Senior Cap definition

Senior Cap means an amount equal to the sum of (x) the aggregate principal amount of Term Loans outstanding under (and as defined in) the Senior Secured Credit Agreement on the Closing Date immediately prior to giving effect to any repayments made on the Closing Date, minus the aggregate amount of principal repayments (whether mandatory or voluntary) of Term Loans under (and as defined in) the Senior Secured Credit Agreement on or following the Closing Date (including, for the avoidance of doubt, the repayment of Senior Obligations contemplated as a condition precedent to the effectiveness of the Senior Amendment),(y) the aggregate amount of Revolving Commitments outstanding under (and as defined in) the Senior Secured Credit Agreement on the Closing Date, minus the aggregate amount of principal repayments of Revolving Loans under (and as defined in) the Senior Secured Credit Agreement on or following the Closing Date (each of which repayments shall be accompanied by a concurrent permanent reduction and termination of an equal amount of Revolving Commitments under (and as defined in) the Senior Secured Credit Agreement) and (z) all obligations now or hereafter from time to time owed with respect to the foregoing on account of all accrued and unpaid interest, fees, and expenses (including interest, fees, and expenses which, but for the filing of a petition in bankruptcy with respect to a Credit Party, would have accrued thereon, whether or not a claim is allowed against such Credit Party for such interest, fees, or expenses in the related bankruptcy proceeding).
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Senior Cap means the sum of:
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Senior Cap means the sum of (i)(1) $506,000,000 plus (2) Additional Senior Debt Obligations plus (3) all capitalized interest in respect of obligations described in the foregoing clauses (1) and (2) minus (4) the amount of all prepayments or other payments in each case of the principal of Senior Obligations (including any roll-up obligations in connection with DIP Financing described in clause (ii) below but not including any prepayments or other payments of Senior Obligations made in connection with a Refinancing thereof) plus (ii) in the case of DIP Financing provided by one or more Senior Secured Parties to the Borrower or any other Grantor, the principal amount in respect thereof (including any roll-up obligations and capitalized interest) that is approved by the applicable bankruptcy court.
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Examples of Senior Cap in a sentence

  • On any Payment Date, an amount equal to the excess, if any, of (i) the Administrative Expense Senior Cap, over (ii) the sum of (without duplication) (x) all amounts paid pursuant to clause (ii) of the Priority of Interest Proceeds on such Payment Date plus (y) all Administrative Expenses paid during the related Collection Period pursuant to Section 11.2.

  • An account shall be established for the benefit of the holders of the Class AV Certificates (the "Group 1 Senior Cap Account") as a part of the Trust Fund.

  • Notwithstanding the terms of the Subordinated Loan Documents, the Company hereby agrees that it may not make, and Subordinated Creditor hereby agrees that it will not accept, any Distribution (other than Permitted Payments) with respect to the Subordinated Debt until the Senior Debt (in the case of Capped Obligations, up to but not in excess of the Senior Cap) is indefeasibly paid in full in cash and all commitments to lend under the Senior Loan Documents have terminated.

  • On any Distribution Date, an amount equal to the excess, if any, of (i) the Administrative Expense Senior Cap, over (ii) the sum of (without duplication) (x) all amounts paid pursuant to clause (ii) of the Priority of Interest Proceeds on such Distribution Date plus(y) all Administrative Expenses paid during the related Due Period pursuant to Section 11.2.

  • On any Distribution Date, Group 1 Senior Cap Payments for that Distribution Date will be deposited into the Group 1 Senior Cap Account and Mezzanine Cap Payments for that Distribution Date will be deposited into the Mezzanine Cap Account.

  • While the Senior Cap- stone is valuable, best practices suggest that it not be made a graduation requirement at this time, due to the variety of priorities students hold (example: students carrying a heavy AP course load do not have time to do an internship without compromising their academic work).

  • Students must take 14 AST and/or AST cross-list- ed courses of 3–4 credits each, including “depth” courses, “breadth” courses, and a Senior Cap- stone.

  • An account shall be established for the benefit of the holders of the Class M Certificates (the "Mezzanine Cap Account" and together with the Group 1 Senior Cap Account, the "Cap Accounts") as a part of the Trust Fund.

  • Cost: Funding Source: National Honor Society Field Trip 25-NHS Students & Lisa Hummel Clarview and Country Springs Mon., May 22, 2023 $60.00 General Fund Senior Cap & Gown Walk Approx.

  • On any Distribution Date, Group I Senior Cap Payments for that Distribution Date will be deposited into the Group I Senior Cap Account and Mezzanine/Class B Cap Payments for that Distribution Date will be deposited into the Mezzanine/Class B Cap Account.


More Definitions of Senior Cap

Senior Cap means, at any time, $302,500,000 less in each case (i) the amount of all prepayments and repayments applied to any term loans constituting Senior Obligations whether made before or after the Closing Date and (ii) the amount of all repayments and prepayments of any revolving loans or letters of credit constituting Senior Obligations whether made before or after the Closing Date, in each case as to this clause (ii) to the extent accompanied by a corresponding reduction in the applicable commitment amount, provided that the Senior Cap may be increased by $25,000,000 if the Consolidated Leverage Ratio calculated on a pro forma basis after giving effect to the incurrence of such additional Indebtedness is equal to or less than 3.75:1.00.
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Related to Senior Cap

  • Senior Class Debt Parties has the meaning assigned to such term in Section 8.09.

  • Senior Class Debt has the meaning assigned to such term in Section 8.09.

