Permitted Junior Debt means any Permitted Junior Notes and any Permitted Junior Loans.
Permitted Junior Debt means and include (i) any Permitted Junior Notes and (ii) any Permitted Junior Loans.
Permitted Junior Debt means (a) unsecured subordinated Indebtedness issued or incurred by one or both of the Borrower and Finance Co and (b) unsecured senior Indebtedness issued by one or both of the Borrower and Finance Co, (i) the terms of which, in the case of each of clauses (a) and (b), (1) do not provide for any scheduled repayment, mandatory redemption or sinking fund obligation prior to the date that is 91 days after the latest of (x) the Revolving Facility Maturity Date and (y) any Incremental Facility Maturity Date, (2) do not contain covenants that, taken as a whole, are more restrictive than those set forth in this Agreement and the other Loan Documents, (3) provide for covenants and events of default customary for Indebtedness of a similar nature as such Permitted Junior Debt and (4) in the case of unsecured subordinated Indebtedness, provide for subordination of payments in respect of such Indebtedness to the Obligations and guarantees thereof under the Loan Documents customary for high yield securities and (ii) in the case of each of clauses (a) and (b), in respect of which no Subsidiary of a Borrower that is not an obligor under the Loan Documents is an obligor; provided that immediately prior to and after giving effect on a Pro Forma Basis to any incurrence of Permitted Junior Debt, no Default or Event of Default shall have occurred and be continuing or would result therefrom and the Borrower would be in compliance on a Pro Forma Basis with the Financial Performance Covenants as of the most recently completed fiscal quarter for which financial statements are available.
Examples of Permitted Junior Debt in a sentence
Prior to, or forthwith after (but in any event on the same Banking Day on which such issuance is made), the issuance of any Permitted Junior Debt or Permitted Refinancing Debt, the Borrower shall deliver to the Agent and the Lenders an officer’s certificate attaching a true, correct and complete copy of any Permitted Junior Debt Documents or Permitted Refinancing Debt Documents, as applicable and a fully executed copy of any Intercreditor Agreement required in connection therewith (if applicable).
The Borrower will provide the Agent with no less than 10 Banking Days’ prior written notice of the proposed issuance of any new Permitted Junior Debt or Permitted Refinancing Debt.
The Borrower will provide the Agent with copies of all amendments to any Permitted Junior Debt Document or Permitted Refinancing Debt Document in accordance with Section 12.2(p).
The occurrence of an “event of default” under the Permitted Junior Debt or any Permitted Junior Debt Document or any notice of enforcement or default is issued by the holders thereof (or any agent on behalf of them) under the Intercreditor Agreement.
At any time any Permitted Junior Debt or Permitted Refinancing Debt is outstanding, no Loan Party is in default under, and no event of default has occurred pursuant to the Permitted Junior Debt Documents or any Permitted Refinancing Debt Documents in respect thereof, as applicable.
More Definitions of Permitted Junior Debt
Permitted Junior Debt shall have the meaning assigned to it in Section 6.02(m).
Permitted Junior Debt means subordinated Indebtedness of Company that:
Permitted Junior Debt means (a) subordinated Indebtedness issued or incurred by the Borrower or a Restricted Subsidiary and (b) senior unsecured Indebtedness issued or incurred by the Borrower or a Restricted Subsidiary, the terms of which, in the case of each of clauses (a) and (b), (i) do not provide for a final maturity date, scheduled amortization or any other scheduled repayment, scheduled mandatory redemption or scheduled sinking fund obligation prior to the date that is 91 days after the Maturity Date (provided that the terms of such Permitted Junior Debt may require the payment of interest from time to time), (ii) do not contain covenants and events of default that, taken as a whole, are more restrictive than the covenants and Events of Default set forth in this Agreement and the other Loan Documents, as reasonably determined in good faith by the Borrower, and (iii) provide for covenants and events of default customary for Indebtedness of a similar nature as such Permitted Junior Debt, as reasonably determined in good faith by the Borrower.
Permitted Junior Debt means any secured Indebtedness, which is either subordinated in right of payment to the Notes or is secured by Liens with a lower priority than the Liens securing the Notes, with respect to which the agent, trustee or other representatives of the lenders or the holders of such Indebtedness shall have become a party to the Intercreditor Agreement and which shall be subject to restrictions and the terms applicable to the holders of “junior debt” (as such term is defined in the Intercreditor Agreement).
Permitted Junior Debt in its entirety as follows:
Permitted Junior Debt means (1) (i) the Senior Unsecured Notes so long as the Debt thereunder is incurred on terms and conditions satisfactory to the Administrative Agent and (ii) other Debt which is issued on terms and conditions substantially similar to the terms and conditions applicable to the Senior Unsecured Notes and the indenture entered into in connection therewith (it being agreed that changes in the rate, tenor or maturity (other than changes in maturity which would provide for or cause such Debt to mature within six months after the Effective Date) shall not cause such Debt to not be on substantially similar terms) and (2) the aggregate Debt of the Borrower and the Borrower’s Subsidiaries, which is either unsecured Debt, or second Lien Debt that is subordinated to the Obligations pursuant to the terms of a Subordination Agreement. Permitted Junior Debt may be incurred only so long as each of the following conditions are satisfied: (i) at the time of the incurrence of such Debt (a) no Default or Event of Default has occurred and is continuing (or would result from the incurrence of such Debt), and (b) the Total Leverage Ratio is less than the maximum Total Leverage Ratio permitted under Section 6.12(a) at such time, calculated on a pro forma basis; (ii) such Debt shall not mature, and no installments of principal shall be due and payable on such Debt, prior to the Termination Date; and (iii) other than in connection with the Senior Unsecured Notes and the other Debt described in clause (1)(ii) of the preceding sentence, such Debt shall not be incurred upon covenants more restrictive than those set forth in this Agreement.
Permitted Junior Debt means all Debt created, incurred or issued by the Borrower and which is owing to the Junior Debt Creditors pursuant to the terms of a Junior Debt Financing Agreement, which Debt complies with all of the following criteria: