Treatment of Existing Credit Enhancement Claims Sample Clauses

Treatment of Existing Credit Enhancement Claims. (a) The guaranties, indemnities, master leases, or other credit enhancements made in connection with the Loan (collectively, “Existing Credit Enhancements”) provided by those parties identified on Exhibit 4 attached hereto (the “Debtor Guarantors”), existing as of the Commencement Date, and to the extent such Existing Credit Enhancements have not since terminated pursuant to their respective terms, shall be treated as follows in any chapter 11 plan for the Debtor Guarantors (the “Debtor Guarantor Plan”): in full and final satisfaction, settlement, release, and discharge of and in exchange for each Claim arising from the Existing Credit Enhancements (i) the Secured Debt Holder and the Plan Debtor shall acknowledge in writing any reduction (i.e., burn off) which has occurred in accordance with its terms of any obligation under any Existing Credit Enhancement and any termination of any former guaranty, indemnity, master lease, or other credit enhancement; (ii) in connection with the emergence of any Debtor Guarantor from chapter 11, such Debtor Guarantor shall have the right (but not the obligation) to terminate any Existing Credit Enhancement issued by such Debtor Guarantor provided that the Plan Debtor shall cause a Qualified Guarantor (as defined in Section 5.2(b) of this Exhibit B) to issue a replacement guaranty, indemnity, or other credit enhancement (each a “Replacement Credit Enhancement”) in form and substance (including as to obligation type and amount) identical to the Existing Credit Enhancements that are being terminated (except any and all financial covenants, if any, may be modified and such other nominal changes may be made as are necessary to reflect the name of the replacement guarantor and the Loan Modification Agreement); and (iii) solely with respect to recourse guarantees, in connection with any voluntary principal paydown of a loan (exclusive of scheduled amortization) by the Plan Debtor as permitted under the Amended Credit Documents (each a “New Principal Reduction”), the existing cap of maximum liability under Existing Credit Enhancements or Replacement Credit Enhancements for such loan, if any, (excluding guarantees provided with respect to ground lease payments due to third party ground lessors) shall be reduced by $1 for each $1 of New Principal Reduction and, with respect to master leases, the rental obligation thereunder shall be adjusted appropriately to reflect such New Principal Reduction. (b) The termination of the Existing ...
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Related to Treatment of Existing Credit Enhancement Claims

  • Termination of Existing Credit Agreement Receipt by the Administrative Agent of evidence that the Existing Credit Agreement concurrently with the Closing Date is being terminated and all Liens securing obligations under the Existing Credit Agreement concurrently with the Closing Date are being released.

  • of the Credit Agreement Section 8.2.4 of the Credit Agreement is hereby amended as follows:

  • Amendment of the Credit Agreement Effective as of the Amendment Effective Date, the Credit Agreement is hereby amended as follows: (a) The following definitions are added in the appropriate alphabetical order to Section 1.01 of the Credit Agreement:

  • of the Existing Credit Agreement Subsection 6.4(iii) of the Existing Credit Agreement is hereby amended and restated to read as follows:

  • Amendment and Restatement of Existing Credit Agreement Upon the execution and delivery of this Agreement, the Existing Credit Agreement shall be amended and restated to read in its entirety as set forth herein. With effect from and including the Effective Date, (i) the Commitments of each Lender party hereto shall be as set forth on Appendix A (and (a) to the extent that such Lender constitutes a lender under the Existing Credit Agreement (a “Consenting Lender”), such Consenting Lender’s commitment thereunder shall be terminated and replaced with its respective Commitment hereunder and (b) any lender under the Existing Credit Agreement that is not listed on Appendix A shall cease to be a Lender hereunder and its commitment thereunder shall be terminated; provided that, for the avoidance of doubt, such lender under the Existing Credit Agreement shall continue to be entitled to the benefits of Section 9.03 of the Existing Credit Agreement), (ii) all accrued and unpaid interest and fees and other amounts owing under the Existing Credit Agreement shall have been paid by the Borrower under the Existing Credit Agreement, whether or not such interest, fees or other amounts would otherwise be due and payable at such time pursuant to the Existing Credit Agreement, (iii) the Commitment Ratio of the Consenting Lenders shall be redetermined based on the Commitments set forth in the Appendix A and the participations of the Consenting Lenders in, and the obligations of the Consenting Lenders in respect of, any Letters of Credit or Swingline Loans outstanding on the Effective Date shall be reallocated to reflect such redetermined Commitment Ratio and (iv) each JLA Issuing Bank shall have the Fronting Sublimit set forth in Appendix B.

  • Existing Credit Agreement On the date of this Agreement, the Existing Credit Agreement shall be amended and restated in its entirety by this Agreement, and the Existing Credit Agreement shall be replaced hereby; provided that the Borrower, the Administrative Agent and the Lenders agree that on the date of the initial funding of Loans hereunder, the loans and other Indebtedness of the Borrower under the Existing Credit Agreement shall be renewed, rearranged, modified and extended with the proceeds of the initial funding and the “Commitments” of the lenders under the Existing Credit Agreement shall be superseded by this Agreement and terminated. This Agreement is not in any way intended to constitute a novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence payment of all or any portion of such obligations and liabilities. The terms and conditions of this Agreement and the Administrative Agent’s, the Lenders’ and the Issuing Banks’ rights and remedies under this Agreement and the other Loan Documents shall apply to all of the Indebtedness incurred under the Existing Credit Agreement and in respect of the Existing Letters of Credit. The undersigned hereby waive (i) any right to receive any notice of such termination, (ii) any right to receive any notice of prepayment of amounts owed under the Existing Credit Agreement, and (iii) any right to receive compensation under Section 5.02 of the Existing Credit Agreement in respect of Eurodollar Loans outstanding under the Existing Credit Agreement resulting from such rearrangement. Each Lender that was a party to the Existing Credit Agreement hereby agrees to return to the Borrower, with reasonable promptness, any promissory note delivered by the Borrower to such Lender in connection with the Existing Credit Agreement.

  • Certain Credit Support Events If (i) the L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (iii) the Borrower shall be required to provide Cash Collateral pursuant to Section 2.05 or 8.02(c), or (iv) there shall exist a Defaulting Lender, the Borrower shall immediately (in the case of clause (iii) above) or within one (1) Business Day (in all other cases) following any request by the Administrative Agent or the L/C Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause (iv) above, after giving effect to Section 2.15(a)(iv) and any Cash Collateral provided by the Defaulting Lender).

  • Amendment of the Existing Credit Agreement In consideration of the mutual covenants in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree that, subject to the satisfaction of the conditions precedent set forth in clause 3.1, the Existing Credit Agreement shall, with effect on and from the Amendment Effective Date, be (and it is hereby) amended in accordance with the amendments set out in Schedule 3 and (as so amended) will continue to be binding upon each of the Borrower and the Finance Parties in accordance with its terms as so amended.

  • Instrument Pursuant to Existing Credit Agreement This Amendment is a Credit Document executed pursuant to the Existing Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with the terms and provisions of the Existing Credit Agreement.

  • 01 of the Credit Agreement Section 1.01 of the Credit Agreement is hereby amended as follows:

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