Qualified Subordinated Debt definition
Qualified Subordinated Debt means unsecured Debt of the Seller to any Person as to which (a) the papers evidencing, securing, governing or otherwise related to such Debt are reasonably satisfactory in form and substance to Agent and Required Buyers and (b) that is subordinated to the Obligations pursuant to a currently effective and irrevocable Subordination Agreement, including standstill and blockage provisions, reasonably approved by the Agent and Required Buyers.
Qualified Subordinated Debt means, with respect to any Person, all unsecured debt of such Person, for borrowed money, that is, by its terms or by the terms of a subordination agreement (which terms shall have been approved by Buyer), in form and substance satisfactory to Buyer, effectively subordinated in right of payment to all other present and future obligations and all indebtedness of such Person, of every kind and character, owed to Buyer under the Facility Documents and which terms or subordination agreement, as applicable, include, among other things, standstill and blockage provisions approved by Buyer, restrictions on amendments without the consent of Buyer, non-petition provisions and maturity date or dates for any principal thereof at least 395 days after the date hereof.
Qualified Subordinated Debt means Subordinated Debt issued by the Credit Parties, which (a) matures on or after the first anniversary of the Maturity Date (and reduced, for purposes of this definition, by any principal amortization payments of such Subordinated Debt payable prior to the Maturity Date) and (b) is in an aggregate amount not to exceed $300,000,000.
Examples of Qualified Subordinated Debt in a sentence
Seller shall not pay any Qualified Subordinated Debt in advance of its stated maturity or otherwise in contravention of the Subordination Agreement with respect thereto.
The Borrower shall not enter into or agree to any amendment, modification or waiver of any term or condition of, or any of its rights under, the documents pertaining to any issued Qualified Subordinated Debt or any issued Qualified Redeemable Preferred Equity, which amendment, modification or waiver could, in the reasonable opinion of the Agent, materially and adversely affect the interests of the Banks.
Leverage Ratio Total Liabilities (excluding Qualified Subordinated Debt): $ ____________ Adjusted Tangible Net Worth: $ ____________ LEVERAGE RATIO: ___ to 1.0 (c) Liquidity.
The Borrower acknowledges that any outstanding Qualified Subordinated Debt and any Qualified Redeemable Preferred Equity shall be counted and included as Debt for purposes of the financial covenants in this Section 5.15.
Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness (which, without limitation, may be in the form of Cure Loan Subordinated Debt that is incurred pursuant to the provisions of Section 8.2(b) or, if no amount of Cure Loan Subordinated Debt is then outstanding and assuming all other applicable conditions are met, in the form of Qualified Subordinated Debt).
More Definitions of Qualified Subordinated Debt
Qualified Subordinated Debt means, with respect to any Person, all unsecured Debt of such Person, for borrowed money, that is, by its terms or by the terms of a subordination agreement (which terms shall have been approved by Buyer), in form and substance satisfactory to Buyer, effectively subordinated in right of payment to all other present and future obligations and all indebtedness of such Person, of every kind and character, owed to Buyer and which terms or subordination agreement, as applicable, include, among other things, standstill and blockage provisions approved by Buyer, restrictions on amendments without the consent of Buyer, non-petition provisions and maturity date or dates for any principal thereof at least 395 days after the date hereof.
Qualified Subordinated Debt means Debt of the Company constituting the Senior Subordinated Debt or Subordinated Obligations of the type described in clause (i) of the definition of Subordinated Obligations if the following conditions are met:
Qualified Subordinated Debt is a one-time unsecured Subordinated Debt in aggregate amount of up to Twenty Five Million Dollars ($25,000,000.00); provided, however, at the time of the incurrence of the Qualified Subordinated Debt, (i) no Event of Default may have occurred and be continuing and Borrower must be in compliance with its obligations under Section 6.12 (Financial Covenant) and Section 6.13 (Liquidity Covenant) and (ii) Borrower must have a pro forma funded debt (including funded Subordinated Debt and funded RLOC) to market capitalization (determined based on Parent’s volume weighted average stock price for the immediately preceding ten (10) trading days) ratio of less than twenty five percent (25.00%) on the date of the incurrence of the Qualified Subordinated Debt after taking into account the proceeds of the Qualified Subordinated Debt. Furthermore, Qualified Financing Debt must have terms acceptable to Collateral Agent which terms shall include certain restrictions including, without limitation, (i) a prohibition on amortization and cash repayments of principal amount of such Subordinated Debt while any of the Obligations hereunder remain outstanding and until the Lenders have no further commitment to make any Term Loans hereunder, (ii) the maturity date of the Qualified Subordinated Debt must be at least six (6) months after the Maturity Date, (iii) a restriction on payment of an aggregate amount of interest (that is payable in a form other than in shares of common stock of Parent) on the Qualified Subordinated Debt in excess of One Million Five Hundred Thousand Dollars ($1,500,000.00) per annum and a restriction on the aggregate amount of all payments of interest (that is payable in a form other than in shares of common stock of Parent) on the Qualified Subordinated Debt in excess of Four Million Five Hundred Fifty Thousand Dollars ($4,500,000.00) while any of the payment Obligations hereunder are outstanding and until the Lenders have no further commitment to make any Term Loans hereunder; provided further that no interest payments may be made with respect to the Qualified Subordinated Debt if annualized quarterly consolidated revenue of Borrower (as of the end of the quarter that has then most recently ended) at the time of the incurrence of the Qualified Subordinated Debt is at least Seventy Million Dollars ($70,000,000.00). Furthermore, no Qualified Subordinated Debt may be incurred while any amount of Cure Loan Subordinated Debt is outstanding.
Qualified Subordinated Debt means indebtedness that is not secured, that may or may
Qualified Subordinated Debt means Debt of the Seller to any Person which has been approved by the Administrative Agent (i) the papers evidencing, securing, governing or otherwise related to which Debt impose covenants and conditions on the debtor under them that are no more restrictive or onerous than the covenants and conditions imposed on the Seller by this Agreement, (ii) that is subordinated to the Obligations pursuant to a currently effective and irrevocable Subordination Agreement, including standstill and blockage provisions, approved by the Administrative Agent and (iii) the principal of which is not due and payable before 180 days after the date specified in clause (i) of the definition of “Termination Date.”
Qualified Subordinated Debt means subordinated debt pursuant to which the borrower's obligation to pay interest on a current basis is contingent upon the borrower meeting certain financial tests satisfactory to Landlord and Lender.
Qualified Subordinated Debt means Debt (including any junior subordinated debentures and guaranties related to the issuance of trust preferred securities by HMB Capital Trust I) of the Companies to any Person (i) the papers evidencing, securing, governing or otherwise related to which Debt impose covenants and conditions on the debtor under them that are no more restrictive or onerous than the covenants and conditions imposed on the Companies by this Agreement, (ii) that is subordinated to the Obligations pursuant to a currently effective and irrevocable Subordination Agreement approved by the Agent and (iii) the principal of which is not due and payable until ninety (90) days or more after the Maturity Date.