Subordinated Secured Debt definition

Subordinated Secured Debt means any Debt of Borrowers incurred under the provisions of Section 5.1(c) that is secured by a Lien on the property of any Borrower, provided that, to qualify as Subordinated Secured Debt permitted under such Section 5.1(c), the creditor to whom such secured Debt is owing must have executed a Subordination Agreement in favor of Administrative Agent.
Sample 1
Subordinated Secured Debt means all present and future liabilities and obligations (whether actual or contingent and whether owed jointly or severally or in any capacity whatsoever) which now or hereafter may be or become due and owing by the Companies or any of them to the Subordinated Secured Finance Parties pursuant to the Subordinated Security Documents together with all Additional Liabilities relating thereto (including any increase or reinstatement of such liabilities resulting from the operation of a Clawback);
Sample 1

Examples of Subordinated Secured Debt in a sentence

  • Following the Discharge of Working Capital Facility Obligations, in connection with any decision by the Senior Subordinated Secured Parties under this Agreement, the votes of each Series of Senior Subordinated Secured Debt entitled to vote thereon shall be cast in the manner provided by, and in accordance with the decision of the holders of such Series of Senior Subordinated Secured Debt made pursuant to the terms of the corresponding Secured Debt Documents.

  • Security treatment of any future financings should be subordinate to any previously existing Senior Secured Debt or Subordinated Secured Debt outstanding at such time of financing, if any.

  • On the full and unconditional payment and discharge of each of the Senior Secured Debt and the Subordinated Secured Debt and the cancellation of all commitments to fund to the Borrower or any other Company by each of the Senior Secured Finance Parties, this Agreement shall cease to have effect; provided, however, that if a Clawback shall occur after the termination of this Agreement, the terms of this Agreement shall be reinstated as if the termination hereof had not occurred.

  • If the Senior Secured Debt is wholly or partially paid out of any proceeds received in respect of, or on account of, the Subordinated Secured Debt, the Subordinated Secured Finance Parties will to that extent be subrogated to the Senior Secured Debt so paid (and all securities and guarantees for that Senior Secured Debt) but not before all the Senior Secured Debt is irrevocably paid in full.

  • Each of the Subordinated Secured Finance Parties undertakes to the other parties to this Agreement that if at any time all or any of the Subordinated Secured Debt is owed or registered in the name of, or held on its behalf by, any nominee or trustee, then the relevant Subordinated Secured Finance Parties will procure that such nominee or trustee will comply in all respects with the provisions of this Agreement and will not take any action in breach of the provisions of this Agreement.

  • Security treatment of any future financings should be senior to any previously existing Senior Secured Debt or Subordinated Secured Debt outstanding at such time of financing, if any.

Related to Subordinated Secured Debt

  • Permitted Secured Indebtedness any Secured Indebtedness that:

  • Subordinated Security or “Subordinated Securities” means any Security or Securities designated pursuant to Section 301 as a Subordinated Security.

  • Secured Debt means Debt of the Company or its Subsidiaries secured by an Encumbrance on the property of the Company or its Subsidiaries.

  • Consolidated Secured Debt means, as to any Person at any date of determination, the aggregate principal amount of Consolidated Total Debt outstanding on such date that is secured by a Lien on any asset or property of such Person or its Restricted Subsidiaries.

  • Subordinated Securities means Securities that by the terms established pursuant to Section 2.02(i) are subordinated in right of payment to Senior Debt of the Company.

  • Subordinated Indebtedness means any Indebtedness of the Borrower or any Subsidiary the payment of which is subordinated to payment of the obligations under the Loan Documents.

  • Subordinated Debt is indebtedness incurred by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to Bank.

  • Senior Secured Debt means Senior Debt that is secured by Liens on any property or assets of the Borrower or any of its Subsidiaries.

  • Subordinated Indebtedness Documents means any document, agreement or instrument evidencing any Subordinated Indebtedness or entered into in connection with any Subordinated Indebtedness.

  • Subordinated Obligation means any Indebtedness of the Company (whether outstanding on the Issue Date or thereafter Incurred) which is subordinate or junior in right of payment to the Securities pursuant to a written agreement.

  • Subordinated Debt Documents means any documents evidencing and/or securing Debt governed by a Subordination Agreement, all of which documents must be in form and substance acceptable to Agent in its sole discretion. As of the Closing Date, there are no Subordinated Debt Documents.

  • Secured Debt Agreements means and include this Agreement, the other Credit Documents and the Interest Rate Protection Agreements and Other Hedging Agreements.

  • Subordinated means, as applied to Indebtedness, Indebtedness that shall have been subordinated (by written terms or written agreement being, in either case, in form and substance satisfactory to Agent and the Required Lenders) in favor of the prior payment in full of the Obligations.

  • Secured Debt Documents means the Priority Lien Documents, the Parity Lien Documents and the Junior Lien Documents.

  • Subordinated Obligations has the meaning specified in Section 7.05.

  • Consolidated Secured Indebtedness means, as of any date of determination, an amount equal to the Consolidated Total Indebtedness as of such date that in each case the payment of which is then secured by Liens on property or assets of the Company and its Restricted Subsidiaries (other than property or assets held in a defeasance or similar trust or arrangement for the benefit of the Indebtedness secured thereby).

  • Subordinate Obligations means, collectively, the Subordinate Notes and any Other Subordinate Obligations.

  • Subordinate Indebtedness means all present and future indebtedness, obligations, and liabilities of Borrower to Subordinate Lender under or in connection with the Subordinate Loan or the Subordinate Loan Documents.

  • Pari Passu Debt means any Indebtedness of the Company that is payable on a pari passu basis with the Securities.

  • Consolidated Senior Secured Debt means, at any date of determination, the aggregate principal amount of Total Funded Debt outstanding on such date that is secured by a Lien on any asset or property of the Borrower or the Restricted Subsidiaries, which Total Funded Debt is not, by its terms, subordinated in right of payment to the Obligations.

  • Junior Lien Indebtedness means any Indebtedness of any Credit Party that is secured by Liens on Collateral that rank junior in priority to the Liens that secure the Obligations.

  • Senior Subordinated Indebtedness means the Securities and any other Indebtedness of the Company that specifically provides that such Indebtedness is to rank pari passu with the Securities in right of payment and is not subordinated by its terms in right of payment to any Indebtedness or other obligation of the Company which is not Senior Indebtedness.

  • Total Secured Debt means, as of any date of determination, the aggregate amount of senior securities representing secured indebtedness of the Obligors as of such date of determination.

  • Senior Secured Indebtedness means, with respect to any Person as of any date of determination, any Specified Indebtedness; provided that such Indebtedness is in each case secured by a Lien on the assets of the Issuer or its Restricted Subsidiaries on a basis pari passu with or senior to the security in favor of the Notes.

  • Consolidated First Lien Secured Debt means Consolidated Total Debt as of such date that is not Subordinated Indebtedness and is secured by a Lien on all of the Collateral that ranks on an equal priority basis (but without regard to the control of remedies) with Liens on all of the Collateral securing the Obligations.

  • Designated Senior Indebtedness means with respect to a Person (i) the Credit Facility Indebtedness under or in respect of any Senior Credit Facility and (ii) any other Senior Indebtedness of such Person that, at the date of determination, has an aggregate principal amount equal to or under which, at the date of determination, the holders thereof are committed to lend up to, at least $25.0 million and is specifically designated by such Person in an agreement or instrument evidencing or governing such Senior Indebtedness as “Designated Senior Indebtedness” for purposes of this Indenture.