Permitted Term Loans definition

Permitted Term Loans shall have the meaning provided in Section 11.1(u);
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Permitted Term Loans means Indebtedness of the Borrower (a) incurred under or secured by the PCA Facility Documents; (b) in the form of (i) one or more broadly syndicated “term loan B” facilities or (ii) with the consent of the Required Lenders, other secured Indebtedness, in each case of clauses (i) and (ii), (A) in an aggregate principal amount that would not, immediately after the incurrence and after giving effect thereto, result in the Consolidated Fixed Charge Coverage Ratio, calculated on a Pro Forma Basis, exceeding 1.10:1.00, (B) that is incurred when Availability, calculated on a pro forma basis after giving effect to any use of proceeds thereof, is at least $50,000,000, (C) that does not mature earlier than the date that is 91 days after the Latest Maturity Date then in effect at the time of incurrence thereof, (D) that does not provide for any regularly scheduled amortization in excess of amortization customary for Indebtedness of such type in light of then-prevailing market conditions (as certified to by the Borrower pursuant to the following proviso), (E) that is not guaranteed by any Person other than a Loan Party or secured by (and any Guarantees thereof by any Group Member are not secured by) assets other than Collateral and (F) that contains covenants, events of default, guarantees and other terms that are customary for similar Indebtedness in light of then-prevailing market conditions (as certified to by the Borrower pursuant to the following proviso); provided that the (x) the liens securing such Indebtedness shall be junior, with respect to the ABL Priority Collateral, to the Liens on the Collateral securing the Obligations and (y) a representative, trustee, collateral agent, security agent or similar Person acting on behalf of the holders of such Indebtedness shall have become party to an Intercreditor Agreement; provided, further, that a certificate of a Responsible Officer delivered to the Administrative Agent at least five Business Days prior to the incurrence of such Indebtedness or the modification, refinancing, refunding, renewal or extension thereof (or such shorter period of time as may reasonably be agreed by the Administrative Agent), together with a reasonably detailed description of the material terms and conditions of such resulting Indebtedness or drafts of the material definitive documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy subclauses (E) and (F) shall be concl...
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Examples of Permitted Term Loans in a sentence

  • Immediately upon acquisition by Holdings or the Borrower, as applicable, any and all Auction Permitted Term Loans shall be automatically and permanently cancelled.

  • In addition, the Borrower will not, and will not permit any other Group Member to amend, modify, waive or otherwise change, consent or agree to any amendment, modification, waiver or other change to the Permitted Term Loans if doing so would not be permitted under the terms of the Intercreditor Agreement.

  • Each Lender acknowledges that such Intercreditor Agreement governs, among other things, Lien priorities and rights of the Lenders and the secured parties with respect to any Permitted Term Loans with respect to the Collateral, including the Term Loan Priority Collateral.

Related to Permitted Term Loans

  • Extended Term Loans has the meaning specified in Section 2.15(a).

  • Replaced Term Loans has the meaning assigned to such term in Section 9.02(c).

  • Original Term Loans means the "Term Loans" under, and as defined in, the Original Credit Agreement.

  • Initial Term Loans means the term loans made by the Lenders on the Closing Date to the Borrower pursuant to Section 2.01(a).

  • Extended Term Loan shall have the meaning assigned to such term in Section 2.21(e).

  • New Term Loans as defined in Section 2.24.

  • Existing Term Loans has the meaning specified in Section 2.16(a).

  • Other Term Loans means one or more Classes of Term Loans that result from a Refinancing Amendment.

  • Refinanced Term Loans shall have the meaning provided in Section 13.1.

  • Refinancing Term Loans means one or more Classes of Term Loans that result from a Refinancing Amendment.

  • Replacement Term Loans has the meaning specified in Section 10.01.

  • Additional Term Loans means any term loan added pursuant to Section 2.22, 2.23 or 9.02(c)(i).

  • Tranche B Term Loans means the Loans made by Lenders to Company pursuant to subsection 2.1A(ii).

  • Refinancing Term Commitments means one or more term loan commitments hereunder that fund Refinancing Term Loans of the applicable Refinancing Series hereunder pursuant to a Refinancing Amendment.

  • New Term Loan shall have the meaning provided in Section 2.14(c).

  • Initial Term Loan shall have the meaning provided in Section 2.1(a).

  • Tranche A Term Loans means Loans made by the Tranche A Term Lenders pursuant to Section 2.01(a).

  • Other Term Commitments means one or more Classes of term loan commitments hereunder that result from a Refinancing Amendment.

  • Required Term A Lenders means, as of any date of determination, Term A Lenders holding more than 50% of the Term A Facility on such date; provided that the portion of the Term A Facility held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Term A Lenders.

  • Second Lien Term Loans means the “Term Loans” under and as defined in the Second Lien Credit Agreement.

  • Initial Term Loan Lender means a Lender with an Initial Term Loan Commitment or an outstanding Initial Term Loan.

  • ABR Term Loan means any Term Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions of Article II.

  • Required Term Loan Lenders means, at any date, Non-Defaulting Lenders having or holding a majority of the sum of (i) the Adjusted Total Term Loan Commitment at such date and (ii) the aggregate outstanding principal amount of the Term Loans (excluding Term Loans held by Defaulting Lenders) at such date.

  • Refinancing Term Loan Commitments has the meaning assigned to such term in Section 2.26(a).

  • Initial Term Facility means the Initial Term Loan Commitments and the Initial Term Loans made hereunder.

  • Tranche B Term Loan as defined in Section 2.1.