Required Debt definition

Required Debt means, with respect to any action, on any date, the outstanding principal amount of:

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Required Debt means the outstanding principal amount of (1) the Notes (including any Additional Notes), other than Notes beneficially owned by the Issuer or its Affiliates, (2) the Senior Interim Debt (excluding any Senior Interim Debt held by Defaulting Lenders (as defined in the Senior Interim Debt Agreement)), (3) the Senior Cash Pay Notes (as defined in the Senior Interim Debt Agreement), (4) the Senior PIK Notes (as defined in the Senior Interim Debt Agreement) and (5) any securities issued to refinance or replace any of the items described in clauses (2) through (4) of this definition, at such date voting as a single class, to the extent permitted under this Indenture and the Senior Interim Debt Agreement.

Required Debt means the outstanding principal amount of (1) the Senior Subordinated Interim Loans (excluding any Senior Subordinated Interim Loans held by Defaulting Lenders), (2) the Senior Subordinated Notes, (3) any securities issued to refinance or replace the items described in clauses (1) and (2) of this definition, to the extent provided in the indenture or other agreements governing such securities, at such date voting as a single class, to the extent permitted under this Agreement.

Examples of Required Debt in a sentence

Borrowers shall be deemed to have timely made the Required Debt Service Payment pursuant to Section 2.8 regardless of the time Lender makes such transfer as long as sufficient funds are on deposit in the Debt Service Payment Sub-Account at 12:00 noon, New York City time on the applicable Payment Date.
At or before 12:00 noon, New York City time, on each Payment Date during the term of the Loan, Lender shall transfer to Lender’s own account from the Debt Service Payment Sub-Account an amount equal to the Required Debt Service Payment for the applicable Payment Date.
On each Payment Date, Borrowers shall pay to Lender (for allocation as set forth herein) the Basic Carry Costs Monthly Installment, the Required Debt Service Payment, the Capital Reserve Monthly Installment and any and all fees and other amounts then due to the Cash Collateral Account Bank, all for the then Current Interest Accrual Period, except as otherwise provided in Section 2.11.
If Lender elects to apply funds of any such Sub-Account or Non-Marriott Property Operating Account to pay any Required Debt Service Payment, Borrowers shall, upon demand, repay to Lender the amount of such withdrawn funds to replenish such Sub-Account or Non-Marriott Property Operating Account , and if Borrowers fail to repay such amounts within five (5) days after notice of such withdrawal, an Event of Default shall exist hereunder.
At or before 12:00 noon, New York City time, on each Payment Date during the term of the Loan, Lender shall transfer to Lender's own account from the Debt Service Payment Sub-Account an amount equal to the Required Debt Service Payment for the applicable Payment Date.
Subject to certain limitations, Required Holders of a majority in aggregate principal amount of the then outstanding Required Debt may direct the Trustee in its exercise of any trust or power.
The Defeased Note and the Undefeased Note shall have terms identical to the terms of the Note, except for the principal balance and a pro rata allocation of the Required Debt Service Payment.
If Lender elects to apply funds of any such Sub-Account to pay any Required Debt Service Payment, Borrowers shall, upon demand, repay to Lender the amount of such withdrawn funds to replenish such Sub-Account, and if Borrowers fail to repay such amounts within one five (5) days after notice of such withdrawal, an Event of Default shall exist hereunder.
In addition, the Servicer shall file a Routine True-Up Letter at least 15 days before the end of any calendar quarter or, beginning in the last year the Notes are scheduled to be outstanding, at least 15 days before the end of any calendar month, at each such time as the Servicer may reasonably determine is necessary to meet the Required Debt Service for the then current Remittance Period.
Subject to certain limitations, Required Holders of a majority in aggregate principal amount of the Required Debt may direct the Trustee in its exercise of any trust or power.

More Definitions of Required Debt

Required Debt means the outstanding principal amount of (1) the Senior Subordinated Notes (including any Additional Senior Subordinated Notes), other than Notes beneficially owned by the Issuer or its Affiliates, (2) the Senior Subordinated Interim Debt (excluding any Senior Subordinated Interim Debt held by Defaulting Lenders (as defined in the Senior Subordinated Interim Debt Agreement)) and (3) any securities issued to refinance or replace any of the items described in clauses (1) and (2) of this definition, at such date voting as a single class, to the extent permitted under this Indenture and the Senior Subordinated Interim Debt Agreement.

Required Debt means (a) the Senior Notes and (b) the Revolver.

Required Debt means, with respect to any action, on any date, the outstanding principal amount at such date of (1) the Senior Term Loans (excluding the Loans of Defaulting Lenders), (2) the Senior Notes (including any Additional Senior Notes (as defined in the Senior Refinancing Indenture)) and (3) any other senior unsecured securities issued by the Borrower to refinance or replace any of the items described in clauses (1) and (2) of this definition (including any additional securities of the same series), other than, in each case any such debt beneficially owned by the Borrower or its Affiliates, voting as a single class, except to the extent prohibited by law; provided that (a) Required Debt shall only include debt described in clauses (2) and (3) of this definition to the extent such debt would require the consent of the holders of the debt described in this definition voting as a single class to take such action, except to the extent described in clauses (b) and (c) below, (b) if any amendment, waiver or other action would disproportionately affect the holders of the Senior Term Loans, Required Debt shall mean the Senior Term Loans voting as a single class and the debt described in clauses (1) through (3) voting as a single class, and (c) if any amendment, waiver or other action would only affect the Senior Term Loans, Required Debt shall mean the Senior Term Loans voting as a single class without the debt described in clauses (2) and (3).

Required Debt means the outstanding principal amount of (1) the Senior Interim Loans (excluding any Senior Interim Loans held by Defaulting Lenders), (2) the Senior Cash Pay Notes, (3) the Senior PIK Notes, (4) any securities issued to refinance or replace any of the items described in clauses (2) through (4) of this definition, to the extent provided in the indenture or other agreements governing such securities, and (5) the Senior Take-out Notes (including any additional notes), other than Senior Take-out Notes beneficially owned by the Borrower or its Affiliates, at such date voting as a single class, to the extent permitted under this Agreement.

Required Debt means the outstanding principal amount of (1) the Senior Notes (including any Additional Senior Notes), other than Senior Notes beneficially owned by the Issuer or its Affiliates, (2) the Senior Interim Debt (excluding any Senior Interim Debt held by Defaulting Lenders, (as defined in the Senior Interim Debt Agreement)), and (3) any securities issued to refinance or replace any of the items described in clauses (1) and (2) of this definition, and the 9-7/8% Notes, at such date voting as a single class, to the extent permitted under this Indenture and the Senior Interim Debt Agreement.

Required Debt to EBITDA Ratio for Borrower and its Subsidiaries as of the date hereof: