Indefeasibly Paid

Indefeasibly Paid. Means, with respect to the making of any payment on or in respect of any Senior Indebtedness, that such payment of such Senior Indebtedness has been paid in full in cash (or that such payment of such Senior Indebtedness has been otherwise satisfied in a manner acceptable to the holders of the Senior Indebtedness in their sole and absolute discretion) and has not been challenged as avoidable under Section 547 of the Bankruptcy Code or similar provisions of state law within 91 days of the receipt... of the final payment thereof; provided, however, that if any Senior Creditor is later required to repay any amount received in respect of the Senior Indebtedness at a time when any Junior Creditor has received any payment in respect of the Subordinated Indebtedness after such 91 day period, then such Junior Creditor shall pay to the Senior Agent for the account of the Senior Creditors the amount of any such payments received in respect of the Subordinated Indebtedness up to the amount required to be repaid by the Senior Creditors, or any one or more of them, to or for the benefit of the Obligors, or any one or more of them, or their or its estate or creditors by reason of an avoidance under Section 547 of the Bankruptcy Code or similar provisions of state law or otherwise. In the event that any such payment of such Senior Indebtedness has been so challenged as avoidable within such 91 days, such payment shall be deemed "Indefeasibly Paid" only if and when such payment is determined, by a court of competent jurisdiction in a final, nonappealable case, to not be avoidable (and, in the event that such payment is determined to be avoidable, such payment shall not be deemed "Indefeasibly Paid"). View More

Indefeasibly Paid. Means, with respect to the making of any payment on or in respect of any Senior Debt, a payment of such Senior Debt in full which is not subject to avoidance under section 547 of the Bankruptcy Code.

Indefeasibly Paid. Means, with respect to the making of any payment on or in respect of any Senior Claim, a payment of such Senior Claim in full which is not subject to avoidance under Section 547 of the Bankruptcy Code (which shall, for the purpose hereof, be deemed to be no earlier than 91 days after the payment in cash of all Senior Claims).

Indefeasibly Paid. The term "Indefeasibly Paid" shall mean, with respect to the making of any payment or in respect of any Lender's Debt, a payment in cash of such Lender's Debt in full, which payment is not subject to avoidance or rescission in any Insolvency Proceeding that has been commenced at or within ninety (90) days of the time of such payment.