Consolidated First Lien Debt definition

Consolidated First Lien Debt means, as of any date of determination, (a) the amount of Consolidated Total Debt (including in respect of the Loans hereunder) that is secured by a Lien on a material portion of the Collateral on an equal or super priority basis (but without regard to the control of remedies) with the Liens on the Collateral securing the Secured Obligations minus (b) Available Cash.
Consolidated First Lien Debt means, as at any date of determination, the aggregate principal amount of Consolidated Total Debt outstanding on such date that is not subordinated in right of payment to the Obligations and that is secured by a first priority Lien on the Collateral.
Consolidated First Lien 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 first priority Lien on any asset or property of such Person or its Restricted Subsidiaries that constitutes Collateral.

Examples of Consolidated First Lien Debt in a sentence

  • For purposes of calculating whether Indebtedness is permitted to be incurred under this Agreement pursuant to any measurement of the Consolidated First Lien Debt to Consolidated EBITDA Ratio or the Consolidated Total Debt to Consolidated EBITDA Ratio, the proceeds of such Indebtedness shall not be deducted from the numerator of such ratio.

  • Other DebtOLE RevolverThe OLE revolving credit agreement contains a financial covenant that requires OLE to maintain a First Lien Leverage Ratio of Consolidated First Lien Debt to Consolidated EBITDA, as defined in the credit agreement, of no more than 3-to-1.

  • However, the funding horizon determines the size of the funding adjustments applied to the levy rates and therefore how quickly funds are returned.4 The Accident Compensation (Financial Responsibility and Transparency) Amendment Act 2015 (Amendment Act) provided for the removal of residual levies by gazette notice and this was done following the Amendment Act’s commencement in September 2015.

  • Commencing with the fiscal quarter ending December 31, 2021, if, as of the last Business Day of any Test Period, the Revolving Facility Usage is equal to or greater than 50%, the Borrower shall not permit the Consolidated First Lien Debt Ratio as of the last day of such Test Period to be greater than (i) 5.00 to 1.00, for the fiscal quarters ending December 31, 2021 through September 30, 2023 and (ii) 4.00 to 1.00, for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter.

  • With respect to any period during which any Permitted Acquisition, other Investment not prohibited hereunder or Asset Sale or other disposition occurs, Consolidated EBITDA, Consolidated Total Assets, the Interest Coverage Ratio, the Consolidated Total Debt Ratio, the Consolidated Secured Debt Ratio and the Consolidated First Lien Debt Ratio shall be calculated with respect to such period and such Permitted Acquisition, Investment or Asset Sale or other disposition on a Pro Forma Basis.


More Definitions of Consolidated First Lien Debt

Consolidated First Lien Debt means, without duplication, as of any date of determination, (a) the aggregate principal amount of all Consolidated Total Debt (determined without regard to clause (b) of the definition thereof) outstanding under this Agreement as of such date (but excluding the effects of any discounting of Indebtedness resulting from the application of recapitalization or purchase accounting in connection with the Transactions, any Permitted Change of Control, Acquisition or other Investment) and all other Consolidated Total Debt (determined without regard to clause (b) of the definition thereof) secured by Liens on the Collateral that do not rank junior in priority to the Liens on the Collateral securing the Obligations minus (b) the aggregate amount of cash and cash equivalents on the consolidated balance sheet of the Borrower and the Restricted Subsidiaries on such date, excluding cash and cash equivalents which are or should be listed as “restricted” on the consolidated balance sheet of the Borrower and the Restricted Subsidiaries as of such date. It is understood that to the extent the Borrower or any Restricted Subsidiary Incurs any Indebtedness and receives the proceeds of such Indebtedness, for purposes of determining any Incurrence test under this Agreement and whether the Borrower is in pro forma compliance with any such test, the proceeds of such Incurrence shall not be considered cash or cash equivalents for purposes of any “nettingpursuant to clause (b) of this definition.
Consolidated First Lien Debt at any date, Consolidated Total Debt that is secured by a first priority Lien on any of the assets of the Borrower or any of its Restricted Subsidiaries.
Consolidated First Lien Debt means, as of any date of determination, the aggregate principal amount of Consolidated Total Debt outstanding on such date that is secured by a Lien on the assets of the Borrower and its Restricted Subsidiaries on a first priority basis.
Consolidated First Lien Debt means, as to any Person at any date of determination, the aggregate principal amount of Consolidated Total Debt of such Person outstanding on such date (a) that constitutes Secured Notes Obligations or (b) that is secured by a Lien on the Collateral that does not rank junior to the Liens on the Collateral securing the Secured Notes Obligations (excluding, for the avoidance of doubt, any obligation with respect to a Financing Lease of the Issuer or any Restricted Subsidiary secured by Liens on the assets subject thereto).
Consolidated First Lien Debt means the amount of Consolidated Total Debt under the Loans and under any Incremental Loan and the amount of Consolidated Total Debt that is secured by any of the Collateral on an equal or super priority basis (but without regard to the control of remedies) with Liens securing the Secured Obligations.
Consolidated First Lien Debt means Consolidated Total Debt secured by a Lien on any assets of the Borrower or any of its Restricted Subsidiaries (other than (i) a Lien ranking junior to the Lien securing the Obligations on terms at least as favorable as the General Intercreditor Agreement and (ii) Liens on assets not constituting Collateral permitted pursuant to Section 10.2).
Consolidated First Lien 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 assets of or property of such Person or its Restricted Subsidiaries which Lien is pari passu or senior to any Lien thereon securing the Secured Obligations or on which asset or property the Secured Obligations are not secured by a Lien.