Permitted Subordinate Debt means Debt of the Authority payable from or secured by a lien on Revenues that is subordinate to the payments provided for in, and the respective liens created by, the General Resolution and the Subordinated Resolution.
Permitted Subordinate Debt means subordinated unsecured Debt of the Parent MLP or the Borrower issued or incurred after the Closing Date so long as, in each case: (a) the Permitted Subordinate Debt Documents governing such Debt shall expressly provide that (i) such Debt is expressly subordinated to the Indebtedness as required by clause (f) of this definition and (ii) such subordination shall continue to be in force and effect notwithstanding any termination or release of any Liens securing the Indebtedness or the unenforceability of any Liens securing the Indebtedness; (b) such Debt bears no greater than a market interest rate as of the time of its issuance or incurrence (as determined in good faith by Borrower); (c) such Debt does not mature or require any scheduled principal payments of the principal amount thereof (other than customary mandatory offers to purchase upon a change of control, and customary acceleration rights after an event of default) prior to the date that is no less than 5 years and 6 months from the date such Debt is issued or incurred; (d) no Permitted Subordinate Debt Document governing such Debt contains (i) maintenance financial covenants or (ii) covenants or events of default, that, taken as a whole, are more materially restrictive on the Parent MLP or any of the Restricted Subsidiaries than those contained in this Agreement; (e) after giving effect to the issuance or incurrence of such Debt on a pro forma basis, the Parent MLP shall be in compliance with all covenants set forth in Section 9.01 as of the last day of the applicable period covered by the certificate most recently delivered pursuant to Section 8.01(f) (for purposes of Section 9.01, as if such Debt, and all Permitted Senior Debt and other Permitted Subordinate Debt issued or incurred since the first day of such applicable period, had been issued or incurred on the first day of such applicable period); and (f) the Permitted Subordinate Debt Documents governing such Debt provide that, (i) during the continuation of an Event of Default (other than pursuant to Section 10.01(a) and other than which has resulted in acceleration pursuant to Section 10.02), the Majority Lenders may prohibit the Borrower from making any payments on such Debt for a period of 179 days after delivery of notice by Administrative Agent electing to block such payments, provided that Majority Lenders may not institute such blockage period more than once every 360 days, and (ii) no payments on such Debt nor repurchase, redempt...
Permitted Subordinate Debt contained in Section 2.1 of the Credit Agreement shall be amended and restated to read in full as follows:
Examples of Permitted Subordinate Debt in a sentence
The Borrower will provide notice to the Administrative Agent five (5) Business Days prior to the incurrence or issuance of Permitted Subordinate Debt or Permitted Senior Debt.
Borrower will promptly upon the issuance or incurrence of any Permitted Subordinate Debt or Permitted Senior Debt provide to Administrative Agent a true, correct and complete copy of all material Permitted Subordinate Debt Documents or Permitted Senior Debt Documents, as applicable, executed and delivered in connection with, governing and/or evidencing such Permitted Subordinate Debt or Permitted Senior Debt, as applicable.
The Permitted Subordinate Debt shall either be unsecured or secured by a pledge by Mezzanine Borrower of the ownership interests in one or more entities that directly or indirectly own partnership interests in Borrower, but in no event shall the Permitted Subordinate Debt be secured by a lien on the Property or direct general partnership interests in the Borrower or otherwise encumber or result in any lien or charge upon or against the Property or the rents derived therefrom.
Lender shall have approved all material terms and provisions of the loan documents evidencing the Permitted Subordinate Debt.
If, on any date, no Permitted Subordinate Debt remains outstanding and the Borrower does not reasonably anticipate the incurrence of any additional Permitted Subordinate Debt, upon the Lender’s receipt of a writing from the Borrower to such effect, the Subordinate Obligations Fund shall terminate.
More Definitions of Permitted Subordinate Debt
Permitted Subordinate Debt means Debt of Borrower resulting from a single issue of Borrower's 7.5% Senior Subordinated Notes Due 2013 in an aggregate outstanding principal balance of not greater than $225,000,000, and which (a) is fully subordinated to the Obligations pursuant to subordination provisions which have been approved by the Existing Banks prior to the date hereof, (b) is not subject to negative covenants or events of default (or other provisions which have the same effect as negative covenants or events of default) which have not been approved by the Existing Banks prior to the date hereof, and (c) Debt has been assumed by Parent as a co-obligor with Borrower pursuant to that certain First Supplemental Indenture, dated as of December 29, 2003.
Permitted Subordinate Debt means the indebtedness from Mezzanine Borrower owing to Subordinate Lender (as defined below).
Permitted Subordinate Debt means Debt of Borrower resulting from a single -------------------------- issue of Borrower's 9% Senior Subordinated Notes Due 2008 in an aggregate outstanding principal balance of not greater than $125,000,000, and which (a) is fully subordinated to the Obligations pursuant to subordination provisions which have been approved by Required Banks, and (b) is not subject to negative covenants or events of default (or other provisions which have the same effect as negative covenants or events of default) which have not been approved by Required Banks.
Permitted Subordinate Debt means, collectively, (i) Debt of Borrower resulting from a single issue of Borrower’s 7.5% Senior Subordinated Notes Due 2013 in an aggregate outstanding principal balance of not greater than $225,000,000, and which Debt has been assumed by Parent as a co-obligor with Borrower pursuant to that certain First Supplemental Indenture, dated as of December 29, 2003, and (ii) Debt of Parent resulting from the issue of Parent’s 7.5% Senior Subordinated Notes Due 2015 in an aggregate outstanding principal amount of not greater than $300,000,000.
Permitted Subordinate Debt contained in Section 1.1 of the Credit Agreement shall be amended to read in full as follows:
Permitted Subordinate Debt means the following Debt, if any, secured by a lien on all or any portion of the Pledged Revenue subordinate to the lien thereon of the Loan: (a) the payment obligations of the Borrower under the City Cooperation Agreement; (b) any amounts representing the overpayment of incremental property taxes as the result of refunds made to taxpayers and with respect to which the Borrower has undertaken an obligation to repay the Treasurer of each of the Counties as contemplated by Section 31-25-107(9)(a)(III), Colorado Revised Statutes; (c) Developer Debt; and (d) any Additional Subordinate Debt issued pursuant to the provisions of Section 5.11(d) hereof.
Permitted Subordinate Debt means Debt of Borrower resulting from two separate issues of Borrower's 9% Senior Subordinated Notes Due 2008 in an aggregate outstanding principal balance of not greater than $200,000,000, and which (a) is fully subordinated to the Obligations pursuant to subordination provisions which have been approved by the Existing Banks prior to the date hereof, and (b) is not subject to negative covenants or events of default (or other provisions which have the same effect as negative covenants or events of default) which have not been approved by the Existing Banks prior to the date hereof.