Permitted Priority Indebtedness means, as of any date of determination, the sum, without duplication, of the aggregate outstanding amount of any Indebtedness Incurred by the Issuer or a Restricted Subsidiary pursuant to Sections 4.04(b)(8) and 4.04(b)(16).
Permitted Priority Indebtedness means Indebtedness of the Issuer or a Subsidiary subject to any of the following Security Interests:
Permitted Priority Indebtedness means Indebtedness of Borrower or any of its Subsidiaries under one working capital revolving credit facility, in an amount not to exceed the lesser of (x) [***] minus, at any time, the amount of any Indebtedness outstanding pursuant to clause (y) of “Permitted Indebtedness” and (y) at any time, [***] of the face amount at such time of Loan Parties’ eligible accounts receivable; provided that (a) such Indebtedness, if secured, is secured solely by Borrower’s and its Subsidiaries’ accounts receivable, inventory and segregated cash proceeds of the foregoing, and (b) the holders or lenders thereof have executed and delivered to Administrative Agent an intercreditor agreement reasonably satisfactory to Administrative Agent and the Required Lenders (which, for the avoidance of doubt, may provide that such Permitted Priority Indebtedness has priority on the assets securing such Permitted Priority Indebtedness).
Examples of Permitted Priority Indebtedness in a sentence
Liens securing Permitted Priority Indebtedness; provided that, with respect to Liens on the property or assets of Kemang, Permitted Liens will include only Liens described in paragraphs (a), (b) and (i) above.
More Definitions of Permitted Priority Indebtedness
Permitted Priority Indebtedness means any Priority Indebtedness; provided that, on the date of determination, the aggregate amount of Priority Indebtedness then outstanding does not exceed 15% of Total Assets. In making the foregoing calculations, the amount of Permitted Priority Indebtedness, Priority Indebtedness and Total Assets as of any date of determination shall be as of the date (the “Reference Date”) of the last day of the most recent quarter for which consolidated financial statements of the Company (which the Company shall use its reasonable best efforts to compile in a timely manner) are available and have been provided to the Trustee pursuant to Condition 4.19, calculated after giving pro forma effect to:
Permitted Priority Indebtedness means Indebtedness of Borrower or any of its Subsidiaries under one working capital revolving credit facility, which shall be on then current market terms for such type of Indebtedness, in an amount not to exceed (A) prior to the satisfaction of the Permitted Priority Indebtedness Milestone, the lesser of (x) $100,000,000 and (y) at any time, [**]% of the face amount at such time of Loan Parties’ eligible accounts receivable under such facility and (B) upon and following the satisfaction of the Permitted Priority Indebtedness Milestone, the lesser of (x) $200,000,000 and (y) at any time, [**]% of the face amount at such time of Loan Parties’ eligible accounts receivable under such facility; provided that (a) such Indebtedness, if secured, is secured solely by Borrower’s and its Subsidiaries’ accounts receivable and segregated cash proceeds of the foregoing, and (b) the lenders or purchasers under such facility have executed and delivered to Administrative Agent an intercreditor agreement on terms and in form and substance reasonably satisfactory to Administrative Agent; provided, further, Borrower can instead elect to incur such “Permitted Priority Indebtedness” under a receivables purchase facility, which shall (i) be on then current market terms for such type of Indebtedness, (ii) not exceed purchases in the aggregate (A) prior to the satisfaction of the Permitted Priority Indebtedness Milestone, of $100,000,000 and (B) upon and following the satisfaction of the Permitted Priority Indebtedness Milestone, of $200,000,000, in each case, at any time outstanding, and (iii) not require an intercreditor agreement.