Permitted Senior Indebtedness means the principal of (and premium, if any), interest on, and all fees and other amounts (including, without limitation, any reasonable out-of-pocket costs, enforcement expenses (including reasonable out-of-pocket legal fees and disbursements), collateral protection expenses and other reimbursement or indemnity obligations relating thereto) payable by Company and/or its Subsidiaries under or in connection with any credit facility to be entered into by the Company and/or its Subsidiaries with one or more financial institutions together with any amendments, restatements, renewals, refundings, refinancings or other extensions thereof); provided, however, that the aggregate outstanding amount of such Permitted Senior Indebtedness (taking into account the maximum amounts which may be advanced under the loan documents evidencing such Permitted Senior Indebtedness) does not as of the date on which any such Permitted Senior Indebtedness is incurred exceed $10,000,000, with respect to the unpaid principal balance of loans thereunder and, provided further that such Permitted Senior Indebtedness shall only be incurred to the extent that the Consolidated Total Indebtedness to Market Capitalization Ratio does not exceed .15 at the time of incurrence of such Permitted Senior Indebtedness.
Permitted Senior Indebtedness means Indebtedness not to exceed $10,000,000 in the aggregate outstanding at any time pursuant to (i) the Amended and Restated Credit Agreement dated as of June 25, 2008 among Durant Biofuels, LLC, as Borrower, Earth Biofuels, Inc. as Loan Party, the Financial Institutions Party thereto, as Lenders, and Fourth Third LLC. and (ii) the Amended and Restated Credit Agreement dated as of June 25, 2008 among EARTH LNG, INC., as Borrower, PNG Ventures, Inc., as Parent and a Loan Party and Applied LNG Technologies USA, L.L.C., Fleet Star, Inc., Apollo Leasing, Inc., Arizona LNG, L.L.C., as additional Loan Parties, the Financial Institutions Party thereto, as Lenders, and Fourth Third LLC, as Agent and Sole Lead Arranger.
Permitted Senior Indebtedness means Indebtedness of any Loan Party which refinances all Indebtedness in respect of the Existing Senior Notes (or any permitted Refinancing Indebtedness in respect thereof), in any aggregate principal amount of not less than $250,000,000 and not greater than $350,000,000, all pursuant to an indenture and guaranty agreements, as applicable, and on terms and conditions acceptable to Agent and the Required Lenders, such terms and conditions to include, but not be limited to, the following:
Examples of Permitted Senior Indebtedness in a sentence
Create, an, assume, or be not for any secured Indebtedness which is senior in joy of hot to the Notes other than Permitted Indebtedness or Permitted Senior Indebtedness.
Notwithstanding anything contained in this Agreement, the rights of Lender under this Agreement shall be subject to the terms of the SVB Subordination Agreement or any other subordination or intercreditor agreement entered into by Lender in favor of holders of Permitted Senior Indebtedness.
Except with respect to the Permitted Senior Indebtedness, no Indebtedness of the Company, at the Closing, will be senior to, or pari passu with, the Exchanged Notes or the New Exchange Convertible Note in right of payment, whether with respect to payment or redemptions, interest, damages, upon liquidation or dissolution or otherwise.
Lender hereby agrees to execute and deliver subordination agreements or intercreditor agreements requested from time to time by holders of Permitted Senior Indebtedness (whether in favor of Silicon Valley Bank or whether in favor of other Persons holding Permitted Senior Indebtedness), provided that such subordination or intercreditor agreements shall be on terms that are consistent with the terms contained in the SVB Subordination Agreement and are in a form that is reasonably acceptable to Lender.
No Indebtedness of the Company or any of its Subsidiaries other than Permitted Senior Indebtedness (as defined in the Notes) is senior to or ranks pari passu with the Notes in right of payment, whether with respect of payment of redemptions, interest, damages or upon liquidation or dissolution or otherwise.
More Definitions of Permitted Senior Indebtedness
Permitted Senior Indebtedness means the principal of (and premium, if any), interest on, and all fees and other amounts (including, without limitation, any reasonable out-of-pocket costs, enforcement expenses (including reasonable out-of-pocket legal fees and disbursements), collateral protection expenses and other reimbursement or indemnity obligations relating thereto) payable by Company and/or its Subsidiaries under or in connection with any inventory and receivables credit facility based on a customary borrowing base entered into by the Company and/or its Subsidiaries with one or more financial institutions (and on terms and conditions) to fund the working capital needs of the Company and its Subsidiaries, in form and substance satisfactory to the Required Holders; provided, however, that the Total Indebtedness to EBITDA Ratio is maintained.
Permitted Senior Indebtedness. Indebtedness (i) under the Loan Agreement issued in connection therewith and any refinancing thereof to the extent such refinancing does not shorten the Weighted Average Life to Maturity of such Indebtedness or (ii) incurred to purchase tangible personal property or Indebtedness incurred to lease tangible personal property pursuant to Capitalized Leases, provided that (x) such Indebtedness existing as of the Issue Date shall not exceed $50,000, (y) during any Yearly Period after the Issue Date the amount of such Indebtedness at any one time outstanding during such Yearly Period shall not exceed $100,000, and (z) no Event of Default exists at the time or will be caused as a result of the incurrence of any Indebtedness described in clause (y).
Permitted Senior Indebtedness means the principal of (and premium, if any), interest on, and all fees and other amounts (including, without limitation, any reasonable out-of-pocket costs, enforcement expenses (including reasonable out-of-pocket legal fees and disbursements), collateral protection expenses and other reimbursement or indemnity obligations relating thereto) payable by Company and/or its Subsidiaries under or in connection with any credit facility to be entered into by the Company and/or its Subsidiaries with one or more financial institutions (and on terms and conditions), in form and substance reasonably satisfactory to the Required Holders (subject, for the avoidance of doubt, to Section 25(b)); provided, however, that the aggregate outstanding principal amount of such Indebtedness does not at any time exceed $10,000,000.
Permitted Senior Indebtedness means Indebtedness issued pursuant to that certain Securities Purchase and Security Agreement, dated April 23, 2020, by and between the Company and the persons set forth therein and Indebtedness issued pursuant to that certain Securities Purchase Agreement, dated October 14, 2020, by and between the Company and the persons set forth therein.
Permitted Senior Indebtedness unsecured senior (or subordinated) Indebtedness of the Borrower (i) the terms of which do not provide for any scheduled repayment, mandatory redemption or sinking fund obligation prior to the date on which the final maturity of the Senior Notes issued on the Closing Date occurs (as in effect on the Closing Date) and (ii) the covenant, default and remedy provisions of which are not materially more restrictive, and the mandatory prepayment provisions and repurchase and redemption provisions of which are not materially more onerous or expansive in scope, taken as a whole, than those set forth in the Senior Note Indenture.
Permitted Senior Indebtedness means the Indebtedness described in clauses (ii) and (iv) of Permitted Indebtedness.
Permitted Senior Indebtedness means the Indebtedness described in, and permitted by, clause (ii) of Permitted Indebtedness.