Permitted Additional First Lien Debt definition
Permitted Additional First Lien Debt means, prior to any Collateral Release Date, Debt of the Company or any Subsidiary Guarantor that has been designated by the Company as “Permitted Additional First Lien Debt” in accordance with the provisions of the Loan Documents; provided, that, at the time of such designation and after giving effect to the incurrence (assuming for this purpose that the Outstanding Amount thereof, in the case of a revolving facility or line of credit, shall be deemed to be the maximum aggregate principal or face amount of Debt that can be outstanding at any one time under such facility or line, irrespective of when such amount is or may actually be incurred and, for the purpose of this definition, all of which shall be deemed to have been incurred at the time of such designation) and application of proceeds thereof, (x) the Borrowing Base Coverage Ratio is at least 1.00 to 1.00 and (y) the Outstanding Amount of all Permitted Additional First Lien Debt shall not exceed (a) 33% multiplied by (b) the aggregate Outstanding Amount of (i) all Permitted Additional First Lien Debt, (ii) the Total Commitments (including, for the avoidance of doubt, Incremental Commitments) and (iii) the 5-Year Total Commitments (including, for the avoidance of doubt, any commitments in respect of any incremental facilities thereunder).
Permitted Additional First Lien Debt means Indebtedness of a Credit Party that (a) has been designated by the Company to the Administrative Agent as “Permitted Additional First Lien Debt” pursuant to a notice signed by a Responsible Officer certifying that such Indebtedness meets the requirements of this definition, (b) has a final maturity date not earlier than the latest Maturity Date in effect at the time of such designation, (c) has a weighted average life to maturity equal to or greater than the greatest weighted average life to maturity of any Class of Term Loans outstanding at the time of such designation, (d) after giving effect to the incurrence (assuming for this purpose that the Outstanding Amount thereof, in the case of a revolving facility or line of credit, shall be deemed to be the maximum aggregate principal or face amount of Indebtedness that can be outstanding at any one time under such facility or line, irrespective of when such amount is or may actually be incurred and, for the purpose, of this definition, all of which shall be deemed to have been incurred at the time of such designation) and application of proceeds thereof, the Borrowing Base Coverage Ratio is at least 1.10 to 1.00 and (e) is subject to a Permitted Additional First Lien Intercreditor Agreement. For the avoidance of doubt, a Permitted DOE Facility does not constitute Permitted Additional First Lien Debt.
Permitted Additional First Lien Debt in accordance with the provisions of the Loan Documents; provided that, at the time of such designation and after giving effect to the incurrence (assuming for this purpose that the Outstanding Amount thereof, in the case of a revolving facility or line of credit, shall be deemed to be the maximum aggregate principal or face amount of Debt that can be outstanding at any one time under such facility or line, irrespective of when such amount is or may actually be incurred and, for the purpose, of this definition, all of which shall be deemed to have been incurred at the time of such designation) and application of proceeds thereof, the Borrowing Base Coverage Ratio is at least 1.20 to 1.00.
Examples of Permitted Additional First Lien Debt in a sentence
No Pledgor shall grant Control over any Investment Property to any person other than the Administrative Agent, who shall also act on behalf of holders of Permitted Additional First Lien Debt.
The Company covenants and agrees that (a) it will provide to the Administrative Agent promptly after the execution thereof true and complete copies of the definitive documents evidencing or governing any Permitted Additional First Lien Debt and (b) it will execute any and all further documents and agreements, including amendments hereto, and take all such further actions, as shall be reasonably requested by the Administrative Agent to give effect to the intent of this Section.
Notwithstanding anything herein to the contrary, no consensual Liens shall be permitted to exist, directly or indirectly, on any Pledged Securities other than Liens granted pursuant to the Collateral Documents, Junior Liens and Liens permitted hereunder securing Permitted Additional First Lien Debt.
Other than with respect to Excluded Accounts, no Pledgor shall grant Control of any Deposit Account to any person other than the Administrative Agent, who shall also act on behalf of holders of Permitted Additional First Lien Debt.
No Pledgor shall grant Control of any Deposit Account to any person other than the Administrative Agent, who shall also act on behalf of holders of Permitted Additional First Lien Debt.
More Definitions of Permitted Additional First Lien Debt
Permitted Additional First Lien Debt means Debt of a Loan Party that has been designated by the Borrower as “Permitted Additional First Lien Debt” in accordance with the provisions of the Loan Documents; provided that, at the time of such designation and after giving effect to the incurrence (assuming for this purpose that the Outstanding Amount thereof, in the case of a revolving facility or line of credit, shall be deemed to be the maximum aggregate principal or face amount of Debt that can be outstanding at any one time under such facility or line, irrespective of when such amount is or may actually be incurred and, for the purpose, of this definition, all of which shall be deemed to have been incurred at the time of such designation) and application of proceeds thereof, the Borrowing Base Coverage Ratio is at least 1.20 to 1.00.
Permitted Additional First Lien Debt means Indebtedness of a Loan Party that (a) has been designated by the Borrower to the Administrative Agent as “Permitted Additional First Lien Debt” pursuant to a notice signed by a Responsible Officer certifying that such Indebtedness meets the requirements of this definition, (b) has a final maturity date not earlier than the latest Maturity Date in effect at the time of such designation (or with respect to Indebtedness meeting clause (e)(i) below has a final maturity date not earlier than the Maturity Date of the Term A Loans in effect at the time of designation), (c) has a weighted average life to maturity equal to or greater than the greatest weighted average life to maturity of any Term B Loans outstanding at the time of such designation (or with respect to Indebtedness meeting clause (e)(i) below has a weighted average life to maturity equal to or greater than the greatest weighted average life to maturity of any Term A Loans outstanding at the time of designation), (d) is subject to an intercreditor agreement reasonably satisfactory to the Administrative Agent and (e)(i) permanently reduces availability under the $275,000,000 basket under clause (i) of the second proviso of Section 2.14(a) or (ii) the proceeds of which are used solely to repay Term Loans in a corresponding aggregate principal amount.
Permitted Additional First Lien Debt means Indebtedness of a Loan Party that (a) has been designated by the Borrower to the Administrative Agent as “Permitted Additional First Lien Debt” pursuant to a notice signed by a Responsible Officer certifying that such Indebtedness meets the requirements of this definition, (b) has a final maturity date not earlier than the latest Maturity Date in effect at the time of such designation, (c) has a weighted average life to maturity equal to or greater than the greatest weighted average life to maturity of any Term Loans outstanding at the time of such designation, (d) is subject to an intercreditor agreement reasonably satisfactory to the Administrative Agent and (e) permanently reduces availability under the $275,000,000 basket in Section 2.14 or the proceeds of which are used solely to repay Term Loans in a corresponding aggregate principal amount.
Permitted Additional First Lien Debt means the “Permitted Pari Debt” as defined in the First Lien Credit Agreement.
Permitted Additional First Lien Debt means, prior to any Collateral Release Date, Debt of the Company or any Subsidiary Guarantor that has been designated by the Company as “Permitted Additional First Lien Debt” in accordance with the provisions of the Loan Documents; provided, that, at the time of such designation and after giving effect to the incurrence (assuming for this purpose that the Outstanding Amount thereof, in the case of a revolving facility or line of credit, shall be deemed to be the maximum aggregate principal or face amount of Debt that can be outstanding at any one time under such facility or line, irrespective of when such amount is or may actually be incurred and, for the purpose of this definition, all of which shall be deemed to have been incurred at the time of such designation) and application of proceeds thereof, (x) the Borrowing Base Coverage Ratio is at least 1.00 to