Qualifying Subordinated Obligations

Qualifying Subordinated Obligations. Means term Indebtedness of Borrower which: (a) issued pursuant to credit documentation which is determined by the Administrative Agent to contain subordination terms which are substantively identical to (or more favorable to holders of senior debt than) those contained in the Indentures, and which contains representations, warranties, covenants and events of default which are determined by the Administrative Agent to be substantively similar, when taken as a whole, to those... contained in the Indentures (or determined by the Administrative Agent to reflect customary terms for such securities which are, when considered as a whole, no more restrictive upon the Borrower and its Subsidiaries than the corresponding provisions of the Credit Agreement (and including customary exceptions for senior credit facility debt sufficient to allow the facilities contemplated by the Credit Agreement)): 5 (b) which shall not require any amortization or have any mandatory prepayments unless the Obligations have been paid in full (other than customary offers to redeem or repurchase such Indebtedness upon a change in control or asset sales on terms reasonably acceptable to the Administrative Agent), or have any increase to the applicable interest rate or pricing following a date certain; and (c) which shall have a maturity which is not shorter than one year following the final maturity of the Obligations. View More