Permitted Shareholder Loans means unsecured loans made by any Permitted Holder to the Borrower or any Restricted Subsidiary (a) expressly subordinated in right of payment to the Obligations which provide for no payments of principal or interest (other than payment in kind interest), (b) are not convertible or exchangeable into securities of the Borrower or any of its Restricted Subsidiaries (other than Capital Stock (other than Disqualified Stock) of the Borrower), (c) contain no defaults and (d) are not mandatorily redeemable or redeemable at the option of the holder in the case of each of (a), (b), (c) and (d) prior to the date of the Latest Maturity Date.
Permitted Shareholder Loans means (i) the ITC Investments Shareholders Notes, (ii) a loan from any Subsidiary to the Borrower which is subordinated to the obligations of the Borrower under this Agreement and any other senior Indebtedness for Borrowed Money of the Borrower and provided that the Borrower shall not make any payment with respect to any such loan if at the time thereof a Default has occurred and is continuing or would occur as a result of such payment, (iii) a loan from the Borrower to any Subsidiary or a loan, or series of loans, from any Subsidiary to any other Subsidiary of the Borrower, the proceeds of which are used to purchase shares of a Subsidiary, which shares are pledged to the Borrower or the Subsidiary which is the lender as security for such loan and which transactions the Borrower has determined will have a positive impact on the efficiencies within the Borrower’s group of companies or will free up cash flow at the Borrower level and which transactions are consistent in all material respects with the Borrower's past practice, (iv) a loan from any shareholder of a Subsidiary of the Borrower to such Subsidiary provided that the terms of such shareholder loan provide that any payment by such Subsidiary to any lending shareholder (or a successor or assign thereof) pursuant to or on account of such shareholder loan (including as principal, interest, repurchase or otherwise) shall be made pro rata to each of the lending shareholders in proportion to the principal amount outstanding under the shareholder loans and owing to each shareholder (or a successor or assign thereof) and such shareholder loans are not assignable by any lending shareholder without the consent of the relevant Subsidiary and provided further that such shareholder loans are unsecured or, solely in the case of a borrowing Subsidiary which has no assets other than cash or cash equivalents and shares or other equity securities in a Wholly-Owned Subsidiary, secured by a pledge of a percentage of the equity securities in such Wholly-Owned Subsidiary equivalent to each lending shareholder’s percentage equity interest in the borrower Subsidiary.
Permitted Shareholder Loans means unsecured loans made by any Permitted Holder to the Company or any Restricted Subsidiary expressly subordinated in right of payment to the Notes which (a) provide for no payments of principal or interest (other than payment in kind interest), (b) are not convertible or exchangeable into securities of the Restricted Parent Guarantor or any of its Restricted Subsidiaries (other than Capital Stock (other than Disqualified Stock) of the Restricted Parent Guarantor), (c) contain no defaults and (d) are not mandatorily redeemable or redeemable at the option of the holder in the case of each of (a), (b), (c) and (d) prior to the date the Notes are no longer outstanding.
Examples of Permitted Shareholder Loans in a sentence
Currently, Ohio is in a state of transition from using its own standards to using the Common Core standards.
More Definitions of Permitted Shareholder Loans
Permitted Shareholder Loans means any unsecured, subordinated shareholder loans provided by the Issuer to any Non-Obligor;
Permitted Shareholder Loans means unsecured loans made by any Permitted Holder to the Company or any Restricted Subsidiary expressly subordinated in right of payment to the Notes which (a) provide for no payments of principal or interest (other than payment in kind interest), (b) are not convertible or exchangeable into securities of the Issuer, the Restricted Parent Guarantor or any of its Restricted Subsidiaries (other than Capital Stock (other than Disqualified Stock) of the Issuer or the Restricted Parent Guarantor), (c) contain no defaults and (d) are not mandatorily redeemable or redeemable at the option of the holder in the case of each of (a), (b), (c) and (d) prior to the date the Notes are no longer outstanding.