Junior Term Loan definition
Examples of Junior Term Loan in a sentence
Upon the delivery of such certificate and the related attachments as provided above, the obligations designated in such notice shall become ABL Secured Obligations, New Money Term Loan Secured Obligations or Junior Term Loan Secured Obligations, as applicable, for all purposes of this Agreement.
Each of the ABL Agent, on behalf of itself and the ABL Secured Parties, the New Money Term Loan Agent, on behalf of itself and the New Money Term Loan Secured Parties, the Junior Term Loan Agent, on behalf of itself and the Junior Term Loan Secured Parties, and each Grantor agrees that it shall not at any time execute or deliver any amendment or other modification to any of the First Priority Documents, the Second Priority Documents or the Third Priority Documents in violation of this Agreement.
Upon the delivery of such certificate and the related attachments as provided above, the obligations designated in such notice shall become ABL Secured Obligations, Senior Term Loan Secured Obligations or Junior Term Loan Secured Obligations, as applicable, for all purposes of this Agreement.
The Administrative Agent shall promptly (but in any event within five (5) Business Days of the Junior Term Loan Funding Date) notify the Junior Term Lenders, by telecopier or e-mail, of the occurrence of any reductions in the Junior Term Loan Commitments to be effected and any changes to the amount of the Junior Term Loan Commitment of each Junior Term Lender resulting therefrom.
Notwithstanding anything herein or any other Loan Document to the contrary, so long as any Term Loan Obligations and/or Junior Term Loan Obligations remain outstanding, the Borrowers shall not, nor shall they permit any Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Lien securing Indebtedness for borrowed money upon any real estate owned by any Loan Party, except for Liens securing the Obligations, the Term Loan Obligations and the Junior Term Loan Obligations.
If the Junior Term Loan has been advanced, the Borrower shall enter into an interest rate Hedging Agreement in which One Hundred Percent (100%) of the aggregate outstanding amount of the Junior Term Loan shall be secured on a pari passu basis with the Junior Term Loan.
Within 10 days after the occurrence of both an ABL Purchase Event and a Senior Term Loan Purchase Event, one or more of the Junior Term Loan Secured Parties (the “Junior Secured Purchasing Parties”) shall have the right to purchase all of the ABL Secured Obligations and all of the Senior Term Loan Obligations pursuant to the terms and conditions set forth in Sections 4.4 and 4.5 as if such Junior Secured Purchasing Parties were the Senior Term Loan Purchasing Parties and the ABL Purchasing Parties.
All amounts outstanding under the Junior Term Loan shall be repaid in full on the Final Payment Date.
Notwithstanding anything herein or any other Loan Document to the contrary, so long as any Obligations and/or Junior Term Loan Obligations remain outstanding, the Parent Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Lien securing Indebtedness for borrowed money upon any real estate owned by any Loan Party, except for Liens securing the Obligations, the ABL Obligations and the Junior Term Loan Obligations.
All proceeds of such insurance shall be remitted to the extent required by the applicable Loan Documents to the ABL Agent, the Senior Term Loan Agent or the Junior Term Loan Agent, as the case may be, and each of the ABL Agent, Senior Term Loan Agent and Junior Term Loan Agent shall cooperate (if necessary) in a reasonable manner in effecting the payment of insurance proceeds in accordance with Section 4.1 hereof.