Permitted Secured Indebtedness definition

Permitted Secured Indebtedness any Secured Indebtedness that:

Permitted Secured Indebtedness as defined in Section 6.2(e).

Permitted Secured Indebtedness has the meaning given to it in the Collateral Agency Agreement.

Examples of Permitted Secured Indebtedness in a sentence

• None of the property of the Guarantor nor any of its Subsidiaries is subject to any Lien that secures Secured Indebtedness, other than a Lien that secures Permitted Secured Indebtedness or any other Secured Indebtedness permitted under Section 8.2(a)(iii) of this Guaranty.

• The Company shall cause the Obligations to constitute direct senior secured obligations of the Company and to be senior in right of payment and to rank senior in right of security (other than Permitted Liens) with respect to Collateral granted in the Security Documents to all other Indebtedness of the Company (other than Permitted Secured Indebtedness, with which it shall be pari passu in accordance with the terms of the Collateral Agency Agreement).

• The Company further agrees to take all other actions necessary to create in favor of the Trustee named therein for the benefit of the Collateral Agent and the other Secured Parties a valid and enforceable first priority Lien on the Company’s interests in such Real Property Collateral, free and clear of all Liens except for Permitted Liens and rights of holders of Permitted Secured Indebtedness in compliance with the Collateral Agency Agreement.

• The Borrower shall cause the Obligations to constitute direct senior secured obligations of the Borrower and to be senior in right of payment and to rank senior in right of security (other than Permitted Liens) with respect to Collateral granted in the Security Documents to all other Indebtedness of the Borrower (other than Permitted Secured Indebtedness, with which it shall be pari passu in accordance with the terms of the Collateral Agency Agreement).

• The Borrower further agrees to take all other actions necessary to create in favor of the Trustee named therein, for the benefit of the Collateral Agent and the other Secured Parties a valid and enforceable first priority Lien on such Real Property Collateral, free and clear of all Liens except for Permitted Liens and rights of holders of Permitted Secured Indebtedness in compliance with the Collateral Agency Agreement.

More Definitions of Permitted Secured Indebtedness

Permitted Secured Indebtedness means Indebtedness of the Issuer or any Restricted Subsidiary permitted to be incurred or outstanding under this Indenture which is secured by a Permitted Lien.

Permitted Secured Indebtedness means secured Indebtedness of the Borrower issued or incurred on or after the Second Amendment Effective Date (including by depositing the proceeds thereof into an escrow account prior to their being applied for the purpose set forth below), provided that (i) the aggregate principal amount of all such Permitted Secured Indebtedness issued or incurred at any date of determination shall not exceed an amount that, after giving effect (including on a Pro Forma Basis) to such issuance or incurrence, would be permitted to be incurred pursuant to the Senior Leverage Ratio test set forth in Section 2.20(a), (ii) except with respect to Permitted Secured Indebtedness in an aggregate principal amount not to exceed $1,000,000,000 the Net Cash Proceeds of which are applied by the Borrower to finance a Convertible Notes Repurchase (such Permitted Secured Indebtedness, the “Initial Permitted Secured Indebtedness”), any Permitted Secured Indebtedness (including any Permitted Secured Indebtedness that repays or refinances Initial Permitted Secured Indebtedness) does not mature and does not require any scheduled amortization or other scheduled payments of principal prior to the date that is 91 days after the 2023 Maturity Date (other than customary asset sale, event of loss, fundamental change or change of control mandatory offers to purchase and customary acceleration rights after an event of default), (iii) such Permitted Secured Indebtedness is not guaranteed by any Subsidiary of the Borrower other than the Subsidiary Guarantors, (iv) such Permitted Secured Indebtedness shall be secured only by the Collateral on a pari passu basis, and (v) the covenants applicable to such Permitted Secured Indebtedness are not more onerous or more restrictive in any material respects (taken as a whole) than the applicable covenants set forth in this Agreement (as determined by the Borrower in its reasonable judgment).

Permitted Secured Indebtedness means any Secured Indebtedness that:

Permitted Secured Indebtedness means Indebtedness incurred by the Company and/or any of its Subsidiaries as borrower or guarantor under one or more asset-based credit facilities in an aggregate principal amount not to exceed US$50,000,000 outstanding at any time.

Permitted Secured Indebtedness has the meaning set forth in Section 8.10(f)(i)(J).

Permitted Secured Indebtedness means secured Indebtedness of the Borrower issued or incurred on or after the Effective Date (including by depositing the proceeds thereof into an escrow account prior to their being applied for the purpose set forth below), provided that (i) the aggregate principal amount of all Permitted Secured Indebtedness issued or incurred at any date of determination shall not exceed an amount that, after giving effect (including on a Pro Forma Basis) to such issuance or incurrence, would be permitted to be incurred pursuant to the “Senior Leverage Ratio” set forth in Section 2.20(a) of the Existing Credit Agreement (as in effect on the Effective Date), (ii) except with respect to Permitted Secured Indebtedness in an aggregate principal amount not to exceed, together with the aggregate principal amount of Loans made on the Effective Date, $1,000,000,000 the Net Cash Proceeds of which are applied by the Borrower to finance a Convertible Notes Repurchase (such Permitted Secured Indebtedness, the “Initial Permitted Secured Indebtedness), any Permitted Secured Indebtedness (including any Permitted Secured Indebtedness that repays or refinances Initial Permitted Secured Indebtedness) does not mature and does not require any scheduled amortization or other scheduled payments of principal prior to the date that is 91 days after the 2023 Maturity Date (other than customary asset sale, event of loss, fundamental change or change of control mandatory offers to purchase and customary acceleration rights after an event of default), (iii) such Permitted Secured Indebtedness is not guaranteed by any Subsidiary of the Borrower other than the Subsidiary Guarantors, (iv) such Permitted Secured Indebtedness shall be secured only by the Collateral on a pari passu basis, and (v) the covenants applicable to such Permitted Secured Indebtedness are not more onerous or more restrictive in any material respects (taken as a whole) than the applicable covenants set forth in this Agreement (as determined by the Borrower in its reasonable judgement).

Permitted Secured Indebtedness means Indebtedness of the Company incurred pursuant to Section 10.6(b), provided that at least 5 Business Days prior to the incurrence of such Indebtedness, the Company shall (a) notify the Holders of its intent to incur such Indebtedness, which notice shall set forth in reasonable detail (i) the amount and proposed economic terms of such Indebtedness, (ii) the type of lender or purchaser and (iii) the proposed collateral for such Indebtedness (which proposed collateral may include any or all of the Collateral), and (b) if the Indebtedness is proposed to be secured by any property of the Company or any of its Subsidiaries or any other collateral, deliver to the Collateral Agent and the other Secured Parties an executed joinder agreement, substantially in the form of Exhibit A attached to the Collateral Agency Agreement, pursuant to which all the proposed holders of such Indebtedness have become party to the Collateral Agency Agreement.