Third Lien Debt definition

Third Lien Debt means indebtedness under the Initial Third Lien Debt Facility and indebtedness incurred under any Additional Third Lien Documents and with respect to which the requirements of Section 4.04(c) have been satisfied, and all indebtedness incurred under any Third Lien Substitute Facility.

Third Lien Debt set forth herein and Section 3.9 and 7.20 hereof; and

Third Lien Debt means Indebtedness secured by Liens on Collateral that are subordinated to Priority Lien Obligations and Junior Lien Obligations on terms that are substantially identical (as conclusively determined in good faith by an Officer of the Company and evidenced in an Officers’ Certificate delivered to the Trustee) to the subordination provisions applicable to Junior Lien Obligations set forth in the Collateral Trust Agreement as of the date of this Indenture that subordinate the Junior Lien Obligations to the Priority Lien Obligations.

Examples of Third Lien Debt in a sentence

• Without limiting the generality of the foregoing clause, when the Assignee assigns or otherwise transfers any interest held by it under the Indenture Documents or any other Third Lien Debt Documents to any other Person pursuant to the terms of the Indenture Documents or any other Third Lien Debt Documents, that other Person shall thereupon become vested with all the benefits held by such Assignee under this Assignment.

• Any Third Lien Debt incurred pursuant to such Initial Third Lien Debt Facility may be secured by a Third Lien under and pursuant to the Initial Third Lien Security Documents provided the Third Lien Collateral Trustee, acting for itself and on behalf of the Initial Third Lien Secured Parties, becomes a party to this Agreement by satisfying the conditions set forth in clauses (i) and (ii) of the immediately succeeding paragraph.

• Each Assignor irrevocably consents to the service of any and all process in any suit, action or proceeding arising out of or relating to this Assignment, any other Indenture Document or any other Third Lien Debt Document to which such Assignor is a party by the mailing of copies of such process to such Assignor at its address specified in Section 9 hereof.

• In entering into this Agreement, or in taking (or forbearing from) any action under or pursuant to the Agreement, the Third Lien Collateral Trustee shall have and be protected by all of the rights, immunities, indemnities and other protections granted to it under any Initial Third Lien Debt Facility and the Third Lien Documents.

• This Refinancing Secured Debt Designation is being executed and delivered in order to designate secured debt that refinances in whole the First Lien Credit Agreement, the Revolving Credit Agreement, the Second Lien Credit Agreement or the Notes as either First Lien Debt, Second Lien Debt or Third Lien Debt, as applicable, entitled to the benefit of the Intercreditor Agreement.

More Definitions of Third Lien Debt

Third Lien Debt means Additional Subordinated Debt that is secured by a third priority Lien as of the time of inception.

Third Lien Debt means the Third Lien Notes.

Third Lien Debt means bonds, notes, other evidence of indebtedness or other obligations of the Authority, which are subordinated to Senior Bonds and to Subordinated Bonds, and which are issued or incurred pursuant to and complying with the provisions of Section 304.

Third Lien Debt means indebtedness under the Initial Third Lien Debt Facility and indebtedness incurred under any Additional Third Lien Documents that was permitted to be incurred and secured in accordance with the Secured Debt Documents (or as to which the lenders and other holders of Obligations under the Third Lien Documents obtained an Officers’ Certificate at the time of incurrence to the effect that such indebtedness was permitted to be incurred and secured by all applicable Secured Debt Documents) and with respect to which the requirements of Section 4.04(c) have been satisfied, and all indebtedness incurred under any Third Lien Substitute Facility.

Third Lien Debt means the aggregate principal amount of Debt due under the Third Lien Subordinated Note(s), which amount, on the First Amendment Effect Date is $2,500,000. Third Lien Obligations: all amounts, indemnities and reimbursement obligations, direct or indirect, contingent or absolute, of every type or description, and at any time existing, owing by any Borrower or any other Obligor to the Third Lien Agent or any Third Lien Creditor, pursuant to the terms of the Third Lien Subordinated Note or any other Third Lien Loan Document (including, but not limited to, interest and fees that accrue after the commencement by or against any Obligor of any insolvency proceeding, regardless of whether allowed or allowable in such proceeding or subject to an automatic stay under section 362(a) of the Bankruptcy Code). Third Lien Subordinated Note(s): certain convertible, secured subordinated promissory note(s), made by the Borrowers in favor of the Third Lien Creditors, in form and substance, and on terms, satisfactory to the Agent, and as the same may from time to time be amended, restated, amended and restated, supplemented, refinanced, replaced or otherwise modified in accordance with the terms of this Agreement and the Third Lien Subordination Agreement.

Third Lien Debt means Indebtedness for borrowed money and secured by Liens on substantially the same Collateral securing the Obligations but expressly subordinate (such subordination shall be on terms and conditions reasonably satisfactory to the Administrative Agent and the Majority Lenders) to the Liens securing the Obligations, the 1.5 Lien Obligations, the 1.75 Lien Debt and the Second Lien Debt; provided that (a) the non-default interest rate on the outstanding principal balance of such Indebtedness does not exceed the prevailing market rate then in effect for similarly situated credits at the time such Indebtedness is incurred, (b) the final stated maturity date of such Indebtedness is not earlier than one hundred eighty (180) days after the Revolving Maturity Date (as in effect on the date of issuance of such Indebtedness), (c) such Indebtedness does not provide for any scheduled principal repayment, mandatory redemption or payment of a sinking fund obligation prior to a date that is at least one hundred eighty (180) days after the Revolving Maturity Date (except for any mandatory redemption or offer to redeem such Indebtedness, in each case, required as a result of asset sales, events of loss, customary acceleration rights after an event of default or the occurrence of a “Change of Control” under and as defined in the applicable Third Lien Debt Documents, including any Indenture) and (d) no Subsidiary of the Borrower is required to Guarantee such Indebtedness unless such Subsidiary is (or concurrently with any such Guarantee becomes) a Guarantor hereunder.

Third Lien Debt means the aggregate principal amount of Subordinated Debt due under the Third Lien Subordinated Note(s), which principal amount, on the Restatement Effective Date is $3,509,536.50. Third Lien Loan Documents: collectively, the Third Lien Subordinated Note(s) and each other note, agreement, instrument or other document (including each security or pledge agreement) now or hereafter delivered by an Obligor or other Person in connection with the transactions in respect of the Third Lien Subordinated Note(s), in each case, in form and substance satisfactory to the Agent, and as the same may from time to time thereafter be amended, restated, amended and restated, supplemented, refinanced, replaced or otherwise modified in accordance with the terms of this Agreement and the Third Lien Subordination Agreement.