Net Senior Secured Debt means, at any date, (a) the amount of Senior Secured Debt on such date minus (b) all unrestricted cash and unrestricted Cash Equivalents of the Borrower and its Subsidiaries, in each case, in accounts subject to an Account Control Agreement on such date.
Net Senior Secured Debt means, as of any date of determination, (a) (i) the aggregate outstanding principal amount of the Term Loan, plus (ii) to the extent the proceeds of which financed Specified Fixed Asset Collateral, the outstanding principal amount of Capitalized Lease Obligations and purchase money indebtedness of the Loan Parties, and the aggregate outstanding principal amount of indebtedness incurred pursuant to the Platinum Consignment Agreement, in each case to the extent of the value of such Specified Fixed Asset Collateral securing such indebtedness have contributed to the most recent Refinery Appraised Value; less (b) the aggregate amount of Pledged Cash of the Borrower and its Subsidiaries.
Net Senior Secured Debt means, as of any date of determination, for the Borrower and its Restricted Subsidiaries on a consolidated basis, the amount equal to the sum, without duplication, of (i) (x) the Obligations to the extent described in clause (i) of the definition thereof, (y) the face amount of all Letters of Credit, and (z) any other Net Funded Debt described in clause (i) of the definition thereof that constitutes senior Indebtedness secured by a Lien on assets or property of the Borrower or its Restricted Subsidiaries as of such date, minus, without duplication, (ii) the amount of cash and short-term investments of Borrower and its Restricted Subsidiaries at the end of the relevant fiscal quarter with respect to which the ratio of Net Senior Secured Debt to EBITDAX is being calculated, not to exceed $35,000,000 in the aggregate.
Examples of Net Senior Secured Debt in a sentence
The interest rate on the Credit Facilities will continue to be based on a sliding scale at one-month LIBOR plus an applicable margin ranging from 2.5% to 3.5%, based on the Net Senior Secured Debt to EBITDA ratio, as defined in the Credit Facilities.
Permit the ratio (the “GrafTech Senior Secured Leverage Ratio”) of (a) Net Senior Secured Debt as of the last day of any fiscal quarter ended after the date hereof to (b) EBITDA for the four quarter period ended as of such day to be in excess of 2.25 to 1.00 or, at any time on or after the incurrence of any term loans or the effectiveness of any revolving commitments established under Section 10.02(c), 2.00 to 1.00.
The total debt to EBITDA ratio has been removed and replaced with Net Debt to EBITDA, Net Senior Secured Debt to EBITDA, and EBITDA to Interest Expense ratios.
The interest rate on the Credit Facility will continue to be based on a sliding scale at one-month LIBOR plus an applicable margin ranging from 2.5% to 3.5% but will be amended to be based on the Net Senior Secured Debt to EBITDA ratio, as defined in the Credit Facility.
Net Debt and Leverage – Q1 2019 Debt (£m) Liquidity / Financial Ratios £m Cash on Balance Sheet: £103m Revolving Credit Facility: £50m (unutilised) Letter of Credit Facility: £30m (£15m utilised) Net Senior Secured Debt / EBITDA(1) = 2.7x Net Third Party Debt / EBITDA(1) = 2.9x Interest rate hedging in place (£100m of FRN’s) 1.
More Definitions of Net Senior Secured Debt
Net Senior Secured Debt means, at any date, (a) the sum of (i) the total Credit Exposures of all Lenders on such date, (ii) the aggregate principal amount of Debt (other than Debt referred to in clause (a)(i) of this definition) of the Borrower and its Consolidated Subsidiaries on such date that is secured by a first priority Lien on any asset or Property of the Borrower or any Consolidated Subsidiary and (iii) any Debt included in the determination of “Maturity Date” in clause (b) thereof rendering such clause (b) inapplicable, minus (b) the sum of (i) all unrestricted cash in accounts subject to a Deposit Account Control Agreement and unrestricted Cash Equivalents of the Borrower and its Consolidated Subsidiaries on such date and (ii) to the extent included in (a)(i), (ii) or (iii) herein, amounts available to be drawn under (A) performance letters of credit and surety bonds issued for the account of the Borrower or a Consolidated Subsidiary to secure obligations under firm transportation contracts or (B) the Backstop Letter of Credit.
