Restructuring of Senior Debt Sample Clauses

Restructuring of Senior Debt. (a) As of the Effective Date, in consideration of the Closing Payments, each Lender (for itself and, in the case of each Lender or its Affiliate that is an Interest Rate Protection Provider, on behalf of such Interest Rate Protection Provider) agrees that (a) except for the amount required to be remitted by the Bond Trustee pursuant to Section 4.01(d), all interest accrued through the Effective Date on outstanding Term Loans and Working Capital Loans, and any Net Swap Payments owing to any Interest Rate Protection Provider, shall be reduced to zero, and (b) the Senior Principal Prepayments will be applied to repay the Outstanding Senior Principal Obligations on a pro rata basis, and (c) the amount of the remaining Outstanding Senior Principal Obligations following such repayment (being eighty-four million two hundred ninety-one thousand five hundred fifty Dollars ($84,291,550)) will be deemed term loans on the terms and subject to the conditions set forth in the Senior Credit Agreement and (d) that the Intercreditor Agreement shall be terminated in accordance with Section 5.01. (b) As of the Effective Date, upon the transfer by the Bond Trustee to the Revenue Account (as defined in the Accounts Agreement) in accordance with Section 4.01(d) of an amount equal to one hundred seventy-two thousand nine hundred forty-eight Dollars and fifty-six cents ($172,948.56), representing fifty percent (50%) of an amount paid from such account by the Borrower to the Bond Trustee as interest in contravention of the Intercreditor Agreement (the “Disputed Subordinated Interest Payment”), the Senior Claimholders agree to release the Borrower and the Subordinated Claimholders from any obligation in respect of the Disputed Subordinated Interest Payment. Section 2.04
Sample 1
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Restructuring of Senior Debt. (a) As of the Effective Date, in consideration of the Closing Payments, each Lender (for itself and, in the case of each Lender or its Affiliate that is an Interest Rate Protection Provider, on behalf of such Interest Rate Protection Provider) agrees that (a) except for the amount required to be remitted by the Bond Trustee pursuant to Section 4.01(d), all interest accrued through the Effective Date on outstanding Term Loans and Working Capital Loans, and any Net Swap Payments owing to any Interest Rate Protection Provider, shall be reduced to zero, and (b) the Senior Principal Prepayments will be applied to repay the Outstanding Senior Principal Obligations on a pro rata basis, and (c) the amount of the remaining Outstanding Senior Principal Obligations following such repayment (being eighty-four million two hundred ninety-one thousand five hundred fifty Dollars ($84,291,550)) will be deemed term loans on the terms and subject to the conditions set forth in the Senior Credit Agreement and (d) that the Intercreditor Agreement shall be terminated in accordance with Section 5.01.
Sample 1

Related to Restructuring of Senior Debt

  • Additional Senior Debt To the extent, but only to the extent permitted by the provisions of the then extant Secured Credit Documents, the Borrower may incur additional indebtedness after the date hereof that is secured on an equal and ratable basis by the Liens securing the First-Lien Obligations (such indebtedness referred to as “Additional Senior Class Debt”). Any such Additional Senior Class Debt may be secured by a Lien and may be Guaranteed by the Grantors on a senior basis, in each case under and pursuant to the Additional First-Lien Documents, if and subject to the condition that the Authorized Representative of any such Additional Senior Class Debt (each, an “Additional Senior Class Debt Representative”), acting on behalf of the holders of such Additional Senior Class Debt (such Authorized Representative and holders in respect of any Additional Senior Class Debt being referred to as the “Additional Senior Class Debt Parties”), becomes a party to this Agreement as an Authorized Representative by satisfying the conditions set forth in clauses (i) through (iv) of the immediately succeeding paragraph. In order for an Additional Senior Class Debt Representative to become a party to this Agreement as an Authorized Representative, (i) such Additional Senior Class Debt Representative, each Collateral Agent, each Authorized Representative and each Grantor shall have executed and delivered a Joinder Agreement (with such changes as may be reasonably approved by the Collateral Agents and Additional Senior Class Debt Representative) pursuant to which such Additional Senior Class Debt Representative becomes an Authorized Representative hereunder, and the Additional Senior Class Debt in respect of which such Additional Senior Class Debt Representative is the Authorized Representative constitutes Additional First-Lien Obligations and the related Additional Senior Class Debt Parties become subject hereto and bound hereby as Additional First-Lien Secured Parties;

  • Notes Subordinated to Senior Indebtedness The Company covenants and agrees and the Trustee and each Holder of the Notes, by its acceptance thereof, likewise covenants and agrees, that all Notes shall be issued subject to the provisions of this Article Ten; and the Trustee and each person holding any Note, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Notes by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents of all Obligations on the Senior Indebtedness; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder of Senior Indebtedness whether now outstanding or hereinafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Notes.

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