Subordinated Debt Conversion definition

Subordinated Debt Conversion means any conversion of the Subordinated Loans into Conversion Shares pursuant to the terms and conditions of the Subordinated Loan Documents, but only so long as no cash is paid by the Credit Parties in connection with the consummation of such conversion (other than the payment of cash in lieu of fractional shares as set forth in the Subordinated Loan Documents or payments that otherwise constitute Permitted Subordinated Loan Payments).

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Subordinated Debt Conversion means any conversion of the Subordinated Debt into common stock of the Borrower at any time after the date hereof, pursuant to the terms and conditions of Section 2.7 of the Subordinated Loan Agreement, in each case only so long as no cash is paid by the Company in connection with the consummation of such conversion.

Subordinated Debt Conversion means any conversion of the Subordinated Indebtedness into Conversion Property pursuant to the terms and conditions of the Subordinated Debt Documents, but only so long as no cash is paid by the Credit Parties in connection with the consummation of such conversion (other than the payment of cash in lieu of fractional shares as set forth in the Subordinated Debt Documents). “Subordinated Debt Documents” means the Note Purchase Agreement, the Subordinated Notes, any promissory note, lease or other instrument evidencing the Subordinated Indebtedness or the obligation to pay the Subordinated Indebtedness, any guaranty with respect to the Subordinated Indebtedness, any security agreement or other collateral document securing the Subordinated Indebtedness, any agreements or documents related to or governing the rights of the holders of the Conversion Property issued in connection with any Subordinated Debt Conversion (provided that, in the event of a Subordinated Debt Conversion, any such agreements or documents related to the Conversion Property and not related to the Subordinated Indebtedness shall not be included in this definition of “Subordinated Debt Documents”) and all other documents, agreements and instruments now existing or hereafter entered into evidencing or pertaining to all or any portion of the Subordinated Indebtedness. “Subordinated Indebtedness” means all obligations, liabilities and indebtedness of every nature of any Credit Party from time to time owed to Subordinated Lender, whether now existing or hereafter created, including, without limitation, the principal amount of all debts, claims (including, without limitation any right of Subordinated Lender to a return of any capital contributed to any Credit Party) and indebtedness, accrued and unpaid interest and all fees, costs and expenses, whether primary, secondary, direct, contingent, fixed or otherwise, heretofore, now and from time to time hereafter owing, due or payable, whether before or after the filing of a Proceeding under the Bankruptcy Code together with any amendments, modifications, renewals or extensions thereof. “Subordinated Lender Lien” means the lien and security interest held by Subordinated Collateral Agent on behalf of Subordinated Lender in and to all or a portion of the Collateral. “Subordinated Notes” means each of those certain Secured Promissory Notes issued by the Issuer in favor of a Subordinated Lender (as amended, restated, supplemented and otherwise modified fr...

Examples of Subordinated Debt Conversion in a sentence

Optional Conversion Series A Convertible Subordinated Debt shall be convertible at any time, at the holder’s option, into shares of Class D Common Stock at a conversion price of $0.90 per share of Class D Common Stock, increasing at a rate per annum of 11% from the issuance of Series A Convertible Subordinated Debt through the date of conversion (the “Series A Convertible Subordinated Debt Conversion Price”).
All of the Senior Debt shall first be Paid in Full before any Distribution (other than a Subordinated Debt Conversion), whether in cash, securities or other property, shall be made to any Subordinated Lender on account of any Subordinated Loans.
Notwithstanding the foregoing, Borrower may issue, and Subordinated Lenders may accept, Conversion Shares in connection with a Subordinated Debt Conversion.
Nothing in this Agreement shall prohibit or restrict the Permitted Subordinated Debt Conversion by the Subordinated Creditor at any time.
Each Subordinated ▇▇▇▇▇▇ also irrevocably authorizes and empowers Agent, in the name of such Subordinated Lender, to demand, sue for, collect and receive any and all such Distributions (other than in respect of a Subordinated Debt Conversion) by a Credit Party.

More Definitions of Subordinated Debt Conversion

Subordinated Debt Conversion means any conversion of the Subordinated Notes into Series A Preferred Stock of the Company pursuant to the terms and conditions of Section 2 of the Subordinated Notes, but only so long as no cash is paid by the Company in connection with the consummation of such conversion (other than the payment of de minimis cash in lieu of fractional shares as set forth in Section 2 of the Subordinated Notes).

Subordinated Debt Conversion means any conversion of the Subordinated Debt into common stock of the Borrower (x) on the date hereof, pursuant to the terms and conditions of the Warrant Exercise Agreement, and (y) at any time after the date hereof, pursuant to the terms and conditions of Section 2.7 of the Subordinated Loan Agreement, in each case only so long as no cash is paid by the Company in connection with the consummation of such conversion.