Common use of New Subordinated Indebtedness Clause in Contracts

New Subordinated Indebtedness. (a) The Borrower shall procure that any new Subordinated Indebtedness entered into by the Borrower or any Subsidiary shall: (i) have a maturity that extends beyond the date on which all principal, interest and other amounts due and owing under the Finance Documents have been paid in full; and (ii) be subordinated to the rights of the Finance Parties pursuant to (x) the Intercreditor Agreement, or (y) any other Acceptable Intercreditor Agreement. (b) The Borrower shall procure that upon the entry into any guarantee (or joinder to or amendment of any existing guarantee) in respect of the 8% New Notes by the Subsidiary Guarantors pursuant to Clause 21.1(l) (Limitations on Financial Indebtedness), a copy of such guarantee is delivered to the Agent together with an opinion from Xxxx Xxxxxxxxxx & Xxxxxxxxx LLP (or such other law firm as may be acceptable to the Majority Lenders) confirming that the subordination arrangements contained therein are the legal, valid, binding and enforceable obligations of the parties to such guarantee. If any Subsidiary becomes a Subsidiary Guarantor or a guarantor of any other notes issued under the Original Indenture and any supplemental indenture relating thereto, such Subsidiary may execute a joinder to the document evidencing the Guarantee Obligations referred to in Clause 21.1(l) (Limitations on Financial Indebtedness), subject to the other provisions of such Clause 21.1(l) (Limitations on Financial Indebtedness).

New Subordinated Indebtedness. (a) The Borrower shall procure that any new Subordinated Indebtedness entered into by the Borrower or any Subsidiary on or after the First Effective Date shall: (i) have a maturity that extends beyond the date on which all principal, interest and other amounts due and owing under the Finance Documents have been paid in full; and (ii) be subordinated to the rights of the Finance Parties pursuant to (x) the Intercreditor Agreement, or (y) any other an Acceptable Intercreditor Agreement. (b) The Borrower shall procure that upon the entry into any guarantee (or joinder to or amendment of any existing guarantee) in respect of the 8% New Notes by the Subsidiary Guarantors pursuant to Clause 21.1(l22.1(l) (Limitations on Financial Indebtedness), a copy of such guarantee is delivered to the BPIFAE Agent together with an opinion from Xxxx Xxxxxxxxxx & Xxxxxxxxx LLP (or such other law firm as may be acceptable to the Majority LendersBPIFAE Agent) (in substantially the same form as the opinion delivered by Xxxx Xxxxxxxxxx & Hollister LLP to the BPIFAE Agent as a condition precedent to the First Effective Date) confirming that the subordination arrangements contained therein are the legal, valid, binding and enforceable obligations of the parties to such guarantee. If any Subsidiary becomes a Subsidiary Guarantor or a guarantor of any other notes issued under the Original Indenture and any supplemental indenture relating thereto, such Subsidiary may execute a joinder to the document evidencing the Guarantee Obligations referred to in Clause 21.1(l22.1(l) (Limitations on Financial Indebtedness), subject to the other provisions of such Clause 21.1(l22.1(l) (Limitations on Financial Indebtedness).

New Subordinated Indebtedness. (a) The Borrower shall procure that any new Subordinated Indebtedness entered into by the Borrower or any Subsidiary on or after the Effective Date shall: (i) have a maturity that extends beyond the date on which all principal, interest and other amounts due and owing under the Finance Documents have been paid in full; and (ii) be subordinated to the rights of the Finance Parties pursuant to (x) the Intercreditor Agreement, or (y) any other an Acceptable Intercreditor Agreement. (b) The Borrower shall procure that upon the entry into any guarantee (or joinder to or amendment of any existing guarantee) in respect of the 8% New Notes by the Subsidiary Guarantors pursuant to Clause 21.1(l22.1(1) (Limitations on Financial Indebtedness), a copy of such guarantee is delivered to the COFACE Agent together with an opinion from Xxxx Txxx Xxxxxxxxxx & Xxxxxxxxx Hxxxxxxxx LLP (or such other law firm as may be acceptable to the Majority LendersCOFACE Agent) (in substantially the same form as the opinion delivered by Txxx Xxxxxxxxxx & Hollister LLP to the COFACE Agent as a condition precedent to the Effective Date) confirming that the subordination arrangements contained therein are the legal, valid, binding and enforceable obligations of the parties to such guarantee. If any Subsidiary becomes a Subsidiary Guarantor or a guarantor of any other notes issued under the Original Indenture and any supplemental indenture relating thereto, such Subsidiary may execute a joinder to the document evidencing the Guarantee Obligations referred to in Clause 21.1(l22.1(1) (Limitations on Financial Indebtedness), subject to the other provisions of such Clause 21.1(l) (Limitations on Financial Indebtedness22.1(1).

New Subordinated Indebtedness. (a) The Borrower shall procure that any new Subordinated Indebtedness (other than the Second Lien Facility Agreement, in respect of which Clause 21.25 (Second Lien Facility) shall apply) entered into by the Borrower or any Subsidiary on or after the First Effective Date shall: (i) have a maturity that extends beyond the date on which all principal, interest and other amounts due and owing under the Finance Documents have been paid in full; and (ii) be subordinated to the rights of the Finance Parties pursuant to (x) the Intercreditor Agreement, or (y) any other an Acceptable Intercreditor Agreement. (b) The Borrower shall procure that upon the entry into any guarantee (or joinder to or amendment of any existing guarantee) in respect of the 8% New Notes by the Subsidiary Guarantors pursuant to Clause 21.1(l22.1(l) (Limitations on Financial Indebtedness), a copy of such guarantee is delivered to the BPIFAE Agent together with an opinion from Xxxx Xxxxxxxxxx & Xxxxxxxxx LLP (or such other law firm as may be acceptable to the Majority LendersBPIFAE Agent) (in substantially the same form as the opinion delivered by Xxxx Xxxxxxxxxx & Hollister LLP to the BPIFAE Agent as a condition precedent to the First Effective Date) confirming that the subordination arrangements contained therein are the legal, valid, binding and enforceable obligations of the parties to such guarantee. If any Subsidiary becomes a Subsidiary Guarantor or a guarantor of any other notes issued under the Original Indenture and any supplemental indenture relating thereto, such Subsidiary may execute a joinder to the document evidencing the Guarantee Obligations referred to in Clause 21.1(l22.1(l) (Limitations on Financial Indebtedness), subject to the other provisions of such Clause 21.1(l22.1(l) (Limitations on Financial Indebtedness).