Permitted Note Indebtedness means Indebtedness of the Borrower and/or any of its Subsidiaries resulting from the issuance by such parties of senior unsecured notes; provided that (a) such Indebtedness does not mature or require any scheduled payments of the principal amount thereof prior to the date that is one year after the Maturity Date in effect on the date of such Permitted Note Indebtedness issuance, (b) such Indebtedness bears no greater than a market interest rate as of the time of its issuance or incurrence (as determined in good faith by the Borrower), (c) no indenture or other agreement governing such Indebtedness contains (i) maintenance financial covenants or (ii) covenants or events of default that, taken as a whole, are more restrictive on the Borrower and its Subsidiaries than those contained in this Agreement are on the Borrower and its Subsidiaries, (d) after giving effect to the issuance or incurrence of such Indebtedness on a pro forma basis, the Borrower shall be in compliance (as set forth in Section 1.05(c)) with all applicable covenants set forth in Section 9.01, and (e) no Default or Event of Default exists at the time of or after giving effect to the issuance or incurrence of such Indebtedness.
Permitted Note Indebtedness means Indebtedness of the Borrower and/or any of its Subsidiaries resulting from the issuance by such parties of senior unsecured notes; provided that (a) such Indebtedness does not mature or require any scheduled payments of the principal amount thereof prior to the date that is 180 days after the Maturity Date in effect on the date of such Permitted Note Indebtedness issuance,
Permitted Note Indebtedness means (a) the Existing Notes in a principal amount not to exceed $65,000,000 (plus any positive Exchange Threshold Amount) in the aggregate, (b) the New Convertible Notes and (c) other Convertible Note Indebtedness issued by the Borrower after the Closing Date; provided that such Convertible Note Indebtedness (i) shall have an interest rate no greater than six percent (6.00%) per annum, (ii) shall be unsecured, (iii) shall have no Subsidiary Guarantee such Convertible Note Indebtedness, (iv) such Convertible Note Indebtedness shall not mature, and no scheduled or mandatory principal payments, prepayments, cash settlements, repurchases, redemptions or sinking fund or like payments of such Convertible Note Indebtedness shall be required at any time on or prior to the date that is one hundred and eighty (180) days after the Maturity Date, other than (x) the settlement of conversions at the option of the holders thereof into Qualified Capital Stock plus cash, if any, in lieu of any fractional share, (y) any customary provisions granting the issuer thereof the right, but not the obligation, to redeem the same (it being understood that any exercise of such redemption right will be subject to Section 8.11) and (z) any customary upon a “change of control”, “fundamental change” or similar provisions granting the holders of such Convertible Note Indebtedness a right to require the repurchase of such Convertible Note Indebtedness upon such event in circumstances that would also constitute a Change of Control under this Agreement , (v) such Convertible Note Indebtedness shall be subordinated to the Obligations under this Agreement on terms reasonably acceptable to the Required Lenders, and (vi) no Default or Event of Default shall have occurred and be continuing at the time of incurrence of such Convertible Note Indebtedness or could result therefrom (the “Additional Convertible Notes”).
Examples of Permitted Note Indebtedness in a sentence
Upon the first issuance by the Borrower or a Subsidiary of Permitted Note Indebtedness following the Effective Date, the Borrower may, at its sole option, exercise the Permitted Notes Covenant Option on the date of the Borrower’s and/or any Subsidiary’s issuance of such Permitted Note Indebtedness by delivering written notice to the Administrative Agent of the Borrower’s election to so exercise the Permitted Notes Covenant Option.
More Definitions of Permitted Note Indebtedness
Permitted Note Indebtedness means (i) the Outstanding MLP Senior Notes and (ii) similar unsecured Indebtedness for borrowed money of MLP and/or any of its Subsidiaries resulting from the issuance by such parties of senior unsecured notes, whether pursuant to a private placement or a public sale; provided that (a) such Indebtedness shall not have the benefit of any letter of credit or other credit support (other than unsecured guarantees from the Borrowers and Guarantors not primarily obligated therefor) (b) such Indebtedness does not mature or require any scheduled payments of the principal amount thereof prior to the date that is 180 days after the Termination Date in effect on the date of such Indebtedness issuance or incurrence, (c) after giving effect to the issuance or incurrence of such Indebtedness on a pro forma basis, the Borrowers shall be in compliance with all applicable covenants set forth in Section 6.20 and prior to such issuance or incurrence, the Borrowers shall have delivered to the Administrative Agent a compliance certificate in the form of Exhibit E attached hereto evidencing such compliance, and (d) no Default or Event of Default exists at the time of or after giving effect to the issuance or incurrence of such Indebtedness.
