Pari Passu Secured Indebtedness definition

Pari Passu Secured Indebtedness means senior Indebtedness of the Credit Parties for borrowed money that is secured by Liens on the Collateral on a pari passu basis with the Liens securing the Obligations and any Permitted Pari Passu Refinancing Debt, in accordance with any Pari Intercreditor Agreement or any Other Intercreditor Agreement.
Sample 1Sample 2
Pari Passu Secured Indebtedness means any Indebtedness of the Company or any Guarantor that ranks pari passu in right of payment with the Notes or the relevant Guarantee and is secured by a Lien on the Collateral that has the same priority as the Lien securing the Notes and that is designated in writing as such by the Company to the Trustee and the holders of which enter into an appropriate agency agreement with the Collateral Agent, including up to $200.0 million of Additional Notes issued in exchange for Existing Notes.
Sample 1Sample 2Sample 3

Examples of Pari Passu Secured Indebtedness in a sentence

  • Under certain circumstances, Citicorp International Limited as the Trustee and as the Shared Security Agent may have obligations under the Security Documents or the Intercreditor Agreement that are in conflict with the interests of the holders of the Notes and/or of holders of Permitted Pari Passu Secured Indebtedness.

  • The Trustee and the Shared Security Agent will be under no obligation to exercise any rights or powers conferred under the Indenture or any of the Security Documents or the Intercreditor Agreement for the benefit of the holders, unless such holders and/or holders of Permitted Pari Passu Secured Indebtedness have offered to the Trustee and the Shared Security Agent indemnity and/or security satisfactory to the Trustee and the Shared Security Agent against any loss, liability or expense.

  • Within ten (10) Business Days after any issuance of Future Permitted Pari Passu Secured Indebtedness, the Company shall issue a notice of redemption to redeem the Notes, in whole or part, at the Applicable Redemption Price on the Debt Proceeds Redemption Date in an amount not to exceed the Debt Proceeds Redemption Amount.

  • The Collateral Agent holds the Second-Priority Lien on the Collateral in trust for the benefit of the Trustee and the Holders as well as the holders of certain Other Pari Passu Secured Indebtedness, in each case pursuant to the Indenture, the Security Documents, the Intercreditor Agreement and any documents relating to such Other Pari Passu Secured Indebtedness.

  • In addition, the Notes will be treated along with certain other Pari Passu Secured Indebtedness of the Issuer as a single class for amendments and waivers and for taking certain other actions.


More Definitions of Pari Passu Secured Indebtedness

Pari Passu Secured Indebtedness means Indebtedness (including the Notes) secured by Pari Passu Liens.
Sample 1
Pari Passu Secured Indebtedness means any Indebtedness of an Issuer or any Guarantor that ranks pari passu in right of payment with the Notes or the relevant Guarantee and is secured by a Lien on the Collateral that has the same priority as the Lien securing the Notes and that is designated in writing as such by the Issuer to the Trustee and the holders of which enter into an appropriate agency agreement with the Collateral Agent; provided that any Pari Passu Secured Indebtedness shall not have restrictive covenants or other terms that are more stringent in any material respect than the covenants described in this Indenture after giving effect to any amendment to this Indenture and the Notes made in compliance with this Indenture.
Sample 1
Pari Passu Secured Indebtedness as defined in Section 7.3(f).
Sample 1
Pari Passu Secured Indebtedness has meaning specified in Section 7.01(b).
Sample 1
Pari Passu Secured Indebtedness means Term Loan Refinancing Indebtedness (as defined in the Term Loan Credit Agreement) and Term Loan Incremental Equivalent Debt (and any Permitted Refinancing Indebtedness in respect of the foregoing), in each case that is secured by Liens on the Collateral that are pari passu to the Liens on Collateral securing the Term Loans. “Participant” has the meaning set forth in Section 10.6(c). “Participant Register” has the meaning set forth in Section 10.6(c). “Patriot Act” has the meaning set forth in Section 10.17. “Payment Conditions” means (a) no Specified Event of Default has occurred and is continuing and (b) at all times during the Pro Forma Period (i) after giving effect to the proposed event as if it occurred on the first day of the Pro Forma Period, Availability is greater than the greater of (A) 22.5% of the Line Cap and (B) $84,375,000 or (ii) after giving effect to the proposed event as if it occurred on the first day of the Pro Forma Period, (A) Availability is greater than the greater of (1) 17.5% of the Line Cap and (2) $65,625,000 and (B) the Consolidated Fixed Charge Coverage Ratio for the last four (4) fiscal quarters is greater than 1.10:1.0. “PBGC” means the Pension Benefit Guaranty Corporation established under Section 4002 of ERISA and any successor entity performing similar functions. “Pension Plan” means any employee benefit plan (including a Multiple Employer Plan, but not including a Multiemployer Plan) that is subject to Title IV of ERISA, Section 412 of the Code or Section 302 of ERISA (i) which is or was sponsored, maintained or contributed to by, or required to be contributed to by, any Group Member or any ERISA Affiliate or (ii) with respect to which any Group Member or any ERISA Affiliate has any actual or contingent liability. “Permitted Acquisition” means the purchase or other acquisition (including by merger, consolidation or amalgamation) by the Borrower or any Restricted Subsidiary of all or a majority of the Capital Stock of, or all or substantially all of the property of, any Person, or of any business or division of any Person or any Investment by a Group Member in a Restricted Subsidiary that serves to increase the Capital Stock ownership of such Group Member in such Restricted Subsidiary; provided that with respect to each purchase or other acquisition (i) after giving effect thereto, the Borrower and its Restricted Subsidiaries are in compliance with Section 7.15, (ii) immediately before and immediately after giving ...
Sample 1
Pari Passu Secured Indebtedness means Term Loan Refinancing Indebtedness and Incremental Equivalent Debt (and any Permitted Refinancing Indebtedness in respect of the foregoing), in each case that is secured by Liens on the Collateral that are pari passu to the Liens on Collateral securing the Initial Term Loans. “Participant” has the meaning set forth in Section 10.6(c). “Participant Register” has the meaning set forth in Section 10.6(c). “Patriot Act” has the meaning set forth in Section 10.17. “Payment” has the meaning assigned to it in Section 9.6(d). “Payment Notice” has the meaning assigned to it in Section 9.6(d). “PBGC” means the Pension Benefit Guaranty Corporation established under Section 4002 of ERISA and any successor entity performing similar functions. “Pension Plan” means any employee benefit plan (including a Multiple Employer Plan, but not including a Multiemployer Plan) that is subject to Title IV of ERISA, Section 412 of the Code or Section 302 of ERISA (i) which is or was sponsored, maintained or contributed to by, or required to be contributed to by, any Group Member or any ERISA Affiliate or (ii) with respect to which any Group Member or any ERISA Affiliate has any actual or contingent liability. “Permitted Acquisition” means the purchase or other acquisition (including by merger, consolidation or amalgamation) by the Borrower or any Restricted Subsidiary of all or a majority of the Capital Stock of, or all or substantially all of the property of, any Person, or of any business or division 36 0000-0000-0000 v.2
Sample 1