Senior Cap definition

Senior Cap means the sum of:
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Senior Cap means an amount equal to the sum of (x) the aggregate principal amount of Term Loans outstanding under (and as defined in) the Senior Secured Credit Agreement on the Closing Date immediately prior to giving effect to any repayments made on the Closing Date, minus the aggregate amount of principal repayments (whether mandatory or voluntary) of Term Loans under (and as defined in) the Senior Secured Credit Agreement on or following the Closing Date (including, for the avoidance of doubt, the repayment of Senior Obligations contemplated as a condition precedent to the effectiveness of the Senior Amendment),(y) the aggregate amount of Revolving Commitments outstanding under (and as defined in) the Senior Secured Credit Agreement on the Closing Date, minus the aggregate amount of principal repayments of Revolving Loans under (and as defined in) the Senior Secured Credit Agreement on or following the Closing Date (each of which repayments shall be accompanied by a concurrent permanent reduction and termination of an equal amount of Revolving Commitments under (and as defined in) the Senior Secured Credit Agreement) and (z) all obligations now or hereafter from time to time owed with respect to the foregoing on account of all accrued and unpaid interest, fees, and expenses (including interest, fees, and expenses which, but for the filing of a petition in bankruptcy with respect to a Credit Party, would have accrued thereon, whether or not a claim is allowed against such Credit Party for such interest, fees, or expenses in the related bankruptcy proceeding).
Sample 1Sample 2
Senior Cap means the sum of (i)(1) $506,000,000 plus (2) Additional Senior Debt Obligations plus (3) all capitalized interest in respect of obligations described in the foregoing clauses (1) and (2) minus (4) the amount of all prepayments or other payments in each case of the principal of Senior Obligations (including any roll-up obligations in connection with DIP Financing described in clause (ii) below but not including any prepayments or other payments of Senior Obligations made in connection with a Refinancing thereof) plus (ii) in the case of DIP Financing provided by one or more Senior Secured Parties to the Borrower or any other Grantor, the principal amount in respect thereof (including any roll-up obligations and capitalized interest) that is approved by the applicable bankruptcy court.
Sample 1

Examples of Senior Cap in a sentence

  • An account shall be established for the benefit of the holders of the Class AV Certificates (the "Group 1 Senior Cap Account") as a part of the Trust Fund.

  • Notwithstanding the terms of the Subordinated Loan Documents, the Company hereby agrees that it may not make, and Subordinated Creditor hereby agrees that it will not accept, any Distribution (other than Permitted Payments) with respect to the Subordinated Debt until the Senior Debt (in the case of Capped Obligations, up to but not in excess of the Senior Cap) is indefeasibly paid in full in cash and all commitments to lend under the Senior Loan Documents have terminated.

  • On any Distribution Date, Group 1 Senior Cap Payments for that Distribution Date will be deposited into the Group 1 Senior Cap Account and Mezzanine Cap Payments for that Distribution Date will be deposited into the Mezzanine Cap Account.

  • An account shall be established for the benefit of the holders of the Class M Certificates (the "Mezzanine Cap Account" and together with the Group 1 Senior Cap Account, the "Cap Accounts") as a part of the Trust Fund.

  • The Senior Cap Security Agreement from Borrower in favor of Collateral Agent.

  • An account shall be established for the benefit of the holders of the Class M, Class B-1 and Class B-2 Certificates (the "Mezzanine/Class B Cap Account" and together with the Group I Senior Cap Account, the "Cap Accounts") as a part of the Trust Fund.

  • The Group 1 Senior Cap Agreement Payment Date, the Group 2 Senior Cap Agreement Payment Date or the Subordinate Cap Agreement Payment Date, as applicable.

  • Notwithstanding clause (B)(2), the Senior Cap Amount shall under no circumstances be less than the aggregate principal amount of the Senior Loans on the date hereof minus the aggregate principal amount of repayments and prepayments on the Senior Loans after the date hereof (excluding any repayment, prepayment, satisfaction or other reduction pursuant to a Refinancing of the Senior Obligations).

  • Borrower shall pledge its right, title and interest in and to the Interest Rate Cap to Collateral Agent pursuant to the Senior Cap Security Agreement.

  • The Senior Financing Statements covering the Mortgaged Property and the Senior Cap Security Agreement.


More Definitions of Senior Cap

Senior Cap means, at any time, $302,500,000 less in each case (i) the amount of all prepayments and repayments applied to any term loans constituting Senior Obligations whether made before or after the Closing Date and (ii) the amount of all repayments and prepayments of any revolving loans or letters of credit constituting Senior Obligations whether made before or after the Closing Date, in each case as to this clause (ii) to the extent accompanied by a corresponding reduction in the applicable commitment amount, provided that the Senior Cap may be increased by $25,000,000 if the Consolidated Leverage Ratio calculated on a pro forma basis after giving effect to the incurrence of such additional Indebtedness is equal to or less than 3.75:1.00.
Sample 1

Related to Senior Cap

  • Senior Class Debt Parties has the meaning assigned to such term in Section 8.09.

  • Senior Class Debt has the meaning assigned to such term in Section 8.09.

  • Junior Capital collectively, any Indebtedness of any Parent or the Borrower that (a) is not secured by any asset of the Borrower or any Restricted Subsidiary, (b) is expressly subordinated to the prior payment in full of the Loans on terms consistent with those for senior subordinated high yield debt securities issued by U.S. companies sponsored by either of the Sponsors (as determined in good faith by the Borrower, which determination shall be conclusive), (c) has a final maturity date that is not earlier than, and provides for no scheduled payments of principal prior to, the date that is 91 days after the Initial Term Loan Maturity Date (other than through conversion or exchange of any such Indebtedness for Capital Stock (other than Disqualified Stock) of the Borrower, Capital Stock of any Parent or any other Junior Capital), (d) has no mandatory redemption or prepayment obligations other than (x) obligations that are subject to the prior payment in full in cash of the Loans or (y) pursuant to an escrow or similar arrangement with respect to the proceeds of such Junior Capital and (e) does not require the payment of cash interest until the date that is 91 days following the Initial Term Loan Maturity Date.

