Permitted Incremental Equivalent Debt means Indebtedness issued, incurred or otherwise obtained by the Borrower and/or any Guarantor in respect of one or more series of senior unsecured notes, senior secured equal priority or junior priority notes or subordinated notes (in each case issued in a public offering, Rule 144A or other private placement or bridge financing in lieu of the foregoing (and any Registered Equivalent Notes issued in exchange therefor)), junior lien or unsecured loans or secured or unsecured mezzanine Indebtedness that, in each case, if secured, will be secured by Liens on the Collateral that rank on an equal priority or junior priority basis with the Liens on Collateral securing the Obligations, and that are issued or made in lieu of Incremental Term Commitments; provided that (i) the aggregate principal amount of all Permitted Incremental Equivalent Debt shall not exceed the Available Incremental Amount, (ii) such Permitted Incremental Equivalent Debt shall not be subject to any Guaranty by any Person other than a Loan Party, (iii) in the case of Permitted Incremental Equivalent Debt that is secured, the obligations in respect thereof shall not be secured by any Lien on any asset of the Borrower or any Restricted Subsidiary other than any asset constituting Collateral, (iv) if such Permitted Incremental Equivalent Debt is secured, such Permitted Incremental Equivalent Debt shall be subject to an applicable Customary Intercreditor Agreement, (v) the terms of such Permitted Incremental Equivalent Debt do not provide for any scheduled amortization or mandatory repayment, mandatory redemption, mandatory offer to purchase or sinking fund obligation prior to the date that is 91 days after the Latest Maturity Date at the time of incurrence, issuance or obtainment of such Permitted Incremental Equivalent Debt, other than customary prepayments, repurchases or redemptions of or offers to prepay, redeem or repurchase upon a change of control, asset sale event or casualty or condemnation event, customary prepayments, redemptions or repurchases or offers to prepay, redeem or repurchase based on excess cash flow (in the case of loans) and customary acceleration rights upon an event of default and (vi) notwithstanding clause (i) above, any Permitted Incremental Equivalent Debt which is to be unsecured shall not be required to comply with the test set forth in Section 2.12(d)(iii)(B), but rather shall not exceed an amount such that the Senior Net Leverage Ratio does not exceed 4.00 to 1...
Permitted Incremental Equivalent Debt means any secured or unsecured (senior or subordinated) notes or loans, in each case, issued in lieu of Incremental Facilities; provided, that, (a) if secured, such Permitted Incremental Equivalent Debt shall be subject to an intercreditor agreement on terms reasonably satisfactory to the Administrative Agent and the Borrower, (b) if subordinated, such Permitted Incremental Equivalent Debt shall be subject to a subordination agreement (or other subordination provisions in lieu thereof) on terms reasonably satisfactory to the Administrative Agent and the Borrower, (c) no Default or Event of Default shall have occurred and be continuing at the time any such Permitted Incremental Equivalent Debt is incurred, (d) Permitted Incremental Equivalent Debt shall not mature prior to the Latest Maturity Date with respect to the Term A Loans or any Incremental Term Loans, or have a shorter Weighted Average Life to Maturity than the Term A Facility or any Incremental Term Facility, or have mandatory prepayment provisions (other than related to customary asset sale, similar events and change of control offers) that would result in mandatory prepayment of such Permitted Incremental Equivalent Debt prior to the Term A Facility or any Incremental Term Facility (it being understood that any Permitted Incremental Equivalent Debt may participate on a pro rata basis or less than pro rata basis (but not on a greater than pro rata basis) in any applicable mandatory prepayments hereunder), (e) Permitted Incremental Equivalent Debt shall not be secured by any Lien on any asset that does not constitute Collateral, (f) the All-In-Yield applicable to any Permitted Incremental Equivalent Debt will be determined by the Borrower and the lenders thereunder; provided, that, with respect to any Permitted Incremental Equivalent Debt in the form of term loans secured on a pari passu basis with the Secured Obligations, if the All-In-Yield on such Permitted Incremental Equivalent Debt exceeds the All-In-Yield on any then-existing term loan hereunder by more than fifty basis points (0.50%) per annum, then the Applicable Rate or fees payable with respect to such then-existing term loan shall on the effective date of such Permitted Incremental Equivalent Debt be increased to the extent necessary to cause the All-In-Yield on such then-existing term loan to be fifty basis points (0.50%) less than the All-In-Yield on such Permitted Incremental Equivalent Debt (such increase to be allocated as reasona...
Permitted Incremental Equivalent Debt means Indebtedness issued, incurred or otherwise obtained by the Borrower and/or any Guarantor in respect of one or more series of senior unsecured notes, senior secured first lien or junior lien notes or subordinated notes (in each case issued in a public offering, Rule 144A or other private placement or bridge financing in lieu of the foregoing (and any Registered Equivalent Notes issued in exchange therefor)), first lien or junior lien loans, unsecured or subordinated loans or secured or unsecured mezzanine Indebtedness that, in each case, if secured, will be secured by Liens on the Collateral on an equal priority (but without regard to the control of remedies) or junior priority basis with the Liens on Collateral securing the First Lien Obligations under this Agreement, and that are issued or made in lieu of Incremental Commitments; provided that:
Examples of Permitted Incremental Equivalent Debt in a sentence
The aggregate principal amount of Incremental Facilities on any date Indebtedness thereunder is first incurred, together with the aggregate principal amount of Permitted Incremental Equivalent Debt incurred at or prior to such time, will not exceed an amount equal to the Permitted Incremental Amount.
