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.