Unsubordinated Debt definition
Unsubordinated Debt means Debt of a Subsidiary of the Borrower owed to a Person other than the Borrower or any of its Subsidiaries that is not expressly subordinated to the prior payment of the Obligations on terms that have been consented to by the Administrative Agent in its reasonable discretion (such consent not to be unreasonably withheld or delayed, it being understood that the terms of such subordination will permit payments to be made on such Debt if no Default or Event of Default has occurred and is continuing), in each case excluding (i) Obligations and any Guarantees of any Obligations, and (ii) Operating Debt other than Operating Debt incurred under clause (i)(B) of the definition thereof.
Unsubordinated Debt means all obligations of the Borrower in respect of the unsubordinated debt securities issued pursuant to that certain Indenture, dated as of June 8, 2011 between the Borrower and U.S. Bank National Association, as trustee, as the same may be amended, restated, supplemented or otherwise modified from time to time.
Unsubordinated Debt means the Indebtedness of Borrowers, as shown on the Borrowers' Financial Statements for any period, less the aggregate Subordinated Debt outstanding for such period.
Examples of Unsubordinated Debt in a sentence
Upon any such notice being given to the Issuer, such Unsubordinated Debt Instrument shall immediately become due and payable at its Early Redemption Amount (Default).
Unsubordinated Debt Instruments rank at least equally with the claims of its unsecured and unsubordinated creditors, except creditors mandatorily preferred by law.
The Loan Agreement requires that Borrower not permit the ratio of Unsubordinated Debt to EBITDA to exceed 3.25 to 1 for the last four (4) calendar quarters.
From the date hereof until the Maturity Date and the repayment in full of all Obligations, the Borrowers shall maintain a Ratio of Unsubordinated Debt to Tangible Net Worth Plus Subordinated Debt, no greater than 5:1.
Guarantor shall maintain, at all times, a Maximum Unsubordinated Debt to Tangible Net Worth Ratio of 2.00 to 1.00, which may be measured at any time.
More Definitions of Unsubordinated Debt
Unsubordinated Debt means (a) Debt of a Subsidiary of AHL (other than a Borrower) owed to a Person other than AHL or any of its Subsidiaries or (b) Debt of a Borrower owed to a Subsidiary that is not a Borrower that, in either case, is not expressly subordinated to the prior payment of the Obligations on terms that have been consented to by the Administrative Agent in its reasonable discretion (such consent to be unreasonably withheld or delayed, it being understood that the terms of such subordination will permit payments to be made on such Debt if no Default or Event of Default has occurred and is continuing), in each case excluding (i) Obligations and any Guarantees of any Obligations, and (ii) Operating Debt other than Operating Debt incurred under clause (v)(C) of the definition thereof.
Unsubordinated Debt means (a) Debt of a Subsidiary of AHL (other than a Borrower) owed to a Person other than AHL or any of its Subsidiaries or (b) Debt of a Borrower owed to a Subsidiary that is not a Borrower that, in either case, is not expressly subordinated to the prior payment of the Obligations on terms that have been consented to by the Administrative Agent in its reasonable discretion (such consent
Unsubordinated Debt means all Debt of Debtor not subordinated to Debtor's Obligations to Secured Party and evidenced by a subordination agreement reasonably acceptable to Secured Party.
Unsubordinated Debt means any Indebtedness of Crown Holdings or any of its Subsidiaries that is permitted to be incurred hereunder and that is not expressly subordinated in right of payment to any other Indebtedness of Crown Holdings or any of its Subsidiaries; provided that for the avoidance of doubt, any secured Indebtedness shall not be considered “subordinated” for purposes of this definition by virtue of a junior lien priority, the Sharing Agreement or any similar agreement.
Unsubordinated Debt means all Indebtedness of Borrower which is not Subordinated Debt.
Unsubordinated Debt means Total Liabilities minus Subordinated Debt.
Unsubordinated Debt means, as of any date, the total of the Borrowers' Indebtedness to any and all Persons less: (i) the total principal balances of the Subordinated Debt as of such date; (ii) any liabilities that have a direct offsetting receivable due from the same Person; and (iii) guaranteed shareholder loans to the extent such loans were used to purchase common stock of FEFG and do not exceed $400,000 in the aggregate at any one time; and (iv) 50% of any cash shown on the balance sheet of the Borrowers. To the extent that Borrowers have a negative cash balance, liabilities will be increased accordingly.