Additional Subordinated Debt. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to make any payments on account of principal (whether by redemption, purchase, retirement, defeasance, set-off or otherwise), interest, premiums and fees in respect of any Additional Subordinated Debt prior to the scheduled maturity thereof in any manner, or make any payment in violation of any subordination term applicable thereto.
Additional Subordinated Debt. (i) Any holder of the Additional ---------------------------- Subordinated Debt alleges (or any Governmental Authority with applicable jurisdiction determines) that the Supplemental Credit Lenders or New Credit Agreement Lenders are not holders of Senior Indebtedness (as defined in the Second Indenture) or (ii) the subordination provisions in the Second Indenture shall, in whole or in part, terminate, cease to be effective or cease to be legally valid, binding and enforceable against any holder of the Additional Subordinated Debt.
Additional Subordinated Debt. The Borrower shall not, nor shall it permit any of its Restricted Subsidiaries to (a) make any payments on account of principal (whether by redemption, purchase, retirement, defeasance, set-off or otherwise), interest, premiums and fees in respect of any Senior Unsecured Notes or any other Additional Subordinated Debt prior to the scheduled maturity thereof in any manner, or make any payment in violation of any subordination term applicable thereto, except that, as to Senior Unsecured Notes, the Borrower may effect the Permitted Exchange/Payment of Senior Unsecured Notes or (b) amend, supplement or otherwise modify the terms of the Third Lien Debt if such amendment, supplement or modification would violate the Intercreditor Agreement.
Additional Subordinated Debt. The Payor shall not incur any additional Indebtedness that would rank pari passu with the Junior Debt without the prior written consent of the Holder, which consent shall not be unreasonably withheld, conditioned or delayed. If for any reason the Holder shall not consent to the incurrence of such additional Indebtedness by the Payor, then notwithstanding anything in this Note to the contrary, the Payor shall have the right, upon not less than three (3) Business Days’ notice to the Holder, to redeem this Note in whole at a Redemption Price equal to 100% of the then outstanding Principal Amount plus accrued and unpaid interest, if any, to the Redemption Date. For the avoidance of doubt, this provision shall not limit the ability of the Payor to incur additional Senior Debt.
Additional Subordinated Debt. Upon the terms and subject to the conditions of this Agreement and on or prior to the first anniversary of the Closing, the Company may, at its option exercised by written notice (an "OPTION NOTICE") to the Investor from time to time, issue and sell, and if such option is exercised the Investor shall (or shall cause an Affiliate (as hereinafter defined) of the Investor (an "AFFILIATE PURCHASER") to) purchase, Additional Subordinated Debt in an aggregate principal amount that is an integral multiple of $1 million and not less than $3 million (an "OPTION PRINCIPAL AMOUNT"), as specified in the Option Notice (such issuance, sale and purchase, an "ADDITIONAL SALE"); PROVIDED, HOWEVER, that the aggregate of all Option Principal Amounts shall not exceed $10,000,000. The closing of any Additional Sale (an "ADDITIONAL CLOSING"), and all actions contemplated by this Agreement and the Ancillary Agreements to occur at any Additional Closing, shall take place in the offices of Sidley Xxxxxx Xxxxx & Xxxx LLP, 000 Xxxxxxx Xxx., Xxx Xxxx, Xxx Xxxx, at 9:30 a.m., local time, on a date specified in the Option Notice (which date shall be no earlier than five Business Days after the delivery of such Option Notice to the Investor and which date may be the same as the date of the Closing), or such other time and place as the Investor, the Company and any Affiliate Purchaser shall agree. At each Additional Closing, subject to the conditions set forth in Article IV, (i) the Investor (or, as applicable, an Affiliate Purchaser) shall deliver to the Company, by wire transfer to a bank account designated in writing by the Company at least two Business Days prior to such Additional Closing, same-day funds in an amount equal to the applicable Option Principal Amount and (ii) the Investor (or, as applicable, an Affiliate Purchaser) shall make appropriate notations on the schedule to the Additional Subordinated Debt Note as provided in the Note Agreement indicating the date and the applicable Option Principal Amount. An "AFFILIATE" of a specified person means a person that directly or indirectly through one or more intermediaries controls or is controlled by or is under common control with the person specified, within the meaning of Rule 12b-2 under the Exchange Act (as defined in Section 2.3).
