Junior Facility definition
Examples of Junior Facility in a sentence
Banks will in good faith facilitate the modification of the Loan Documents to evidence the terms of the Junior Facility.
Maintain as to DGC at all times hereafter, commencing December 31, 2002, a minimum capital surplus (including surplus notes) of all Affiliated Insurers on a combined GAAP basis of not less than Forty-Five Million Dollars ($45,000,000.00), increased by the amount of any capital surplus realized from Borrower's and/or DGC's closing of the Junior Facility.
Maintain at all times after the Effective Date a ratio of (a) Eligible Receivables, to (b) the aggregate unpaid principal balances of the Loan plus the Borrower's net indebtedness to insurers related to premiums financed on behalf of insureds plus the aggregate unpaid principal balance of the Junior Facility that has been advanced to Borrower, of not less than 1.05 to 1.0.
Maintain as to DGC at all times beginning on the Effective Date a ratio of (i) the sum of the total disbursed and unpaid principal balances of the Loan, DGC Loan and Junior Facility outstanding from time to time, to (ii) Tangible Net Worth (as defined in Section 1), of less than 3.0 to 1.0, declining to 2.25 to 1.0 upon the closing of the Junior Facility or completion of an initial public offering by DGC of not less than Fifty Million Dollars ($50,000,000.00).
The Master Collateral Agent shall deliver notice of each designation of an additional Junior Facility Agreement to each Facility Representative promptly following its receipt of notice of such designation from the Borrowers.
Maintain as to DGC at all times hereafter, commencing December 31, 2002, a minimum capital surplus (including surplus notes) of all Affiliated Insurers on a combined GAAP basis of not less than Forty-Five Million Dollars ($45,000,000.00), increased by the amount of any capital surplus realized from DGFS's and/or DGC's closing of the Junior Facility.
This Agreement shall be terminated upon the final indefeasible payment of all Obligations and the termination of the Senior Facility Agreements and the Junior Facility Agreements.
The Senior Creditors hereby consent to the amendment made or to be made to the Junior Facility Agreement pursuant to this Agreement.
A Priority Agreement between the Borrowers, the Banks and the Agent under this Agreement and the Agent and the lenders under the Junior Facility Agreement.
With respect to Unclaimed Property relating to a Holder of a Class 2 Claim, the Disbursing Agent will notify the New Senior Facility Agent and the New Junior Facility Agent, as applicable, of any Holder that is not a Complying Holder as of the Forfeiture Date and the New Senior Facility Agent and the New Junior Facility Agent, as applicable, will have no obligation to sign the relevant Accession Letter and enter the name of the Holding into the register of Lenders on behalf of such Holder.