First Lien Senior Secured definition

First Lien Senior Secured means, with respect to any Portfolio Asset, that such Portfolio Asset is a loan interest (as opposed to a participation interest or other asset) secured by a Lien on the Underlying Collateral that is prior to any other Lien on such Underlying Collateral other than customary and standard permitted liens.
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First Lien Senior Secured. Leverage Ratio”; and “Loan Documents”.
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Examples of First Lien Senior Secured in a sentence

  • Except with the written consent of the Required Revolving Credit Lenders, permit the First Lien Senior Secured Leverage Ratio as of the last day of any Test Period (commencing with the last day of the first full fiscal quarter of the Parent Borrower commencing after the Closing Date) to be greater than 6.50:1.00.

  • The Commitment Fee shall be reduced to 0.375% per annum if the First Lien Senior Secured Leverage Ratio for any fiscal quarter (as evidenced by financial statements delivered pursuant to Section 6.01 and covering such period) shall be less than or equal to 2.75:1.00.

  • Lenders, Agent, and Borrower (collectively, the “Parties”) entered into the First Lien Senior Secured Promissory Note, dated as of October 26, 2007 (as amended, supplemented or modified from time to time, the “Turbine Supply Loan Agreement”; capitalized terms used but not defined in this Agreement have the meanings ascribed to them in the Turbine Supply Loan Agreement).

  • This Note is one of a duly authorized issue of notes of the Company designated as its 8.000% First Lien Senior Secured Notes due 2024.

  • The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of its $[●] in aggregate principal amount of First Lien Senior Secured Notes due 2023 issued on the Issue Date (the “Original Notes”) and any additional First Lien Senior Secured Notes due 2023 (“Additional Notes”) that may be issued after the Issue Date (the Original Notes and any Additional Notes (including in respect of PIK Interest), the “Notes”).

  • Permit the First Lien Senior Secured Leverage Ratio as of the last day of any Test Period, beginning with the Test Period ending March 31, 2008, to be greater than 3.75:1.00.

  • During a Borrowing Base Trigger Period, the Borrower will not permit the First Lien Senior Secured Leverage Ratio as of the last day of each fiscal quarter of the Borrower commencing with the fiscal quarter of the Borrower ending March 31, 2017 to be greater than 2.25 to 1:00.

  • If the Collateral Agent shall resign as Collateral Agent under this Agreement after the payment in full of all obligations under the First Lien Senior Secured Facility, then the Required Lenders shall appoint from among the Lenders a successor collateral agent for the Lenders which successor collateral agent, if it is other than Foothill Capital Corporation, shall be approved by the Borrower (which approval shall not be unreasonably withheld or delayed).

  • As of the Effective Date, the First Lien Senior Secured Notes Claims shall be Allowed and deemed to be Allowed Claims in the amount of approximately $350 million of principal plus applicable interest, fees, costs, expenses, and premiums owed under the First Lien Indenture through the Effective Date.

  • The Fund shall (i) at all times invest at least 80% of the Fund assets in First Lien Senior Secured Loans, Cash or Cash Equivalents and (ii) not at any time incur any Restricted Liabilities.