Permitted Subordinated Indebtedness. (a) The Borrower will not, and will not permit any of its Subsidiaries to (i) prepay, redeem, repurchase or otherwise acquire for value any Permitted Subordinated Debt, or (ii) make any principal, interest or other payments on any Permitted Subordinated Debt that is not expressly permitted by the subordination provisions of the Subordinated Debt Documents.
Permitted Subordinated Indebtedness. Notwithstanding the terms and conditions of the Subordinated Lender Intercreditor Agreement (Indenture), the Subordinated Lender Intercreditor Agreement (Mogo), the Subordinated Lender Intercreditor Agreement (Xxxxxxx) or the Subordinated Lender Intercreditor Agreement (Xxxxxxx Guarantee), the Borrower is permitted to repay and reissue, on a revolving basis, from time to time Permitted Subordinated Indebtedness in an amount not exceeding $2,000,000 at any one time, provided that in connection with any such repayment, new Permitted Subordinated Indebtedness is incurred by the Borrower within ninety (90) days of such repayment in an amount equal to the amount of such repayment and in respect of which the applicable holder of such new Permitted Subordinated Indebtedness provides a written acknowledgement acceptable to the Administrative Agent that such Indebtedness is “Subordinated Debt” as defined in, and subject to, the Subordinated Lender Intercreditor Agreement (Indenture), the Subordinated Lender Intercreditor Agreement (Mogo), the Subordinated Lender Intercreditor Agreement (Xxxxxxx) or the Subordinated Lender Intercreditor Agreement (Xxxxxxx Guarantee).
Permitted Subordinated Indebtedness. Any Permitted Subordinated Indebtedness or any Guarantee thereof shall cease to be validly subordinated to the Obligations as required hereunder, or any Credit Party or any Affiliate of any Credit Party shall so assert; THEN, (i) upon the occurrence of any Event of Default described in clauses(e) or (f) of this Article 7, automatically, and (ii) upon the occurrence and during the continuance of any other Event of Default, at the request of (or with the consent of) the Requisite Lenders, upon notice to the Borrower by the Administrative Agent, the Commitments shall terminate and each of the following shall immediately become due and payable, in each case without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by each Credit Party: (A) the unpaid principal amount of and accrued interest on the Loans and (B) all other Obligations.
Permitted Subordinated Indebtedness. Upon its receipt of any of the following, the Borrower shall deliver promptly thereafter a copy thereof to the Administrative Agents and the Lenders: (a) any notice or other communication delivered by or on behalf of the Borrower to any Person in connection with the Permitted Subordinated Indebtedness; and (b) any material notice or other material communication received by the Borrower from any Person in connection with any agreement or other document relating to Permitted Subordinated Indebtedness promptly after such notice or other communication is received by the Borrower.
Permitted Subordinated Indebtedness. (vi) Indebtedness of the Borrower and its Subsidiaries under initial or subsequent refinancings of any Indebtedness permitted by clause (ii) above, provided that (A) the principal amount of any such refinancing does not exceed the principal amount of the Indebtedness being refinanced and (B) the material terms and provisions of any such refinancing (including maturity, redemption, prepayment, default and subordination provisions) are no less favorable to the Banks than the Indebtedness being refinanced;
Permitted Subordinated Indebtedness. 6.14.9 Indebtedness of the Borrower and its Subsidiaries constituting Capitalized Lease Obligations in an aggregate principal amount not exceeding $10,000,000 at any time outstanding.
Permitted Subordinated Indebtedness. (i) Permitted Indebtedness; and
Permitted Subordinated Indebtedness. (i) There shall occur an “Event of Default” (or any comparable term) under, and as defined in, the documentation governing any Permitted Subordinated Indebtedness, (ii) any of the Obligations for any reason shall cease to be “Senior Indebtedness” (or any comparable term) under, and as defined in, the documentation governing any Permitted Subordinated Indebtedness, (iii) any Indebtedness other than the Obligations shall constitute “Designated Senior Indebtedness” (or any comparable term) under, and as defined in, the documentation governing any Permitted Subordinated Indebtedness or (iv) the subordination provisions of the documentation governing any Permitted Subordinated Indebtedness shall, in whole or in part, terminate, cease to be effective or cease to be legally valid, binding and enforceable against any holder of such Permitted Subordinated Indebtedness.
Permitted Subordinated Indebtedness. Immediately upon the issuance of any Permitted Subordinated Indebtedness by a Loan Party, the Borrower shall prepay the Loans and/or Cash Collateralize the L/C Obligations as hereafter provided in an aggregate amount equal to 40% of the Net Cash Proceeds of such Permitted Subordinated Indebtedness. Any prepayment pursuant to this clause (ii)(B) shall be applied as set forth in clause (iii) below.
Permitted Subordinated Indebtedness and (b) by amending the proviso at the end of such Section to read in its entirety as follows: "provided, however, that no Indebtedness otherwise permitted by -------- ------- clauses (d), (e), (f), (g), (h), (i) or (j) shall be permitted ----------- --- --- --- --- --- --- if, after giving effect to the incurrence thereof, any Default shall have occurred and be continuing."
