New Subordinated Debt Sample Clauses

New Subordinated Debt. (a) The Company will not issue any Debt securities in the capital markets on or after the Effective Date which rank pari passu with the Loans and the Swingline Loans made to the Company and the Reimbursement Obligations of the Company (determined without regard to the existence of the Lien on the Collateral created under the Collateral Documents) until the Company will have issued New Subordinated Debt for gross proceeds of not less than $350,000,000 in the aggregate.
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New Subordinated Debt. Section 7.2 of the Credit Agreement is amended to add the following new subsection (b-2) immediately following subsection (b-1): "(b-2) indebtedness to be used for general corporate purposes and working capital only not exceeding an aggregate principal amount of $5,000,000 and subordinated to the Obligations pursuant to subordination agreements satisfactory to the Agent in its sole discretion, with the Borrower's obligation to pay such indebtedness being evidenced by instruments (which may be assigned) notifying any holder thereof of such subordination."
Sample 1
New Subordinated Debt. Within two (2) Business Days after the consummation of any transaction pursuant to which the Borrower or any subsidiary obtains unsecured Debt subordinated to the prior payment and performance of the Borrower's Obligations to the Revolving Credit Lenders, the Term Lenders, and the Note Lenders and on terms satisfactory to the Agent (as the case may be, an "Approved Subordinated Debt Transaction"), the Borrower shall apply an amount equal to one hundred percent (100%) of the Net Proceeds of such Approved Subordinated Debt Transaction to permanently reduce the Term Loan Obligations, the Revolving Credit Obligations, and the Note Obligations by forwarding such Net Proceeds (the "Subordinated Debt Net Proceeds") to the Agent and the Note Lenders in the respective percentages as set forth in Section 7 (e) of the Intercreditor Agreement. 52
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New Subordinated Debt. Borrower shall have received a $3,000,000 loan from Paul I. Stevens which shall be on terms and conditions, inxxxxxxx xxxxxxination to the Indebtedness, satisfactory to Lender.
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New Subordinated Debt. Evidence satisfactory to the Administrative Agent that the Company has received Subordinated Debt in an amount equal to or greater than $115,000,000 pursuant to its issuance of the Subordinated Notes, the Company and all other parties thereto shall have executed all Subordinated Debt Documents relating thereto and other documents and agreements satisfactory to the Administrative Agent, and all Subordinated Debt Documents, including, without limitation, those relating to the Subordinated Notes and the Remaining Harvard Obligations, shall have been delivered to the Administrative Agent and the Lenders and approved by the Required Lenders;
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New Subordinated Debt. Borrower has requested to obtain up to an additional $9,250,000 in subordinated debt from various third parties (the “New Sub Debt”) and Bank is agreeable thereto subject to the following terms and conditions: (a) Such new indebtedness be made specifically subject to the terms and provisions of a subordination agreement or subordination provisions in form and substance acceptable to Bank in its sole discretion, the form of Supplement Indenture presented to Bank being sufficient for such purposes, and (b) no cash payments with respect to such new indebtedness shall be permitted as long as any Obligations remain outstanding (collectively the receipt by Borrower of such new subordinated debt pursuant to the foregoing terms and conditions is referred to herein collectively as the “New Sub Debt Transaction”).
Sample 1
New Subordinated Debt. 3.1 The Company has informed the Lenders pursuant to that certain term sheet dated as of July 31, 1997 (the "term sheet") that the Company is contemplating the issuance of Subordinated Debt following the effective date of this Amendment in an aggregate principal amount not to exceed $3,000,000 (the "Investor Subordinated Debt"). The Company has requested that the Lenders waive compliance with certain Sections of the Credit Agreement in order to permit the Company to issue the Investor Subordinated Debt. Section 6.12 of the Credit Agreement requires the Company to represent that none of the contracts or agreements between the Company and any of its Affiliates contain terms and conditions which are less favorable to the Company than would be usual and customary in similar contracts or agreements between non- affiliated Persons. The Company has requested that the Lenders waive compliance with Section 6.12 of the Credit Agreement to the extent that the Investor Subordinated Debt represents a contract or agreement which is prohibited thereby. In addition, Section 8.23 of the Credit Agreement prohibits the Company from entering into any contract, agreement or business arrangement with any Affiliate on terms or conditions which are less favorable to the Company than would be usual and customary in similar contracts, agreements or business arrangements between non-affiliated Persons. The Company has requested that the Lenders waive compliance with Section 8.23 to the extent that the issuance of the Investor Subordinated Debt would constitute a contract, agreement or business arrangement with an Affiliate which is prohibited thereby. Accordingly, provided the Investor Subordinated Debt is issued substantially upon the terms set forth in the term sheet, the Lenders hereby waive compliance with Sections 6.12 and 8.23 of the Credit Agreement to the extent and only to the extent that the issuance of Investor Subordinated Debt would otherwise be prohibited thereby. Except as indicated herein, the Company must comply with all of the terms and conditions of the Credit Agreement as currently in effect as amended by this amendment.
Sample 1
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New Subordinated Debt. Agent shall have received satisfactory evidence that Xxxxxx, Inc. has concurrently with the closing of this Agreement provided notice to the trustee under the New Subordinated Debt Indenture in accordance with the terms of the New Subordinated Debt Indenture for the voluntary redemption of all outstanding New Subordinated Notes with a redemption closing date on or before the New Subordinated Debt Repayment Date.
Sample 1
New Subordinated Debt. As a condition precedent to the disbursement of any Loans, Parent shall receive cash proceeds of the issuance of subordinated notes of Parent (the "Subordinated Debt") and common stock of Parent in an aggregate amount of not less than $6,000,000, from Persons acceptable to the Lender in its Good Faith Business Judgment. The Subordinated Debt shall be on terms and in form and substance acceptable to Lender in its Good Faith Business Judgment.
Sample 1

