Permitted Junior Payment definition
Permitted Junior Payment means any payment or other distribution to the holders of the Securities of securities of the Company or any other corporation that are equity securities (other than Preferred Stock or Redeemable Capital Stock) or are subordinated in right of payment to all Senior Debt, to substantially the same extent as, or to a greater extent than, the holders of the Indenture Obligations are so subordinated.
Permitted Junior Payment means any payment or other distribution to the holders of the Series A notes or Series B notes of securities of the Company or any other entity that are equity securities (other than Preferred Stock or Redeemable Capital Stock) or are subordinated in right of payment to all Senior Indebtedness to substantially the same extent as, or to a greater extent than, the holders of the Indenture Obligations are so subordinated.
Permitted Junior Payment means any payment or other distribution to the holders of the notes of securities of United Auto or any other corporation that are equity securities (other than Preferred Stock or Redeemable Capital
Examples of Permitted Junior Payment in a sentence
Clause 9.1 (Turnover obligation) does not apply to any Permitted Junior Payment that an Intra-Group Creditor receives or recovers before an Insolvency Event.
More Definitions of Permitted Junior Payment
Permitted Junior Payment means a “Scheduled KEL Debt Payment” (as defined in the Senior Facility Agreement) made in accordance with the terms of the Senior Facility Agreement.
Permitted Junior Payment means a payment permitted under Clause 7.1.1 (Permitted Junior Payments).
Permitted Junior Payment means any Restricted Payment (excluding, however, any payment of the nature referred to in clause (a) or (b) of the definition of such term) which is made by the Company or any Subsidiary at any time when, after giving effect thereto and in the good faith determination of the Board of Directors of the Company evidenced by a duly adopted resolution of such Board, (x) the funds then available to the Company are sufficient (and are reasonably expected to continue to be sufficient) to make the next scheduled payment of interest to become due, and all other payments due and to become due in the next 190 days, on the Notes and (y) no Default shall have occurred and be continuing (or would reasonably be expected to occur within the next 190 days).