Parent Subordinated Debt definition

Parent Subordinated Debt is defined in Section 6.31.

Parent Subordinated Debt means the unsecured Indebtedness of the Borrower to the Parent in the aggregate principal amount of U.S.$15,000,000 as such amount may be increased or decreased from time to time, as evidenced by the Parent Credit Agreement.

Parent Subordinated Debt means the unsecured indebtedness issued by the Borrower to the Parent in the principal amount of no less than [***], provided that such indebtedness is subject to the Parent Subordination Agreement.

Examples of Parent Subordinated Debt in a sentence

• The Borrower shall maintain the Parent Subordinated Debt with a commitment level of no less than U.S.$15,000,000.

• Other than the Parent Subordinated Debt, the Borrower shall have repaid all amounts outstanding under its existing credit lines or will irrevocably direct the Lenders to do so from the first advance hereunder, and all such existing credit lines shall have been or will, concurrent with such advance, be cancelled permanently.

• In addition, there does not exist any default or any event that upon notice or lapse of time or both would constitute a default under the terms of any of the Parent Subordinated Debt Documents.

• None of the Parent Subordinated Debt Documents has been amended, supplemented, restated or otherwise modified except as otherwise disclosed to the Agent and the Lenders in writing on or before the effective date of any such amendment, supplement, restatement or other modification.

• Assuming that the Parent Subordinated Debt Indenture will have been duly and validly authorized, executed and delivered by all parties thereto (including, but not limited to, the Parent), the Parent Subordinated Debt Indenture will constitute a legally valid and binding obligation of the Parent, except as the enforcement thereof may be limited by the Enforceability Exceptions and except as any right to indemnification or contribution thereunder may be limited by any applicable public policy consideration.

More Definitions of Parent Subordinated Debt

Parent Subordinated Debt means that certain Indebtedness for Borrowed Money of the Parent in favor of the Parent Subordinated Note Purchasers in an aggregate face principal amount of Three Million Five Hundred Thousand Dollars ($3,500,000).

Parent Subordinated Debt means the unsecured indebtedness issued by the Borrower to the Parent in the principal amount of no less than, _______________________________________ provided that such indebtedness is subject to the Parent Subordination Agreement.

Parent Subordinated Debt means unsecured Indebtedness of the Borrower, up to an aggregate amount of U.S.$15,000,000, owing to the Parent from time to time, which shall at all times be subordinated to the Loans.

Parent Subordinated Debt means (a) upon the issuance thereof in accordance with Section 9.18, the Exchange Debentures and (b) other Indebtedness of Holdings (1) incurred in connection with the repurchase by Holdings of its capital stock from any member of the Management Group and (2) which by its terms is subject to, and subordinate in right of payment to, the right of Lender to receive the prior indefeasible payment and satisfaction in full of all of the Obligations on terms and conditions reasonably acceptable to Lender.

Parent Subordinated Debt means any loans made by an Investor (or any entity through which that Investor holds its interest in the Parent) to the Parent:

Parent Subordinated Debt the Indebtedness of the Borrower to Holdings permitted by Section 7.2(j) and subject to a Parent Subordination Agreement.

Parent Subordinated Debt means unsecured Debt owing to Parent in the aggregate outstanding principal amount of $1,000,000 which is subordinated on terms satisfactory to the Agent to all Obligations hereunder and any other obligations secured pursuant to the Collateral Documents and evidenced by the Parent Subordinated Note, the express terms of which (i) shall provide that interest thereon shall not be paid in cash at any time and that such Debt shall require no amortization, sinking fund payment or any other scheduled maturity of the principal amount thereof on any date which is earlier than the date occurring one year after the Final Maturity Date and (ii) shall include such covenants, defaults and remedies satisfactory to the Agent and the Required Lenders.