Senior Subordinated Debt. Neither the Borrower nor any Guarantor will incur or suffer to exist Indebtedness that is senior in right of payment to the Loans or the Guarantee of such Guarantor, as applicable, and expressly subordinate in right of payment to any other Indebtedness of the Borrower or such Guarantor, as applicable.
Senior Subordinated Debt. Notwithstanding the provisions of Section 4.09 hereof, (i) the Company shall not incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to any Senior Debt and senior in any respect in right of payment to the Notes, and (ii) no Guarantor shall incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to Senior Debt of such Guarantor and senior in any respect in right of payment to such Guarantor's Subsidiary Guarantees.
Senior Subordinated Debt. (a) Consoltex Group and Consoltex USA shall not incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to any Senior Debt of Consoltex Group or Consoltex USA, respectively, and senior in any respect in right of payment to the Notes.
(b) No Guarantor shall incur, create, issue, assume, guarantee or otherwise become liable for any indebtedness that is subordinate or junior in right of payment to any Senior Debt of such Guarantor and senior in any respect in right of payment to the Guarantee by such Guarantor of the Notes.
Senior Subordinated Debt. On or before April 30, 2008, the Borrower shall have retired, defeased, refinanced (on terms reasonably acceptable to the Required Lenders) the Senior Subordinated Debt or extended the maturity date of the Senior Subordinated Debt beyond the Stated Termination Date.
Senior Subordinated Debt. The Agent shall have received evidence satisfactory to it in its discretion that the aggregate principal amount of Total Debt outstanding pursuant to the Santa Fe Indenture does not exceed $100,000,000 and that the aggregate principal amount of Total Debt outstanding pursuant to the Snyder Indenture does not exceed $175,000,000. All provisions xxx xayments required by this SECTION 7.1 are subject to the provisions of SECTION 12.8.
Senior Subordinated Debt. The Company shall not, and shall not permit any Restricted Subsidiary to, incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to any Senior Indebtedness and senior in any respect in right of payment to the Exchange Debentures.
Senior Subordinated Debt. (a) The BORROWERS represent and warrant that, prior to giving effect to the payments described in subsection (b) below, CD&L is obligated to the Senior Subordinated Lenders in the amount of $13,250,000 with interest thereon at 12% per annum.
(b) The BORROWERS further represent and warrant that as part of their current debt restructuring, CD&L will prepay $3,500,000 of such $13,250,000 debt in accordance with the following schedule:
(1) the sum of $1,250,000 will be paid on or after the date hereof with possible use of proceeds from the REVOLVING LOAN; and
(2) no more than $2,250,000 (with interest) will be paid over the term of this Agreement in accordance with Schedule 4.23 attached hereto with possible use of proceeds from the REVOLVING LOAN.
(c) The BORROWERS understand and agree that the amount of the scheduled payments of $2,250,000 has been and will continue to be reserved from borrowing availability until paid, as set forth in the Lending Formula. The payment of these scheduled principal reductions will be removed from the definition of fixed charges as that term is used in Article V to calculate Fixed Charge Coverage for covenant purposes.
(d) So long as no Event of Default has occurred CD&L will be allowed to make the scheduled installment payments of the $2,250,000 (and the interest thereon) due to the Senior Subordinated Lenders over the term of this Agreement. No payments in advance or prepayments of such debt will be allowed. The subordination provisions in the Senior Subordinated Loan Agreement, as in existence on the date hereof, govern blockage rights.
(e) All amounts owed by the BORROWERS to Senior Subordinated Lenders with respect to the Senior Subordinated Debt shall be subordinated to LENDER's prior right to indefeasible payment in full of the Liabilities as, and to the extent provided in the Senior Subordinated Loan Agreement, as in existence on the date hereof.
(f) No other amounts may be borrowed by the BORROWERS from the Senior Subordinated Lenders without the prior written consent of LENDER.
(g) The BORROWERS represent and warrant as follows:
(1) This Agreement is the "Credit Agreement" for purposes of and as defined in the Senior Subordinated Notes and the Senior Subordinated Loan Agreement.
(2) The REVOLVING LOAN and the Letter of Credit Obligations are "Senior Indebtedness" for purposes of and as defined in the Senior Subordinated Notes and the Senior Subordinated Loan Agreement.
(3) LENDER and its successors and assigns are hol...
Senior Subordinated Debt. The subordination provisions relating to the Senior Subordinated Debt (the "Subordination Provisions") shall fail to be enforceable by the Lenders (which have not effectively waived the benefits thereof) in accordance with the terms thereof, or the principal or interest on any Loan, Reimbursement Obligation or other Obligations shall fail to constitute "Senior Debt" (as defined in any Senior Subordinated Debt) or "senior indebtedness" (or any other similar term)), or the Company or any of its Subsidiaries shall, directly or indirectly, disavow or contest in any manner (i) the effectiveness, validity or enforceability of any of the Subordination Provisions, or (ii) that any of such Subordination Provisions exist for the benefit of the Agents and the Lenders.
Senior Subordinated Debt. The Company will not, and will not permit its Subsidiaries to, incur or suffer to exist Indebtedness that is senior in right of payment to the Notes, and expressly subordinate in right of payment to any other Indebtedness of the Company or the Subsidiaries.
Senior Subordinated Debt. Notwithstanding the ------------------------- provisions of Section 4.09 hereof, (i) the Company shall not incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to any Senior Debt and senior in any respect in right of payment to the Securities, and (ii) no Guarantor shall incur, create, issue, assume, guarantee or otherwise become liable for any Indebtedness that is subordinate or junior in right of payment to Senior Debt of such Guarantor and senior in any respect in right of payment to such Guarantor's Subsidiary Guarantee. For purposes of this covenant, Indebtedness is deemed to be senior in right of payment to the Securities or the Guarantees, as the case may be, if it is not explicitly subordinated in right of payment to Senior Debt at least to the same extent as the Securities and the Guarantees, as the case may be, are subordinated to such Senior Debt.
