External Subordinated Permitted Debt Document means any instrument pursuant to which indebtedness which (i) is secured on the Collateral pursuant to the Security Documents and (ii) under its terms and in accordance with the Intercreditor Arrangements ranks pari passu with Class E Subordinated Notes, is incurred.
External Subordinated Permitted Debt Document means any instrument pursuant to which indebtedness which (i) is secured on the Collateral pursuant to the Security Documents