New Subordinated Debt means the Indebtedness evidenced by the New Subordinated Debt Documents.
New Subordinated Debt means the new subordinated debt issued by Reorganized Holdings and distributed to the Pre-petition Lenders in accordance with this Plan, having an aggregate value of $125 million, with an interest rate of 2% above the applicable interest rate obtained in the Exit Financing, subject to a 15% cap, and (i) payable in Cash or in kind at Reorganized Holdings’ option, (ii) redeemable at Reorganized Holdings’ option, and (iii) subject to mandatory redemption six years from the date of issuance. The New Subordinated Debt will be subordinate to the Exit Financing.
New Subordinated Debt means Indebtedness of the --------------------- Company or any of its Subsidiaries under the New Subordinated Notes, the New Subordinated Indentures, or any guaranty of such Indebtedness."
Examples of New Subordinated Debt in a sentence
Borrower shall not be in violation of Section 4.09 (Incurrence of Indebtedness and Issuance of Preferred Stock) of any of the Indenture, the New Subordinated Debt Indenture or the December 1998 Subordinated Debt Indenture on such date nor will such a violation occur or exist after giving effect to the extensions of credit requested to be made on such date.
All Obligations, including the Letter of Credit Obligations, constitute senior Indebtedness entitled to the benefits of the subordination provisions contained in the New Subordinated Debt Documents.
The subordination provisions of the New Subordinated Debt Documents are enforceable against the holders of the New Subordinated Notes by Agent and Lenders.
The subcommittee deleted the phrase charged to operations at the end of the definition and added the phrase or distributions of surplus.
At least ten Business Days prior to the date of issuance of the New Subordinated Notes, the Borrower shall deliver to the Agents copies of the New Subordinated Debt Documents.
More Definitions of New Subordinated Debt
New Subordinated Debt means Indebtedness having the following characteristics: (i) the obligors shall be the Company and/or one or more of the Guarantors only, (ii) such Indebtedness shall be unsecured, (iii) such Indebtedness shall be subordinated in right of payment to the Obligations in a manner reasonably acceptable to Agents, (iii) such Indebtedness shall not have any scheduled payment of principal, scheduled prepayment, scheduled mandatory redemption or sinking fund payment prior to December 31, 2009, (iv) the Net Cash Proceeds of such Indebtedness shall be applied as required by Section 2.13(e), (v) such Indebtedness shall not contain any provision prohibiting the creation or assumption of any Lien on any of the properties or assets of Company or its Subsidiaries, whether then owned or thereafter acquired, to secure payment of the Obligations or any agreement renewing, refinancing or extending the Obligations or this Agreement, (vi) the Company shall be in compliance with Sections 6.11, 6.12 and 6.13 on a pro forma basis after giving effect to the incurrence of such Indebtedness, and (vii) other terms and
New Subordinated Debt means Debt of Parent evidenced by its 16% Subordinated Secured Notes due March 31, 2007, issued pursuant to the Purchase Agreement in an original principal amount not less than $65,400,000.00, the payment of which is subordinate to the payment of the Obligations in a manner satisfactory to Agent and all other terms of which (including interest rate, maturity, payment terms to the effect that no cash payments may be made thereon for principal, interest or fees (except for payments of principal paid solely from (i) proceeds of Pemex Contract EPC-64 or the Williams Contract, or (ii) proceeds of any issuance of equxxx), xxnancial covenants and collateral) are acceptable to Agent and the Majority Lenders.
New Subordinated Debt means Indebtedness of Borrower (and any Guaranty Obligation with respect thereto given by one or more of the Restricted Subsidiaries) that (a) is unsecured, (b) has no principal due or sinking fund requirement applicable prior to June 30, 2006 and (c) is issued pursuant to an indenture or other agreement that contains subordination provisions applicable to such Indebtedness and any such Guaranty Obligation, interest blockage provisions, events of default, representations and covenants that (i) are substantially the same as those in the Existing 13 3/4% Subordinated Debt Indenture, (ii) are, taken as a whole, at least as favorable to holders of senior indebtedness and less restrictive on Borrower and the Restricted Subsidiaries or (iii) have been approved, in their sole discretion, in writing by the Requisite Lenders.
New Subordinated Debt means Indebtedness of the
New Subordinated Debt means any Debt of the Company described in clauses (i) or (ii) of the definition of Debt and incurred after the Effective Date which (i) has a final maturity no earlier than December 31, 2002, (ii) requires no scheduled principal payments thereof prior to December 31, 2002, (iii) is not Guaranteed by any Person other than a Subsidiary Guarantor, (iv) is subordinated (and the Guarantees of which are subordinated) to the obligations of the Company (and any applicable Subsidiary Guarantor) under the Loan Documents on customary capital market terms approved by the bank affiliate of each Lead Arranger and (v) permits (and the Guarantees of which permit) the Company (and any applicable Subsidiary Guarantor) to create, incur, assume or suffer to exist
New Subordinated Debt means additional or new subordinated debt and/or preferred stock financing (or subordinated debt convertible into preferred stock) obtained by Borrowers after the date hereof that provides for (i) interest only for at least 12 months at a rate not to exceed 15% per annum, and (ii) principal and incentive interest payments only if (A) no Event of Default has occurred or is continuing hereunder (after any applicable grace periods) and (B) after making any principal payments, Borrower has at least $900,000 in Excess Availability and the amortization of principal and incentive interest is over a period of not less than 24 months; provided, however, regardless of whether or not an Event of Default has occurred or is continuing, the new Subordinated Debt may call for principal payments equal to the amount of new equity contributed to Borrowers from the sale or liquidation of assets of Micafil, Inc.
New Subordinated Debt means the 12% Subordinated Notes due 2008 issued by the Company pursuant to the Debenture Agreement dated February 15, 2000, and any additional convertible subordinated debentures issued in payment of interest thereon.