In the event that the Borrower does not specify the order in which to apply prepayments to reduce scheduled installments of principal or as between Classes of Term Loans or Permitted Incremental Equivalent Debt, the Borrower shall be deemed to have elected that such proceeds be applied to reduce the scheduled installments of principal in direct order of maturity, on a pro rata basis among the Classes of Term Loans.
In lieu of adding Incremental Term Loan Commitments, Borrower may at its option utilize all or any portion of the Incremental Amount capacity at any time by issuing or incurring Permitted Incremental Equivalent Debt in a manner consistent with Section 2.24(a).
Amend or modify, or permit the amendment or modification of, any document governing (a) any Additional Unsecured Indebtedness, any Additional Second Lien Indebtedness, or any Permitted Incremental Equivalent Debt, if any, in each case in any manner that violates the applicable intercreditor or subordination agreement for such Indebtedness or (b) any document governing any Accounts Receivable Program in any manner that is adverse in any material respect to the interests of the Lenders.
Note 12 – Advances for land The table below presents the lists of advances for land paid as at 30 June 2023 and 31 December 2022: Investment locationAs at 30 June 2023As at 31 December 2022 In thousands of Polish Zlotys (PLN) Warsaw, Białołęka1,4501,450Warsaw, Ursus10,00010,000Warsaw, Ursynów2,1002,100Warsaw, Ochota-7,100Total13,55020,650For more information about purchase of plots during the period ended 30 June 2023 please refer to Note 26 to the Interim Condensed Consolidated Financial Statements.
More Definitions of Permitted Incremental Equivalent Debt
Permitted Incremental Equivalent Debt means secured or unsecured Indebtedness of the Borrower and any Guarantors in the form of loans or one or more series of notes; provided that:
Permitted Incremental Equivalent Debt means Indebtedness issued, incurred or otherwise obtained by the Borrower and/or any Restricted Subsidiary in respect of one or more series of senior unsecured notes, senior secured first lien or junior lien notes or subordinated notes (in each case in respect of the issuance of notes, whether issued in a public offering, Rule 144A or other private placement or otherwise), first lien or junior lien loans, unsecured or subordinated loans or any bridge financing in lieu of the foregoing (and any Registered Equivalent Notes issued in exchange therefor) or secured or unsecured mezzanine Indebtedness; provided that:
Permitted Incremental Equivalent Debt in the First Lien Credit Agreement (as in effect on the date hereof).
Permitted Incremental Equivalent Debt means any Indebtedness incurred by one or more of the Loan Parties in the form of one or more series of secured or unsecured debt securities or loans; provided that (i) the final maturity date of any such Indebtedness shall not be earlier than the Final Maturity Date, (ii) the terms of such Indebtedness shall not provide for any scheduled repayment, mandatory redemption, sinking fund obligations or other payment (other than periodic interest payments) prior to the Final Maturity Date, other than customary offers to purchase upon a change of control, asset sale or casualty or condemnation event and customary acceleration rights upon an event of default, (iii) such Indebtedness shall be either (A) solely in the case of debt securities, secured by the Collateral on a pari passu basis with the Secured Obligations and shall not be secured by any property or assets of the Borrower or any Restricted Subsidiary other than Collateral, and a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to a First Priority Intercreditor Agreement reflecting the pari passu status of the Liens securing such Indebtedness, (B) secured by the Collateral on a junior basis (including with respect to the control of remedies) with the Secured Obligations and shall not be secured by any property or assets of the Borrower or any Restricted Subsidiary other than Collateral, and a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of a Junior Priority Intercreditor Agreement reflecting the second (or more junior) lien status of the Liens securing such Indebtedness or (C) unsecured, (iv) none of the obligors or guarantors with respect to such Indebtedness shall be a person that is not a Loan Party, and (v) the terms and conditions (excluding any pricing, interest rate margins, fees, discounts, rate floors and optional prepayment or redemption terms) of such Indebtedness, are, taken as a whole, not materially more favorable (as determined by the Board of Directors of Borrower in good faith and as evidenced in a resolution of such Board of Directors), taken as a whole, to the lenders or noteholders providing such Permitted Incremental Equivalent Debt than those applicable to the then existing Loans or Commitments, except for covenants or other provisions applicable only to periods after the Final Maturity Date of the Loans or Commitments existing at the time...
Permitted Incremental Equivalent Debt in the Second Lien Credit Agreement (as in effect on the date hereof). #4848-1207-1386 53
Permitted Incremental Equivalent Debt. (as defined in the Syndicated Facility Agreement (First Lien)) outstanding pursuant to clause (i) of the definition of “Permitted Incremental Equivalent Debt” (as defined in the Syndicated Facility Agreement (First Lien)) in reliance on the “Available Incremental Amount” (as defined in the Syndicated Facility Agreement (First Lien)) available under clause (A) of Section 2.14(d)(iii) of the Syndicated Facility Agreement (First Lien).
Permitted Incremental Equivalent Debt means (a) Permitted Pari Passu Debt, (b) Permitted Junior Lien Debt and (c) Permitted Unsecured Debt, in each case, issued, incurred or otherwise obtained in lieu of Incremental Facilities; provided that: