Permitted Second Lien Payments definition
Permitted Second Lien Payments means the Payments permitted by Clause 8.3 (Permitted Payments: Second Lien Liabilities).
Permitted Second Lien Payments means (a) Second Lien Interest Payments; provided that no Second Lien Interest Payments may be made in cash (but, for the avoidance of doubt, may be paid in kind by capitalizing such interest payment) at any time (i) before August 31, 2018; (ii) during a Cash Dominion Period (as defined in the First Lien Loan Agreement); and (iii) that the Second Lien Interest Payment Conditions are not met; (b) Second Lien Other Payments, so long as before and after giving effect to such Second Lien Other Payment, the “Payment Conditions” (as defined in the First Lien Loan Agreement, as in effect on the date hereof) are satisfied, as evidenced by (1) a compliance certificate (in substantially the form attached as Exhibit A hereto), delivered to both the First Lien Agent and the Second Lien Agent three Business Days prior to the making of any such payment, and including detailed calculations with respect to the conditions set forth in clause (b) of the definition of “Payment Conditions” in the First Lien Loan Agreement and (2) a compliance certificate (in substantially the form attached as Exhibit A hereto), delivered to First Lien Agent on the date such payment is made, including detailed calculations with respect to the conditions set forth in clause (b) of the definition of “Payment Conditions” in the First Lien Loan Agreement; and (c) any Second Lien Agent Payments.
Permitted Second Lien Payments means:
Examples of Permitted Second Lien Payments in a sentence
Second Lien Agent, on behalf of itself and the other Second Lien Secured Parties, agrees that, prior to the Discharge of First Lien Debt, Second Lien Agent and the other Second Lien Secured Parties shall not have any right to receive payment on account of the Second Lien Debt other than Permitted Second Lien Payments as and when due.
Turnover 2L agrees to turnover proceeds (and before such turnover, hold in trust for the benefit of the 1L Lenders) of Collateral and all payments and distributions on account of the Second Lien Debt received prior to the Discharge of First Lien Debt (including reorganization securities to the extent required to be turned over under Reorganization Securities, except to the extent constituting Permitted Second Lien Payments).
More Definitions of Permitted Second Lien Payments
Permitted Second Lien Payments means (a) Second Lien Interest Payments; provided that no Second Lien Interest Payments may be made in cash (but, for the avoidance of doubt, may be paid in kind by capitalizing such interest payment) at any time (i) that cash interest payments are due and payable to the holders of the Company’s outstanding 5.00% / 7.00% Convertible Senior Secured Paid-in-Kind Toggle Notes due 2022 and such cash interest payments have not been made or satisfied in full; (ii) during a Cash Dominion Period (as defined in the First Lien Loan Agreement); or (iii) that the Second Lien Interest Payment Conditions are not met; (b) Second Lien Other Payments, so long as before and after giving effect to such Second Lien Other Payment, the “Payment Conditions” (as defined in the First Lien Loan Agreement, as in effect on the date hereof) are satisfied, as evidenced by (1) a compliance certificate (in substantially the form attached as Exhibit A hereto), delivered to both the First Lien Agent and the Second Lien Agent three Business Days prior to the making of any such payment, and including detailed calculations with respect to the conditions set forth in clause (b) of the definition of “Payment Conditions” in the First Lien Loan Agreement and (2) a compliance certificate (in substantially the form attached as Exhibit A hereto), delivered to First Lien Agent on the date such payment is made, including detailed calculations with respect to the conditions set forth in clause (b) of the definition of “Payment Conditions” in the First Lien Loan Agreement; and (c) any Second Lien Agent Payments.
Permitted Second Lien Payments means (i) in each Fiscal Year, no later than one hundred five (105) days after the end of the immediately Fiscal Year, Holdings shall be entitled to prepay the Second Lien Debt in an amount equal to (i) 50% of Excess Cash Flow (as such term is defined in the Second Lien Credit Agreement as in effect on the Amendment Effective Date) for such immediately preceding Fiscal Year, to the extent required by the Second Lien Credit Agreement as in effect on the Amendment Effective Date and (ii) in each Fiscal Year, (x) so long as no Event of Default is continuing or would occur as a result thereof and (y) the Leverage Ratio as of the last day of the applicable “Excess Cash Flow Period” (as such term is defined in the Second Lien Credit Agreement as of the Amendment Effective Date) is less than 4.00:1.00, an amount not exceeding 75% of Excess Cash Flow (as so defined) for such immediately preceding Fiscal Year less the amount of any mandatory prepayment in respect of such Excess Cash Flow for such Excess Cash Flow Period, (ii) prepayments from the Net Proceeds of sales or other dispositions of assets that are of a category that are not included in the Aggregate Borrowing Base and which have not been used to prepay and permanently reduce the Revolving Credit Commitment or reinvested in productive replacement assets of a kind then used or usable in the business of Borrower during the period required by the Second Lien Credit Agreement and (iii) so long as no Event of Default is continuing or would occur as a result thereof, a Permitted Refinancing of the Second Lien Debt.
Permitted Second Lien Payments means any payment by the Borrower to a Second Lien Creditor under, or in connection with, a Second Lien Finance Document in respect of: