Permitted Priority Debt means Indebtedness of the Obligors, in a principal amount not to exceed at any time 80% times the face amount at such time of the Obligors’ eligible accounts receivable; provided that (a) such Indebtedness, if secured, shall not be secured by a first-priority security interest in any asset other than the Obligors’ accounts receivable and inventory, and (b) the holders or lenders thereof have executed and delivered to Lenders an intercreditor agreement reasonably satisfactory to the Majority Lenders reflecting market terms and conditions.
Permitted Priority Debt means (i) Indebtedness of a Subsidiary, whether or not secured, other than Indebtedness permitted under subsections (a) through
Permitted Priority Debt means (i) Indebtedness of a Subsidiary, whether or not secured, other than Indebtedness permitted under subsections (a) through (h) of Section 7.01 and (ii) Indebtedness of the Borrower or any Subsidiary secured by Liens on property of the Borrower or any Subsidiary, other than Liens permitted under subsections (a) through (p) of Section 7.02, not to exceed at any one time outstanding in the aggregate under clause (i) and (ii), but without duplication, an aggregate principal amount equal to 20% of Consolidated Net Tangible Assets.
Examples of Permitted Priority Debt in a sentence
Borrower and Subsidiaries shall maintain, at all times, a minimum daily balance of cash and Permitted Cash Equivalent Investments of at least the greater of (A) $2,000,000 (Two Million Dollars) and (B) to the extent Borrower has incurred Permitted Priority Debt, the minimum cash balance required of Borrower by Borrower’s Permitted Priority Debt creditors.
Borrower shall maintain at all times Liquidity in an amount which shall exceed the greater of (i) $2,000,000 and (ii) to the extent Borrower has incurred Permitted Priority Debt, the minimum cash balance required of Borrower by Borrower’s Permitted Priority Debt creditors.
Borrower shall maintain at all times Liquidity in an amount which shall exceed the greater of (i) $2,000,000 and (ii) to the extent Borrower has incurred Permitted Priority Debt, the minimum cash balance, if any, required of Borrower by Borrower’s Permitted Priority Debt creditors.
Borrower shall maintain at all times Liquidity in an amount which shall exceed the greater of (i) (A) $2,000,000 if a Qualifying IPO has not occurred, or (B) $5,000,000 if a Qualifying IPO has occurred, and (ii) to the extent Borrower has incurred Permitted Priority Debt, the minimum cash balance, if any, required of Borrower by Borrower’s Permitted Priority Debt creditors.
Borrower shall maintain at all times Liquidity in an amount which shall exceed the greater of (i) $3,000,000 and (ii) to the extent Borrower has incurred Permitted Priority Debt, the minimum cash balance, if any, required of Borrower by Borrower’s Permitted Priority Debt creditors under the agreement governing such Permitted Priority Debt.
More Definitions of Permitted Priority Debt
Permitted Priority Debt means (i) Indebtedness of a Subsidiary, whether or not secured, other than Indebtedness permitted under subsections (a) through (e) of Section 7.01 and (ii) Indebtedness of the Borrower or any Subsidiary secured by Liens on property of the Borrower or any Subsidiary, other than Liens permitted under subsections (a) through (o) of Section 7.02, not to exceed at any one time outstanding in the aggregate under clause (i) and (ii), but without duplication, an aggregate principal amount equal to 15% of Consolidated Net Tangible Assets.
Permitted Priority Debt means (i) Indebtedness of a Subsidiary (other than the Borrower), whether or not secured, other than Indebtedness permitted under subsections (a) through (f) of Section 7.01 and (ii) Indebtedness of the MLP or any Subsidiary secured by Liens on property of the MLP or any Subsidiary, other than Liens permitted under subsections (a) through (n) of Section 7.02, not to exceed at any one time outstanding in the aggregate under clause (i) and (ii), but without duplication, an aggregate principal amount equal to 20% of Consolidated Net Tangible Assets.
Permitted Priority Debt means (a) Debt of the Borrower and its Subsidiaries (regardless of when incurred), (b) Debt of the Borrower’s Subsidiaries existing on the Closing Date and any Permitted Refinancing Debt in respect thereof, (c) Debt of the Guarantors (other than guarantees of Excluded Specified Debt), (d) unsecured Debt of any Subsidiary owing to any other Subsidiary, the Borrower or CenturyLink, (e) that portion of the capital leases of the Borrower’s Subsidiaries that does not exceed the aggregate principal amount of capital leases of the Borrower’s Subsidiaries on the Closing Date, (f) Excluded Specified Debt and (g) Funded Debt of any joint venture, including any joint venture that qualifies as a Subsidiary, in an aggregate amount at any time not to exceed $200,000,000, including Guaranties of such Funded Debt.
