Permitted Priority Debt means (i) Indebtedness of a Subsidiary, whether or not secured, other than Indebtedness permitted under subsections (a) through (h) of Section 7.01 and (ii) Indebtedness of the Borrower or any Subsidiary secured by Liens on property of the Borrower or any Subsidiary, other than Liens permitted under subsections (a) through (p) of Section 7.02, not to exceed at any one time outstanding in the aggregate under clause (i) and (ii), but without duplication, an aggregate principal amount equal to 20% of Consolidated Net Tangible Assets.
Permitted Priority Debt means Indebtedness of the Obligors, in a principal amount not to exceed at any time 80% times the face amount at such time of the Obligors’ eligible accounts receivable; provided that (a) such Indebtedness, if secured, shall not be secured by a first-priority security interest in any asset other than the Obligors’ accounts receivable and inventory, and (b) the holders or lenders thereof have executed and delivered to Lenders an intercreditor agreement reasonably satisfactory to the Majority Lenders reflecting market terms and conditions.
Permitted Priority Debt means (i) Indebtedness of a Subsidiary (other than the Borrower), whether or not secured, other than Indebtedness permitted under subsections (a) through (f) of Section 7.01 and (ii) Indebtedness of the MLP or any Subsidiary secured by Liens on property of the MLP or any Subsidiary, other than Liens permitted under subsections (a) through (n) of Section 7.02, not to exceed at any one time outstanding in the aggregate under clause (i) and (ii), but without duplication, an aggregate principal amount equal to 20% of Consolidated Net Tangible Assets.
Examples of Permitted Priority Debt in a sentence
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Borrower shall maintain at all times Liquidity in an amount which shall exceed the greater of (i) (A) $2,000,000 if a Qualifying IPO has not occurred, or (B) $5,000,000 if a Qualifying IPO has occurred, and (ii) to the extent Borrower has incurred Permitted Priority Debt, the minimum cash balance, if any, required of Borrower by Borrower’s Permitted Priority Debt creditors.
The Obligors shall maintain at all times Liquidity in an amount which shall exceed the greater of (i) $5,000,000 and (ii) to the extent Borrower has incurred Permitted Priority Debt, the minimum cash balance, if any, required of Borrower by Borrower’s Permitted Priority Debt creditors.
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It is useful to compute some simple figures of merit to gain insight into the behavior of the system.
More Definitions of Permitted Priority Debt
Permitted Priority Debt means (i) Indebtedness of a Subsidiary, whether or not secured, other than Indebtedness permitted under subsections (a) through
Permitted Priority Debt means Indebtedness of Borrower, in an amount not to exceed at any time 80% of the face amount at such time of Borrower’s non-delinquent accounts receivable; provided that (a) such Indebtedness, if secured, is secured solely by Borrower’s Inventory Accounts Receivable, inventory and cash proceeds thereof held in a segregated account but is otherwise unsecured, and (b) the lender(s) thereof have executed and delivered to Lenders an intercreditor agreement in substantially the form of Exhibit I and with such changes as are reasonably satisfactory to the Majority Lenders or as reasonably requested by the lender(s) funding such Permitted Priority Debt, so long as such intercreditor agreement permits the Lenders to amend the terms of the Loans hereunder in their sole discretion.
Permitted Priority Debt means Indebtedness of Obligors, in an aggregate principal amount at any time outstanding not to exceed 80% of the face amount at such time of such Obligors’ eligible Accounts Receivable securing such Indebtedness; provided that (a) such Indebtedness, if secured, is secured by a first priority security interest in such Obligors’ Accounts Receivable (and related chattel paper, instruments, payment intangibles, supporting obligations and documents), inventory and cash proceeds thereof (including cash proceeds which shall be held in a segregated account), and (b) the holders or lenders thereof have executed and delivered to Lenders an intercreditor agreement in substantially the form of Exhibit I and with such changes thereto (if any) or such other form as may be satisfactory to the Majority Lenders.
Permitted Priority Debt means Indebtedness of Borrower, in an amount not to exceed at any time the sum of (a) eighty percent (80%) of the face amount at such time of Borrower’s non delinquent accounts receivable and (b) fifty percent (50%) of the fair market value of Borrower’s eligible inventory at the time of any advance; provided, that, (i) such Indebtedness, if secured, is secured solely by (A) accounts, (B) inventory, (C) cash and cash equivalents, (D) deposit and investment accounts, (E) to the extent evidencing, governing, securing or otherwise related to accounts or inventory, general intangibles (excluding Intellectual Property), chattel paper, instruments and documents (excluding investments and documents relating to capital stock of subsidiaries), (F) to the extent not held as the direct proceeds of Collateral in which Administrative Agent has a first priority security interest in a segregated account, cash proceeds of Collateral, and (G) proceeds of insurance policies covering Borrower’s accounts and inventory received with respect to such accounts and inventory; provided, further, that, for purposes of clarification, notwithstanding the foregoing, in no event shall “Permitted Priority Debt” be secured by (i) any right, title or interest of any Obligor in any Intellectual Property, any licenses, or any proceeds of the sale or licensing of any Intellectual Property or licenses, (ii) equipment, (iii) to the extent evidencing, governing, securing or otherwise related to equipment, any general intangibles, chattel paper, instruments or documents, or (iv) proceeds of equipment or proceeds of insurance policies with respect to equipment, and (b) the holders or lenders thereof shall have executed and delivered to Administrative Agent an intercreditor agreement in substantially the form of Exhibit F and with such changes thereto as shall be mutually satisfactory to Administrative Agent and the provider of such Indebtedness.
Permitted Priority Debt means (a) Debt of the Borrower and its Subsidiaries (regardless of when incurred), (b) Debt of the Borrower’s Subsidiaries existing on the Closing Date and any Permitted Refinancing Debt in respect thereof, (c) Debt of the Guarantors (other than guarantees of Excluded Specified Debt), (d) unsecured Debt of any Subsidiary owing to any other Subsidiary, the Borrower or Lumen, (e) that portion of the capital leases of the Borrower’s Subsidiaries that does not exceed the aggregate principal amount of capital leases of the Borrower’s Subsidiaries on the Closing Date, (f) Excluded Specified Debt and (g) Funded Debt of any joint venture, including any joint venture that qualifies as a Subsidiary, in an aggregate amount at any time not to exceed $200,000,000, including Guaranties of such Funded Debt.
Permitted Priority Debt means Indebtedness of Borrower under one working capital revolving credit facility in an amount not to exceed at any time 80% of the face amount at such time of Borrower’s eligible accounts receivable outstanding; provided that (a) such Indebtedness, if secured, is secured solely by Borrower’s cash (other than proceeds of any protective advances made by Administrative Agent or any of the Lenders after the date hereof, proceeds from the Collateral that does not secure such Permitted Priority Debt and the proceeds from the exercise of any Cure Right), accounts receivable, inventory and cash proceeds thereof held in a segregated account but otherwise is not secured by any property (including, without limitation, any Intellectual Property or proceeds thereof), and (b) the holders or lenders thereof have executed and delivered to Administrative Agent an intercreditor agreement in substantially the form of Exhibit H and with such changes (if any) as are reasonably satisfactory to the Majority Lenders. 137168310 v21
Permitted Priority Debt means Indebtedness of the Borrower, in an amount not to exceed at any time 80% of the face amount at such time of the Borrower’s eligible accounts receivable; provided that (a) such Indebtedness, if secured, is secured solely by the Borrower’s accounts receivable and inventory, cash proceeds thereof, and cash and (b) the holders or lenders thereof have executed and delivered to Lenders an intercreditor agreement reasonably satisfactory to the Majority Lenders.