Related to New Subordinated Debt

  • Securities Subordinate to Senior Debt The Company covenants and agrees, and each Holder of a Security, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article XII, the payment of the principal of and any premium and interest (including any Additional Interest) on each and all of the Securities are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Debt.

  • Notes Subordinated to Senior Debt The Company covenants and agrees, and each Holder of the Notes, by its acceptance thereof, likewise covenants and agrees, that all Notes shall be issued subject to the provisions of this Article Ten; and each Person holding any Note, whether upon original issue or upon registration of transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Notes by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents of all Obligations on or in respect of Senior Debt; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Debt, and that each holder of Senior Debt whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Debt in reliance upon the covenants and provisions contained in this Indenture and the Notes.

  • Securities Subordinated to Senior Debt (1) The Partnership, for itself, its successors and assigns, covenants and agrees, and each Holder of Securities, by his acceptance thereof, likewise covenants and agrees, that the payment of the principal of (and premium, if any), and interest on each and all of the Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior Debt of the Partnership.

  • Securities Subordinate to Senior Indebtedness The Company covenants and agrees, and each Holder of a Security, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the payment of the principal of (and premium, if any) and interest (including any Additional Interest) on each and all of the Securities of each and every series are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness.

  • Notes Subordinate to Senior Indebtedness The Company covenants and agrees, and each Holder of Notes, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article 11, the Indebtedness represented by the Notes and the payment of the principal of, premium, if any, and interest on the Notes are hereby expressly made subordinate and subject in right of payment as provided in this Article 11 to the prior payment in full in cash or Cash Equivalents or, as acceptable to the holders of Senior Indebtedness, in any other manner, of all Senior Indebtedness. This Article 11 shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of or continue to hold Senior Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce such provisions.

  • Limitation on Senior Subordinated Indebtedness The Company will not Incur any Indebtedness that is subordinate or junior in right of payment to any Senior Indebtedness and senior in right of payment to the Securities. No Guarantor will Incur any Indebtedness that is subordinate or junior in right of payment to any Senior Indebtedness of such Guarantor and senior in right of payment to such Guarantor’s Subsidiary Guarantee.

