New Senior Secured Note definition

New Senior Secured Note means a secured promissory note issued by the Applicant to the Converting Creditor in the principal amount of $1,400,000 with interest accruing annually beginning on a date that is one year from the Implementation Date at a rate of 2% per annum, which promissory note shall be effective from and after the Implementation Date;
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New Senior Secured Note means the note to be executed upon Confirmation by the Reorganized Debtor in the principal amount of $16 million secured by a priority security interest on all of the assets of the Reorganized Debtor subject only to the purchase money security interest of the Class 3 Claimant and the Revolving Credit Facility. The New Senior Secured Note shall bear interest at the rate of prime plus 2%, provided, however, that payment of cash interest on the New Senior Secured Note may be deferred at the option of the Reorganized Debtor for the first 24 months following the Effective Date.
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Examples of New Senior Secured Note in a sentence

  • All Obligations hereunder and under the other Loan Documents constitute “ABL Facility Priority Lien Debt” as such term is defined in, and for purposes of, the New Senior Secured Note Indenture.

  • All of the outstanding Stock of each Subsidiary of the Borrower owned (directly or indirectly) by the Borrower has been validly issued, is fully paid and non-assessable (to the extent applicable) and is owned by the Borrower or a Subsidiary of the Borrower, free and clear of all Liens (other than the Liens in favor of the New Senior Secured Note Trustee and the Existing Senior Secured Note Trustee), options, warrants, rights of conversion or purchase or any similar rights.

  • Neither the Borrower nor any such Subsidiary is a party to, or has knowledge of, any agreement restricting the transfer or hypothecation of any Stock of any such Subsidiary, other than the Loan Documents, the New Senior Secured Note Documents and the Existing Senior Secured Note Documents.

  • This Agreement (i) is included in the “Credit Agreement” as such term is defined in, and for purposes of, each of the Existing Subordinated Note Indenture and the Existing Senior Secured Note Indenture and (ii) constitutes a “Credit Facility” as such term is defined in, and for purposes of, the New Senior Secured Note Indenture.

  • Promptly after the sending or filing thereof, the Borrower shall send the Administrative Agent copies of all material notices, certificates or reports delivered pursuant to, or in connection with, the New Senior Secured Note Indenture, the Existing Senior Secured Note Indenture or, so long as any Existing Subordinated Notes remain outstanding, the Existing Subordinated Note Indenture.

  • Any and all surplus funds remaining after the payment of the Trustee's Fees shall be paid to the trustee of the New Senior Secured Note Indenture as Trust Moneys (as defined therein).

  • Permitted Redemption – a redemption or purchase of the New Senior Secured Notes pursuant to the terms of Section 4.10 of the New Senior Secured Note Indenture, provided, that on any proposed date of any redemption or purchase, the Permitted Redemption Conditions are satisfied.

  • The Bank of New York, together with its successors, in its capacity as trustee under the New Senior Secured Note Indenture for the New Senior Secured Notes Holders.

  • Create or suffer to exist any encumbrance or restriction on the ability of a Subsidiary to make any Upstream Payment, except for encumbrances or restrictions (i) pursuant to the Loan Documents, (ii) existing under Applicable Law, (iii) pursuant to the New Senior Secured Note Indenture, (iv) pursuant to the Brownwood Lease and (v) identified and fully disclosed in Schedule 9.2.8.

  • Promptly after the sending or filing thereof, the Borrower shall send the Administrative Agent copies of all material notices, certificates or reports delivered pursuant to, or in connection with, the New Senior Secured Note Indenture, the Existing Senior Secured Note Indenture or the Existing Senior Subordinated Note Indenture.