Second Xxxx Xxxx definition

Second Xxxx Xxxx means a Bond that is not a Broadly Syndicated Obligation or a Broadly Syndicated Second Lien Obligation and (i) that is secured by a pledge of collateral, which security interest is validly perfected and second priority (subject to liens permitted under the related Underlying Instruments that are reasonable for similar Bonds, and liens accorded priority by law in favor of any Governmental Authority) under Applicable Law (other than a Bond that is second priority to a Permitted Working Capital Lien) and (ii) unless otherwise agreed by the Administrative Agent in its reasonable discretion, the value of the collateral securing which (including based on enterprise value) on or about the time of origination or acquisition by the Company equals or exceeds the outstanding principal balance thereof plus the aggregate outstanding balances of all other Loans and Bonds of equal or higher seniority secured by the same collateral, in each case, as determined by the Servicer.

Second Xxxx Xxxx means any Bond that is valued as a “second xxxx xxxx” on a Loan Party’s Books in accordance with the internal accounting and valuation policies of the Loan Parties in effect as of the Closing Date.

Examples of Second Xxxx Xxxx in a sentence

• For the avoidance of doubt, the reasonableness of the Second Xxxx Xxxx Fees and Expenses will be as set forth in the Second Lien Indentures.

• This Agreement shall only become effective and enforceable against the parties hereto on the date that this Agreement shall have been executed by (i) the Caesars Parties; (ii) the Second Lien Committee; and (iii) all Second Lien Committee Members that are holders of Second Xxxx Xxxx Debt (the date upon which this Agreement becomes so effective, the “Agreement Effective Date”).

• The Parties further acknowledge that all representations, warranties, covenants, and other agreements made by the Second Lien Committee shall not apply to (or be deemed to be made in relation to) any Claims legally or beneficially owned by any holder of a Second Xxxx Xxxx Claim; provided, however, that all Second Lien Committee Members that are holders of Second Xxxx Xxxx Debt have also signed this Agreement as Consenting Second Lien Creditors.

• The Company shall pay in cash on the Effective Date all accrued Second Xxxx Xxxx Fees and Expenses over $50,000 per month.

• The RSA Forbearance Fees payable in respect of $[ ] of Second Xxxx Xxxx Claims (such amount, the “Retained RSA Forbearance Fee”) shall be payable by CEC to the Transferor in accordance with the Restructuring Term Sheet, notwithstanding the transfer of such Second Xxxx Xxxx Claims to the undersigned Transferee.

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• Such obligation (a) is a Broadly Syndicated Obligation, Senior Secured Loan, Senior Secured Bond, Recurring Revenue Obligation, Unitranche Obligation, Broadly Syndicated Second Lien Obligation, Second Lien Loan or Second Xxxx Xxxx and (b) is not a Synthetic Security, a Zero-Coupon Security, a Structured Finance Obligation, a Mezzanine Obligation (or, for the avoidance of doubt, any other unsecured, subordinated obligation of an obligor), an Affiliate Obligation or a Letter of Credit or an interest therein.

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• If the Approval Order is not entered within 75 days of the Petition Date, nothing in this Interim Order shall affect the rights of the Linn Second Lien Trustee and Prepetition Second Xxxx Xxxx Secured Parties to seek to assert rights as secured creditors in connection with the Prepetition Linn Collateral and Linn Cash Collateral.

• It took time to comprehend the full extent of the new position and to reverse the course of the economy.It was not until early 1991, when the recession was at its deepest, that the first tentative expenditure cuts were achieved.