Senior Secured Bank Debt definition

Senior Secured Bank Debt at any date shall mean (a) the aggregate principal amount of Consolidated Debt outstanding at such date that consists of, without duplication, Indebtedness secured by a first-priority Lien on any portion of the Collateral (other than letters of credit to the extent undrawn and not supporting Indebtedness of the type included in Consolidated Debt) minus (b) Unrestricted Cash and Permitted Investments of the U.S. Borrower and the Subsidiaries on such date.

Senior Secured Bank Debt at any date shall mean the aggregate principal amount of Consolidated Total Debt outstanding at such date that consists of, without duplication, (i) Term Loans, Revolving Facility Exposure, Tranche C-3 L/C Exposure or Other Revolving Facility Loans and (ii) Indebtedness secured by a Lien (other than any Second-Priority Lien and other than Indebtedness of a Subsidiary that is not a Loan Party secured by a Lien on assets of a Subsidiary that is not a Loan Party) under Section 6.02(a), (c), (i), (j), (l) or (v) (in each case of (i) and (ii), other than letters of credit to the extent undrawn and not supporting Indebtedness of the type included in Consolidated Debt).

Senior Secured Bank Debt at any date shall mean the aggregate principal amount of Consolidated Total Debt outstanding at such date that consists of, without duplication, (i) Term Loans, Revolving Facility Exposure, Tranche C-3 L/C Exposure or Other Revolving Facility Loans and (ii) Indebtedness secured by a Lien (other than any Second-Priority Lien and other than Indebtedness of a Subsidiary that is not a Loan Party secured by a Lien on assets of a Subsidiary that is not a Loan Party) under Section 6.02(a), (c), (i), (j), (l), (v) or (ii) (solely in the case of First Lien Notes secured by a Lien on the Collateral that is pari passu with the Liens securing the U.S. Obligations) (in each case of (i) and (ii), other than letters of credit to the extent undrawn and not supporting Indebtedness of the type included in Consolidated Debt).

Examples of Senior Secured Bank Debt in a sentence

• Notwithstanding the foregoing, Maker shall not be required to make, and shall not make, any payment on this Note to the extent that such payment is prohibited by the terms of any Senior Secured Bank Debt, as defined herein (a “Payment Prohibition Period”).

• By the acceptance of this Note, Xxxxx understands, acknowledges and agrees that, from time to time, it shall enter into such intercreditor and/or subordination agreements as may be requested by the holders of Senior Secured Bank Debt in order to confirm the subordination of this Note to such Senior Secured Bank Debt as set forth herein.

• Xxxxxx or Xxxxxxx Xxxxxxxxx under the Purchase Agreement is due to a prohibition imposed by the terms of any Senior Secured Bank Debt as defined in that agreement, the cure period for such breach shall be extended to ninety (90) days from written notice to Licensee.

• Holder acknowledges and agrees that the security interest granted hereby shall, at all times that any amount remains outstanding under this Note, be junior and subordinate to security interests granted by the Maker to its lender under the Senior Secured Bank Debt, whether now existing or hereafter created, and to the Maker’s obligations under any Capital Lease or Purchase Money Obligations.

• By the acceptance of this Note, Holder understands, acknowledges and agrees that, from time to time, it shall enter into such intercreditor and/or subordination agreements as may be requested by the holder[s] of Senior Secured Bank Debt, any lessor under any Capital Lease, or any creditor pursuant to any Purchase Money Obligation, in order to confirm the subordination of this Note to such Senior Secured Bank Debt or other obligations as set forth herein.

More Definitions of Senior Secured Bank Debt

Senior Secured Bank Debt has the meaning assigned to such term in the Collateral and Intercreditor Agreement.

Senior Secured Bank Debt. An assignment of or participation in all or a portion of a secured senior term loan to a Borrower, which loan (a) is rated B- or better by at least two (2) Rating Agencies, (b) is senior or pari passu with other secured obligations of such Borrower and (c) is secured by (i) 100% of the Equity Interest of each existing and subsequently acquired or organized direct or indirect domestic Subsidiary of the Borrower and (ii) substantially all tangible and intangible assets (including, but not limited to, inventory, accounts receivable, plant, machinery, equipment, fixtures, Commercial Real Estate, leasehold interests, intellectual property, contracts, license rights and other general intangibles and investment property) of the Borrower. Each Senior Secured Bank Debt is subject to such additional underwriting criteria and other terms, conditions and requirements as the Purchaser may require in its discretion.

Senior Secured Bank Debt means an assignment of or participation in all or a portion of a secured senior term loan to a Obligor, which loan (a) is rated B- or better by at least two (2) Rating Agencies, (b) is senior or pari passu with other secured obligations of such Obligor and (c) is secured by (i) 100% of the Equity Interest of each existing and subsequently acquired or organized direct or indirect Domestic Subsidiary of the Obligor and (ii) substantially all tangible and intangible assets (including, but not limited to, inventory, accounts receivable, plant, machinery, equipment, fixtures, Commercial Real Estate, leasehold interests, intellectual property, contracts, license rights and other general intangibles and investment property) of the Obligor. Each Senior Secured Bank Debt is subject to such additional underwriting criteria and other terms, conditions and requirements as the Administrative Agent may require in its discretion.

Senior Secured Bank Debt means the Debt under the Senior Secured Credit Agreement.

Senior Secured Bank Debt at any date shall mean (i) the aggregate principal amount of Consolidated Debt of the Borrowers and their Subsidiaries outstanding at such date that consists of, without duplication, (A) Term Loans or Revolving Facility Credit Exposure and (B) Indebtedness secured by a Lien (other than any Indebtedness of a Subsidiary that is not a Loan Party secured by a Lien on assets of a Subsidiary that is not a Loan Party) under Section 6.02(a), (c), (i), (j), (u), (cc) or (ff) (in each case of (A) and (B), other than letters of credit to the extent undrawn and not supporting Indebtedness of the type included in Consolidated Debt), less (ii) without duplication, the Unrestricted Cash and Permitted Investments of the Borrowers and their Subsidiaries on such date.

Senior Secured Bank Debt means Senior Secured Debt that constitutes one or more commercial loans made pursuant to one or more credit facilities in which the lenders are primarily financial institutions engaged in the business of banking.

Senior Secured Bank Debt means the Obligations owing under this Agreement.