Common use of Outstanding Indebtedness and Preferred Equity; No Defaults Clause in Contracts

Outstanding Indebtedness and Preferred Equity; No Defaults. After giving effect to the consummation of the Merger, the Borrower and its subsidiaries shall have no outstanding preferred equity or Indebtedness for borrowed money, in each case held by third parties, except for indebtedness incurred or issued pursuant to the Debt Financing, any Existing Indebtedness and Indebtedness in respect of the Redeemed Notes. Any existing Indebtedness for borrowed money, other than the Debt Financing, any such Existing Indebtedness and Indebtedness in respect of the 2007 Notes, shall have been repaid, defeased or otherwise discharged (or irrevocable notice for the redemption thereof shall have been given) substantially concurrently with or prior to the satisfaction of the other conditions precedent set forth in this subsection 5.1.

Outstanding Indebtedness and Preferred Equity; No Defaults. After giving effect to the consummation of the Merger, the Parent Borrower and its subsidiaries shall have no outstanding preferred equity or Indebtedness for borrowed money, in each case held by third parties, except for indebtedness incurred or issued pursuant to the Debt Financing, any Existing Indebtedness and Indebtedness in respect of the Redeemed Notes. Any existing Indebtedness for borrowed money, other than the Debt Financing, any such Existing Indebtedness and Indebtedness in respect of the 2007 Notes, shall have been repaid, defeased or otherwise discharged (or irrevocable notice for the redemption thereof shall have been given) substantially concurrently with or prior to the satisfaction of the other conditions precedent set forth in this subsection 5.1.

Outstanding Indebtedness and Preferred Equity; No Defaults. After giving effect to the consummation of the MergerAcquisition and the Spinoff/Recapitalization Transaction, the Borrower Holdings and its subsidiaries shall have no outstanding preferred equity or Indebtedness for borrowed money, in each case held by third parties, except for indebtedness incurred or issued pursuant to the Debt Financing, Financing and any Existing Indebtedness. All material terms and conditions of any Existing Indebtedness and Indebtedness in respect of (other than any Existing Financing Leases) shall be reasonably satisfactory to the Redeemed NotesCommitted Lenders. Any other existing Indebtedness for borrowed money, other than the Debt Financing, any such Existing Indebtedness and Indebtedness in respect of the 2007 Notesany Existing Financing Leases, shall have been repaid, defeased or otherwise discharged (or irrevocable notice for the redemption thereof shall have been given) substantially concurrently with or prior to the satisfaction of the other conditions precedent set forth in this subsection 5.1.

Outstanding Indebtedness and Preferred Equity; No Defaults. After giving effect to the consummation of the Merger, the Borrower and its subsidiaries shall have no outstanding preferred equity or Indebtedness indebtedness for borrowed money, in each case held by third parties, except for indebtedness incurred or issued Incurred pursuant to the Debt Financing, any Existing Indebtedness and Indebtedness in respect of the Redeemed Existing 2007 Notes and the Existing 2009 Notes. Any existing Indebtedness indebtedness for borrowed money, other than the Debt Financing, any such Existing Indebtedness and Indebtedness in respect of other than the Existing 2007 Notes, shall have been repaid, redeemed, defeased or otherwise discharged (or irrevocable notice for the redemption thereof shall have been given) substantially concurrently with or prior to the satisfaction of the other conditions precedent set forth in this subsection 5.1.