Senior Secured Bond means a debt security (that is not a loan) that is (a) issued by a corporation, limited liability company, partnership or trust and (b) secured by a valid first priority perfected security interest on specified collateral.
Senior Secured Bond means any Bond that: (a) is not (and cannot by its terms become) subordinate in right of payment (but which may, for the avoidance of doubt, be subordinate in lien priority to the extent provided in clause (b)) to any other obligation of the Obligor of such loan; (b) is (and by its terms must continue to be) secured by a valid first priority (other than with respect to trade claims, capitalized leases or similar obligations and traditional bank revolving asset-based loan facilities that are reasonable and customary for similar loans) perfected security interest or lien in, to or on specified collateral securing the Obligor’s obligations under such Bond; (c) the value of the collateral securing such Bond at the time of acquisition together with other attributes of the Obligor (including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (in the commercially reasonable judgment of the Services Provider) to repay such Bond in accordance with its terms and to repay all other such loans of equal seniority secured by a first lien or security interest in the same collateral; and (d) is not secured solely or primarily by common stock or other equity interests; provided that the limitation set forth in this clause (d) shall not apply with respect to a loan made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that (i) the granting by any such subsidiary of a lien on its own property would violate law or regulations applicable to such subsidiary (whether the obligation secured is such loan or any other similar type of indebtedness owing to third parties) and (ii) such subsidiary does not have any Indebtedness (other than current accounts payable in the ordinary course of business, capitalized leases or other similar indebtedness incurred in the ordinary course of business).
Senior Secured Bond has the meaning specified in Annex C.
Examples of Senior Secured Bond in a sentence
If a Second Lien Loan, Senior Secured Bond or Senior Secured Floating Rate Note fails to have both CFR and an instrument rating assigned by Moody’s, then its Moody’s Recovery Rate shall be determined as if such Senior Loan, Senior Secured Bond or Senior Secured Floating Rate Note were an Unsecured Loan.
For value received, the undersigned sells, assigns and transfers unto ____________________________________________________ the within Senior Secured Bond and irrevocably constitutes and appoints _________________________ attorney to transfer that Senior Bond on the books kept for registration thereof, with full power of substitution in the premises.
After the close of the initial bond issuance and first full quarter of operations, the Company anticipates making quarterly interest payments to Senior Secured Bond bondholders at a rate of 6.00% per annum.
Denmark 16,800,000 16,989,000 d Virgin Media Secured Finance plc , Senior Secured Bond, 144A, 5.5%, 8/15/26 ................
Subject to Clause 4.4 (Increase of principal: Bond Creditors), the Senior Secured Bond Creditors may amend or waive the terms of the Bond Finance Documents (other than this Agreement or any Security Document) in accordance with the Senior Secured Bond Terms at any time.
More Definitions of Senior Secured Bond
Senior Secured Bond means a Collateral Debt Obligation that is a secured debt security in the form of, or represented by, a bond, note, certificated debt security or other debt security (that is not a Senior Secured Loan) as determined by the Investment Manager in its reasonable business judgement or a Participation therein, provided that:
Senior Secured Bond. Any obligation that: (a) constitutes borrowed money, (b) is in the form of, or represented by, a bond (other than a municipal bond), note, certificated debt security or other debt security (other than any of the foregoing that evidences a loan or a Participation Interest), (c) if it is subordinated by its terms, is subordinated only to indebtedness for borrowed money, trade claims, capitalized leases or other similar obligations and (d) is secured by a valid first priority perfected security interest or lien in, to or on specified collateral securing the obligor’s obligations under such obligation.
Senior Secured Bond means a debt security (that is not a loan) that (i) if it is subordinated by its terms, is subordinated only with respect to liquidation, trade claims, capitalized leases or similar obligations, (ii) is secured by a valid first priority perfected security interest on specified collateral and (iii) the value of the collateral securing the debt security at the time of purchase together with other attributes of the obligor (including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (in the commercially reasonable judgment of the Collateral Manager) to repay the debt security in accordance with its terms and to repay all other debt obligations of equal seniority secured by a first lien or security interest in the same collateral.
Senior Secured Bond means a debt obligation for the payment or repayment of borrowed money that is in the form of, or represented by, a bond, note (other than notes delivered pursuant to a term loan agreement, revolving loan agreement or other similar credit agreement), certificated debt security or other debt security that also (a) does not constitute, and is not secured by, Margin Stock, (b) is not subordinated in right of payment by its terms to any unsecured indebtedness for borrowed money of the issuer thereof (subject to customary exceptions for permitted Liens including any such Lien securing a Permitted Working Capital Facility) and (c) is secured by a valid first priority perfected security interest or lien in, to or on specified collateral securing the related Obligor’s obligations under such Collateral Asset.
Senior Secured Bond means any Bond that (i) is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any obligation of the obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings (other than pursuant to a Permitted Working Capital Lien and customary waterfall provisions contained in the applicable Underlying Instruments), (ii) is secured by a pledge of collateral, which security interest is (a) validly perfected and first priority under Applicable Law (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) or (b)(1) validly perfected and second priority in the collateral subject to a Permitted Working Capital Lien and (2) validly perfected and first priority under Applicable Law (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) in all other collateral under Applicable Law and (iii) unless otherwise agreed by the Administrative Agent in its sole discretion, the Servicer determines in good faith that the value of the collateral for such Bond (including based on enterprise value) on or about the time of acquisition equals or exceeds the outstanding principal balance of the Bond plus the aggregate outstanding balances of all other Loans and Bonds of equal or higher seniority secured by a first priority Lien over the same collateral.
Senior Secured Bond. Any bond that is secured by the pledge of collateral and has the most senior pre-petition priority (including pari passu with other obligations of the obligor, but subject to customary permitted liens, such as, but not limited to, any tax liens) in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings.
Senior Secured Bond means a debt security (that is not a Bank Loan) that (a) is issued by a corporation, limited liability company, partnership or trust, (b) is secured by a valid first priority perfected security interest on specified collateral, and (c) has a rating that is not lower than the related obligor’s Moody’s, S&P or Fitch corporate family rating or issuer rating, as applicable; provided that a debt security that would otherwise be a Senior Secured Bond shall not be a Senior Secured Bond if it is secured primarily by stock or other equity or subordinated interests in operating subsidiaries or affiliates of the obligor of such debt security unless the Borrower has provided evidence reasonably satisfactory to the Administrative Agent that the amount of indebtedness permitted to be incurred by such operating subsidiaries or affiliates is de minimis (a “Permitted Stock Secured Bond”).