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WEN » Topics » Permitted Subordinated Debt

This excerpt taken from the WEN 8-K filed Mar 12, 2009.
Permitted Subordinated Debt” means unsecured Indebtedness of a Borrower that (a) is expressly subordinated in right of payment to the Secured Obligations on market terms reasonably deemed customary by the Administrative Agent at the time of incurrence, (b) is on terms and conditions that, taken as a whole, are not significantly less favorable to any Loan Party than those prevailing in the marketplace at the time of issuance, (c) has a maturity not earlier than the date that is six months after the Term Loan Maturity Date, (d) does not require any repayments of principal earlier than the date that is six months after the Term Loan Maturity Date, (e) allows for the mandatory prepayments provided hereunder, (f) is not guaranteed by any Person that is not a Subsidiary Guarantor and is guaranteed only on a basis expressly subordinated (on market terms reasonably deemed customary by the Administrative Agent at the time of incurrence) in right of payment to the Secured Obligations and (g) is otherwise on terms and conditions that are reasonably satisfactory to the Administrative Agent.

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