Definition of Accelerated Subdebt Repayment


Accelerated Subdebt Repayment means the repayment by the Borrower of all of the principal and interest due and payable on the Subordinated Notes to the holders thereof as a result of the occurrence of a Subdebt Acceleration Event (and only a Subdebt Acceleration Event) and, immediately after giving effect to such repayment, (a) the Borrower has demonstrated to the satisfaction of the Administrative Agent that the Borrower is in compliance on a pro forma basis with all of its financial covenants hereunder both before and after giving effect to such repayment; and (b) the Borrower is in compliance with the Net Liquidity test set forth in Section 2.07(b) hereof both before and after giving effect to such repayment.