Qualified Debt means, on any date, the sum of (i) Indebtedness (including all Loans) then outstanding and permitted pursuant to Section 7.03 and (ii) Indebtedness that the Borrower would be permitted to borrow hereunder on such date pursuant to Section 7.03 and, in the case of Loans, Section 4.02(a) and (b), and which the Borrower intends to borrow within twelve months of such date. For purposes of this Agreement, the outstanding principal balance of any Loan described in clause (ii) of the preceding sentence on any date will be the amount thereof set forth in the then most recent Qualified Debt Notice received by the Administrative Agent.
Qualified Debt means a commercial loan that:
Qualified Debt means any debt of the Partnership secured by a Facility and held by a party that is not an Affiliate of the Partnership that constitutes a nonrecourse liability of the Partnership under Code Section 752 and the regulations thereunder.
Examples of Qualified Debt in a sentence
The Borrower will not, and will not permit or cause any Subsidiary or Qualified Trust to, issue any trust preferred securities that are not Qualified Debt Obligations.
Notwithstanding the foregoing, if a majority of the Independent Non-CD&R Investor Directors consent in writing prior thereto, any Qualified Debt Holder may exchange Qualified Debt for equity securities of the Company on terms and conditions agreed to in writing by the Company (by approval of a majority of the Independent Non-CD&R Investor Directors) and such Qualified Debt Holder.
The Parent will not, and will not permit or cause the Borrower or any Qualified Trust to, issue any trust preferred securities that are not Qualified Debt Obligations.
Surety retains the right to expressly consent to such a Qualified Debt Prepayment, however, if Surety withholds its consent, Surety will provide written notice to both Contractor and Creditor within 30 days of receipt of the Surety Notice.
Refinance $300K existing Qualified Debt plus $400K for other unsecured loan obligations and Business Operating Expenses.
More Definitions of Qualified Debt
Qualified Debt means, as to the Company, as of any date of determination, without duplication, all outstanding indebtedness of the Company for borrowed money, including Indebtedness represented by the Notes, the 1994 Notes, the 1996 Notes, and this Agreement (including L/C Borrowings and Loans used to repay L/C Borrowings, but excluding L/C Obligations with respect to undrawn Letters of Credit).
Qualified Debt means Indebtedness permitted to be incurred pursuant to Sections 10.04(g) (but, in the case of such clause (g), only to the extent such Indebtedness is in excess of $25,000,000 in the aggregate), (o), (q) and (r).
Qualified Debt means Nonrecourse Debt which also constitutes "qualified nonrecourse financing" within the meaning of Section 465(b)(6) of the Code.
Qualified Debt means the term loans advanced pursuant to, or outstanding under, the Amended Credit Agreement.
Qualified Debt means the amount of cash proceeds received by Issuer or any of its Affiliates in connection with the incurrence of any indebtedness except for indebtedness under a bank line of credit (provided that with respect to indebtedness under a line of credit to finance the acquisition of a business whatever the structure, this exception shall be limited to an outstanding balance of $10,000,000 in the aggregate at any time) or indebtedness incurred to finance operating expenses, equipment and capital expenditures (but specifically excluding any capital expenditures associated with the acquisition of a business whatever the structure) incurred by Issuer or any of its Affiliates in the ordinary course of business.
Qualified Debt means Indebtedness which (i) is unsecured, subordinated or junior in Lien priority to the Obligations hereunder, in each case, subject to subordination and intercreditor (as applicable) terms acceptable to the Required Lenders, (ii) does not have scheduled amortization or a maturity date, and is not subject to mandatory prepayment, redemption or sinking fund obligations, in each case, prior to the date which is 180 days after the Latest Maturity Date, (iii) in respect of which interest thereon shall only be payable in kind (and not in cash) until the date that is 180 days following the Latest Maturity Date, (iv) which otherwise does not impair, restrict or otherwise limit any of the rights, remedies, enforceability, Liens, Collateral, priorities or perfection of the Secured Parties under the Loan Documents or the rights, abilities, liabilities or obligations of the Loan Parties and their Subsidiaries hereunder and under the other Loan Documents, (v) at the time of issuance or incurrence thereof (and after giving pro forma effect thereto), no Event of Default then exists or would result therefrom and the Borrower shall be in pro forma compliance with the Consolidated First Lien Net Leverage Ratio pursuant to Section 7.11 hereof (as determined based on the most recently delivered quarterly or annual financial statements and giving effect to such Indebtedness as if issued on the first day of the twelve month period ending as of the period covered by such financial statements, (vi) the affirmative, negative and financial covenants and events of default shall be on market terms and in no event shall be materially more restrictive on the Borrower and its Subsidiaries than those set forth in the Second Lien Notes and the Loan Documents (unless, to the extent any new categories of affirmative, negative and financial covenants and events of default are included in the documentation evidencing such Qualified Debt, such additional categories are (i) also added for the benefit of the Lenders under this Agreement (to include the benefit of any applicable “cushions” commensurate with the similar provisions in the Qualified Debt being so refinanced) to the extent applicable or (ii) only apply to the period after the Latest Maturity Date), and (vii) is issued or incurred solely for purposes permitted hereunder.
Qualified Debt is defined in Section 10.7.