Pari Passu First Lien Debt definition
Pari Passu First Lien Debt means (a) the Senior Notes and any Permitted Refinancing thereof and (b) and any other Indebtedness of the Borrower expressly permitted under this Agreement to be secured by the Collateral on a pari passu basis with the Obligations; provided that, (i) the security agreements relating to such Indebtedness are substantially the same as the Collateral Documents (with such differences as are reasonably satisfactory to the Administrative Agent); (ii) such Indebtedness is not guaranteed by any Subsidiaries other than the Guarantors and is not secured by any property or assets of the Borrower or any Subsidiary other than the Collateral and (iii) a Senior Representative acting on behalf of the holders of such Indebtedness, the Borrower and Guarantors shall have become party to an intercreditor agreement with the Administrative Agent reasonably acceptable to the Administrative Agent (such acceptance not to be unreasonably withheld).
Pari Passu First Lien Debt has the meaning set forth in Section 2.25.
Examples of Pari Passu First Lien Debt in a sentence
The Borrower may from time to time, by notice to the Administrative Agent (which shall promptly deliver a copy to each of the Banks), request that the Total Commitment be increased by $10,000,000 or an integral multiple thereof and will not result in the Total Commitment exceeding the sum of (x) $400,000,000 plus (y) the Pari Passu First Lien Debt Cap.