Senior Secured Funded Debt definition

Senior Secured Funded Debt means, with respect to the Borrower and its Consolidated Subsidiaries at any time, the total amount of secured Debt at such time, whether such Debt is matured, unmatured, absolute, contingent or otherwise minus the aggregate outstanding principal amount at such time of such secured Debt which is Permitted Junior Debt.

Senior Secured Funded Debt means, as of any date of determination for the Credit Parties and their Subsidiaries, all Funded Debt (including, without limitation, Extensions of Credit hereunder) which is not Subordinated Debt or a Permitted Debt Issuance.

Senior Secured Funded Debt means, for any date of determination, the then outstanding principal amount of the Liabilities.

Examples of Senior Secured Funded Debt in a sentence

• The Parent will not, as of any date of determination from and after the Fourth Amendment Effective Date up to and including March 30, 2014, permit its ratio of Senior Secured Funded Debt as of such date to EBITDAX for the most recent period of four fiscal quarters for which financial statements are available to be greater than 3.0 to 1.0.

• Permit or suffer the Senior Secured Funded Debt Ratio of the Company and Subsidiaries to exceed at any time: (i) 7.50:1.00 from and including June 30, 1999 through and including August 30, 1999; (ii) 5.00:1.00 from and including August 31, 1999 through and including September 29, 1999; (iii) 3.00:1.00 from and including September 30, 1999 through and including December 30, 1999; (iv) 2.50:1.00 from and including December 31, 1999 through and including June 29, 2000; or (v) 2.00:1.00 at any time thereafter.

• The Parent will not, as of any date of determination from and after the Eighth Amendment Effective Date up to and including the Covenant Relief End Date, permit its ratio of Senior Secured Funded Debt as of such date to EBITDAX for the most recent period of four fiscal quarters for which financial statements are available to be greater than 3.0 to 1.0.

• The Parent will not, as of any date of determination from and after the Fifth Amendment Effective Date up to and including the Covenant Relief End Date, permit its ratio of Senior Secured Funded Debt as of such date to EBITDAX for the most recent period of four fiscal quarters for which financial statements are available to be greater than 3.5 to 1.0.

• After giving effect to the Transaction and the Conversion, the Lenders shall be reasonably satisfied that, using pro forma EBITDA (based upon financial statements meeting the requirements of Regulation S-X) for each of the twelve months ended May 31, 2003 and the latest twelve month period ended more than 30 days prior to the Closing Date, the Funded Debt to EBITDA Ratio shall not exceed 3.50 to 1.00 and the Senior Secured Funded Debt to EBITDA Ratio shall not exceed 2.00 to 1.00.

More Definitions of Senior Secured Funded Debt

Senior Secured Funded Debt of any person, as of any date, shall mean all Funded Debt which is secured by Liens.

Senior Secured Funded Debt means, at any time the same is to be determined, the portion of Total Funded Debt outstanding at the time which is secured by a Lien on any assets of the Borrower or any of its Subsidiaries. “Senior Secured Leverage Ratio” means, as of the last day of any fiscal quarter of Borrower, the ratio of Senior Secured Funded Debt as of the last day of such fiscal quarter to EBITDA of Borrower and its Subsidiaries for the period of four fiscal quarters then ended. “Small Business Act” means the Small Business Act (15 U.S. Code Chapter 14A – Aide to Small Business). “SOFR” means a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York) or a successor administrator of the secured overnight financing rate). “SOFR Loan” means a Loan bearing interest based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate.” “Specified Acquisition Agreement Representations” means such of the representations made by, or with respect to, the Closing Date Target and its Subsidiaries in the Closing Date Acquisition Agreement (as in effect on the date of execution thereof) as are material to the interests of the Lenders, but only to the extent that the Borrower or any of its Subsidiaries have the right to terminate their obligations under the Closing Date Acquisition Agreement as a result of a breach of such representations in such Closing Date Acquisition Agreement or the failure of which representation to be true results in the failure of a condition precedent to the Borrower’s (or any of its Subsidiaries’) obligations to consummate the Closing Date Acquisition in accordance with the Closing Date Acquisition Agreement to be satisfied. “Subordinated Debt” means Indebtedness for Borrowed Money which is subordinated in right of payment to the prior payment of the Obligations, Hedging Liability, and Funds Transfer and Deposit Account Liability pursuant to subordination provisions approved in writing by Administrative Agent and is otherwise pursuant to documentation that is, which is in an amount that is, and which contains interest rates, payment terms, maturities, amortization schedules, covenants, defaults, remedies and other material terms that are, in each case, in form and substance satisfactory to Administrative Agent. “Subsidiary” means, (i) as to any particular parent corporation or organization, any other corporation or organization more than 50% of the outstanding Voting Stock of which is at the...

Senior Secured Funded Debt means, at any time the same is to be determined, the portion of Total Funded Debt outstanding at the time which is secured by a Lien on any assets of the Borrower or any of its Subsidiaries. “Senior Secured Leverage Ratio” means, as of the last day of any fiscal quarter of Borrower, the ratio of Senior Secured Funded Debt as of the last day of such fiscal quarter to EBITDA of Borrower and its Subsidiaries for the period of four fiscal quarters then ended. “Small Business Act” means the Small Business Act (15 U.S. Code Chapter 14A – Aide to Small Business). “SOFR” means a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York) or a successor administrator of the secured overnight financing rate). “SOFR Loan” means a Loan bearing interest based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate.” “Specified Acquisition Agreement Representations” means such of the representations made by, or with respect to, the Closing Date Target and its Subsidiaries in the Closing Date Acquisition Agreement (as in effect on the date of execution thereof) as are material to the interests of the Lenders, but only to the extent that the Borrower or any of its Subsidiaries have the right to terminate their obligations under the Closing Date Acquisition Agreement as a result of a breach

Senior Secured Funded Debt of any Person means, at any date of determination, all secured Debt of such Person that would (or would be required to) appear as liabilities on a consolidated balance sheet of such Person that is not subordinated in right of payment to the Obligations under the Loan Documents.

Senior Secured Funded Debt means, as of any date of determination, determined for Borrower and its Restricted Subsidiaries on, a consolidated basis, the Indebtedness evidenced by the Revolving Loan, the Term Loan, the other Obligations, the Senior Secured Notes, capital leases, mortgages, industrial development revenue bonds and similar Indebtedness, all as determined in accordance with GAAP consistently applied.

Senior Secured Funded Debt in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

Senior Secured Funded Debt means all Funded Debt other than Subordinated Debt and the Senior Unsecured Debt. Furthermore, Senior Secured Funded Debt will include letters of credit for landfills with remaining permitted lives expiring prior to the Termination Date.”