Pari Passu Lien Debt has the meaning specified in clause (39) of the definition of “Permitted Liens.”
Pari Passu Lien Debt means any Indebtedness that is secured by Liens on Collateral that are pari passu in priority with the Liens on Collateral that secure the Obligations. For the avoidance of doubt, “Pari Passu Lien Debt” includes the Initial Term Loans, the Revolving Loans (if any) and the Revolving Commitments, in each case, as of the Closing Date.
Pari Passu Lien Debt has the meaning specified in Section 7.01(32).
Examples of Pari Passu Lien Debt in a sentence
GC-85 FINAL BILL:The final bill shall be submitted by Contractor within one (1) month of the date of physical completion of work, otherwise the Engineer-in-charge’s certificate of the measurement and of total amount payable for work shall be final and binding on all parties.
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The BFA Loan Obligations constitute, and shall continue to constitute, Pari Passu Lien Debt pursuant to the terms of the Collateral Trust Agreement and will be on a parity of security with other outstanding debt of the Company or the Guarantors and future debt of the Company or Guarantors, if any, designated as Pari Passu Lien Debt pursuant to the Pari Passu Lien Debt Documents.
The obligations in connection with the Notes and the obligations under the Credit Agreement and Other Pari Passu Lien Debt are secured equally and ratably by shared Liens on all Collateral under and in accordance with the Collateral Documents and Article 14 hereof.
For purposes of clause (i) of the definition of “Act of Required Pari Passu Lien Secured Parties”, the amount of Pari Passu Lien Debt to be voted by a Series of Pari Passu Lien Debt will equal the aggregate principal amount of Pari Passu Lien Debt voted affirmatively under such Series of Pari Passu Lien Debt.
More Definitions of Pari Passu Lien Debt
Pari Passu Lien Debt means any Indebtedness that is (or is intended by the Company to be) secured by Liens on all or any portion of the Collateral that are pari passu in priority with the Liens on all or any portion of the Collateral that secure the Obligations incurred on the Closing Date. For the avoidance of doubt, “Pari Passu Lien Debt” includes the Notes and excludes (x) obligations that are unsecured or secured (or intended to be secured) by a Lien that is junior in priority to Liens securing Pari Passu Lien Debt and (y) Junior Lien Debt.
Pari Passu Lien Debt means (1) the Notes issued on the Issue Date, (2) any Additional Notes, and (3) any other Funded Debt (including borrowings under any other Pari Passu Lien Documents) that is secured by a Pari Passu Lien and that was permitted to be Incurred and permitted to be so secured under the applicable Pari Passu Lien Documents; provided, that, in the case of this clause (3), (a) on or before such Funded Debt is Incurred such Funded Debt is designated by the Company as “Pari Passu Lien Debt” for the purposes of the Pari Passu Lien Documents in an officer’s certificate executed and delivered in accordance with the Collateral Trust Agreement, and (b) unless such Funded Debt is Incurred under an existing Pari Passu Lien Document for any Series of Pari Passu Lien Debt whose Pari Passu Lien Debt Representative is already party to the Collateral Trust Agreement, the Pari Passu Lien Debt Representative for such Funded Debt executes and delivers a Collateral Trust Joinder in respect of and in accordance with the Collateral Trust Agreement. For the avoidance of doubt, (x) Hedging Obligations secured by a Pari Passu Lien do not constitute Pari Passu Lien Debt but may constitute Pari Passu Lien Obligations; and (y) obligations in respect of the Senior Credit Facility do not constitute Pari Passu Lien Debt.
Pari Passu Lien Debt includes the Initial Term Loans as of the Closing Date.
Pari Passu Lien Debt means any Indebtedness that is (or is intended by the Borrower to be) secured by Liens on all or any portion of the Collateral that are pari passu in priority with the Liens on all or any portion of the Collateral that secure the Obligations incurred on the Closing Date. For the avoidance of doubt, “Pari Passu Lien Debt” includes the Revolving Loans (if any) and the Revolving Commitments, in each case, as of the Closing Date, and excludes Obligations that are unsecured or secured (or intended to be secured) by a Lien that is junior in priority to Liens securing Pari Passu Lien Debt. A Debt Representative acting on behalf of the holders of Pari Passu Lien Debt shall become party to, or otherwise subject to the provisions of, an Equal Priority Intercreditor Agreement or the Collateral Documents securing the Revolving Loans.
Pari Passu Lien Debt means: (a) any Funded Debt now or hereafter incurred under the Term Loan Credit Agreement; (b)(i) the Obligations under the Bond Financing Agreement and the Series 2019 Note (and amendments or supplements thereto of additional note delivered in connection with the issuance of any Additional Bonds) and any Senior Secured Notes issued on August 23, 2017 and any senior secured notes issued under the Notes Indenture (or a supplemental indenture thereto) in exchange for the Senior Secured Notes and (ii) any additional Senior Secured Notes issued under the Notes Indenture (or a supplemental indenture thereto) from time to time and any Senior Secured Notes issued under the Notes Indenture in exchange for such additional senior secured notes; (c) any other Funded Debt (including, without limitation (x) Funded Debt incurred under any replacement Notes Indenture, (y) Funded Debt incurred under Specified Pari Passu Lien Debt Documents or (z) borrowings under any other Pari Passu Lien Debt Documents) that is secured by a Pari Passu Lien and that was permitted to be incurred and permitted to be so secured under each applicable Pari Passu Lien Debt Document; provided, in the case of any Funded Debt referred to in this clause (c), that: (i) on or before the date on which such Funded Debt is incurred by the Company or by another Grantor, such Funded Debt is designated by the Company as “Pari Passu Lien Debt” for the purposes of the Pari Passu Lien Debt Documents in an Additional Pari Passu Lien Debt Designation executed and delivered in accordance with the Collateral Trust Agreement; (ii) unless such Funded Debt is issued under an existing Pari Passu Lien Debt Document for any Series of Pari Passu Lien Debt whose Pari Passu Lien Debt Representative is already party to the Collateral Trust Agreement, the Pari Passu Lien Debt Representative for such Funded Debt executes and delivers a Collateral Trust Joinder in accordance with the Collateral Trust Agreement; and (iii) all other requirements for the Additional Pari Passu Lien Obligations Debt Designations set forth in the Collateral Trust Agreement have been complied with. For the avoidance of doubt, (i) Secured Hedging Obligations do not constitute Pari Passu Lien Debt but may constitute Pari Passu Lien Obligations and (ii) Equipment Lease Obligations and Commercial Building Lender Obligations do not constitute Pari Passu Lien Debt.
Pari Passu Lien Debt means any Indebtedness that is (or is intended by the Borrower to be) secured by Liens that are pari passu in priority with the Liens that secure the Obligations incurred on the Closing Date. For the avoidance of doubt, “Pari Passu Lien Debt” includes the Revolving Loans (if any) and the Revolving Commitments, and excludes Obligations that are unsecured or secured (or intended to be secured) by a Lien that is junior in priority to Liens securing Pari Passu Lien Debt. A Debt Representative acting on behalf of the holders of Pari Passu Lien Debt shall become party to, or otherwise subject to the provisions of an Equal Priority Intercreditor Agreement or the Collateral Documents securing the Revolving Loans.
Pari Passu Lien Debt includes the Initial Term Loans, the Existing First Lien Term Loans and the Existing Senior Secured Notes as of the Closing Date and excludes the ABL Credit Facility.