Permitted Subordinated Debt Payments

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.

Permitted Subordinated Debt Payments. (a) payments required to be made pursuant to Section 2 and 5(c) of the Seller Subordinated Note, (b) Earnout Payments required to be made pursuant to Section 2.5 of the Stock Purchase Agreement, in each case, 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 and (c) Earnout Payments accelerated pursuant to Section 2.5(r) of the Stock Purchase Agreement in accordance with the terms of the Subordinated Debt... Documents, as in effect on the date hereof; provided, that the payment of Earnout Payments pursuant to Section 2.5(s) of the Stock Purchase Agreement shall be excluded from a Permitted Subordinated Debt Payment. View More

Permitted Subordinated Debt Payments. Shall mean, with respect to the Subordinated Debt, (a) B&M Permitted Payments but only so long as, in each case, B&M Permitted Payment Conditions are satisfied at the time of such Distributions and (b) any other Distribution to which the Senior Agent provides its prior written consent in its sole discretion.

Permitted Subordinated Debt Payments. Means payments of regularly scheduled payments of principal and interest on the Subordinated Debt, in each case due and payable on a non-accelerated basis in accordance with the terms of the Subordinated Debt Documents in effect as of the date hereof.

Permitted Subordinated Debt Payments. The regularly scheduled payments of principal and interest in respect of the Subordinated Note (as in effect on the date hereof), provided that no Senior Payment Default, Senior Covenant Default or Equity Conditions Failure (as defined in the Notes) has occurred and is continuing

Permitted Subordinated Debt Payments. (a) regularly scheduled monthly cash payments of interest (but excluding default interest paid or payable in cash) on the Junior Subordinated Obligations, (b) payments in the form of Reorganization Securities, (c) reimbursement of reasonable and documented out-of-pocket costs and expenses and indemnity payments, in each case, due and owing to any Junior Subordinated Claimholder in accordance with the terms of the Junior Subordinated Loan Documents, (d) payments in the form of Qualified Equity... Interests of the Borrower, and (e) on the Junior Subordinated Maturity Date, a one-time cash payment in an amount not to exceed the amount necessary to effectuate the Discharge of the Junior Subordinated Obligations, solely with proceeds received from the issuance of Qualified Equity Interests of the Borrower, provided, in the case of each of clauses (a) through (e), only if such payments are payments made in accordance with the terms of the Junior Subordinated Loan Documents View More

Permitted Subordinated Debt Payments. Collectively (i) regularly scheduled payments of cash interest on the Subordinated Debt, due and payable on a non-accelerated basis monthly in arrears and calculated at the rate determined in accordance with the Subordinated Credit Agreement as in effect on the date hereof, so long as (x) no Default or Event of Default (as each such term is defined in the Senior Credit Agreement) has occurred and is then continuing under the Senior Credit Agreement or would occur thereunder as a result of such... payment and (y) on a pro forma basis after giving effect to such payment, the Company's Liquidity (as defined in the Senior Credit Agreement as in effect on the date hereof) shall not be less than $30,000,000, of which at least $6,250,000 shall be comprised of Excess Availability (as defined in the Senior Credit Agreement as in effect on the date hereof), (ii) to the extent that the conditions to payments of cash interest specified in clauses (x) and (y) of clause (i) of this definition are not satisfied, Subordinated PIK Payments equal to the amount that would have been otherwise permitted under clause (i) of this definition but for the restrictions set forth in clauses (x) and (y) thereof, (iii) Subordinated PIK Payments in lieu of interest otherwise payable at the default rate of interest set forth in Section 2.6(c) of the Subordinated Credit Agreement as in effect on the date hereof, and (iv) the Offset Repayment. View More