Additional Secured Debt Sample Clauses
The "Additional Secured Debt" clause defines the conditions under which a borrower may incur new debt that is also secured by the same collateral as the original loan. Typically, this clause outlines the requirements for obtaining lender consent, sets limits on the amount or type of additional debt, and may specify priority or subordination arrangements between existing and new lenders. By establishing clear rules for adding further secured obligations, the clause protects the interests of the original lender and ensures that the collateral's value is not diluted or over-encumbered, thereby managing risk and maintaining the integrity of the security package.
Additional Secured Debt. (a) The Collateral Trustee will, as collateral trustee hereunder, perform its undertakings set forth in Section 3.1(a) with respect to any First Lien Obligations constituting a Series of First Lien Debt that is issued or incurred after the date hereof or any First-Out Obligations constituting Additional Collateral Bonds and/or related obligations under First-Out Documents, as applicable, provided after the date hereof; provided that:
(i) such First Lien Obligations are identified as First Lien Debt or such First-Out Obligations are identified as an Additional Collateral Bond and/or related obligations under First-Out Documents in accordance with the procedures set forth in Section 3.8(b); and
(ii) unless such debt or bond is issued under an existing Priority Lien Document for any Series of First Lien Debt whose First Lien Representative is already party to this Agreement or under an existing Collateral Bond with respect to which the First-Out Representative is already a party to this Agreement, the designated Priority, the designated First Lien Representative identified pursuant to Section 3.8(b) signs a Collateral Trust Joinder and promptly delivers the same to the Collateral Trustee.
(b) The Company will be permitted to designate as an additional holder of First Lien Debt or First-Out Obligations hereunder each Person who is, or who becomes, the registered holder of First Lien Debt or First-Out Obligations, as applicable, incurred by the Company or any other Grantor after the date of this Agreement in accordance with the terms of all applicable Priority Lien Documents. The Company may only effect such designation by delivering to the Collateral Trustee an Additional Secured Debt Designation that:
(i) states that the Company or other applicable Grantor intends to incur additional First Lien Debt (“Additional First Lien Debt”) or an Additional Collateral Bond and/or related obligations under First-Out Documents (any Additional First Lien Debt or Additional Collateral Bond and/or related obligations under First-Out Documents, “Additional Secured Debt”) that is not prohibited by each applicable Priority Lien Document to be incurred and to be secured with a Priority Lien equally and ratably with all previously existing and future Priority Lien Debt, but subject to the prior payment rights of the holders of all First-Out Obligations and certain other Priority Lien Obligations as set forth in Section 3.4(a);
(ii) specifies the name, address and contact informat...
Additional Secured Debt. (a) The Security Trustee will, as a Security Trustee hereunder, perform its undertakings set forth in Section 3.02(a) with respect to each holder of Additional Debt Secured Obligations that is issued or incurred on or after the date hereof that:
(i) holds Secured Obligations that are identified as Additional Debt Secured Obligations in accordance with the procedures set forth in Section 3.09(b) and (c); and
(ii) signs, through its designated Secured Lien Representative identified pursuant to Section 3.09(b), an Intercreditor Joinder and delivers the same to the Security Trustee.
(b) In addition to the Borrower’s right to request increased commitments under and in accordance with the terms of the Loan Agreement, the Borrower will be permitted to incur additional secured debt (“Additional Secured Debt”) by way of issuing private placement notes, or entering into further secured loan facilities, provided that:
(i) the total amount of the aggregate of the Loan Secured Obligations and the Additional Debt Secured Obligations shall not exceed $2,000,000,000;
(ii) no Secured Debt Default or Event of Default shall have occurred and be continuing on the date on which such Additional Secured Debt comes into effect and after giving effect to such Additional Secured Debt;
(iii) the Borrower shall not be entitled to have more than one revolving credit facility at any one time;
(iv) the terms of the Additional Secured Debt (other than terms related to interest rates and fees) shall not be on more beneficial terms to the Additional Finance Parties than the terms of the Loan Documents are to the Loan Finance Parties, and shall not amortize more quickly, or have a shorter term, than the Loan Secured Obligations (unless, prior to the effectiveness of the Additional Secured Debt, such amendments are made to the Loan Documents to ensure the terms of the Loan Documents are at least as favorable as the terms of the Additional Secured Debt Documents);
(v) prior to entering into any Additional Debt Documents, the Borrower shall inform the Administrative Agent of its intention to incur Additional Secured Debt and the proposed terms of such Additional Secured Debt and shall give the Lenders such further non-confidential information in relation to the such Additional Secured Debt as they may reasonably request;
(vi) the Security Trustee shall be appointed as security trustee pursuant to the Additional Debt Documents, to act as Security Trustee in respect thereof, in accordance with t...
Additional Secured Debt. (a) The Collateral Trustee will, as trustee hereunder, perform its undertakings set forth in Section 3.1(a) with respect to each holder of Secured Obligations of a Series of Secured Debt that is issued or incurred after the date hereof that (i) holds Secured Obligations that are identified as a holder of Parity Lien Debt or Priority Lien Debt in accordance with the procedures set forth in Section 3.8(b) and (ii) signs, through its designated Secured Debt Representative identified pursuant to Section 3.8(b), a Collateral Trust Joinder.
