Permitted Subordination Agreement definition
Permitted Subordination Agreement means, with respect to any Permitted Subordinated Indebtedness, a subordination agreement, in form and substance reasonably satisfactory to the Administrative Agent and the Borrower, that contains terms and conditions that are within the range of terms and conditions customary for subordination agreements that are of the type that govern intercreditor relationships between holders of senior secured credit facilities and holders of the same type of Indebtedness as such Permitted Subordinated Indebtedness.
Permitted Subordination Agreement means a Subordination Agreement among the Lenders and the Senior Lenders, in the form of Exhibit B to this Amendment No. 2, or such other agreement (i) containing substantially the same material terms and conditions, or (ii) to which the Lenders may agree, which agreement may not be unreasonably withheld.
Permitted Subordination Agreement means, with respect to any Permitted Subordinated Indebtedness, a subordination agreement, in form and substance reasonably satisfactory to the Administrative Agent and the Borrower, that contains terms and conditions that are within the range of terms and conditions customary for subordination agreements that are of the type that govern intercreditor relationships between holders of senior secured credit facilities and holders of the same type of Indebtedness as such Permitted Subordinated Indebtedness. “Permitted Tax Distribution” means quarterly Cash distributions and an annual true-up Cash distribution to allow (a) Holdings (or any direct or indirect parent thereof) and/or the holders of Equity Interests in Holdings (or any direct or indirect parent thereof) to satisfy their Tax liability attributable to taxable income realized by the Borrower and its Subsidiaries in the applicable tax year or any portion thereof so long as the Borrower is classified as a partnership, disregarded entity or pass-through entity for United States Federal income tax purposes or (b) Holdings (or any direct or indirect parent thereof) to satisfy its Tax liability attributable to taxable income realized by the Borrower and its consolidated Subsidiaries in the applicable tax year or any portion thereof so long as the Borrower and such Subsidiaries file a consolidated federal income tax return with Holdings (or any direct or indirect parent thereof); provided that such distributions shall be limited to the extent that the Tax liability is attributable to the taxable earnings of the Borrower and its Subsidiaries. For this purpose, but subject to the limitation in the above proviso, taxable income shall be determined (i) by taking into account the adjustments to taxable income or items of income, gain, deduction or loss that would apply were the Borrower a corporation, to the extent that such adjustments would result in an increase in the net taxable income of the Borrower and (ii) without regard to any allocations loss, deduction or expense resulting from the application of Section 704(c), Section 734 or Section 743 of the Internal Revenue Code and United States Treasury Regulations promulgated thereunder. In determining the amount of any Permitted Tax Distribution, it shall be assumed (A) that the items DMFIRM #406105327 v12 67
Examples of Permitted Subordination Agreement in a sentence
The Lenders covenant and agree that if Borrower or Guarantor wish to enter into Permitted Senior Indebtedness, Lenders shall execute and deliver to the Senior Lenders a Permitted Subordination Agreement.
More Definitions of Permitted Subordination Agreement
Permitted Subordination Agreement means a subordination agreement reasonably acceptable to Highbridge.
Permitted Subordination Agreement means a subordination agreement substantially in the form of Exhibit C.
Permitted Subordination Agreement means a subordination agreement reasonably acceptable to Whitebox. “Permitted Subordination Provisions” means subordination provisions reasonably acceptable to Whitebox.
Permitted Subordination Agreement means a subordination agreement reasonably acceptable to Whitebox.