Permitted Vendor Financing definition
Permitted Vendor Financing means a financing arrangement pursuant to which a Designated Vendor sells to a financial institution that is a DVA Creditor (a) accounts receivable owed to such Designated Vendor by the Borrower or (b) drafts issued by the Borrower to replace such accounts receivable.
Permitted Vendor Financing means Debt incurred for the deferred purchase price of property or services related to the installation, operation and replacement of telecommunications equipment; provided that (a) at the time of incurrence thereof (and after giving effect thereto) (x) no Default shall have occurred and be continuing and (y) on a pro forma basis, the Borrower would be in Credit Agreement compliance with Section 5.01(j) if such Debt was outstanding on the last day of the Fiscal Period ending on or most recently ended prior to the date of such incurrence and Section 5.01(i) and 5.01(k) if such Debt was outstanding throughout the period of four Fiscal Quarters ending on such date; (b) none of the principal of such Debt shall be required to be repaid prior to February 28, 2006; (c) the interest rate borne by such indebtedness does not exceed 12% per annum, (e) any Liens granted to secure repayment of such Debt shall cover only the equipment being financed and (f) the other material terms of such Debt and of any agreement entered into and or any instrument issued in connection therewith are no less favorable in any material respect to the Borrower or the Lenders than the terms and conditions of this Agreement.
Permitted Vendor Financing means Guarantees issued by the Company or any Subsidiary in respect of obligations of customers in connection with the financing of sales of inventory and services to such customers in an aggregate amount at any one time not exceeding $100,000,000.
Examples of Permitted Vendor Financing in a sentence
Amend, modify or change, or agree to any amendment, modification or change, of any term or condition of, or give any consent, waiver or approval under, (i) any agreement, instrument or other document governing or evidencing any Permitted Vendor Financing or Subordinated Debt, (ii) the Interconnection Agreements, (iii) any Marketing Agreement, (iv) the Consent and Agreements or (v) the Facilities Agreement.