Permitted Priority Debt means Indebtedness of Borrower, in an amount not to exceed at any time 80% of the face amount at such time of Borrower’s non-delinquent accounts receivable; provided that (a) such Indebtedness, if secured, is secured solely by Borrower’s Inventory Accounts Receivable, inventory and cash proceeds thereof held in a segregated account but is otherwise unsecured, and (b) the lender(s) thereof have executed and delivered to Lenders an intercreditor agreement in substantially the form of Exhibit I and with such changes as are reasonably satisfactory to the Majority Lenders or as reasonably requested by the lender(s) funding such Permitted Priority Debt, so long as such intercreditor agreement permits the Lenders to amend the terms of the Loans hereunder in their sole discretion.
Permitted Priority Debt means Indebtedness of Obligors, in an aggregate principal amount at any time outstanding not to exceed 80% of the face amount at such time of such Obligors’ eligible Accounts Receivable securing such Indebtedness; provided that (a) such Indebtedness, if secured, is secured by a first priority security interest in such Obligors’ Accounts Receivable (and related chattel paper, instruments, payment intangibles, supporting obligations and documents), inventory and cash proceeds thereof (including cash proceeds which shall be held in a segregated account), and (b) the holders or lenders thereof have executed and delivered to Lenders an intercreditor agreement in substantially the form of Exhibit I and with such changes thereto (if any) or such other form as may be satisfactory to the Majority Lenders.
Permitted Priority Debt means Indebtedness of Borrower under one working capital revolving credit facility, in an amount not to exceed at any time the sum of 80% of the face amount at such time of Borrower’s non-delinquent accounts receivable and 50% of the fair market value of Borrower’s eligible inventory at the time of any advance; provided that (a) such Indebtedness (i) if secured, is secured solely by (subject to the following clause (ii)) Borrower’s (A) inventory, (B) accounts or proceeds arising from the sale or lease of inventory or the provision of services, (C) books and records relating to the foregoing collateral, and/or (D) segregated proceeds of the foregoing (including any deposit accounts, securities accounts or commodities accounts holding solely such proceeds), and (ii) is not secured by (A) any Intellectual Property or licenses thereof, (B) equipment, (C) any accounts or proceeds arising from the sale, transfer, license or other disposition of any Intellectual Property or licenses or equipment, or (D) proceeds of Loans or of Collateral that does not secure such Permitted Priority Debt, and (b) the holders or lenders thereof have executed and delivered to Administrative Agent an intercreditor agreement in substantially the form of Exhibit H and with such changes (if any) as are mutually satisfactory to Administrative Agent and the provider of such Indebtedness. Notwithstanding the foregoing, Permitted Priority Debt includes the Indebtedness under the SVB Credit Agreement (as defined in the Intercreditor Agreement, dated as of January 5, 2018, between CRG Servicing and Silicon Valley Bank, a California corporation, which references the Original Loan Agreement).
Permitted Priority Debt means Indebtedness of Borrower under one working capital revolving credit facility (including reimbursement agreements under letters of credit or bank guarantees permitted thereunder), in an amount not to exceed at any time the sum of (x) 80% of the face amount at such time of Borrower’s eligible accounts receivable and (y) 50% of the value of Borrower’s eligible inventory, in each case, at the time of any advance; provided that (a) such Indebtedness, if secured, may benefit from a first priority Lien on solely Borrower’s accounts receivable, inventory, cash equivalents and cash (other than proceeds of (i) any protective advances made by Secured Parties in accordance with the Loan Documents, (ii) Intellectual Property and (iii) Collateral that does not secure such Permitted Priority Debt), but otherwise is not secured by any property, unless (x) such security interest in other property is subordinated to (and subject to a six-month standstill in favor of the holders of) the Liens securing the Obligations, and (y) the Secured Parties are the beneficiaries of a second-priority, perfected, lien on all collateral securing such Permitted Priority Debt that this clause (a) permits to serve as first-priority collateral for such Permitted Priority Debt, and (b) the holders or lenders thereof have executed and delivered to Administrative Agent an intercreditor agreement in substantially the form of Exhibit H (or otherwise satisfactory to the Administrative Agent) and with such changes (if any) as are reasonably satisfactory to Administrative Agent.