Qualifying Secured Debt definition
Qualifying Secured Debt means any secured Indebtedness of any Loan Party, no part of the principal of which is required to be paid (whether by way of mandatory sinking fund, mandatory redemption, mandatory prepayment or otherwise) prior to the Maturity Date of each Class of Term Loans outstanding on the date on which such Indebtedness is incurred other than (i) any required (x) offer to purchase or (y) prepayment obligation in respect of such Indebtedness as a result of a change of control, similar event or asset sale or AHYDO payment or (ii) amortization no greater than 1% per annum and which is subject to either (i) the terms of the Pari Passu Lien Intercreditor Agreement as “Additional First Lien Obligations” or (ii) the terms of the Second Lien Intercreditor Agreement as obligations secured by Liens ranking junior to the Liens securing the Obligations.
Qualifying Secured Debt means the collective reference to Qualifying Junior Secured Debt and Qualifying Senior Secured Debt.
Qualifying Secured Debt means any secured Indebtedness of any Loan Party, no part of the principal of which is required to be paid (whether by way of mandatory sinking fund, mandatory redemption, mandatory prepayment or otherwise) prior to the date that is six months after the Maturity Date of each Class of Term Loans outstanding on the date on which such Indebtedness is incurred (it being understood that any required offer to purchase such Indebtedness as a result of a change of control or asset sale shall not violate the foregoing restriction) and which is subject to either (i) the terms of the Pari Passu Lien Intercreditor Agreement as “Additional First Lien Obligations” or (ii) the terms of the Second Lien Intercreditor Agreement as obligations secured by Liens ranking junior to the Liens securing the Obligations.
Examples of Qualifying Secured Debt in a sentence
The Administrative Agent and Collateral Agent are hereby authorized, without any further consent of any Lender (other than the consent of the Required Lenders provided in connection with this Agreement) to enter into any Pari Passu Lien Intercreditor Agreement or Second Lien Intercreditor Agreement with the holders of any Qualifying Secured Debt (or their agents) and to amend any Intercreditor Agreement in order to include the holders of such Qualifying Secured Debt appropriately therein.
The Loan Parties shall promptly (and, in any event, within two (2) Business Days) notify the Agent in writing of the occurrence of (i) any Default or Event of Default; (ii) any default or event of default under any Qualifying Secured Debt or Qualifying Unsecured Debt, or (iii) any event or occurrence or series of related events or occurrences that has had a Material Adverse Effect.
The Loan Parties shall promptly (and, in any event, within two (2) Business Days) notify the Lender in writing of the occurrence of (i) any Default or Event of Default; (ii) any default or event of default under any Qualifying Secured Debt or Qualifying Unsecured Debt, or (iii) any event or occurrence or series of related events or occurrences that has had a Material Adverse Effect.
More Definitions of Qualifying Secured Debt
Qualifying Secured Debt means, collectively, Qualifying Secured Non-Royalty Financing Debt and Qualifying Secured Royalty Obligations.
Qualifying Secured Debt means, collectively, Qualifying Secured Non-Royalty Financing Debt and Qualifying Secured Royalty Obligations. “Qualifying Secured Debt Cap” means, at any time of determination, the lesser of (x) $85,000,000 and (y) the positive difference, if any, between
Qualifying Secured Debt means any secured Indebtedness of any Loan Party, no part of the principal of which is required to be paid (whether by way of mandatory sinking fund, mandatory redemption, mandatory prepayment or otherwise) prior to the Maturity Date of each Class of Term Loans outstanding on the date on which such Indebtedness is incurred other than (i) any required (x) offer to purchase or (y) prepayment obligation in respect of such Indebtedness as a result of a change of control, similar event or asset sale or AHYDO payment or (ii) amortization no greater than the Term B-3 Loans (excluding any prepayment)1% per annum and which is subject to either (i) the terms of the Pari Passu Lien Intercreditor Agreement as “Additional First Lien Obligations” or (ii) the terms of the Second Lien Intercreditor Agreement as obligations secured by Liens ranking junior to the Liens securing the Obligations.
Qualifying Secured Debt means any secured Indebtedness of any Loan Party, except in the case of (1) Extendable Bridge Loans and (2) Indebtedness in an aggregate principal amount not in excess of the then available amount under the Inside Maturity Basket, no part of the principal of which is required to be paid (whether by way of mandatory sinking fund, mandatory redemption, mandatory prepayment or otherwise) prior to the Maturity Date of each Class of Term Loans outstanding on the date on which such Indebtedness is incurred other than (i) any required (x) offer to purchase or (y) prepayment obligation in respect of such Indebtedness as a result of a change of control, similar event or asset sale or AHYDO payment or (ii) amortization no greater than 1% per annum and which is subject to either (i) the terms of the Pari Passu Lien Intercreditor Agreement as “Additional First Lien Obligations” or (ii) the terms of the Second Lien Intercreditor Agreement as obligations secured by Liens ranking junior to the Liens securing the Obligations.
Qualifying Secured Debt means any secured Indebtedness of any Loan Party, except in the case of (1)
Qualifying Secured Debt means any secured Indebtedness of any Notes Party, no part of the principal of which is required to be paid (whether by way of mandatory sinking fund, mandatory redemption, mandatory prepayment or otherwise) prior to the maturity date of the Notes other than (i) any required (x) offer to purchase or (y) prepayment obligation in respect of such Indebtedness or AHYDO payment or (ii) amortization no greater than 1% per annum and which is subject to either (i) the terms of the Pari Passu Intercreditor Agreement as “Additional First Lien Obligations” or (ii) the terms of the Second Lien Intercreditor Agreement as obligations secured by Liens ranking junior to the Liens securing the Obligations.