Deeply Subordinated Indebtedness means Indebtedness which ranks senior in right of payment to Junior Subordinated Indebtedness, but is, by its respective terms, subordinate in right of payment to all other Subordinated Indebtedness.
Deeply Subordinated Indebtedness means all Indebtedness of IRSA PC (1) which will not have the benefit of any negative pledge covenant, collateral or security interest, (2) the terms of which provide that, in the event that (a) an installment of interest with respect to such Indebtedness is not paid on the applicable interest payment date or (b) the principal of, or premium, if any, on any such Indebtedness is not paid on the stated maturity or other date set for redemption, then the obligation to make such payment on such interest payment date, maturity date or other redemption date will not be a default under such Indebtedness until after the maturity date of the Securities of any Series, and (3) the terms of which provide that no amount will be payable in bankruptcy, liquidation or any similar proceeding with respect to IRSA PC until all claims of senior creditors of IRSA PC, including, without limitation, the Holders of the Securities, admitted in such proceeding have been satisfied.
Deeply Subordinated Indebtedness means all Indebtedness of the Company (1) which will not have the benefit of any negative pledge covenant, (2) the terms of which provide that, in the event that (a) an installment of interest with respect to such Indebtedness is not paid on the applicable interest payment date or (b) the principal of (or premium, if any, on) any such Indebtedness is not paid on the stated maturity or other date set for redemption, then the obligation to make such payment and such interest payment date, maturity date or other redemption date will not be a default under such Indebtedness until after the maturity date of the Securities and (3) the terms of which provide that no amount will be payable in bankruptcy, liquidation or any similar proceeding with respect to the Company until all claims of senior creditors of the Company, including without limitation the Holders, admitted in such proceeding have been satisfied.”
Examples of Deeply Subordinated Indebtedness in a sentence
The Loan shall constitute "Deeply Subordinated Indebtedness" for purposes of the Indenture (the "Indenture") relating to WAM!NET's 13.25% Senior Discount Notes due 2005.
More Definitions of Deeply Subordinated Indebtedness
Deeply Subordinated Indebtedness means Indebtedness which by its terms ranks equally in right of payment with, or is subordinate to, the Notes.
Deeply Subordinated Indebtedness means AT1 Perpetual Notes and any other Indebtedness then outstanding which by its terms ranks equally in right of payment with, or is subordinate to, the AT1 Perpetual Notes.
Deeply Subordinated Indebtedness means loans advanced by any Person to the Issuer which have been expressly subordinated to the Credit Facilities and to the Notes on terms which: (i) prohibit any payment of principal or interest thereon in cash so long as any obligations under the Notes remain outstanding; (ii) prohibit any rights of acceleration or enforcement while any obligations under the Notes remain outstanding; and (iii) otherwise subordinate the obligations thereunder to the obligations under the Notes to the same extent as they are subordinated to the Credit Facilities.
Deeply Subordinated Indebtedness means, with respect to Vista or any Restricted Subsidiary, any subordinated Indebtedness of such Person which is (i) subordinated in right of payment to the Loans pursuant to a subordination agreement to which the Administrative Agent (for the benefit of the Lenders) and the subordinated creditors are parties, (ii) (A) does not mature or require any amortization, redemption or other repayment of principal, (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 such Person (other than as a result of insolvency proceedings of such Person), in each case, prior to the 90th day following the Maturity Date of the Loans and all other amounts due hereunder,(iii) does not provide for or require any security interest or encumbrance over any asset of Vista or any Restricted Subsidiary and (iv) does not (including upon the happening of any event) restrict the payment of amounts due in respect of the Loans or compliance by the Loan Parties with their respective obligations under this Agreement.
Deeply Subordinated Indebtedness for purposes of the Indenture (the "Indenture") relating to the Senior Notes as defined below. The Issuer further agrees to pay interest on the principal amount remaining unpaid from time to time thereon from the date hereof at the rate of thirteen and one-quarter percent (13.25%) per annum. Interest shall accrue on a monthly basis from the date of purchase of the Note, and be payable upon the due date of this Note. The Issuer shall, upon the due date and with or without demand or other request by the registered Holder, mail a check or draft representing such interest and the unpaid principal balance to the registered holder at the address designated by the registered holder and appearing on the books of registration maintained by the Issuer. The following terms, covenants, statements of Holders' rights and conditions shall apply to this Note.
Deeply Subordinated Indebtedness means Indebtedness of the Company as to which the payment of principal of (and premium, if any) and interest and other payment obligations in respect of such Indebtedness shall be subordinate to the prior payment in full of the Notes to at least the following extent: (i) no payments of principal of (or premium on) or interest on or otherwise in respect of such Indebtedness may be made prior to the date that is 180 days following the Stated Maturity of the principal of the Notes; except that such Indebtedness may be redeemed or retired by the Company with, or converted at the option of the holder into, Capital Stock (other than Disqualified Stock) of the Company or options, warrants or other rights to purchase any such Capital Stock (other than Disqualified Stock) ; and (ii) the payment of the principal of and interest on such Indebtedness may be accelerated only in the event of the acceleration of the payment of the principal amount of the Notes following an Event of Default; provided, that any payment in respect of such Indebtedness following the acceleration thereof shall be subordinated to the prior payment in full of all amounts due in respect of the Notes and under the Indenture; and provided, further, in the event of the recision of any such acceleration of the Notes, the acceleration of such Indebtedness shall be deemed rescinded upon notice to such effect to the holder(s) of such Indebtedness from the Trustee.
Deeply Subordinated Indebtedness shall have the meaning set out in Clause 21.25 (Best Efforts Undertaking).