Subordinated Debt Documents and has duly authorized, executed and delivered the Existing Subordinated Debt Documents. The Borrower Agent has issued, pursuant to due authorization, the Subordinated Convertible Notes under the Existing Subordinated Debt Documents. The Subordinated Convertible Notes constitute the legal, valid and binding obligation of the Borrower Agent enforceable against the Borrower Agent in accordance with their terms. The subordination provisions of the Intercreditor Agreement and the Subordinated Convertible Notes are and will be enforceable against the holders of the Subordinated Convertible Notes by the holders of any Senior Indebtedness (as defined in the Intercreditor Agreement). All Obligations, including, without limitation, those to pay principal of and interest (including post-petition interest) on the Loan, the LC Obligations and fees, indemnities and expenses in connection therewith, constitute Senior Indebtedness (as defined in the Intercreditor Agreement), and all such Obligations are entitled to the benefits of the subordination and lien priorities created by the Intercreditor Agreement. The Borrower Agent acknowledges that the Agent and the Lenders are entering into this Agreement, and extending their Commitments, in reliance upon the subordination provisions of the Intercreditor Agreement and this Section 9.1.27.
Existing Subordinated Debt. The Obligation and the Loans are senior in right of payment to the Existing Subordinated Debt.
Existing Subordinated Debt. It is understood that the effect of certain of the amendments contemplated hereby is to extend or allow a longer period than currently allowed under the Credit Agreement for completing and delivering the Delayed Financial Statements. The parties hereto agree that if any Subordinated Debt Amendment (as defined in Section 9 below) is obtained after the date hereof with respect to any Existing Subordinated Debt in order to extend the applicable period or allow a grace period for curing existing or anticipated Reporting Violations (an “Extension”), then (a) if the duration of such Extension, with respect to any Reporting Violation, is less than that allowed by the Credit Agreement for completing and delivering the corresponding Delayed Financial Statement, then the amendments and waivers hereunder shall be deemed modified so that the date by which the applicable Delayed Financial Statement must be completed or delivered, as required under the Credit Agreement as amended hereby, is the same as the earlier date provided for in such Extension, and (b) if Holdings, the Borrower or any Subsidiary gives any cash consideration after the date hereof to or for the benefit of any holder of Existing Subordinated Debt for any Subordinated Debt Amendment after the date hereof that includes an Extension (beyond the periods applicable on the date hereof) and such consideration exceeds the Amendment Fee (determined based upon (i) the percentage such consideration represents of the principal amount of the applicable holder’s Existing Subordinated Debt, compared to (ii) the percentage that the Amendment Fee for each undersigned Lender represents of such Lender’s Revolving Commitment and/or outstanding Term Loans), then the Borrower agrees to pay to the Administrative Agent, for the account of any Lender that received the Amendment Fee, a supplemental fee equal to such excess.
Existing Subordinated Debt. (a) the indebtedness of Voyetra (i) to Xxxxxxx Xxxxx in the original principal amount of $500,000 pursuant to that Subordinated Promissory Note dated as of August 30, 2013, (ii) to SG VTB Holdings, LLC in the original principal amount of $8,406,975 pursuant to that Subordinated Promissory Note dated as of August 30, 2013, (iii) to Xxxxxxxx Revocable Living Trust Dated 12/17/1996, as amended in the original principal amount of $1,003,025 pursuant to that Subordinated Promissory Note dated as of August 30, 2013, and (iv) to SG VTB Holdings, LLC in the original principal amount of $7,000,000 pursuant to that Subordinated Promissory Note dated as of August 30, 2013, and (b) any additional Subordinated Debt provided after the Closing Date by any of the noteholders identified above. Extraordinary Expenses: all costs, expenses or advances that Agent may incur during a Default or Event of Default, or during the pendency of an Insolvency Proceeding of an Obligor, including those relating to (a) any audit, inspection, repossession, storage, repair, appraisal, insurance, manufacture, preparation or advertising for sale, sale, collection, or other preservation of or realization upon any Collateral; (b) any action, arbitration or other proceeding (whether instituted by or against Agent, any Lender, any Obligor, any representative of creditors of an Obligor or any other Person) in any way relating to any Collateral (including the validity, perfection, priority or avoidability of Agent’s Liens with respect to any Collateral), Loan Documents, Letters of Credit or Obligations, including any lender liability or other Claims; (c) the exercise of any rights or remedies of Agent in, or the monitoring of, any Insolvency Proceeding; (d) settlement or satisfaction of taxes, charges or Liens with respect to any Collateral; (e) any Enforcement Action; and (f) negotiation and documentation of any modification, waiver, workout, restructuring or forbearance with respect to any Loan Documents or Obligations. Such costs, expenses and advances include transfer fees, Other Taxes, storage fees, insurance costs, permit fees, utility reservation and standby fees, legal fees, appraisal fees, brokers’ and auctioneers’ fees and commissions, accountants’ fees, environmental study fees, wages and salaries paid to employees of any Obligor or independent contractors in liquidating any Collateral, and travel expenses. FATCA: Sections 1471 through 1474 of the Code, as of the date of this Agreement (o...
Existing Subordinated Debt. As of the date of the initial -------------------------- Borrowing, the outstanding principal amount of the Existing Subordinated Debt is $15,000,000.
Existing Subordinated Debt. Indebtedness of the Borrower incurred pursuant to the Existing Subordinated Debt Transactions.
