Deeply Subordinated Debt definition
Deeply Subordinated Debt means Subordinated Indebtedness which does not mature and has no installments of principal or payments of interest or fees in cash due and payable in respect of such Indebtedness prior to the 91st day following the Latest Maturity Date then in effect as of the date such Indebtedness is incurred; provided that, (i) such Subordinated Indebtedness shall be unsecured, (ii) such Subordinated Indebtedness shall not have the benefit of any financial maintenance covenant, (iii) the definitive documentation for such Subordinated Indebtedness shall not contain any other covenants (excluding interest rate, original issue discount, fees and prepayment premiums), taken as a whole, that are materially more onerous to the obligors thereunder than the covenants for the Credit Facilities provided for in this Agreement, taken as a whole, and (iv) such Subordinated Indebtedness shall not be subject to any mandatory prepayment or redemption provisions other than prepayments or redemptions required as a result of a change in control or non-ordinary course asset sale.
Deeply Subordinated Debt means indebtedness of any Company to any Person in respect of which such Person has provided a subordination, postponement and standstill agreement in favour of the Agent which includes an assignment of such Subordinated Debt as security for the Obligations.
Deeply Subordinated Debt. Any debt instrument issued by an Obligor or any of its Subsidiaries which shall permit cash payments of current interest at a rate not to exceed 10% per annum, but containing terms providing for the suspension of any right to payment under such debt instrument during the occurrence and continuation of an event of default under the related Loan.
Examples of Deeply Subordinated Debt in a sentence
Any Obligor may, from time to time, incur Inter-Company Deeply Subordinated Debt.
No Lien may be granted by an Obligor in connection with any Inter-Company Deeply Subordinated Debt.
Except as set forth in Schedule 4.15, since December 31, 2000, no Material Adverse Effect has been suffered by, and no material adverse development has occurred in the business, properties, operations, financial condition or results of operations of the Company.
Interest and/or principal on Inter-Company Deeply Subordinated Debt may only be paid if it is permitted under Section 7.1.18, including without limitation if it is paid with Excluded Securities, or if new Inter-Company Deeply Subordinated Debt is created to fund the payment.
For the purposes only of this Section 7.1.16, "Consolidated Interest Expense" shall include all interest expense paid or accrued for Debt during such fiscal quarter plus any interest expense, to the extent that it is paid in cash, which represents interest on Inter-Company Subordinated Debt during such fiscal quarter plus interest expense to the extent paid in cash arising on the compound portion of the interest expense on Inter-Company Deeply Subordinated Debt during such fiscal quarter.
More Definitions of Deeply Subordinated Debt
Deeply Subordinated Debt means subordinated Indebtedness of Holdings ------------------------ which (i) is not mandatorily redeemable or required to be repurchased or reacquired by Holdings, the Borrower or any Subsidiary prior to the date that is six months after the Tranche B Maturity Date; provided that upon a public -------- offering of Capital Stock of Holdings or other Deeply Subordinated Debt in an aggregate amount of at least $75,000,000, the Net Proceeds received therefrom may be used to redeem, repurchase or reacquire such Deeply Subordinated Debt, (ii) does not require a cash interest payment prior to the date that is six months after the Tranche B Maturity Date, (iii) is not secured by any assets of Holdings, the Borrower or any Subsidiary, (iv) is not Guaranteed by the Borrower or any Subsidiary and (v) is otherwise on terms satisfactory to the Administrative Agent. The Deeply Subordinated Debt shall not be deemed to be Indebtedness of Holdings for purposes of this Agreement or any Loan Document.
Deeply Subordinated Debt means any funds provided to the Company pursuant to an agreement, note, security or other instrument, other than Capital Stock, that is designated as “Shareholder Liabilities” under the Intercreditor Agreement and pursuant to its terms (a) is subordinated in right of payment to all Indebtedness of the Company or any Restricted Subsidiary and subject to payment blockage and enforcement standstill periods, (b) (i) does not mature or require any amortization, redemption or other repayment of principal, (ii) does not require payment of any cash interest or any similar cash amounts, (iii) contains no change of control or similar provisions and (iv) does not accelerate and has no right to declare a default or event of default or take any enforcement action or otherwise require any cash payment (other than as a result of insolvency proceedings of the Company), in each case, prior to the 91st day following the earlier of (A) the Stated Maturity of the Notes and all other amounts due under this Indenture and (B) the date on which there are no Notes outstanding, (c) does not provide for or require any security interest or encumbrance over any asset of the Company or any Restricted Subsidiary and (d) does not (including upon the happening of any event) restrict the payment of amounts due in respect of the Notes or compliance by the Issuer with its obligations under the Notes and this Indenture.
Deeply Subordinated Debt means Indebtedness of the Company or any Guarantor that (1) is Subordinated Indebtedness, (2) does not require or permit any cash payment of any Obligation thereon prior to its maturity (but which may require or permit prior to the maturity thereof (x) the payment of any Obligations thereon in kind or in Equity Interests of the Company (other than Disqualified Stock) and/or (y) the conversion or exchange of such Indebtedness into Equity Interests of the Company (other than Disqualified Stock) and (3) does not mature prior to the date that is 91 days after the Stated Maturity of the Notes.
Deeply Subordinated Debt means any funds provided to the Company pursuant to an agreement, note, security or other instrument, other than Capital Stock, that is designated as “Subordinated Liabilities” under the Intercreditor Agreement and pursuant to its terms (a) is subordinated in right of payment to all Indebtedness of the Company or any Restricted Subsidiary and subject to payment blockage and enforcement standstill periods, (b) (i) does not mature or require any amortization, redemption or other repayment of principal, (ii) does not require payment of any cash interest or any similar cash amounts, (iii) contains no change of control or similar provisions and (iv) does not accelerate and has no right to declare a default or event of default or take any enforcement action or otherwise require any cash payment (other than as a result of insolvency proceedings of the Company), in each case, prior to the 91st day following the earlier of (A) the latest Termination Date and (B) the date on which there are no Commitments outstanding, (c) does not provide for or require any security interest or encumbrance over any asset of the Company or any Restricted Subsidiary and (d) does not (including upon the happening of any event) restrict the payment of amounts due in respect of the Notes or compliance by an Issuer with its obligations under this Agreement.
Deeply Subordinated Debt means any Subordinated Debt of the Company which is (i) subordinated in right of payment to the Notes, pursuant to a written agreement to that effect, (ii) (A) does not mature or require any amortization, redemption or other repayment of principal (other than through conversion or exchange of such Debt into Qualified Stock of the Company or any Debt meeting the requirements of this definition), (B) does not require payment of any cash interest or any similar cash amounts and (C) contains no change of control or similar provisions and (D) does not accelerate and has no right to declare a default or event of default or take any enforcement action or otherwise require any cash payment of the Company (other than as a result of insolvency proceedings of the Company), in each case, prior to the 90th day following the Stated Maturity of the Notes and all other amounts due under this Indenture, (iii) does not provide for or require any security interest or encumbrance over any asset of the Company or any Subsidiary and (iv) does not (including upon the happening of any event) restrict the payment of amounts due in respect of the Notes or compliance by the Company with its obligations under the Notes, and this Indenture.
Deeply Subordinated Debt means Subordinated Indebtedness which does not mature and has no installments of principal or payments of interest or fees in cash due and payable in respect of such Indebtedness prior to the 91st day following the Latest Maturity Date then in effect as of the date such Indebtedness is incurred; provided that, (i) such Subordinated Indebtedness shall be unsecured,