Permitted Subordinated Debt Payments definition

Permitted Subordinated Debt Payments means payments in kind (and not in cash) of regularly scheduled payments of interest on the Subordinated Debt due and payable on a non-accelerated basis in accordance with the terms of the Subordinated Debt Documents as in effect on the date hereof or as modified in accordance with the terms of this Agreement.

Permitted Subordinated Debt Payments means regularly scheduled payments of principal and interest on any Permitted Subordinated Indebtedness in accordance with the terms thereof.

Permitted Subordinated Debt Payments means the payments, receipts and set-offs permitted by paragraph 5.3 (Permitted Subordinated Debt Payments) of the Issuer Intercreditor Terms as long as they are so permitted.

Examples of Permitted Subordinated Debt Payments in a sentence

• Notwithstanding the terms of the Subordinated Debt Documents, Company hereby agrees that it may not make, and Subordinated Creditor hereby agrees that it will not accept, any Distribution with respect to the Subordinated Debt until the Senior Debt is Paid in Full, other than Permitted Subordinated Debt Payments.

• Until the Senior Facility Debt is Paid In Full, unless an Insolvency Proceeding has commenced (as to which Sections 2.5, 2.7, 5.5 and 5.6 hereof shall apply), Obligors will not make and Subordinate Agent shall not accept or retain any Distribution in respect of the Subordinated Indebtedness other than, subject to Section 2.3 herein, Permitted Subordinated Debt Payments.

• Upon the expiration of any Payment Blockage Period and so long as no other Payment Blockage Period is in effect, Borrowers and the other Obligors may make or resume making (and Junior Creditors may receive and retain) any and all Permitted Subordinated Debt Payments that would otherwise have been made but for such Payment Blockage Period (“Deferred Permitted Subordinated Debt Payment”).

• Notwithstanding the terms of the Subordinated Debt Documents (or any documents governing any Subordinated DIP Financing), each Company (for itself and its subsidiaries) acknowledges that none of them may make, and Subordinated Agent and each Subordinated Lender hereby agrees that it will not accept, any Distribution (other than Permitted Subordinated Debt Payments) with respect to the Subordinated Debt until the Discharge of Senior Debt.

• For the avoidance of doubt, Permitted Subordinated Debt Payments that are blocked or suspended pursuant to Section 2.2 or 2.3 shall accrue (to the extent not already capitalized to the Subordinated Debt) and constitute Subordinated Debt and may be paid by Parent to the Subordinated Creditors upon the cure or waiver of the Senior Default or dismissal of an Insolvency Proceeding prior to final resolution thereof, as applicable.

More Definitions of Permitted Subordinated Debt Payments

Permitted Subordinated Debt Payments means none.

Permitted Subordinated Debt Payments means, collectively, (i) regularly scheduled payments of non-default interest on the Subordinated Indebtedness when and as due under the Subordinated Loan Documents as in effect on the date hereof (or as may be amended in accordance with the terms hereof), (ii) mandatory prepayments of principal when due under the Subordinated Credit Agreement but only to the extent Senior Agent on behalf of itself and the Senior Creditors has waived in writing such mandatory prepayment or has agreed in writing not to apply such amounts as a prepayment and permanent reduction of the Senior Facility Debt, (iii) voluntary prepayments of the Subordinated Indebtedness solely to the extent permitted by Section 6.22 of the Senior Facility Loan Agreement, (iv) payments of Subordinated Debt Costs and Expenses described in clause (b) of the definition of “Non-Blockable Items” plus other Subordinated Debt Costs and Expenses in the aggregate not to exceed $100,000 for any twelve-month period (excluding Subordinated Debt Costs and Expenses paid on the Closing Date), (v) closing fees (the amount of which shall have been previously disclosed to Senior Lenders in writing on or before the date hereof and set forth in any funds flow memorandum) paid or payable on the Closing Date, (vi) an annual valuation fee of $20,000, (vii) any payment to which the Senior Agent or Senior Lenders have consented in writing, (viii) so long as (A) no Default or Event of Default (each as defined in the Senior Facility Loan Agreement) shall have occurred and be continuing under the Senior Facility Loan Documents, (B) the Borrower shall be in pro forma compliance with the covenants contained in Section 6.20 of the Senior Facility Loan Agreement, and (C) the Borrower shall have (x) Unused Revolving Credit Commitments plus unrestricted cash and Cash Equivalents (as defined in the Senior Facility Loan Agreement) and (y) Borrowing Base Availability plus unrestricted cash and Cash Equivalents, in each case, of at least $7,500,000, AHYDO Catch-Up Payments, (ix) the repayment in full of the Subordinated Indebtedness on the maturity date specified in the Subordinated Loan Documents as of the date hereof (as may be amended in accordance with the terms hereof), and (x) payments or Distributions constituting Non-Blockable Items.

Permitted Subordinated Debt Payments means:

Permitted Subordinated Debt Payments means the regularly scheduled payments of principal and interest in respect of the Subordinated Note (as in effect on the date hereof), provided that no Senior Payment Default, Senior Covenant Default or Equity Conditions Failure (as defined in the Notes) has occurred and is continuing.

Permitted Subordinated Debt Payments means (i) regularly scheduled payments of capitalized payments-in-kind of accrued interest (but not, for the sake of clarity, any payments in cash) on the Subordinated Note due and payable on a non-accelerated basis, (ii) payments effected through conversion of indebtedness under the Subordinated Note to common stock of the Company (or other qualified capital stock (on terms and conditions reasonably satisfactory to Agent) of the Company) and (iii) payments effected through conversion of the indebtedness under the Subordinated Note to other indebtedness so long as, to the extent any Company is an obligor thereunder, such convertible indebtedness is subject to a subordination agreement on the same terms and conditions of this Agreement and otherwise satisfactory to Agent.

Permitted Subordinated Debt Payments means (a) payments for which Subordinated Creditor obtains the prior written consent from the Senior Agent (in Senior Agent’s sole and absolute discretion) and (b) payments during an Insolvency Proceeding of an Obligor paid through Reorganization Subordinated Securities in accordance with the term and conditions of Section 2.02, in each instance, due and payable in accordance with the terms of the Subordinated Debt Documents as in effect on the date hereof or as modified in accordance with the terms of this Agreement.

Permitted Subordinated Debt Payments means (i) payments of Subordinated Debt Costs and Expenses, (ii) regularly scheduled payments of interest (including non-cash in-kind payments) on the Subordinated Debt due and payable on a non-accelerated basis as and when due and payable, (iii) the payment of principal of the Subordinated Debt at its regularly scheduled maturity date and (iv) payments constituting Permitted Subordinated Debt Redemptions (as such term is defined in the Senior Credit Agreement), in each case with respect to clauses (i), (ii) and (iii) above in accordance with the terms of the Subordinated Debt Documents as in effect on the date hereof or as modified in accordance with the terms of this Agreement.