Approved Subordinated Debt definition

Approved Subordinated Debt means Indebtedness subordinated to the Obligations of the Borrowers under this Agreement and the other Loan Documents on terms approved in writing by the Administrative Agent and the Required Lenders.

Approved Subordinated Debt means all Debt which is unsecured and which is structurally or contractually subordinated, as to payment, to the payment of the Loans and other Obligations on terms, and pursuant to agreements in form and substance, satisfactory to, and approved in writing by, the Administrative Agent and the Required Lenders.

Approved Subordinated Debt means debt provided to any Loan Party by Series C, LLC (or any successor thereto), an Affiliate of such Loan Party or American Realty Capital Properties, Inc. (or any successor thereto or Affiliate thereof), which is (i) subject to approval by Administrative Agent in its sole, but reasonable, discretion, (ii) unsecured, (iii) subordinate to the Obligations pursuant to an Approved Subordination Agreement, (iv) has been documented in a manner reasonably satisfactory to Administrative Agent, and (v) not in excess of the aggregate principal amount of $60,000,000.00.

Examples of Approved Subordinated Debt in a sentence

• Borrower shall not permit an amount equal to Total Consolidated Debt less fifty percent (50%) of the face value of all Approved Subordinated Debt as of the last day of any fiscal quarter of Borrower to exceed the Adjusted Asset Amount at such time.

• Any monetary default under the Approved Subordinated Debt that is not cured within five (5) Business Days.

• No Loan Party has any Subordinated Debt other than the Approved Subordinated Debt.

• Each Loan Party shall not, and not permit any of its Subsidiaries to, directly or indirectly, voluntarily purchase, redeem, defease, prepay or repay any principal of, premium, if any, interest or other amount payable in respect of any Debt (other than the Obligations and other than as expressly permitted by this Agreement or the applicable Subordination Agreement with respect to the Approved Subordinated Debt).

• This is in contrast to subordinated loans approved by ASX Clear (Futures) which count towards a Participant’s NTA and which should be entered into the Approved Subordinated Debt section (NTA – ASO) of the return.

More Definitions of Approved Subordinated Debt

Approved Subordinated Debt means an amount owing by a Market Participant under a subordination arrangement which is approved by ASIC under Rule S1A.2.4.

Approved Subordinated Debt means an amount owing by a Participant under a subordination arrangement which is approved by ASX Clear under Rule S1.2.4.

Approved Subordinated Debt means Debt issued by AMRESCO which is unsecured and subordinated to payment of the Credit Facilities and the terms of which (including, without limitation, the subordination provisions thereof) have been approved in writing by the Required Lenders, and shall include, without limitation, (a) the Debt evidenced by notes made pursuant to the terms of that certain Indenture (the "January Indenture") dated January 15, 1996, executed by and between AMRESCO and Bank One, Columbus, N.A., as Trustee, and (b) any other promissory notes evidencing subordinated debt issued on terms consistent with those of the January Indenture, provided that (i) Agent has received projections from AMRESCO showing financial covenant compliance following issuance of such notes; (ii) no Default or Event of Default has occurred and has not been cured; and (iii) Agent has approved the terms for the issuance of such promissory notes, including, without limitation, the terms regarding subordination of such promissory notes to the Credit Facilities.

Approved Subordinated Debt means Subordinated Debt that satisfies the requirements of clause (v) of Section 8.07(c) hereof.

Approved Subordinated Debt means, of any Person, Debt of such Person which is (i) unsecured; (ii) subordinated under the terms of a subordination and intercreditor agreement substantially in the form attached hereto as Exhibit “4”; and (iii) subject to, if issued on or prior to September 10, 2013, mandatory conversion to equity of such Person on or before September 10, 2013.

Approved Subordinated Debt means up to $20,000,000 principal amount of debt that is subordinated to the Obligations pursuant to a subordination agreement in form and substance satisfactory to the Administrative Agent, including (a) in the case of any Approved Subordinated Debt that constitutes a seller note for all or a portion of the Cost of Acquisition of any Permitted Acquisition, provisions that are either substantially similar to those in Schedule I to the Subordinated Note or otherwise satisfactory to the Administrative Agent (but in no event less favorable to the Secured Parties than the terms set forth in EXHIBIT I), or (b) in the case of any other Approved Subordinated Debt, provisions substantially similar to those set forth in EXHIBIT I.

Approved Subordinated Debt means Indebtedness in an aggregate original principal amount equal to at least $5,000,000 which is (i) subject to terms and conditions reasonably satisfactory to the Required Lenders, (ii) subject to an intercreditor agreement on terms reasonably satisfactory to the Required Lenders and (iii) fully subordinated to the Secured Obligations.