Senior Secured Indebtedness. No fewer than five Business Days prior to the voluntary prepayment of, voluntary redemption of, voluntary repurchase of, or voluntary purchase of a participation in, any Senior Secured Indebtedness (other than the Securities), the Company shall provide the Trustee with a notice of prepayment of Securities in a principal amount equal to the product of (i) the Prior Prepayment Percentage multiplied by (ii) the principal amount of such prepayment, redemption, repurchase, or purchase of a participation.
Senior Secured Indebtedness. The Obligations constitute Indebtedness that is permitted to be secured by a “Permitted Lien” under and as defined in, the KWI Note Indentures as in effect on the Closing Date.
Senior Secured Indebtedness any Indebtedness outstanding on the Issue Date (including, without limitation, the Bridge Loan) and any Refinancing Indebtedness Incurred in respect of any Indebtedness described in this clause (a);
Senior Secured Indebtedness. 15 (i)+(ii)+(iii)+(iv) $
Senior Secured Indebtedness. Each of the Noteholders hereby agrees for itself and for its successors and assigns that the Note Party Obligations are, to the extent and in the manner set forth in this Article VII, expressly subordinated and junior in right of payment to the prior payment in full of any Senior Secured Indebtedness incurred by a Note Party, provided, the Note Party Obligations shall not be subordinated and junior in right of payment to (and Section 7.3 shall not apply to) any Senior Secured Indebtedness of the Company that is not secured by a Lien on all or substantially all of the assets of the Company.
Senior Secured Indebtedness. (9) The excess of (A) (i.e. (i)+(ii)+(iii)) over (B) = $[ , , ]
Senior Secured Indebtedness. The Obligations constitute the direct and unconditional senior secured obligations of each Loan Party and rank pari passu in right of payment with all existing and future senior indebtedness of, and senior in right of payment to any existing and future Subordinated Indebtedness of, each Loan Party.
Senior Secured Indebtedness amend the definition of Senior Secured Indebtedness in Annex I to delete and replace the reference to “First Priority Lien” with “First-Priority Lien”.
Senior Secured Indebtedness. As of February 28, 2017, ExWorks Capital Fund I, L.P. provided a $7,800,000 Senior Secured Debt facility to the Company and each of the members of the THC Group, as borrowers. Outstanding principal indebtedness under the ExWorks Loan Agreement will accrue interest at a rate of 15% per annum. Under the terms of the THC Purchase Agreement, the Company financed (i) a portion of the closing cash payment, (ii) retired $1,200,000 in principal indebtedness owed by THC and the Subsidiaries of THC to Patriot Bank and (iii) applied the balance for working capital of THC and the Subsidiaries of THC. The Senior Secured Debt is secured by a continuing security interest and lien in all presently existing or hereafter acquired collateral of THC and the Subsidiaries of THC to secure prompt repayment of all obligations under the Senior Secured Debt. The obligation to pay outstanding principal and interest to ExWorks under the ExWorks Loan Agreement is due and payable on February 28, 2018. On August 7, Exworks granted the Company an option, exercisable by it at any time on or before January 29, 2018, to extend the maturity date of the ExWorks loan to August 28, 2018. If the Company elects to exercise the option, it will be obligated to pay ExWorks an additional fee (excluding the $1.2 million fee provided for in the ExWorks loan agreement) of $600,000 and issue a second warrant to ExWorks to purchase shares of Class A Common Stock, in an amount representing 1.375% of Company fully-diluted Common Stock, and at an exercise price of $0.01 per share As of August 31, 2017, there was $7,800,000 outstanding in principal indebtedness under the Senior Secured Debt. On or before September 29, 2017, ExWorks and the Company agreed to enter into amendment 2 to the ExWorks Loan Agreement pursuant to which ExWorks agreed to loan up to an additional $3.700,000 to the Company, thereby increasing the outstanding principal amount of the Indebtedness owed to ExWorks to as much as $11,500,000. An initial advance of not less than 2,700,000 will be made on date of execution of the amendment and the balance is to be advanced at ExWork’s discretion. The parties agreed to restate the existing note by issuing to ExWorks a maximum $11,500,000 note that is due and payable on February 28, 2018, subject to extension as set forth above. The note is convertible at any time prior to the maturity date at the option of ExWorks into Class A Common Stock of the Company or upon consummation of the Merger (whethe...
