Net Secured Debt definition

Net Secured Debt means at any time the aggregate amount of all obligations of the Group for or in respect of Net Financial Debt which is secured by any Security (and so that no amount shall be included more than once).

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Net Secured Debt means the aggregate secured interest bearing debt incurred by a Group Company from time to time, for the avoidance of doubt including the Senior Debt, the New Senior Debt, any Working Capital Facility (where the Working Capital Facility shall be calculated as the Working Capital Facility Twelve (12) Months Average) and any financial leases incurred in the ordinary course of the Group’s business, less cash and cash equivalents of the Group per the relevant testing date, in accordance with the Accounting Principles, adjusted in accordance with the Operational Lease Freeze.

Net Secured Debt means the Group's consolidated secured liabilities less the Group's consolidated total cash (Sw. likvida medel) according to the latest Financial Report, in accordance with the Accounting Principles.

Examples of Net Secured Debt in a sentence

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Commencing with the fiscal quarter ending June 30, 2015, Parent will not permit, as of the last day of any fiscal quarter, the ratio of Consolidated Net Secured Debt (on such date) to Consolidated EBITDAX (for each Rolling Period ending on such date) to be greater than 2.25 to 1.0.
The Borrower will not, as of the last day of any fiscal quarter on which any Permitted Second Lien Debt is outstanding, permit the ratio of (i) Adjusted PV10 as most recently calculated to (ii) Net Secured Debt as of the last day of such fiscal quarter to be less than 1.50 to 1.00.
Subject to Section 8.02(b), beginning with the Fiscal Quarter ending on December 31, 2018, if Combined Total Net Secured Debt as of the last day of any Fiscal Quarter is greater than or equal to zero, then the Borrower shall not permit the Total Net Secured Leverage Ratio as of the last day of anysuch Fiscal Quarter, beginning with the Fiscal Quarter ending on March 31, 2018, to exceed (i) 3.00 to 1.00, or (ii) following the third anniversary of the Closing Date, 2.50 to 1.00.
The Borrower will not, as of the last day of any fiscal quarter, permit the ratio of (i) Adjusted PV10 as most recently calculated to (ii) Net Secured Debt as of the last day of such fiscal quarter to be less than 1.50 to 1.00.

More Definitions of Net Secured Debt

Net Secured Debt means, as of any date of determination, indebtedness of the Issuer and its Subsidiaries on a consolidated basis that is secured by any Lien.

Net Secured Debt means, as of any date of determination, the sum of (a) the outstanding principal amount of the Loans plus the LC Exposure, (b) the outstanding principal amount of the Permitted Second Lien Debt, and (c) the outstanding principal amount of any other Debt for borrowed money of the Borrower and the Restricted Subsidiaries that is secured by Liens, minus (d) the Cash Equivalents of the Borrower and the Guarantors that are either unrestricted or are reserved or otherwise dedicated to the payment of Debt described in any of the foregoing clauses (a), (b), or (c).

Net Secured Debt. “Obligations”, “Permitted Tax Distributions”, “Secured Swap Agreement”, “Secured Swap Party”, “Security Instruments” and “Subsidiary” contained in Section 1.02 of the Credit Agreement are hereby amended and restated in their entirety as follows:

Net Secured Debt means the principal amount of outstanding secured indebtedness less the amount of cash and cash equivalents.

Net Secured Debt means Total Secured Debt minus the lesser of (i) the sum of (a) Eligible U.S. Cash plus (b) the Dollar Equivalent amount of Eligible Foreign Cash and (ii) $10,000,000. Net Senior Secured Leverage Ratio shall mean, as of any date of determination, the ratio of (i) Net Secured Debt to (ii) Consolidated EBITDA for the four fiscal quarters ending on such date. New Lender shall have the meaning assigned to that term in Section 2.11 [Increase in Revolving Credit Commitments and Term Loan Commitments]. Non-Consenting Lender shall have the meaning specified in Section 11.1 [Modifications, Amendments or Waivers].

Net Secured Debt means, as of any date of determination, the sum of (a) the outstanding principal amount of all loans and all letter of credit obligations outstanding under the First Lien Revolving Credit Agreement, (b) the outstanding principal amount of the Loans, (c) the Borrower’s allocated share of the outstanding principal amount of the Alpha Shale Group Debt, which shall be allocated to the Borrower based on the percentage of the Equity Interests in Alpha Shale owned directly or indirectly by the Borrower, and (d) the outstanding principal amount of any other Debt for borrowed money of the Borrower and the Restricted Subsidiaries that is secured by Liens, minus (e) the Cash Equivalents of the Borrower and the Guarantors that are either unrestricted or are reserved or otherwise dedicated to the payment of Debt described in any of the foregoing clauses (a), (b), (c) or (d), and minus (f) the Borrower’s allocated share of the unrestricted Cash Equivalents of the Alpha Shale Group, which shall be allocated to the Borrower based on the percentage of the Equity Interests in Alpha Shale owned directly or indirectly by the Borrower.

Net Secured Debt means, with respect to any Person at any date of determination, without duplication, all Indebtedness for Money Borrowed (including, without limitation, the Obligations and the Senior Secured Notes) which is secured by a Lien on any of the Property of such Person, less the aggregate amount of cash and Cash Equivalents of such Person on such date that are subject to a perfected, first-priority Lien in favor of a Collateral Agent to secure all or any part of the Obligations.