Term Loan Incremental Equivalent Debt means the “Incremental Equivalent Debt” as such term is defined in the Term Credit Agreement.
Term Loan Incremental Equivalent Debt means any Indebtedness incurred by a Loan Party in the form of one or more series of secured or unsecured bonds, debentures, notes or similar instruments or term loans; provided that (a) if such Indebtedness is secured, (i) the liens securing such Indebtedness shall be junior, with respect to the ABL Priority Collateral, to the Liens on the Collateral securing the Obligations and (ii) a representative, trustee, collateral agent, security agent or similar Person acting on behalf of the holders of such Indebtedness shall have become party to an intercreditor agreement reasonably satisfactory to the Administrative Agent, (b) such Indebtedness does not mature earlier than the date that is 91 days after the Latest Maturity Date (as defined in the Term Loan Credit Agreement) then in effect at the time of incurrence thereof and has a weighted average life to maturity no shorter than the Facility (as defined in the Term Loan Credit Agreement) of Term Loans with the Latest Maturity Date (as defined in the Term Loan Credit Agreement) in effect at the time of incurrence of such Indebtedness, (c) such Indebtedness contains mandatory prepayment and redemption terms, covenants and events of default that are either (x) customary for similar Indebtedness in light of then-prevailing market conditions (it being understood and agreed that such Indebtedness shall include financial maintenance covenants only to the extent any such financial maintenance covenant is (i) applicable only to periods after the Latest Maturity Date (as defined in the Term Loan Credit Agreement) then in effect at the time of incurrence thereof or (ii) included in or added to the Term Loan Documents for the benefit of the lenders under the Term Loan Credit Agreement) or (y) when taken as a whole (other than interest rates, rate floors, fees and optional prepayment or redemption terms), not materially more favorable to the lenders or investors providing such Term Loan Incremental Equivalent Debt, as the case may be, than those set forth in the Term Loan Documents are with respect to the lenders under the Term Loan Credit Agreement (other than covenants or other provisions applicable only to periods after the Latest Maturity Date (as defined in the Term Loan Credit Agreement) then in effect at the time of incurrence thereof or that are included in or added to the Term Loan Documents for the benefit of the lenders under the Term Loan Credit Agreement), in the case of each of clauses (x) and (y), as conclu...
Term Loan Incremental Equivalent Debt shall have the meaning assigned to the term “Incremental Equivalent Debt” under the Term Loan Agreement as in effect on the Fifth Amendment Effective Date.
Examples of Term Loan Incremental Equivalent Debt in a sentence
Designate any Indebtedness of the Specified U.S. Borrower or any of its Subsidiaries other than the Facilities, the Term Loan Facility, the Term Loan Incremental Equivalent Debt or Permitted Refinancings of any of the foregoing as “Designated Senior Debt” (or any comparable term) under, and as defined in, any applicable Junior Financing Documentation.