Super Senior Secured Debt definition
Examples of Super Senior Secured Debt in a sentence
The relative rights of Secured Lenders, on the one hand, and Assignees, on the other, to repayment of the Secured Lenders Debt and the Super Senior Secured Debt, respectively, and in or to any distributions from or in respect of any Obligor or any Collateral or proceeds of Collateral, shall continue after the filing thereof on the same basis as prior to the date of the petition, subject to any court order approving the financing of, or use of cash collateral by, any Obligor as debtor-in-possession.
For the avoidance of doubt, no amount of Collateral proceeds collected by or on behalf of Secured Lenders that is ultimately used to satisfy the Super Senior Secured Debt shall result in a reduction of the Secured Lenders Debt or the obligations of the Obligors to repay the Secured Lenders Debt in full.
The Lien priorities provided in Section 3.1 shall not be altered or otherwise affected by any amendment, modification, supplement, extension, renewal, restatement, replacement or refinancing of either the Secured Lenders Debt, Cedar Debt or the Super Senior Secured Debt, nor by any action or inaction which any Secured Creditor may take or fail to take in respect of the Collateral.
In addition to the notes defined as Super Senior Secured Debt pursuant to the September Intercreditor Agreement, the notes listed on Schedule 2.2 shall be deemed part of the Super Senior Secured Debt.
The terms of the conversion procedures, anti-dilution rights and any other rights or benefit granted to the Assignors in connection with the Assignor Financing are hereby also granted to the holder of the Super Senior Secured Debt upon the occurrence of an Event of Default as provided in the Assignor Financing or failure to make any of the Amortization Payments within two (2) days of when due, pursuant to the procedures set forth therein.
In any event all amounts outstanding in connection with the Super Senior Secured Debt shall be due and payable not later than May 31, 2008.
Each Assignee may decide for itself whether or not to convert any of its portion of the Super Senior Secured Debt.
The Lien priorities provided in Section 3.1 shall not be altered or otherwise affected by any amendment, modification, supplement, extension, renewal, restatement, replacement or refinancing of either the Secured Lenders Debt, Cedar Debt or the Super Senior Secured Debt, nor by any action or inaction which any secured creditor may take or fail to take in respect of the Collateral.
Additionally, upon written notice of any two of the Assignees or any Assignee holding 51% of the outstanding amounts of the Super Senior Secured Debt the conversion price of the common stock in to which the Super Senior Secured Debt is convertible into, shall be seventy percent (70%) of the three (3) lowest closing bid prices for the ten (10) days prior to the date such Assignee converts its portion of the Assigned Debt (the “Election”).
All distribution proceeds of the Collateral shall be made first to satisfy the outstanding obligations arising under the Super Senior Secured Debt owed the Assignees in proportion to their ownership of the Super Senior Secured Debt as of the distribution date, second to the holders of the Cedar Debt in proportion each holder of the Cedar Debt’s ownership of the Cedar Debt, third to the Secured Lenders in the manner set forth in the Collateral Documents.