ABL Credit Facility Obligations definition

ABL Credit Facility Obligations means all ABL Obligations under the ABL Credit Facility.
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ABL Credit Facility Obligations means all ABL Obligations under the ABL Facility.
Sample 1

Examples of ABL Credit Facility Obligations in a sentence

  • By entering into the DIP Facility, the Debtors will be able to, among other things, permit the orderly continuation of their businesses, preserve the going concern value of the Debtors, make payroll and satisfy other working capital and general business needs (including fees, costs, and expenses related to these chapter 11 cases and the DIP Documents, capital expenditures), and repay the ABL Credit Facility Obligations.

  • Under the DIP Credit Agreement, the proceeds of DIP Collateral that is sold in the ordinary course, sold in connection with the Golf Town Transaction, or liquidated pursuant to a Permitted Store Closing Sale or a Store Liquidation will be used to reduce the ABL Credit Facility Obligations.

  • The Roll-Up provides that proceeds generated by the Debtors’ operations and restructuring, including from the Golf Town Transaction, the sale of all or substantially all of Golfsmith’s assets (a “ Golfsmith Sale”), and Store Closing Sales, will be applied toward theoutstanding ABL Credit Facility Obligations, which will effectively “roll” the ABL Credit Facility into the DIP Facility.

  • Importantly, based on information received by the Debtors during the prepetition sale process, including the indications of interest received by the Debtors and their advisors, the Prepetition ABL Credit Facility Obligations are oversecured.

  • Second, the terms of the DIP Facility are competitive and substantially less costly than alternative postpetition financing options, and the interest charged on the DIP Facility represents a savings over the default interest rates the Debtors could be required to pay on account of the oversecured ABL Credit Facility Obligations.

  • Third, the Roll-Up is appropriate in these circumstances where the ABL Credit Facility Obligations are oversecured and would be paid in full at the conclusion of these chapter 11 cases.

  • Further challenging this process is that the ABL Credit Facility Obligations are secured by substantially all of the Company’s assets, such that either (i) the liens of the Prepetition Secured Parties would have to be primed to obtain postpetition financing from a third party, or (ii) the Debtors would have to find a postpetition lender willing to extend credit that would be junior to the liens of the Prepetition Secured Parties.

  • Specifically, the Roll-Up is designed as a “creeping roll-up” whereby the Debtors’ postpetition receipts are applied to the ABL Credit Facility Obligations, and corresponding amounts are advanced to the Company under the DIP Facility.

  • The Roll-Up merely accelerates the satisfaction of the ABL Credit Facility Obligations and converts such obligations into DIP Obligations that are less costly to the Debtors’ estates without affecting the recoveries to junior creditors of the Debtors’ estates.

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Related to ABL Credit Facility Obligations

  • ABL Credit Facility means the agreement, dated as of March 30, 2015, among the Company, the Subsidiaries of the Company that borrow or guarantee obligations under such agreement from time to time, as “Credit Parties,” the lenders parties thereto from time to time and Bank of America, N.A., as agent (or its successor in such capacity), together with the related notes, letters of credit, guarantees and security documents, and as the same may be amended, restated, amended and restated, supplemented or modified from time to time and any renewal, increase, extension, refunding, restructuring, replacement or refinancing thereof (whether with the original administrative agent and lenders or another administrative agent, collateral agent or agents or one or more other lenders or additional borrowers or guarantors and whether provided under the original ABL Credit Facility or one or more other credit or other agreements or indentures).

  • ABL Credit Agreement as defined in the recitals hereto.

  • New Credit Facility is defined in Section 9.8.

  • Revolving Credit Facility means, at any time, the aggregate amount of the Revolving Credit Lenders’ Revolving Credit Commitments at such time.

  • Credit Facility shall include any agreement or instrument (1) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (2) adding Subsidiaries of the Company as additional borrowers or guarantors thereunder, (3) increasing the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder or (4) otherwise altering the terms and conditions thereof.

  • Term Loan Obligations means the “Obligations” as defined in the Term Loan Credit Agreement.

  • Senior Credit Facilities means, collectively, the Senior ABL Facility and the Senior Term Facility.

  • Existing Credit Facility means the credit facility evidenced by that certain Credit Agreement, dated as of October 26, 2006, by and among the Borrower, the lenders party thereto, and JPMCB, as administrative agent, as amended.

  • Principal Credit Facility means any loan agreement, credit agreement, note purchase agreement, indenture or similar document under which credit facilities in the aggregate original principal or commitment amount of at least $20,000,000 are provided for.

  • Loan Obligations means (a) the due and punctual payment by the Borrower of (i) the unpaid principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans made to the Borrower under this Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under this Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and obligations to provide Cash Collateral and (iii) all other monetary obligations of the Borrower owed under or pursuant to this Agreement and each other Loan Document, including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), and (b) the due and punctual payment of all obligations of each other Loan Party under or pursuant to each of the Loan Documents.

  • Senior Priority Obligations means the Original First Lien Obligations and any Additional Obligations constituting Senior Priority Debt.

  • Exit Facility Credit Agreement means the credit agreement, Filed with the Plan Supplement, which credit agreement shall contain terms and conditions consistent in all respects with those set forth on the Exit Facility Term Sheet and, to the extent any terms and conditions are not set forth on or contemplated therein, such other terms and conditions as are acceptable to the Special Restructuring Committee and the Majority Noteholders in the manner set forth in the Restructuring Support Agreement.

  • Term Obligations shall include all interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant Term Document whether or not the claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding.

  • Existing ABL Credit Agreement means that certain ABL credit agreement, dated as of April 19, 2013, among Petco Animal Supplies, Inc., the lenders party thereto, Bank of America, N.A., (as successor to Credit Suisse AG) as administrative agent, Xxxxx Fargo Bank, National Association, as collateral agent, and the subsidiaries of Petco Animal Supplies, Inc. from time to time party thereto, as amended by that certain First Amendment to the ABL Credit Agreement, dated as of November 21, 2014.