Qualified Junior Debt definition

Qualified Junior Debt means any Indebtedness of the Borrower (and any guarantee thereof by a Guarantor) that is secured by a Lien on the Collateral (and not by any assets that are not Collateral) that ranks junior to the Lien securing the Obligations or that is unsecured; provided that (i) such Indebtedness has a final maturity equal to or later than January 31, 2024, (ii) such Indebtedness does not provide for any scheduled repayment, mandatory redemption or sinking fund obligations prior to the maturity date of the Senior Secured Notes (other than customary offers to repurchase or mandatory prepayments upon a change of control, asset sale or event of loss, customary acceleration rights after an event of default), (iii) the covenants, events of default and other terms of such Indebtedness are not more restrictive to the Borrower and its Subsidiaries than those set forth in the Senior Secured Notes (as in effect on the date hereof), (iv) to the extent such Indebtedness is secured, the agent, trustee or other representative of the holders of such Indebtedness, acting on behalf of such holders, shall be party to the Closing Date Intercreditor Agreement, (v) such Indebtedness shall not be guaranteed by any Person that is not a Guarantor and (vi) such Indebtedness otherwise complies with the terms set forth in the Side Letter.
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Qualified Junior Debt means unsecured Indebtedness of the Company payable to its equity holders subordinated to the Obligations in a manner satisfactory to the Administrative Agent in its reasonable discretion and that only requires cash interest to be paid to the extent permitted under this Agreement.
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Examples of Qualified Junior Debt in a sentence

  • On or before the Closing Date, the Company shall have received the gross proceeds from equity contributions or Qualified Junior Debt in an aggregate amount not less than $34,000,000.

Related to Qualified Junior Debt

  • Permitted Junior Debt means any Permitted Junior Notes and any Permitted Junior Loans.

  • Permitted Junior Securities means Equity Interests in the Company or debt securities that are subordinated to all Senior Debt (and any debt securities issued in exchange for Senior Debt) to substantially the same extent as, or to a greater extent than, the Notes are subordinated to Senior Debt pursuant to the Indenture.

  • Junior Debt means any third party Indebtedness for borrowed money (excluding any intercompany Indebtedness) that is expressly subordinated in right of payment to the Obligations with an outstanding principal amount in excess of the Threshold Amount.

  • Permitted Junior Secured Refinancing Debt means any secured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower in the form of one or more series of second-lien (or other junior lien) secured notes or second-lien (or other junior lien) secured loans; provided that (i) such Indebtedness (x) is secured by the Collateral on a second-priority (or other junior priority) basis with the Obligations and (y) is not secured by any property or assets of the Borrower or any Subsidiary other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness, (iii) such Indebtedness does not mature, have a shorter Weighted Average Life to Maturity than, or have scheduled amortization or scheduled payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligation (other than customary offers to repurchase upon a change of control, asset sale or casualty event and customary acceleration rights after an event of default), prior to the date that is 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, (iv) such Indebtedness is not guaranteed by any Subsidiaries other than the Subsidiary Guarantors, (v) a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to or otherwise be subject to the provisions of one or more intercreditor agreements reasonably satisfactory to the Administrative Agent and (vi) any mandatory or voluntary prepayments of Permitted Junior Secured Refinancing Debt may not be made except to the extent that prepayments of the Term Loans and Permitted Pari Passu Secured Refinancing Debt are first made ratably, to the extent required hereunder or pursuant to the terms of such Permitted Pari Passu Secured Refinancing Debt, as the case may be. Permitted Junior Secured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

  • Junior Indebtedness means Indebtedness which would otherwise constitute Senior Unsecured Indebtedness, but that is by its terms subordinated in right of payment to the Obligations of the Borrower and the Guarantors, as applicable; provided that such terms of subordination are reasonably acceptable to the Administrative Agent.