Junior Debt. (a) Until the Senior Discharge Date:
Junior Debt provided (i) (A) in the case of Junior Secured Debt, the Total Leverage Ratio does not exceed 5.50 to 1.00 on a pro forma basis after giving effect to such incurrence of Junior Debt tested as of most recently ended fiscal quarter for which financial statements have been delivered pursuant to Section 5.04(a) or 5.04(b) and (B) in the case of unsecured Indebtedness, the Total Leverage Ratio does not exceed 6.00 to 1.00 on a pro forma basis after giving effect to such incurrence tested as of the most recently ended fiscal quarter for which financial statements have been delivered pursuant to Section 5.04(a) or 5.04(b), (ii) no Default or Event of Default has occurred and is continuing or would result therefrom, (iii) in the case of an incurrence of Junior Secured Debt, such Junior Secured Debt is subject to an intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent, (iv) such Junior Debt has a final maturity no sooner than, and a Weighted Average Life to Maturity no less than, the Loans, (v) there is no borrower or guarantor with respect to such Junior Debt that is not a Loan Party, (vi) in the case of Junior Secured Debt, such Junior Secured Debt is secured by a Lien that does not extend to any assets of Holdings and its subsidiaries that do not constitute Collateral, and (vii) the terms of such Junior Debt when taken as a whole are not more restrictive to the Loan Parties than the terms contained herein;
Junior Debt. (a) It is the sole legal and beneficial owner of the Junior Debt and of the benefits of the Junior Finance Documents free from any Security Interest, option or subordination in favour of any person other than the Finance Parties; and
Junior Debt. So long as any portion of the Notes remain outstanding (whether or not any Event of Default under the Notes exists), Debtor shall not make any payments of principal, interest, penalties or any other amounts to any creditor of Debtor (or any other party) other than payments to (i) the Secured Party and (ii) IBM Lender with respect to the IBM Debt, provided that payments to IBM Lender shall be limited solely to Debtor's obligations as guarantor of the IBM Debt.
Junior Debt all Indebtedness of the Partnership that is subject to a satisfactory subordination agreement for purposes of Rule 15c3- l, and which (i) by the express terms of the instrument creating or evidencing such indebtedness is subordinated, in right of payment and upon liquidation, to the Notes at least to the same extent and in the same manner as the Notes are subordinated to the Senior Claims of present and future creditors of the Partnership, (ii) matures not earlier than the final maturity of the Notes, and (iii) has a Weighted Average Life to Maturity at the time of the issuance thereof which is more than the Weighted Average Life to Maturity of the Notes at such time. Lien -- any interest in property securing an obligation owed to, or a claim by, any Person other than the owner of the property, whether such interest shall be based on the common law, statute or contract,
Junior Debt. The indebtedness evidenced by the Notes is on a par with, and part of, the Junior Indebtedness of the Company, as defined in the Indenture.
Junior Debt. The Allied Investment and Allied's rights under the Debentures and this Investment Agreement and the Security Documents shall be subordinate, as to lien priority and right of payment with respect to common Collateral, only to the following senior debt (the "Senior Debt"): (a) that certain senior loan (as such loan may be modified, renewed, extended and refinanced, the "Senior Loan") from HSBC Business Loans, Inc. ("HSBC") in an outstanding principal amount not to exceed the sum of (A) the Receivables Borrowing Base, plus (B) the Inventory Borrowing Base. (HSBC or any bank or other lender which assumes or refinances the Senior Loan being referred to herein as the "Senior Holder"); (b) those certain capitalized lease obligations not to exceed Seven Hundred and Fifty Thousand Dollars ($750,000) in the aggregate, as more fully described in Exhibit 2.03 attached hereto; and (c) those certain Subordinated Secured Debentures with an aggregate principal amount of Five Million Dollars ($5,000,000) issued pursuant to an investment agreement by and between Allied and the Borrowers dated November 21, 1996 (the "Senior Debentures"). In connection with the Senior Loan, the Senior Holder and Allied shall enter into, at or prior to Closing, a subordination agreement in form and substance acceptable to Holders (the "Senior Loan Subordination Agreement"). In connection with the Senior Debentures, holders of the Senior Debentures and Allied shall enter into, at or prior to Closing, a subordination agreement in form and substance acceptable to Holders (the "Senior Debentures Subordination Agreement").
Junior Debt all amounts outstanding at the Termination Date under the Subordinated Financing Agreements; [Judicial Proceedings the grant of permission for an application and any subsequent application for judicial review or related process under Part 54 of the Civil Procedure Rules in respect of the [planning permission(s)46;
Junior Debt. Subject to the terms and conditions set forth herein, notwithstanding the provisions of Section 9.9(e) of the Loan Agreement and Section 2 of the Subordination Agreement, Lender hereby consents to (i) Guarantor's conversion to equity of $16,646,496.38 of the Junior Debt effective as of August 3 1, 2001 and (ii) a one time cash repayment by Borrower of up to $1,500,000 of the Junior Debt, which repayment shall be made prior to April 30,2002.
Junior Debt. The Mortgage for the Magnolia Apartments permits the Mortgaged Property to be secured by subordinate debt without the consent of the holder of the Mortgage provided there exists no event of default, specified debt service coverage and loan to value ratios are met, and the subordinate lender executes a subordination and standstill agreement.