  • Junior Capital collectively, any Indebtedness of any Parent or the Borrower that (a) is not secured by any asset of the Borrower or any Restricted Subsidiary, (b) is expressly subordinated to the prior payment in full of the Loans on terms consistent with those for senior subordinated high yield debt securities issued by U.S. companies sponsored by either of the Sponsors (as determined in good faith by the Borrower, which determination shall be conclusive), (c) has a final maturity date that is not earlier than, and provides for no scheduled payments of principal prior to, the date that is 91 days after the Initial Term Loan Maturity Date (other than through conversion or exchange of any such Indebtedness for Capital Stock (other than Disqualified Stock) of the Borrower, Capital Stock of any Parent or any other Junior Capital), (d) has no mandatory redemption or prepayment obligations other than (x) obligations that are subject to the prior payment in full in cash of the Loans or (y) pursuant to an escrow or similar arrangement with respect to the proceeds of such Junior Capital and (e) does not require the payment of cash interest until the date that is 91 days following the Initial Term Loan Maturity Date.

  • Senior Reduction Amount With respect to any Payment Date is either:

  • Senior Class Debt Representative has the meaning assigned to such term in Section 8.09.

  • Subordinate Net Funds Cap With respect to any Distribution Date, an amount equal to the weighted average of the Pool 1 Net Funds Cap and the Pool 2 Net Funds Cap, weighted on the basis of the Pool Subordinate Amount for each Mortgage Pool; provided, however, that on any Distribution Date after which the aggregate Class Principal Amount of the Senior Certificates relating to any Mortgage Pool has been reduced to zero, such weighting shall be on the basis of the Pool Balance of each Mortgage Pool.

  • Additional Senior Class Debt Parties has the meaning assigned to such term in Section 5.13.

  • Senior Class means, with respect to the Class B Notes, the Class A Notes.

  • Senior Funded Debt means all Funded Debt (except Funded Debt, the payment of which is subordinated to the payment of the Notes).

  • Senior citizen means that term as defined in section 514.

  • Available Funds Cap Any of the Class A-1 Available Funds Cap, the Class A-2 Available Funds Cap or the Weighted Average Available Funds Cap.

  • Additional Senior Class Debt has the meaning assigned to such term in Section 5.13.

  • Senior means a person seventy years old or older.

  • Priority Indebtedness means (a) Indebtedness of the Company or any Subsidiary (other than that described in Section 6.01(e)) secured by any Lien on any asset(s) of the Company or any Subsidiary and (b) Indebtedness of any Subsidiary, in each case owing to a Person other than the Company or any Subsidiary.

  • Permitted Pari Passu Secured Refinancing Debt means any secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower in the form of one or more series of senior secured notes; provided, that (a) such Indebtedness is secured by the Collateral on a pari passu basis (but without regard to the control of remedies) with the Obligations and is not secured by any property or assets of Parent or Restricted Subsidiary other than the Collateral, (b) such Indebtedness is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors, (c) such Indebtedness, (i) unless incurred as a term loan under this Agreement, does not mature or have scheduled amortization or payments of principal (other than customary offers to repurchase upon a change of control, asset sale or event of loss and a customary acceleration right after an event of default) prior to the date that is the Latest Maturity Date at the time such Indebtedness is incurred or issued, and (ii) if incurred as a term loan under this Agreement, does not mature earlier than, or have a Weighted Average Life to Maturity shorter than, the applicable Refinanced Debt, (d) the security agreements relating to such Indebtedness (to the extent such Indebtedness is not incurred hereunder) are substantially the same as or more favorable to the Loan Parties than the Collateral Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (e) to the extent such Indebtedness is not incurred hereunder, a Representative acting on behalf of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of an Intercreditor Agreement with the Administrative Agent and (f) such Indebtedness, if consisting of Refinancing Notes, satisfies clause (d) of the definition of Permitted Other Debt Conditions. Permitted Pari Passu Secured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

  • Senior Unsecured Debt means the Indebtedness represented by the Senior Unsecured Notes (including the Note Guarantees, Exchange Notes (each as defined in the Senior Unsecured Debt Documents), guarantees of Exchange Notes and any replacement Exchange Notes).

  • WAC Cap With respect to the Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.

  • Subordinate Certificates As specified in the Preliminary Statement.

  • Subordinated Amount As of any Distribution Date, the excess, if any, of (a) the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date over (b) the aggregate of the Class Certificate Balances of the LIBOR Certificates as of such Distribution Date (after giving effect to the payment of the Principal Remittance Amount on such Certificates on such Distribution Date).

  • Subordinate Debt means indebtedness secured hereby or by any Supplemental Indenture which is by its terms expressly subordinate and inferior hereto both in lien and right of payment.

  • Class Debt Parties has the meaning assigned to such term in Section 8.09.

  • Permitted Unsecured Refinancing Debt means Credit Agreement Refinancing Indebtedness in the form of unsecured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower in the form of one or more series of senior unsecured notes or loans; provided that such Indebtedness (i) constitutes Credit Agreement Refinancing Indebtedness and (ii) meets the Permitted Other Debt Conditions.

  • Senior Unsecured Indebtedness means Indebtedness that is not subordinated to any other Indebtedness and is not secured or supported by a guarantee, letter of credit or other form of credit enhancement.

  • Senior Certificates As specified in the Preliminary Statement.

  • Senior Claims means, (a) with respect to the RBL Priority Collateral, each of the First-Priority Lien Obligations secured by such Collateral and, (b) with respect to the Term/Notes Priority Collateral, each of the Second-Priority Lien Obligations secured by such Collateral.

  • Subordinate Reduction Amount With respect to any Payment Date, the sum of the Scheduled Principal, Unscheduled Principal and Recovery Principal for such Payment Date, less the Senior Reduction Amount.