(b) The Company or other applicable Obligor shall be permitted to designate as additional Secured Debtholders hereunder each person who is, or who becomes, the registered holder of Parity Lien Debt or the holder of Priority Lien Debt incurred by the Company or such other Obligor after the date of this Agreement in accordance with the terms of the Secured Debt Documents; provided that for purposes of this Section 3.8, all extensions of credit under the Credit Agreement (including issuances of letters of credit) shall be deemed to be incurred on the date hereof so that no such further designation shall be required to be made so that all such extensions of credit under the Credit Agreement (regardless when made or incurred) shall be deemed Priority Lien Debt. The Company or other applicable Obligor may effect such designation by delivering to the Collateral Trustee, with copies to each previously identified Secured Debt Representative, each of the following:
(i) An officer's certificate of the Company stating that:
(A) the Company or such other Obligor intends to incur additional Secured Debt ("New Secured Debt") which shall either be (x) Priority Lien Debt permitted by each agreement governing Secured Debt to be secured with a Priority Lien on a pari passu basis with all previously existing Priority Lien Debt and which, when incurred and after giving pro forma effect to the incurrence of such Priority Lien Debt and the application of the proceeds therefrom, shall be in an aggregate principal amount that is permitted by the terms of the Secured Debt Documents or (y) Parity Lien Debt permitted by each agreement governing Secured Debt to be secured with a Parity Lien on a pari passu basis with all previously existing Parity Lien Debt and which, when incurred and after giving pro forma effect to the incurrence of such Parity Lien Debt and the application of the proceeds therefrom, shall be in an aggregate principal amount that is p...
Additional Secured Debt. The Collateral Trustee will, as collateral trustee hereunder, perform its undertakings set forth in Section 3.1(a) with respect to each holder of Secured Debt Obligations of a Series of Secured Lien Debt that is issued or incurred after the date hereof (including any refinancing or replacement of a Series of Secured Lien Debt) that:
Additional Secured Debt. Section 1.15(e) of the Amended and Restated Pledge Agreement is hereby amended and restated in its entirety as follows:
Additional Secured Debt. To the extent, but only to the extent, permitted by the provisions of the then extant Superpriority Secured Debt Documents, First Priority Secured Debt Documents and Second Priority Secured Debt Documents (as certified by the Issuer or Parent Guarantor), the Issuer or any other Obligor may incur or issue (i) one or more series or classes of Additional First Priority Secured Debt (“New First Priority Secured Debt”) and (ii) one or more series or classes of Additional Second Priority Secured Debt (“New Second Priority Secured Debt” and, together with New First Priority Secured Debt, “New Secured Debt”). Any New Secured Debt may be secured by ▇▇▇▇▇ on the Collateral if and subject to the condition that the Representative of any such New Secured Debt acting on behalf of the holders of such New Secured Debt (the “New Secured Debt Representative”) becomes, on the date of the incurrence of the New Secured Debt, a party to this Agreement by satisfying the conditions set forth in clauses (i) through (iii), as applicable, of the immediately succeeding paragraph, and Section 8.07(b). In order for a New Secured Debt Representative to become a party to this Agreement:
Additional Secured Debt. Each Obligor shall ensure that the terms of any Program Debt Documents (or amendments thereto and restatements thereof) entered into after the date hereof (other than terms related to interest rates and fees), shall (i) not be on more beneficial terms to the relevant Secured Parties thereunder than the terms of the Loan Documents are to the Finance Parties, and (ii) if such Additional Secured Debt shall be of the same facility or debt instrument type as the Obligations arising hereunder, not amortize more quickly, or have a shorter term, than the Obligations (unless prior to the effectiveness of such Program Debt Document or its amendment and/or restatement, such amendments are made to the Loan Documents to ensure the terms of the Loan Documents are at least as favorable as the terms of the relevant Program Debt Documents).
Additional Secured Debt. Subject to the provisions of this Section 2.1 (Additional Secured Debt), the Borrower may incur Additional Secured Debt, at its sole discretion, only if, prior to or on the date of incurrence thereof, the following conditions are satisfied or waived by the Required Secured Parties:
(a) the conditions for the incurrence of such Indebtedness in the Secured Debt Instruments and related Financing Documents have been satisfied (or waived by the applicable Secured Parties) (as certified in writing by the Borrower in the Accession Agreement relating to such Secured Debt); and
(b) the Secured Debt Holder Group Representative for the Additional Secured Debt shall have entered into an Accession Agreement in accordance with Section 2.2 (Accession Agreements). Any Additional Secured Debt shall be treated in all respects as Secured Debt, sharing pari passu in the Collateral and in right of payment.
Additional Secured Debt. Any Additional Secured Debt issued after the date hereof shall be secured equally and ratably with the Credit Facility Obligations, and, in connection with such Additional Secured Debt, (i) the lien of this instrument shall be confirmed pursuant to a duly executed, acknowledged and recorded Mortgage Supplement substantially in the form of Annex A hereto (the “Mortgage Supplement”) and (ii) Mortgagor shall deliver to Mortgagee an ALTA 11-06 modification endorsement to the Title Policy, dated as of the date of recording of such Mortgage Supplement, insuring the priority of the lien of this Mortgage over defects in or liens or encumbrances on title, except for those shown in the Title Policy and other Permitted Liens.
Additional Secured Debt. Each Obligor shall ensure that the terms of any Program Debt Documents (or any amendments thereto and restatements thereof) entered into after the date hereof (other than terms related to interest rates and fees), shall (i) not be on more beneficial terms to the relevant Secured Parties thereunder than the terms of the Loan Documents are to the Finance Parties, and (ii) if such Additional Secured Debt shall be of the same facility or debt instrument type as the Obligations arising hereunder (excluding in respect of any revolving credit facility), not amortize more quickly, or have a shorter term, than the Obligations (unless prior to the effectiveness of such Program Debt Document or its amendment and/or restatement, such amendments are made to the Loan Documents to ensure the terms of the Loan Documents are at least as favorable as the terms of the relevant Program Debt Documents).