Parent Subordination Agreement definition

Parent Subordination Agreement means a subordination agreement dated as of the date hereof duly executed by the Parent and delivered to the Administrative Agent.

Parent Subordination Agreement means the subordination agreement in the agreed form between the Parent (as the lender) and the Security Trustee, pursuant to which, whilst sums remain outstanding under the Finance Documents, no payment of interest, repayment of principal or any other payments of any kind can be made in respect of indebtedness owed by the Borrower to the Parent, save for certain Permitted Payments.

Parent Subordination Agreement means the Intercreditor Agreement entered into by the Parent in favour of the Agent and the Lender on the Original Closing Date in form and substance satisfactory to the Lenders, as the same may be amended, restated, supplemented or replaced from time to time, pursuant to which the Parent agreed to subordinate and postpone the Parent Subordinated Debt to the Obligations and Security, which Intercreditor Agreement may expressly permit the servicing of such Subordinated Debt on account of interest on a monthly basis and principal on an annual basis subject to the prior Repayment required to be made pursuant to Section 2.04(c)(iv) (Annual Excess Cash Flow Sweep), and provided that immediately before and immediately after such Distribution, the Borrower shall be in pro forma compliance with the financial covenants in Section 5.03 and the Borrower shall have delivered a pro forma Compliance Certificate evidencing such compliance.

Examples of Parent Subordination Agreement in a sentence

• Any Indebtedness which is subject to a Parent Subordination Agreement.

• No Credit Party shall change or amend the terms of (i) the Trust Account Agreement, (ii) the Parent Subordinated Debt, except to the extent permitted by the Parent Subordination Agreement, or (iii) the Employment Agreements; provided, that the Credit Parties may renew, extend or modify such Employment Agreements on terms consistent with such agreements and this Agreement.

• If the validity or enforceability of this Agreement, any Mortgage, the Parent Pledge Agreement, the Parent Subordination Agreement or any other Related Agreement shall be challenged by or on behalf of Borrower, any other Obligor or any Related Party, or shall fail to remain in full force and effect (other than as expressly permitted hereunder or thereunder).

• All Obligations constitute Indebtedness entitled to the benefits of the subordination provisions contained in the Parent Subordination Agreement.

• Lender shall have received the Parent Subordination Agreement, in form and substance reasonably satisfactory to Lender, in its sole discretion, as Lender shall have deemed necessary or appropriate with respect to the Parent Subordinated Debt.

More Definitions of Parent Subordination Agreement

Parent Subordination Agreement means that certain Agreement of Subordination, dated as of the date hereof, by and among the Parent, the Lenders, and Rabobank.

Parent Subordination Agreement a subordination agreement, substantially in the form of Exhibit C to the Seventh Amendment or in form and substance otherwise satisfactory to the Administrative Agent, as the same may be amended, supplemented or otherwise modified from time to time in accordance with Section 7.15.

Parent Subordination Agreement means the Intercreditor Agreement to be entered into by the Parent in favour of the Agent and the Lender on the Closing Date in form and substance satisfactory to the Lenders, as the same may be amended, restated, supplemented or replaced from time to time, pursuant to which the Parent agrees to subordinate and postpone the Parent Subordinated Debt to the Obligations and Security, which Intercreditor Agreement shall expressly permit the servicing of such Subordinated Debt only after the Conversion Date and in such case on account of interest on a monthly basis and principal on an annual basis subject to the prior Repayment required to be made pursuant to Section 2.04(c)(iv) (Annual Excess Cash Flow Sweep), and provided that immediately before and immediately after such Distribution, the Borrower shall be in pro forma compliance with the financial covenants in Section 5.03 and the Borrower shall have delivered a pro forma Compliance Certificate evidencing such compliance.

Parent Subordination Agreement means the Subordination Agreement between Parent, Lender and ELXSI, which was executed in connection with Original Loan Agreement, as it may be amended, restated, supplemented or otherwise modified from time to time.

Parent Subordination Agreement means a subordination agreement executed and delivered by Parent and Agent, the form and substance of which is satisfactory to Agent.

Parent Subordination Agreement means that certain Subordination Agreement dated as of December 6, 1994 between the Parent and the Agent with respect to (a) the Subordinated Debt, (b) Debt incurred under the Subordinated Revolver, and (c) that certain Debt in the principal amount of $6,000,000 evidenced by a certain Fourth Subordinated Term Note dated November 30, 1993 executed by RMC in favor of the Parent, as amended from time to time.

Parent Subordination Agreement means that certain Subordination Agreement among the Borrower, Parent and the Agent dated June 29, 2006, as such agreement may be amended, supplemented, restated or otherwise modified from time to time.