First Lien Net Debt definition

First Lien Net Debt at any date shall mean (i) the aggregate principal amount of Consolidated Debt of the Company and its Subsidiaries outstanding at such date that consists of, without duplication, Indebtedness that in each case is then secured by first priority Liens on property or assets of the Company and its Subsidiaries (other than property or assets held in a defeasance or similar trust or arrangement for the benefit of the Indebtedness secured thereby), less (ii) without duplication, the Unrestricted Cash and Permitted Investments of the Company and its Subsidiaries on such date.

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First Lien Net Debt means, at any time, the amount equal to Total Net Debt secured by a Lien on the Collateral (or any portion thereof) (excluding (x) any such Total Net Debt that is expressly subordinated in right of payment to the Obligations pursuant to a written agreement reasonably acceptable to the Administrative Agent and (y) any such Total Net Debt that is secured by a Lien on the Collateral that is junior to the Liens securing the Obligations pursuant to a written agreement reasonably acceptable to the Administrative Agent).

First Lien Net Debt means, at any date of determination, (a) the aggregate amount of Indebtedness of the Borrower and its Subsidiaries at such time of the type described in clauses (a), (b), (e) (to the extent such Guarantee relates to Indebtedness of the type referred to in clause (a), (b) or (f) of the definition of “Indebtedness”) and (f) of the definition of “Indebtedness” and secured by Liens on the Collateral which do not rank junior to the Liens securing the Obligations (but without regard to control of remedies) minus (b) an amount not to exceed $50,000,000 of Unrestricted Cash held by the Borrower and the Subsidiary Guarantors on such date.

Examples of First Lien Net Debt in a sentence

For the avoidance of doubt, Indebtedness under the ABL Credit Agreement shall be included in Consolidated First Lien Net Debt.
For the avoidance of doubt, Indebtedness in respect of the Term Loan Credit Agreement will constitute Consolidated First Lien Net Debt.
For purposes of determining whether the incurrence of any Indebtedness or Lien complies with a ratio test that is based upon the Consolidated Coverage Ratio, First Lien Net Debt Leverage Ratio or Secured Net Debt Leverage Ratio, the proceeds of the Indebtedness being incurred will be excluded from the calculation of Consolidated Coverage Ratio, First Lien Net Debt Leverage Ratio or Secured Net Debt Leverage Ratio, as applicable.
Following Phase II Completion, maintain at the end of each Fiscal Year a First Lien Net Debt to Proven Reserve Ratio of not more than U.S.$2.50/Mcfe.
For the avoidance of doubt, it is understood that obligations under Swap Contracts and Treasury Services Agreements do not constitute Consolidated First Lien Net Debt.

More Definitions of First Lien Net Debt

First Lien Net Debt means, as of any date, an amount equal to (a) Consolidated First Lien Funded Indebtedness as of such date minus (b) up to $5.0 million of cash on hand of the Borrower that is not subject to any Lien or restriction (other than Liens created under the Loan Documents and the Second Lien Loan Documents and Liens permitted under Section 7.01(q)).