Senior Secured Term Loans definition
Examples of Senior Secured Term Loans in a sentence
On or prior to the Borrowing Date, the Borrower and its Subsidiaries shall receive gross cash proceeds from (x) the incurrence of Senior Secured Term Loans pursuant to the Term Credit Agreement in an aggregate amount equal to $650.0 million and (y) the incurrence of Revolving Loans pursuant to the ABL Credit Agreement in such aggregate amount as is needed, after giving effect to all other available sources of funds, to make payment owing on the Borrowing Date to effect the Transaction.
The ratio of (i) Value on such date to (ii) the principal amount of Loans, the outstanding principal amount of the Revolving Loans, LC Obligations (as defined in the Revolving Credit Agreement), the principal amount of the Senior Notes, the outstanding principal amount of the Senior Secured Term Loans and Hedging Termination Value of Lender Hedging Obligations and Other Hedging Obligations on such date is not less than 2.0 to 1.0.
Ranking: Unsecured debt, subordinated to the Senior Secured Term Loans.
Interest Rate Options: Borrower may elect that the Senior Secured Term Loans comprising each borrowing bear interest at a rate per annum equal to (a) the ABR plus the Applicable Margin or (b) the Eurodollar Rate, plus the Applicable Margin.
Each assignment will be in an amount of an integral multiple of $1,000,000 or, if less, all of such Lender’s remaining Senior Secured Term Loans of the applicable class.
Upon and after the Conversion Date, the covenants, mandatory prepayment provisions, events of default and voting provisions that would be applicable to the Senior Secured Exchange Notes, if issued, will also be applicable to the Senior Secured Term Loans in lieu of the corresponding provisions of the Senior Secured Bridge Loan Documentation; provided that the optional prepayment provisions applicable to the Senior Secured Bridge Loans shall remain applicable to the Senior Secured Term Loans.
Counsel to the Senior Secured Bridge Agent and the Senior Secured Bridge Arrangers: ▇▇▇▇▇ ▇▇▇▇ & ▇▇▇▇▇▇▇▇ LLP Maturity: The Senior Secured Term Loans will mature on the date that is seven years after the Closing Date.
The Roll-Up Loans deemed substituted and exchanged under this paragraph 4(a) shall be deemed indefeasible and the Prepetition Senior Secured Term Loans substituted thereby shall be deemed exchanged therefor by the DIP Lenders (or an investment advisor, manager, or beneficial owner for the account of such DIP Lender, or an affiliated fund or trade counterparty designated by such DIP Lender).
The Prepetition Secured Parties would not otherwise consent to the use of their Cash Collateral or the subordination of their liens to the DIP Liens (as defined herein), and the DIP Secured Parties would not be willing to provide the DIP Facility or extend credit to the Debtors thereunder without the roll-up of certain Prepetition Senior Secured Term Loans.
In the case of Eurodollar Loans, on the last day of each relevant interest period and, in the case of any interest period longer than 3 Term Sheet – New Senior Secured Term Loans Annex I to Schedule D-1 – Page 2 months, on each successive date 3 months after the first day of such interest period.