Temporary Senior Secured Notes Clause Samples
The Temporary Senior Secured Notes clause establishes the terms under which a company may issue short-term debt instruments that are secured by specific assets and have priority over other debts. Typically, these notes are used to provide interim financing, often in connection with a larger transaction or refinancing, and are secured by collateral such as company property or receivables. This clause ensures that lenders providing these notes have a clear claim to certain assets in case of default, thereby reducing their risk and facilitating access to necessary short-term funding for the company.
Temporary Senior Secured Notes. In the event that Definitive Securities are to be issued under the terms of this Senior Secured Notes Indenture, until such Definitive Securities are ready for delivery, the Issuers may prepare and the Trustee or an agent thereof shall authenticate temporary Senior Secured Notes. Temporary Senior Secured Notes shall be substantially in the form of Definitive Securities but may have variations that the Issuers consider appropriate for temporary Senior Secured Notes. Without unreasonable delay, the Issuers shall prepare and the Trustee or an agent thereof shall authenticate Definitive Securities and the Registrar and the Agents shall make them available for delivery in exchange for temporary Senior Secured Notes upon surrender of such temporary Senior Secured Notes at the office or agency of the Issuers, without charge to the Holder. Until such exchange, temporary Senior Secured Notes shall be entitled to the same rights, benefits and privileges as Definitive Securities.
Temporary Senior Secured Notes. Pending the preparation of definitive Senior Secured Notes, the Issuer may execute, and upon Authentication Order the Trustee shall authenticate and deliver, temporary Senior Secured Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Senior Secured Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Issuer executing the same may determine, as evidenced by their execution of such Senior Secured Notes. If temporary Senior Secured Notes are issued, the Issuer will cause definitive Senior Secured Notes to be prepared without unreasonable delay. After the preparation of definitive Senior Secured Notes, the temporary Senior Secured Notes shall be exchangeable for definitive Senior Secured Notes upon surrender of the temporary Senior Secured Notes at the office or agency of the Issuer in a Place of Payment, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Senior Secured Notes, the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Senior Secured Notes of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary Senior Secured Notes shall in all respects be entitled to the same benefits under this Indenture as definitive Senior Secured Notes.
Temporary Senior Secured Notes. Until certificates representing Senior Secured Notes are ready for delivery, the Issuers may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Senior Secured Notes. Temporary Notes shall be substantially in the form of certificated Senior Secured Notes but may have variations that the Issuers considers appropriate for temporary Senior Secured Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate definitive Senior Secured Notes in exchange for temporary Senior Secured Notes. Holders of temporary Senior Secured Notes shall be entitled to all of the benefits of this Indenture.