  • Securities Subordinated to Senior Indebtedness The Company and each Holder of a Security, by his acceptance thereof, agree that (a) the payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to each and all the Securities and (b) any other payment in respect of the Securities, including on account of the acquisition or redemption of Securities by the Company, is subordinated, to the extent and in the manner provided in this Article Thirteen, to the prior payment in full of all Senior Indebtedness of the Company, whether outstanding at the date of this Indenture or thereafter created, incurred, assumed or guaranteed, and that these subordination provisions are for the benefit of the holders of Senior Indebtedness. This Article Thirteen shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold, Senior Indebtedness, and such provisions are made for the benefit of the holders of Senior Indebtedness, and such holders are made obligees hereunder and any one or more of them may enforce such provisions.

  • Notes Subordinated to Senior Indebtedness The Company covenants and agrees and the Trustee and each Holder of the Notes, by its acceptance thereof, likewise covenants and agrees, that all Notes shall be issued subject to the provisions of this Article Ten; and the Trustee and each person holding any Note, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Notes by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents of all Obligations on the Senior Indebtedness; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder of Senior Indebtedness whether now outstanding or hereinafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Notes.

  • Release of Collateral and Guarantee Obligations; Subordination of Liens (a) The Lenders and each Agent (and each other Secured Party by accepting the benefits of the Collateral) hereby irrevocably agree that the Liens granted to the Secured Parties by the Loan Parties on any Collateral shall be automatically released (i) in full, as set forth in clause (b) below, (ii) upon the Disposition of such Collateral to any Person other than another Loan Party, to the extent such Disposition is permitted hereunder (and the Administrative Agent and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Loan Party upon its reasonable request without further inquiry), (iii) to the extent such Collateral is comprised of property leased to a Loan Party by a Person that is not a Loan Party, upon termination or expiration of such lease, (iv) if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with Section 10.1), (v) to the extent the property constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from its Guarantee Obligations under the Guarantee and Collateral Agreement so long as such Guarantor is no longer a Loan Party hereunder, and (vi) to the extent such Collateral ceases to be Collateral. Any such release shall not in any manner discharge, affect, or impair the Secured Obligations or any Liens (other than those being released) upon (or obligations (other than those being released) of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral except to the extent otherwise released in accordance with the provisions of the Loan Documents. Additionally, the Lenders (and each other Secured Party by accepting the benefits of the Collateral) hereby irrevocably agree that the Guarantors shall be released from the Guarantees upon consummation of any transaction permitted hereunder resulting in such Subsidiary ceasing to constitute a Restricted Subsidiary, or otherwise becoming an Excluded Subsidiary, in each case, solely to the extent such Subsidiary ceasing to constitute a Restricted Subsidiary or otherwise becoming an Excluded Subsidiary is not prohibited by this Agreement, or, in the case of a Successor Holdings, the prior Holdings shall be released in accordance with the conditions set forth in Section 7.11. The Lenders (and each other Secured Party by accepting the benefits of the Collateral) hereby authorize the Administrative Agent and the Collateral Agent, as applicable, at the expense of the Borrower, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm the release of any Guarantor or Collateral pursuant to the foregoing provisions of this paragraph, all without the further consent or joinder of any Lender. Any representation, warranty or covenant contained in any Loan Document relating to any such Collateral or Guarantor shall no longer be deemed to be repeated solely with respect to such Collateral or Guarantor.

  • Payments on Subordinated Debt The Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay for or make, directly or indirectly, any payment of principal or interest or any purchase, redemption, retirement, acquisition or defeasance with respect to any Indebtedness of such Person which is subordinated to the payment of the Loan Document Obligations except that so long as no Default shall have occurred and shall be continuing or would immediately result therefrom, the Borrower or any Subsidiary may make payments of Subordinated Debt to the extent permitted by the subordination provisions applicable thereto.

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