Seller Subordinated Debt. The Parent shall not enter into any amendment or modification of the documents evidencing the Debt permitted under clauses (e), (f) or (g) above that is in any manner adverse to the Parent, any Subsidiary, the Agent or any Lender" therein and inserting the following in lieu thereof: "(j) Seller Subordinated Debt; and (k) the Second Lien Obligations incurred pursuant to the Second Lien Credit Agreement. Notwithstanding anything to the contrary contained herein, the Parent shall not, directly or indirectly, enter into any amendment or modification of the documents evidencing the Debt permitted under clauses (e), (f) or (g) above that is in any manner adverse to the Parent, any Subsidiary, the Agent, the Co-Agent or any Lender. Notwithstanding anything to the contrary contained herein, no Borrower Party shall, directly or indirectly, enter into any amendment or modification of the Second Lien Credit Agreement, any other documents evidencing the Debt permitted under clause (k) above or any other Second Lien Loan Document."
Seller Subordinated Debt. The Parent shall not enter into any amendment or modification of the documents evidencing the Debt permitted under clauses (e), (f) or (g) above that is in any manner adverse to the Parent, any Subsidiary, the Agent or any Lender.
Seller Subordinated Debt. Indebtedness of any of the Borrowers (other than the Senior Subordinated Debt) which has been subordinated and made junior to the Full Payment and performance of the Obligations, and evidenced as such by a subordination agreement containing subordination provisions substantially in the form of Exhibit C (the “Subordination Agreement”); provided that (a) at the time such Seller Subordinated Debt is incurred, no Default or Event of Default has occurred or would occur as a result of such incurrence, and (b) the documentation evidencing such Seller Subordinated Debt shall have been delivered to the Agent and shall contain all of the following characteristics: (i) it shall be unsecured, (ii) it shall bear interest at a rate not to exceed the market rate, (iii) it shall not require unscheduled principal repayments thereof prior to the maturity date of such debt, (iv) if it has any covenants, such covenants (including covenants relating to incurrence of indebtedness) shall be less restrictive than those set forth herein, (v) it shall have no restrictions on the Borrowers’ ability to grant liens securing indebtedness ranking senior to such Seller Subordinated Debt, (vi) it shall permit the incurrence of senior indebtedness under this Agreement, (vii) it may be cross-accelerated with the Obligations and other senior indebtedness of the Borrowers (but shall not be cross-defaulted except for payment defaults which the senior lenders have not waived) and may be accelerated upon bankruptcy, (viii) it shall provide for the complete, automatic, and unconditional release of any and all guarantees of such Seller Subordinated Debt granted by any Borrower in the event of the sale by any Person of such Borrower or the sale by any Person of all or substantially all of such Borrower’s assets (including in the case of a foreclosure), (ix) it shall provide that (A) upon any payment or distribution of the assets of the Borrowers (including after the commencement of a bankruptcy proceeding) of any kind or character, all of the Obligations (including interest accruing after the commencement of any bankruptcy proceeding at the rate specified for the applicable Obligation, whether or not such interest is an allowable claim in any such proceeding) shall be paid in full in cash prior to any payment being received by the holders of the Seller Subordinated Debt and (B) until Full Payment of the Obligations (including the interest described in subclause (A) above), any payment or distribut...
Seller Subordinated Debt. The Borrower will not, and will not permit any of its Subsidiaries to amend, supplement or otherwise modify the terms of the Seller Subordinated Debt except for changes which are immaterial and ministerial in nature and would not have a material adverse effect on the Agent's, the Co-Agent's or any Bank's rights under the Loan Documents or the Borrower's or any of its Subsidiaries' obligations under the Loan Documents or prepay, redeem or repurchase any of the Seller Subordinated Debt.
Seller Subordinated Debt. Indebtedness of the Borrowers to a seller in connection with any acquisition permitted by §7.4 hereof which has been subordinated and made junior to the payment and performance in full in cash of the Obligations arising hereunder and under the Loan Documents, and evidenced as such by a subordination agreement on terms and containing subordination provisions satisfactory to the Administrative Agent.
Seller Subordinated Debt. Collectively, the Indebtedness of Holdings in the aggregate principal amount outstanding on the Effective Date (before giving effect to any payment permitted hereunder) of $10,000,000 as evidenced by the Seller Subordinated Notes.
Seller Subordinated Debt. The Subordinated Debt of the Borrower or any other member of the Borrower Affiliated Group to Seller(s) pursuant to the Seller Subordinated Debt Documents. SELLER SUBORDINATED DEBT DOCUMENTS. Collectively, (i) the Seller Subordinated Promissory Notes, and (ii) each of any other agreements, contracts and instruments executed and delivered in connection with the foregoing or relating thereto, in each case as amended or modified in accordance with Section 6.17. SELLER SUBORDINATED PROMISSORY NOTES. Collectively, the subordinated promissory notes described on EXHIBIT D hereto and evidencing Subordinated Debt of the Borrower or any other member of the Borrower Affiliated Group in favor of any Seller.
Seller Subordinated Debt. The aggregate outstanding principal amount of Seller Subordinated Debt as of the Effective Time is $1,000,000.
Seller Subordinated Debt. For purposes of determining compliance with this covenant, in the event that an item of Indebtedness meets the criteria of more than one of the categories of permitted Indebtedness described in clauses (a) through (q) above or is entitled to be Incurred pursuant to the first paragraph of this covenant, the Company shall, in its sole discretion, classify or reclassify such item of Indebtedness in any manner that complies with this covenant and such item of Indebtedness shall be treated as having been Incurred pursuant to only one of such clauses or pursuant to the first paragraph hereof. Any other obligation of the obligor on such Indebtedness (or any other person who could have incurred such Indebtedness under this covenant) arising under any Guarantee, Lien or letter of credit supporting such Indebtedness shall be disregarded to the extent that such Guarantee, Lien or letter of credit secures the principal amount of such Indebtedness. The amount of Indebtedness issued at a price less than the principal amount thereof shall be equal to the amount of liability in respect thereof determined in accordance with GAAP. Accrual of interest, the accretion of accreted value and the payment of interest in the form of additional Indebtedness shall not be deemed to be an Incurrence of Indebtedness for purposes of this covenant.
Seller Subordinated Debt. The Subordinated Debt of the Borrower or any other member of the Borrower Affiliated Group to Seller(s) pursuant to the Seller Subordinated Debt Documents.
