Permitted Subordinated Debt Payments

Permitted Subordinated Debt Payments. Means regularly scheduled payments of interest on the Subordinated Debt (including interest paid in kind under the Subordinated Note), all fees consented to by Agent and all reasonable out-of-pocket costs and expenses due and payable on a non-accelerated basis, in accordance with the terms of the Subordinated Debt Documents as in effect on the date hereof or as modified in accordance with the terms of this Agreement.

Permitted Subordinated Debt Payments. Means scheduled monthly payments of accrued but unpaid interest at the rates set forth in the Subordinated Note (including interest at the default rate to the extent then applicable) and payments on a scheduled monthly payment date of any accrued interest that remains unpaid due to application of this Agreement.

Permitted Subordinated Debt Payments. Means, collectively (i) payments of Subordinated Debt Costs and Expenses, (ii) payments of regularly scheduled payments of cash interest on the Subordinated Debt, due and payable on a non-accelerated basis on the 22nd day of each February, May, August and November commencing on May 22, 2003, at a rate equal to 13% per annum and (iii) in-kind interest on the Subordinated Debt to the extent the interest rate applicable to the Subordinated Debt exceeds 13%... per annum (including without limitation interest charged at a default date of an additional 2% during the existence of a Subordinated Debt Default), payable solely by the issuance of Subordinated PIK Notes at the times and in the amounts specified in the Subordinated Notes as in effect on the date hereof, in each case in accordance with the terms of the Subordinated Debt Documents as in effect on the date hereof or as modified in accordance with the terms of this Agreement. -3- View More

Permitted Subordinated Debt Payments. Means scheduled monthly payments of accrued but unpaid interest at the rates set forth in the Subordinated Note (including interest at the default rate to the extent then applicable) and payments on a scheduled monthly payment date of any accrued interest that remains unpaid due to application of this Agreement; provided, however, until such time as the aggregate amount of interest accruing from and after March 1, 2007, under the... Subordinated Note equals $1,000,000, the accrued interest under the Subordinated Note shall be added to the principal balance thereof in lieu of cash payment of such accrued interest by Parent. View More

Permitted Subordinated Debt Payments. Means each of the following: (i) scheduled monthly payments of accrued but unpaid interest at the rates set forth in the Subordinated Note (including interest at the default rate to the extent then applicable) and payments on a scheduled monthly payment date of any accrued interest that remains unpaid due to application of this Agreement with respect to prior periods; provided, however, that on each Interest Payment Date (as defined... in the Subordinated Loan Agreement) through and including the first Interest Payment Date on which the aggregate amount of interest accruing from March 1, 2007, through such Interest Payment Date under the Subordinated Note equals or exceeds $1,000,000, the accrued interest under the Subordinated Note shall be added to the principal balance thereof in lieu of cash payment of such accrued interest by Parent; (ii) with respect to that portion of the Guarantor's Deposit placed with Senior Creditor pursuant to the Limited Recourse Guaranty against which Senior Creditor has not exercise its right of set-off, or against which a set-off by the Senior Creditor is restored through payment or credit to the principal balance of the general ledger account in which such deposit is held, an amount payable monthly in arrears equal to the excess of (a) the amount of interest that would accrue on such amounts in the deposit account if such amounts were outstanding principal under the Tranche B Term Loan (as defined in the Subordinated Debt Documents) over (b) the amount of interest paid by Senior Creditor to the Subordinated Creditor in respect of the deposit account, in each case during the period such amounts are actually held on deposit in the deposit account; and (iii) with respect to that portion of the Guarantor's Deposit placed with Senior Creditor pursuant to the Limited Recourse Guaranty against which Senior Creditor has exercised its right of set-off, any amount paid by Parent or any Guarantor from amounts advanced under the Senior Loan Agreement to restore to the principal balance of the general ledger account in which the deposit is held any portion of the amount so set off. The amounts set forth in subsection (ii) above shall be payable, in arrears, on the first day of each month or, if any such date shall not be a business day, on the next succeeding business day to occur after such date; provided, however, that in lieu of any payment in cash of such amount, the amount shall be deemed to be accrued but unpaid interest under the Tranche B Revolving Loan, as defined in the Subordinated Debt Documents, and subject to the provisions of clause (i) above. View More

Permitted Subordinated Debt Payments. Means (i) payments of regularly scheduled cash payments of interest on the Subordinated Debt due and payable in accordance with the terms of the Subordinated Debt Documents as in effect on the date hereof or as modified in accordance with the terms of this Agreement, and (ii) accruals and capitalization of interest in accordance with the terms of the Subordinated Debt Documents. For the avoidance of doubt, payments of principal, interest or fees due upon acceleration of any of the Subordinated... Debt, payments of cash interest for interest which is to be accrued under the terms of the Subordinated Debt Documents as in effect on the date hereof or as modified in accordance with the terms of this Agreement and purchases of Subordinated Debt by an Obligor as required under the Subordinated Debt Documents shall not constitute Permitted Subordinated Debt Payments. View More

Permitted Subordinated Debt Payments. Means: (a) regularly scheduled payments of interest, but solely if paid in kind, (ii) default interest, but solely if paid in kind, (iii) payments in cash of Subordinated Debt Costs and Expenses and other fees due as of the date hereof (including, without limitation, items that are due as a deposit for anticipated post-close work), but solely in the amount set forth in the Approved Funds Flow; (iv) payments in cash of Subordinated Debt Costs and Expenses coming due after the date hereof, but... solely to the extent that the aggregate amount of such Subordinated Debt Costs and Expenses do not exceed $150,000 in the aggregate in any calendar year; and (v) payments, but solely if paid in kind, of other amounts from time to time owing under the Subordinated Debt Documents. View More

Permitted Subordinated Debt Payments. Means (i) regularly scheduled payments of interest in cash or in kind on the Subordinated Debt due and payable on a non-accelerated basis in accordance with the terms of the Subordinated Debt Documents as in effect on the date hereof or as modified in accordance with the terms of this Agreement, and payment of interest in kind on any incremental default rate, (ii) to the extent no Senior Default exists or would result therefrom, optional prepayments or redemptions of Subordinated Debt with... Additional Available Cash to the extent that the Consolidated Total Leverage Ratio of Holdings is less than 1.50:1.00 prior to giving effect to any such prepayment or redemption, (iii) reasonable and customary fees, expenses, costs and indemnities (including closing fees and expenses paid on the date hereof) constituting Subordinated Debt as and when due and payable under the Subordinated Note Purchase Agreement, (iv) receipt of Reorganization Securities, and (v) payment of the principal of the Subordinated Debt on the final scheduled maturity date of the Subordinated Debt. View More

Permitted Subordinated Debt Payments. Means payments pursuant to Section 3.1 of the Sponsor Facility due and payable on a non-accelerated basis in accordance with the terms of the Subordinated Debt Documents as in effect on the date hereof or as modified in accordance with the terms of this Agreement or any other payment of Subordinated Debt not prohibited by the terms of the Indenture.

Permitted Subordinated Debt Payments. Means regularly scheduled cash payments of principal, without premium, and interest, at the non-default rate of interest, not to exceed a rate of 3% per annum, pursuant to and in accordance with the Subordinated Note.