Qualified Intercompany Debt means, without duplication, Intercompany Debt that is owing by a Portfolio Company pursuant to Qualified Intercompany Debt Documents and that has a maturity date, an interest rate, an amortization schedule for principal, mandatory prepayment provisions and interest payment dates that are reasonably acceptable to the Administrative Agent (it being agreed and understood that such terms as in effect on the Closing Date under the Intercompany Debt Documents for Existing Portfolio Companies are acceptable to the Administrative Agent).
Qualified Intercompany Debt means any unsecured indebtedness, in a principal amount not to exceed $100,000,000, owing by PMC to a CDO Subsidiary from time to time and evidenced by one or more promissory notes or other evidences of indebtedness, which indicate that such indebtedness is subordinated to the Obligation (such subordination to be on terms reasonably acceptable to the Administrative Agent). In any case, PMC shall deliver the promissory notes or other documents evidencing the terms of such indebtedness, containing all the materially final or substantially final terms, to the Administrative Agent at least 5 Business Days in advance of the incurrence of any Qualified Intercompany Debt.
Qualified Intercompany Debt means, without duplication, Intercompany Debt that is owing by a Portfolio Company pursuant to Qualified Intercompany Debt Documents and that has a maturity date, an interest rate, an amortization schedule for principal, mandatory prepayment provisions and interest payment dates that are reasonably acceptable to Agent (it being agreed and understood that such terms as in effect on the Closing Date under the Intercompany Debt Documents for the Existing Portfolio Companies are acceptable to Agent).
Examples of Qualified Intercompany Debt in a sentence
Prepay, purchase, repurchase, defease or redeem or cause to be prepaid, purchased, repurchased, defeased or redeemed, any principal of, or any premium (if any) or interest on, any of its Qualified Intercompany Debt, or fund or cause to be funded any sinking or similar fund for any Qualified Intercompany Debt.
Without the prior written consent of the Administrative Agent, no Company may amend, restate or otherwise modify any of the terms of any Qualified Intercompany Debt which relate to the subordination of such Qualified Intercompany Debt to the Obligations.
More Definitions of Qualified Intercompany Debt
Qualified Intercompany Debt means, as of any date of determination, with respect to a Portfolio Company, the result of (a) the lesser of (i) the amount of Indebtedness for borrowed money owed by such Portfolio Company pursuant to a Qualified Intercompany Loan Agreement; provided, however, that if more than one Subsidiary of the Borrower is obligated under a single Qualified Intercompany Loan Agreement, or under a guaranty in respect thereof, the amount of Qualified Intercompany Debt for such Subsidiaries shall be the amount owed to the Borrower under such Qualified Intercompany Loan Agreement calculated without duplication of the separate obligations of each such Subsidiary, and (ii) the product of 5.00 times TTM EBITDA of such Subsidiary of the Borrower calculated as of the last fiscal quarter for which financial statements as to such Subsidiary of the Borrower have been delivered pursuant to Section 7.01(a), minus (b) the amount of Disqualified Intercompany Debt.