Additional Subordinated Debt. On or before January 31, 2003, Borrowers shall receive the proceeds of additional Subordinated Debt, to be advanced under terms and subject to agreements acceptable to Lender, in an aggregate principal amount of not less than Three Million Five Hundred Thousand Dollars ($3,500,000) and not more than Four Million Five Hundred Thousand Dollars ($4,500,000), which shall utilized by Borrowers to repay in full Term Loan B (together with accrued and unpaid interest) and thereafter in a manner consistent with Sections 12(g)(ii) and (iv) hereof."
Additional Subordinated Debt. Additional subordinated debt of not less than $5,000,000.00 must be issued or committed to the Borrower prior to October 31, 1999, and written evidence of such issuance or commitment must be delivered to the Bank prior to October 31, 1999. Notwithstanding any provision in the Loan Agreement to the contrary, the Borrower and the Guarantors agree and understand that a breach or violation of the foregoing covenant and agreement shall constitute an Event of Default under this Agreement, as amended by the Fifth Amendment, and shall entitle the Bank to immediately accelerate and demand payment of all Loans.
Additional Subordinated Debt. Subsequent to October 1, 1998, and on or before October 15, 1998, the Borrowers shall obtain not less than $2,000,000 in additional cash equity capitalization in the form of Subordinated Debt. The terms and written evidence of such Subordinated Debt must be acceptable in form and substance to the Bank and, without limitation of the foregoing, shall provide (a) that interest at a rate deemed acceptable by the Bank may be paid as scheduled (but not more frequently than monthly) provided no Event of Default (and no event which, with the giving of notice or lapse of time (or both), would be an Event of Default) shall have occurred and be continuing at the time of such payment and after giving effect thereto, and (b) that principal may not be repaid without the prior written consent of the Bank except that, provided no Event of Default (and no event which, with the giving of notice or lapse of time (or both), would be an Event of Default) shall have occurred and be continuing at the time of such repayment and after giving effect thereto, the Borrowers may repay the outstanding principal balance of such Subordinated Debt upon (i) the outstanding principal balance of the Acquisition Line of Credit, plus the Line of Credit Portion having been permanently repaid and/or permanently reduced to an amount not to exceed Fifteen Million Dollars ($15,000,000) minus the Outstanding Letter of Credit Obligations, and (ii) the filing of a Form 10Q or Form 10K with the Securities and Exchange Commission subsequent to such repayment and/or reduction which indicates that, on a consolidated basis as of the end of the applicable fiscal quarter or fiscal year, the Total Funded Debt/Annualized EBITDA Ratio was less than 3.00 to 1.0.
Additional Subordinated Debt. On or before the date of the Initial Funding, the Company shall have obtained at least $1 million (less applicable fees and expenses) from a lender on terms consistent with Section 4(h) above, or otherwise acceptable to the Lender.
Additional Subordinated Debt. On or before the Effective Date, Northern Power Systems Corp. (“Parent”), shall incur subordinated debt in an amount not less than $1,880,000 and may incur further subordinated debt after the Effective Date (the “Parent Subordinated Debt”). Parent shall cause the proceeds of the Parent Subordinated Debt to be contributed to Borrower as paid-in-capital. The Parent Subordinated Debt shall be subordinated to the prior payment of the Indebtedness on terms and conditions satisfactory to Bank in its sole and absolute discretion pursuant to a subordination agreement dated as of the Effective Date. No payments of principal or interest shall be permitted with respect to the Parent Subordinated Debt prior to the payment in full of the Indebtedness. None of the Parent Subordinated Debt shall mature prior to a date six (6) months after the maturity date set forth in the Revolving Note. The Parent Subordinated Debt shall be unsecured.