  • Senior Class Debt Representative has the meaning assigned to such term in Section 8.09.

  • Subordinate Net Funds Cap With respect to any Distribution Date, an amount equal to the weighted average of the Pool 1 Net Funds Cap and the Pool 2 Net Funds Cap, weighted on the basis of the Pool Subordinate Amount for each Mortgage Pool; provided, however, that on any Distribution Date after which the aggregate Class Principal Amount of the Senior Certificates relating to any Mortgage Pool has been reduced to zero, such weighting shall be on the basis of the Pool Balance of each Mortgage Pool.

  • Senior Class means (a) with respect to the Class B Notes, the Class A Notes and (b) with respect to the Class C Notes, the Class A Notes and the Class B Notes.

  • Senior Funded Debt means all Funded Debt of the Company or its Subsidiaries (except Funded Debt, the payment of which is subordinated to the payment of the Notes).

  • Senior citizen means that term as defined in section 514.

  • Subordinate Indebtedness means all present and future indebtedness, obligations, and liabilities of Borrower to Subordinate Lender under or in connection with the Subordinate Loan or the Subordinate Loan Documents.

  • Available Funds Cap Any of the Class A-1 Available Funds Cap, the Class A-2 Available Funds Cap or the Weighted Average Available Funds Cap.

  • Additional Senior Class Debt has the meaning assigned to such term in Section 5.13.

  • Senior means a person seventy years old or older.

  • Priority Indebtedness means (a) any Indebtedness of the Company secured by a Lien permitted solely under Section 7.01(e) and (b) any Indebtedness of a Restricted Subsidiary; provided that there shall be excluded from any calculation of Priority Indebtedness the Indebtedness of any Restricted Subsidiary evidenced by (i) a Guarantee of the Indebtedness of the Company owing pursuant to this Agreement and (ii) a Guarantee delivered by a Guarantor of other Indebtedness of the Company.

  • Permitted Pari Passu Secured Refinancing Debt means any secured Indebtedness issued or incurred by the Borrower or a Subsidiary Guarantor in the form of one or more series of senior secured notes or loans; provided that (i) such Indebtedness is secured by the Collateral on a pari passu basis (but without regard to the control of remedies) with the Obligations and is not secured by any property or assets of the Borrower or any Subsidiary other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness, (iii) such Indebtedness does not mature or have scheduled amortization or scheduled payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligation (other than customary offers to repurchase or mandatory prepayments upon a change of control, asset sale or other Disposition, casualty event or incurrence of indebtedness that is not permitted thereunder and customary acceleration rights after an event of default) prior to the Latest Maturity Date determined at the time such Indebtedness is incurred, (iv) 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), (v) such Indebtedness is not guaranteed by any Subsidiaries other than the Subsidiary Guarantors and (vi) a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of the Pari Passu Intercreditor Agreement; provided that if such Indebtedness is the initial Permitted Pari Passu Secured Refinancing Debt incurred by the Borrower or a Subsidiary Guarantor, then the Borrower, Holdings, the Subsidiary Guarantors, the Administrative Agent and the Senior Representative for such Indebtedness shall have executed and delivered a Pari Passu Intercreditor Agreement. Permitted Pari Passu Secured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

  • Senior Unsecured Debt means the Indebtedness represented by the Senior Unsecured Notes (including the Note Guarantees, Exchange Notes (each as defined in the Senior Unsecured Debt Documents), guarantees of Exchange Notes and any replacement Exchange Notes).

  • WAC Cap With respect to the Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.

  • Subordinate Certificates As specified in the Preliminary Statement.

  • Subordinated Amount As of any Distribution Date, the excess, if any, of (a) the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date over (b) the aggregate of the Class Certificate Balances of the LIBOR Certificates as of such Distribution Date (after giving effect to the payment of the Principal Remittance Amount on such Certificates on such Distribution Date).

  • Subordinate Debt means indebtedness secured hereby or by any Supplemental Indenture which is by its terms expressly subordinate and inferior hereto both in lien and right of payment.

  • Permitted Unsecured Refinancing Debt means Credit Agreement Refinancing Indebtedness in the form of unsecured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower in the form of one or more series of senior unsecured notes or loans; provided that such Indebtedness (i) constitutes Credit Agreement Refinancing Indebtedness and (ii) meets the Permitted Other Debt Conditions.

  • Senior Unsecured Indebtedness means Indebtedness that is not subordinated to any other Indebtedness and is not secured or supported by a guarantee, letter of credit or other form of credit enhancement.

  • Senior Certificates As specified in the Preliminary Statement.

  • Senior Claims means, (a) with respect to the RBL Priority Collateral, each of the First-Priority Lien Obligations secured by such Collateral and, (b) with respect to the Term/Notes Priority Collateral, each of the Second-Priority Lien Obligations secured by such Collateral.

  • Group 2 Senior Principal Distribution Amount For any Distribution Date, an amount equal to the sum of (a) the Group 2 Senior Percentage of the Principal Payment Amount for Loan Group 2, (b) the Group 2 Senior Prepayment Percentage of the Principal Prepayment Amount for Loan Group 2 and (c) the Group 2 Senior Liquidation Amount.