Common use of Permitted Debt Clause in Contracts

Permitted Debt. Incur any debt or other liability except for (a) debt of the Seller in favor of the Company which is evidenced by a promissory note of the Seller containing the following terms: (i) a fixed date for the payment of principal and interest which date shall be no earlier than one year and one day after the date specified in Section 8.2(a) of the Sale Agreement; (ii) the obligations under such promissory note shall be subordinated to all obligations of the Seller to the Buyer and no payments shall be made under such promissory note until all obligations to the Buyer have been satisfied in full, provided that payments (including prepayments) of principal and interest may be made if, after giving effect to such payment, no Termination Event or Potential Termination Event would occur or be continuing; and (iii) the obligations of the Seller under such promissory note shall not constitute a claim against the Seller in the event the Seller has insufficient funds to satisfy the obligation unless all obligations of the Seller to the Buyer have been paid in full and any period during which a trustee or receiver of the Seller or the Seller's assets could recover any payments made to the Buyer hereunder has expired, (b) obligations in connection with operating expenses arising in the ordinary course of its business and (c) any liability arising under this Agreement.

Permitted Debt. Incur any debt or other liability except for (a) debt of the Seller in favor of the Company an Originator which is evidenced by a promissory note of the Seller containing the following terms: (i) a fixed date for the payment of principal and interest which date shall be no earlier than one year and one day after the date specified in Section 8.2(a) 8.2 of the Sale Agreement; provided, that the note may be prepaid on any date no earlier than 91 days after the date specified in Section 8.2 of the Sale Agreement so long as sufficient funds remain in the Seller after such prepayment to provide for the payment of all of the Seller's fees and expenses anticipated to accrue through the maturity date; (ii) the obligations under such promissory note shall be subordinated to all obligations of the Seller to the Buyer and no payments shall be made under such promissory note until all obligations to the Buyer have been satisfied in full, provided that payments (including prepayments) of principal and interest may be made if, after giving effect to such payment, no Termination Event or Potential Termination Event would occur or be continuing; and (iii) the obligations of the Seller under such promissory note shall not constitute a claim against the Seller in the event the Seller has insufficient funds to satisfy the obligation unless all obligations of the Seller to the Buyer have been paid in full and any period during which a trustee or receiver of the Seller or the Seller's assets could recover any payments made to the Buyer hereunder has expired, (b) obligations in connection with operating expenses arising in the ordinary course of its business and (c) any liability arising under this Agreement.ordinary

Permitted Debt. Incur any debt or other liability except for (a) debt of the Seller in favor of the Company an Originator which is evidenced by a promissory note of the Seller containing the following terms: (i) a fixed date for the payment of principal and interest which date shall be no earlier than one year and one day after the date specified in Section 8.2(a) 8.2 of the Sale Agreement; provided, that the note may be prepaid on any date no earlier than 91 days after the date specified in Section 8.2 of the Sale Agreement so long as sufficient funds remain in the Seller after such prepayment to provide for the payment of all of the Seller's fees and expenses anticipated to accrue through the maturity date; (ii) the obligations under such promissory note shall be subordinated to all obligations of the Seller to the Buyer Administrative agent, the Managing Agents and the Buyers and no payments shall be made under such promissory note until all obligations to the Buyer such parties have been satisfied in full, provided that payments (including prepayments) of principal and interest may be made if, after giving effect to such payment, no Termination Event or Potential Termination Event would occur or be continuing; and (iii) the obligations of the Seller under such promissory note shall not constitute a claim against the Seller in the event the Seller has insufficient funds to satisfy the obligation unless all obligations of the Seller to the Buyer Administrative agent, the Managing Agents and the Buyers have been paid in full and any period during which a trustee or receiver of the Seller or the Seller's assets could recover any payments made to the Buyer Administrative Agent, the Managing Agents and the Buyers hereunder has expired, (b) obligations in connection with operating expenses arising in the ordinary course of its business and (c) any liability arising under this Agreement.

Permitted Debt. Incur any debt or other liability except for (a) -------------- debt of the Seller in favor of the Company which is evidenced by a promissory note of the Seller containing the following terms: (i) a fixed date for the payment of principal and interest which date shall be no earlier than one year and one day after the date specified in Section 8.2(a) of the Sale Agreement; (ii) the obligations under such promissory note shall be subordinated to all obligations of the Seller to the Buyer and no payments shall be made under such promissory note until all obligations to the Buyer have been satisfied in full, provided that payments (including prepayments) of principal and interest may be made if, after giving effect to such payment, no Termination Event or Potential Termination Event would occur or be continuing; and (iii) the obligations of the Seller under such promissory note shall not 57 constitute a claim against the Seller in the event the Seller has insufficient funds to satisfy the obligation unless all obligations of the Seller to the Buyer have been paid in full and any period during which a trustee or receiver of the Seller or the Seller's assets could recover any payments made to the Buyer hereunder has expired, (b) obligations in connection with operating expenses arising in the ordinary course of its business and (c) any liability arising under this Agreement.

Permitted Debt. Incur any debt or other liability except for (a) debt of the Seller in favor of the Company which is evidenced by a the promissory note of the Seller delivered pursuant to the Sale Agreement containing the following terms: (i) a fixed date for the payment of principal and interest which date shall be no earlier than one year and one day after the date specified in Section 8.2(a) of last day on which the Sale AgreementNet Investment is greater than zero; (ii) the obligations under such promissory note shall be subordinated to all obligations of the Seller to the Buyer and no payments shall be permitted to be made under such promissory note until all the Buyer has no remaining enforceable claims against the Seller (other than inchoate indemnity obligations and, if the Net Investment is not zero, claims to the Buyer have been satisfied Buyer's Allocation of Collections in fullthe event that any written-off Receivables ultimately are collected), provided that payments (including prepayments) of principal and interest may be made if, after giving effect to such payment, no Termination Event or Potential Termination Event would occur or be continuing; and (iii) the obligations of the Seller under such promissory note shall not constitute a claim against the Seller in the event the Seller has insufficient funds to satisfy the obligation unless all obligations of the Seller to the Buyer have been paid in full and any period during which a trustee or receiver of the Seller or the Seller's assets could recover any payments made to the Buyer hereunder has expired, (b) obligations in connection with operating expenses arising in the ordinary course of its business as well as statutorily imposed joint and several liability, including, but not limited to such statutorily imposed joint and several liability relating to income taxes and ERISA obligations and (c) any liability arising under this AgreementAgreement or any of the agreements permitted under clause (i) below.