Permitted Note Indebtedness means (i) the Outstanding MLP Senior Notes and (ii) similar unsecured Indebtedness for borrowed money of MLP and/or any of its Subsidiaries resulting from the issuance by such parties of senior unsecured notes, whether pursuant to a private placement or
Permitted Note Indebtedness means Indebtedness of the Borrower and/or any of its Subsidiaries resulting from the issuance by such parties of senior unsecured notes; provided that (a) such Indebtedness does not mature or require any scheduled payments of the principal amount thereof prior to the date that is one year after the Maturity Date in effect on the date of such Permitted Note Indebtedness issuance, (b) such Indebtedness bears no greater than a market interest rate as of the time of its issuance or incurrence (as determined in good faith by the Borrower), (c) no indenture or other agreement governing such Indebtedness contains (i) maintenance financial covenants or (ii) covenants or events of default that, taken as a whole, are more restrictive on the Borrower and its Subsidiaries than those contained in this Agreement are on the Borrower and its Subsidiaries, (d) after giving effect to the issuance or incurrence of such Indebtedness on a pro forma basis, the Borrower shall be in compliance (as set forth in Section 1.05(c)) with all applicable covenants set forth in Section 9.01, and (e) no Default or Event of Default exists at the time of or after giving effect to the issuance or incurrence of such Indebtedness. “Permitted Notes Covenant Option” means a one-time option of the Borrower, exercisable in accordance with Section 9.01 hereof contemporaneously with the issuance of Permitted Note Indebtedness by the Borrower or a Subsidiary, to elect to be subject to the financial covenants set forth in Section 9.01(a) (ii) and Section 9.01(b) hereof in lieu of the financial covenant set forth in Section 9.01(a)(i) hereof. “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.
Permitted Note Indebtedness means all Indebtedness under, pursuant to, or in connection with Permitted Notes.
Permitted Note Indebtedness means unsecured Indebtedness for borrowed money of MLP and/or any of its Subsidiaries resulting from the issuance by such parties of senior unsecured notes, whether pursuant to a private placement or a public sale; provided that (a) such Indebtedness shall not have the benefit of any letter of credit or other credit support (other than unsecured guarantees from the Borrowers and Guarantors not primarily obligated therefor) (b) such Indebtedness does not mature or require any scheduled payments of the principal amount thereof prior to the date that is 180 days after the Termination Date in effect on the date of such Indebtedness issuance or incurrence, (c) such Indebtedness bears no greater than a market interest rate (taking into account any upfront and issuer discounts and premiums) as of the time of its issuance or incurrence (as determined in good faith by the Borrowers’ Agent), (d) no indenture or other agreement governing such Indebtedness contains (i) maintenance financial covenants or (ii), in the sole judgment of the Administrative Agent, (a) terms that are not then reasonably customary and market for similar transactions, or (b) other material covenants or events of default that, when taken as a whole, are more restrictive than, or that conflict with, those contained in this Agreement, (e) no covenant benefiting such Indebtedness shall restrict the Borrowers from incurring U.S. $700,000,000 of Indebtedness under this Agreement, (f) after giving effect to the issuance or incurrence of such Indebtedness on a pro forma basis, the Borrowers shall be in compliance with all applicable covenants set forth in Section 6.20 and prior to such issuance or incurrence, the Borrowers shall have delivered to the Administrative Agent a compliance certificate in the form of Exhibit E attached hereto evidencing such compliance, and (g) no Default or Event of Default exists at the time of or after giving effect to the issuance or incurrence of such Indebtedness.