Seller Subordinated Debt definition

Seller Subordinated Debt means Indebtedness of an Obligor to a seller in connection with any Permitted Acquisition which has been subordinated and made junior to the payment and performance in full in cash of the Obligations, and evidenced as such by a subordination agreement on terms and containing subordination provisions satisfactory to the Administrative Agent.

Seller Subordinated Debt means unsecured indebtedness of the Company that:

Seller Subordinated Debt means the Indebtedness evidenced by the Seller Subordinated Loan Documents.

Examples of Seller Subordinated Debt in a sentence

• At any time, directly or indirectly, pay, prepay, repurchase, redeem, retire or otherwise acquire, or make any payment on account of any principal of, interest on or premium payable in connection with the repayment or redemption of the Seller Subordinated Debt unless the Seller Subordinated Debt Payment Conditions are satisfied.

• An event of default has occurred under the Seller Subordinated Debt, which default shall not have been cured or waived within any applicable grace period.

• Not make, or permit any Subsidiary to make, any sale or ----------- other disposition of assets which would require the Company to make, or offer to make, or give any notice of, any prepayment of Subordinated Debt (other than Seller Subordinated Debt).

• Consideration and Seller Subordinated Debt; Liquidity Requirement.

• Notwithstanding the foregoing, the consent of the Agent (in its sole discretion) shall be sufficient (without further approval by the Lenders) to approve revisions to such form necessary (i) to permit the issuance to any subordinated Seller of Junior Reorganization Securities and (ii) to waive the requirement that the promissory notes evidencing such Seller's Permitted Seller Subordinated Debt be pledged and delivered to the Agent as security.

More Definitions of Seller Subordinated Debt

Seller Subordinated Debt means Debt of the Borrower Parties incurred in connection with any Permitted Acquisition and initially owing to the seller in such Permitted Acquisition; provided, that (a) such Debt shall be subordinated, pursuant to subordination provisions acceptable to the Agent in its sole discretion and such provisions shall be no less favorable to the Lenders than the subordination provisions of any existing subordinated debt, to the obligations of the Borrowers under this Agreement and the other Loan Documents, (b) such Debt shall mature no less than one hundred eighty (180) days after the Termination Date and shall have covenants no more restrictive than those set forth herein and (c) after giving effect to the incurrence of such Debt, no Default or Event of Default shall be in existence.

Seller Subordinated Debt means all Indebtedness of the Loan Parties under the Seller Subordinated Note.

Seller Subordinated Debt means any Debt of F.Y.I. (and not of any Subsidiary of F.Y.I.) which (a) is owed to a seller as part of the purchase consideration for a Permitted Acquisition, (b) is subordinated to the Obligations pursuant to a Subordination Agreement, (c) does not, when aggregated with the principal balance of all other Seller Subordinated Debt, exceed $10,000,000 in principal amount, (d) does not have an interest rate in excess of twelve percent (12%) per annum, and (e) is unsecured. Seller Subordinated Debt may be convertible into Capital Stock of F.Y.I.

Seller Subordinated Debt means Subordinated Debt issued to a seller ------------------------ in connection with an acquisition permitted under Section 8.4 of the Credit Agreement.

Seller Subordinated Debt means (i) indebtedness under the Seller Unsecured Subordinated Note, including, without limitation, principal, interest and other liabilities payable from time to time and similar obligations, premiums, penalties, fees, indemnities or expenses, and regardless of whether direct or indirect, now existing or hereafter arising, absolute or contingent, secured or unsecured, or long or short term, (ii) obligations arising under guarantees executed by the Borrowers or any of their Subsidiaries of items described in (i) above, and (iii) renewals, extensions, refundings, refinancings, deferrals, restructurings, amendments and modifications of the items described in (i) and/or (ii) above.

Seller Subordinated Debt means the “Subordinated Indebtedness” as defined in the Seller Subordination Agreement.

Seller Subordinated Debt shall have the meaning set forth in Section 1.2.A