Net Senior Secured Debt means, with respect to GrafTech, Global, the Borrower and the Subsidiaries on a consolidated basis, at any time, (a) that portion of Total Debt which is secured by any assets of GrafTech, Global, the Borrower or any Subsidiary, other than the Senior Notes or Senior Notes Refinancing Debt, minus (b) the aggregate amount held at such time by GrafTech, Global, the Borrower and the Subsidiary Loan Parties of (i) Permitted Investments of the type described in clauses (a), (b), (c), (e) and (to the extent analogous to such clauses (a), (b), (c) and (e)) (f) of the definition of Permitted Investments that are denominated in euros or Dollars or other currencies readily convertible into euros or Dollars, mature 30 days or fewer from the date of determination and are held in jurisdictions from which funds may be freely transferred to the Borrower and (ii) cash that is denominated in euros or Dollars or other currencies readily convertible into euros or Dollars and is held in jurisdictions from which funds may be freely transferred to the Borrower, excluding, in the case of each of clauses (i) and (ii), any such cash or Permitted Investment included in any deposit of the sort described in Section 7.02(h) or otherwise subject to a security interest (other than a security interest under any Loan Document).
Net Senior Secured Debt means, with respect to UCAR, Global, the Borrower and the Subsidiaries on a consolidated basis, at any time, (a) that portion of Total Debt which is secured by any assets of UCAR, Global, the Borrower or any Subsidiary, other than the Senior Notes and the Additional Senior Notes, minus (b) the aggregate amount held at such time by UCAR, Global, the Borrower and the Subsidiary Loan Parties of (i) Permitted Investments of the type described in clauses (a), (b), (c), (e) and (to the extent analogous to such clauses (a), (b), (c) and (e)) (f) of the definition of Permitted Investments that are denominated in Euros (including Euro-equivalent currencies) or Dollars, mature 30 days or less from the date of determination and are held in jurisdictions from which funds may be freely transferred to the Borrower and (ii) cash denominated in Euros (including Euro-equivalent currencies) or Dollars that are held in jurisdictions from which funds may be freely transferred to the Borrower.
Net Senior Secured Debt means Consolidated Net Debt that is secured by a Lien and that is not expressly subordinated in writing to the prior payment in full in cash of the Obligations.
Net Senior Secured Debt means, as of any date of determination, for the Borrower and its restricted subsidiaries on a consolidated basis, the amount equal to the sum, without duplication, of (i) (x) the obligations in respect of the Facilities, (y) the face amount of all Letters of Credit, and (z) any other Net Funded Debt described in clause (i) of the definition thereof that constitutes senior indebtedness secured by a lien on assets or property of the Borrower or its restricted subsidiaries as of such date, minus, without duplication, (ii) the amount of cash and short-term investments of Borrower and its restricted subsidiaries at the end of the relevant fiscal quarter with respect to which the ratio of Net Senior Secured Debt to EBITDAX is being calculated, not to exceed $30,000,000 in the aggregate.
Net Senior Secured Debt in Section 1.01 of the Original Credit Agreement is hereby amended by amending and restating clause (z) thereof in its entirety as follows:
Net Senior Secured Debt means, at any date, the sum of (a) the total Revolving Credit Exposures of all Lenders on such date, plus (b) the aggregate principal amount of Debt (other than Debt referred to in clause (a) of this definition) of the Borrower and its Consolidated Subsidiaries on such date that is secured by a first priority Lien on any asset or Property of the Borrower or any Consolidated Subsidiary, minus (c) all unrestricted cash and Cash Equivalents of the Borrower and its Consolidated Subsidiaries on such date, minus (d) amounts available to be drawn under performance letters of credit and surety bonds issued for the account of the Borrower or a Consolidated Subsidiary to secure obligations under firm transportation contracts.