First Lien Cap definition

First Lien Cap means, as of any date of determination, the result of:

First Lien Cap means at any date, the sum of:

First Lien Cap means the limitation of the principal amount of obligations owing to the Senior Lenders and the Senior Agent to the greater of (a) $70 million and (b) a principal amount equal to the then-effective Borrowing Base (as defined in the Credit Facility from time to time) plus (ii) the amount of any shortfall resulting from outstanding advances that may exceed the Borrowing Base as a result of any recalculation of the Borrowing Base in the intervening period plus (iii) $10 million plus (iv) all obligations of the Company and the Guarantors outstanding under any hedging agreement or cash management agreement with any Senior Lender.

Examples of First Lien Cap in a sentence

• If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement and to the extent the First Lien Cap was decreased in connection with such payment of the First Lien Obligations, the First Lien Cap shall be increased to such extent.

• If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement and, to the extent the First Lien Cap was decreased in connection with such payment of the First Lien Debt, the First Lien Cap shall be increased to such extent.

• As the Court explained, “[this] limited grant is a means by which an important public purpose may be achieved.

• Notwithstanding the foregoing, this Section 5.1 will only be binding on the Second Lien Creditors with respect to any DIP Financing to the extent the principal amount of such DIP Financing, when taken together with the aggregate principal amount of the First Priority Obligations (including drawn and undrawn amount of all outstanding letters of credit constituting First Lien Obligations) does not exceed the First Lien Cap.

• Until the Discharge of First Lien Obligations up to the First Lien Cap, no Second Lien Claimholder may seek relief from the automatic stay or any other stay in an Insolvency Proceeding in respect of the Collateral without First Lien Agent's prior written consent or oppose any request by First Lien Agent for relief from such stay.

More Definitions of First Lien Cap

First Lien Cap has the meaning set forth in the Intercreditor Agreement.

First Lien Cap means, as of any date, (a) the greater of (i) the aggregate principal amount of all First Lien Debt permitted to be incurred under the First Lien Indenture and (ii) the aggregate principal amount of all First Lien Debt permitted to be incurred under the Junior Lien Indenture, plus (b) the amount of all Hedging Obligations, to the extent such Hedging Obligations are secured by the First Liens, plus (c) the amount of all Cash Management Obligations, to the extent such Cash Management Obligations are secured by the First Liens, plus (d) the amount of accrued and unpaid interest (excluding any interest paid-in-kind), outstanding fees and expenses, and such other amounts, to the extent such Obligations are secured by the First Liens.

First Lien Cap means, as of any date of determination, in the case of outstanding Advances, Letters of Credit, Secured Hedge Liabilities, Secured Banking Services Obligations and Additional First Lien Permitted Debt, the result of (a) $35,000,000, minus (b) the aggregate amount of all permanent repayments of any Advances or any Additional First Lien Permitted Debt made out of the Net Proceeds of Asset Sales (as each such term is defined in the Second Lien Debt Agreement as in effect on the date hereof), so long as, in the case of any permanent repayment of revolving Advances or revolving Additional First Lien Permitted Debt, there is a concurrent permanent reduction in the commitments to make such revolving Advances or revolving Additional First Lien Permitted Debt in an amount equal to such permanent repayment.

First Lien Cap means the sum of:

First Lien Cap means (A) an amount of Capped Obligations not to exceed $110,000,000, which consists of (i) $90,000,000 as part of the first lien reducing revolving facility, initially “Tranche B Advances” under the First Lien Credit Facility, as such amount is reduced quarterly pursuant to the First Lien Loan Documents as and when the payments associated with such reductions are made, plus (ii) $20,000,000 as part of the first lien, non-reducing revolver facility, plus (B) an amount of Capped Obligations not to exceed $40,000,000 as an increase in the aggregate Revolving Commitments after the Closing Date as permitted under Section 2.16 of the First Lien Credit Agreement or a comparable provision under the New First Lien Loan Documents. The First Lien Cap is a limitation on the outstanding amount of Capped Obligations payable to the First Lien Secured Parties under the First Lien Credit Agreement and is not a limit on any other amounts (including, but not limited to interest, fees, indemnities, costs, expenses, hedge obligations and cash management obligations).

First Lien Cap means indebtedness and other obligations permitted to be incurred under Sections 4.09(b)(1) and (15) of the Second Lien Indenture as in effect on the date hereof, plus (y) $4,000,000 in DIP Financing.

First Lien Cap means the aggregate amount of the First Lien Obligations, including all Swap Obligations; provided that the principal amount of all loans made pursuant to the First Lien Agreement constituting First Lien Obligations (including the drawn and undrawn amount of all letters of credit constituting First Lien Obligations) shall not exceed an amount equal to (a) (i) the greater of (x) $35,000,000 and (y) 10% of ACNTA (as defined in the Second Lien Indenture) as of the date of determination, minus (ii) the sum of all principal payments on the term loans (including voluntary and mandatory prepayments of the term loans), if any, and permanent reductions in revolving loan commitment amounts constituting First Lien Obligations plus (b) 15% of the amount in clause (a) as of the date of determination.