First Lien Secured Debt definition

First Lien Secured Debt means, with respect to a Person as of any given date, the aggregate principal amount of (i) the 2022 Revolving Loans, the 2022 Term A Loans, the Existing Term B Loans and the Amendment No. 1 Incremental Term B Loans and (ii) all other Funded Indebtedness of such Person outstanding on such date that is secured in any manner by any Lien on any property of such Person which Lien is pari passu (without regard to the control of remedies) with the Liens securing the 2022 Revolving Loans, the 2022 Term A Loans, the Existing Term B Loans and the Amendment No. 1 Incremental Term B Loans.

First Lien Secured Debt means, without duplication, any Debt of the Company and its Restricted Subsidiaries that constitutes First Lien Obligations.

First Lien Secured Debt. Total Debt that is secured by a first priority Lien on any asset of the Parent Borrower or any of its Subsidiaries (it being understood that any Debt outstanding under this Agreement and any Debt outstanding under the Term Loan Agreement is First Lien Secured Debt).

Examples of First Lien Secured Debt in a sentence

• Solely with respect to the Revolving Credit Facility, commencing with the fiscal quarter ending December 31, 2018, on the last day of any Test Period on which the Revolving Credit Facility Test Condition is then applicable, the Borrower will not permit the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio for the Test Period ending on such last day to be greater than 6.75:1.00.

• Solely with respect to the Revolving Credit Facility, the Borrower will not permit the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio as of the last day of any Test Period ending during any Compliance Period to be greater than 6.90:1.00.

• Solely with respect to the Revolving Credit Facility, Holdings will not permit the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio as of the last day of any Test Period ending during any Compliance Period to be greater than 7.75 to 1.00.

• Solely with respect to the Revolving Credit Facility, Holdings will not permit the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio as of the last day of any Test Period on which the Revolving Credit Facility Test Condition is then satisfied to be greater than 5.75 to 1.00.

• Dieterle, IBM Corporation, Xxxxxx Valley Research Park, Building 300-44X, 0000 Xxxxx 00, Xxxxxxxx Xxxxxxxx, Xxx Xxxx 00000, with copies addressed simultaneously to the Landlord, Office of Area Counsel, IBM Corporation, 0000 Xxxxx 00, Xxxxxxxx Xxxxxxxx, Xxx Xxxx 00000-0000, until otherwise directed in writing by the Landlord.

• With respect to any issuance or extension of, drawing under, and/or amendment of, a 2020 Letter of Credit, to the extent the aggregate amount of 2020 Letter of Credit Unpaid Drawings outstanding exceeds 35% of the Total 2020 Letter of Credit Commitment at such time, the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio as of the last day of the Test Period shall not be greater than 6.90:1.00.

• For purposes of any determination of Consolidated Total Debt or Consolidated First Lien Secured Debt, amounts in currencies other than Dollars shall be translated into Dollars at the currency exchange rates used in preparing the most recently delivered Section 9.1 Financials.

• In addition, to the extent applicable, the Issuer and the Guarantors shall cause TIA Section 313(b), relating to reports, and TIA § 314(d), relating to the release of property or securities from the Liens securing the First Lien Secured Debt or relating to the substitution therefor of any property or securities to be subjected to the Liens securing the First Lien Secured Debt, to be complied with.

• Solely with respect to the Revolving Credit Facility, Holdings will not permit the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio as of the last day of any Test Period ending during any Compliance Period to be greater than 6.50 to 1.00.

• In conjunction with the issuance of the 2020 Note Facility (see below), the covenants for the Revolving Facility were revised to suspend the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio covenant until the maturity of the Revolving Credit Line.

More Definitions of First Lien Secured Debt

First Lien Secured Debt means, without duplication, (i) any Debt of the Company and its Restricted Subsidiaries that constitutes First Lien Obligations and (ii) any Debt of a Restricted Subsidiary that is not a Guarantor Incurred pursuant to the first paragraph of SECTION 4.9.

First Lien Secured Debt means, with respect to a Person as of any given date, the aggregate principal amount of (i) the 2022 Revolving Loans, the 2022 Term A Loans, the Existing Term B Loans and the Amendment No. 1 Incremental Term B Loans and (ii) all other Funded Indebtedness of such Person outstanding on such date that is secured in any manner by any Lien on any property of such Person which Lxxx is pari passu (without regard to the control of remedies) with the Liens securing the 2022 Revolving Loans, the 2022 Term A Loans, the Existing Term B Loans and the Amendment No. 1 Incremental Term B Loans.

First Lien Secured Debt means the Notes issued on the Issue Date, the related Note Guarantees and Indebtedness incurred under the Senior Credit Facility pursuant to clause (k) of Section 4B.01 in an amount not to exceed $25.0 million, and, in each case, all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any such Indebtedness, all of which may be secured Equally and Ratably with a First Priority Lien on the Collateral pursuant to the First Lien Security Documents.

First Lien Secured Debt means, as to any Person at any date of determination, the aggregate principal amount of Total Indebtedness outstanding on such date that is secured by a First Priority Lien on any assets or property of the Borrower and its Subsidiaries.

First Lien Secured Debt means the First Lien Notes issued on the Issue Date, the related Guarantees thereof and Indebtedness incurred under the Senior Credit Facility pursuant to clause (k) of Section 4B.01 hereof in an amount not to exceed $25.0 million, and, in each case, all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any such Indebtedness, all of which may be secured Equally and Ratably with a First Priority Lien on the Collateral pursuant to the First Lien Security Documents.

First Lien Secured Debt means the Original Last Out Notes issued on the Issue Date and replaced by the Last Out Notes on the Restatement Date, the First Out Notes issued on the Restatement Date, the related Note Guarantees, any Additional Notes, Indebtedness incurred under the revolving credit facility permitted under clause (k) of Section 4B.01 in an amount not to exceed $25.0 million less the outstanding principal amount of the First Out Notes and, in each case, all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any such Indebtedness, all of which may be secured Equally and Ratably with a First Priority Lien on the Collateral pursuant to the First Lien Security Documents.