Credit Bid definition

Credit Bid means, an offer submitted by Agent (on behalf of the Lender group), based upon the instruction of the Required Lenders, to acquire the property of any Loan Party or any portion thereof in exchange for and in full and final satisfaction of all or a portion (as determined by Agent, based upon the instruction of the Required Lenders) of the claims and Obligations under this Agreement and other Loan Documents.

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Credit Bid means to submit a bid at a public or private sale in connection with the purchase of all or any portion of the Collateral, in which any of the Obligations owing to the Lenders or any other Secured Party under this Agreement is used and applied as a credit on account of the purchase price.

Credit Bid means an offer submitted by the Administrative Agent (on behalf of the Lenders), based upon the instruction of the Majority Lenders, to acquire the Property or Equity Interests of the Borrower or any Guarantor or any portion thereof in exchange for and in full and final satisfaction of all or a portion (as determined by the Administrative Agent, based upon the instruction of the Majority Lenders) of the claims and Secured Obligations under this Agreement and other Loan Documents.

Examples of Credit Bid in a sentence

• If the winning bid is the Credit Bid in accordance with the Bid Procedures, the Credit Bid Amount shall be applied to satisfy the purchase price.

• On the Sale Transaction Effective Date, in full satisfaction and release of each Senior Noteholder’s pro rata share of the Credit Bid Amount, the Senior Noteholders shall receive their pro rata share of 100% of the New Equity Interests (subject to dilution by the MIP and the Equity Premiums).

• The Parties further agree that (a) any Credit Bid Amount, and (b) any distribution to holders of Senior Notes in respect of the Senior Notes Remaining Amount or otherwise, shall in each case be comprised first, on account of principal of the Senior Notes (excluding, for greater certainty, any interest that was capitalized and added to principal), second, on account of premium (if any), and third, on account of accrued and unpaid interest.

• Buyer or one of its Affiliates has the legal right to direct, and has directed (or caused to be directed), the DIP Agent, Prepetition Super Priority Notes Trustee, and Prepetition Convertible Notes Trustee, on behalf of the DIP Lenders, the Prepetition Super Priority Noteholders, and the Prepetition Convertible Noteholders as applicable, to make a credit bid pursuant to Section 363 of the Bankruptcy Code in order to pay the Credit Bid portion of the Purchase Price, pursuant to the Bid Direction Letter.

More Definitions of Credit Bid

Credit Bid has the meaning set forth in Section 14.9.

Credit Bid has the meaning set forth in Section 3.2.

Credit Bid has the meaning set forth in Section 14.9 of this Agreement.

Credit Bid is defined in Section 13.3.

Credit Bid means a bid in a foreclosure sale pursuant to a Mortgage made by Lender consisting of all or a portion of the outstanding amount of the Obligations.

Credit Bid means, in accordance with the Bidding Procedures, the credit bid by the Prepetition Agent, on behalf of the Prepetition Secured Lenders, of $35 million of the Prepetition Secured Lender Claims on account of the Prepetition First-Out Loans.

Credit Bid means a bid made by the beneficiary in full or partial satisfaction of the contract or contracts which are secured by the trust deed. Such credit bid may only include an amount up to the full amount of the contract or contracts secured by the trust deed, less any amount owing on liens or encumbrances with interest which are superior in priority to the trust deed and which the beneficiary is obligated to pay under the contract or contracts or under the trust deed, together with the amount of other obligations provided in or secured by the trust deed and the costs and expenses of exercising the power of sale and the sale, including the trustee's fees and reasonable attorney fees actually incurred.