Credit Bid Rights definition

Credit Bid Rights means, in respect of any order relating to a sale of assets in any Insolvency or Liquidation Proceeding, that:
Sample 1Sample 2Sample 3
Credit Bid Rights means, (a) in respect of any order relating to a sale of assets constituting ABL Priority Collateral in any Insolvency Proceeding, that (i) such order grants the Indenture Agent and the other Indenture Secured Parties (individually and in any combination) the right to bid at the sale of such assets and the right to offset its claims secured by Indenture Liens upon such assets against the purchase price of such assets if (A) the bid of the Indenture Agent or such Indenture Secured Parties is determined by a court to be the best offer at a sale and (B) the bid of the Indenture Agent or such Indenture Secured Parties includes a cash purchase price component payable at the closing of the sale in an amount that would be sufficient on the date of the closing of the sale, if such amount were applied to such payment on such date, to pay all unpaid ABL Obligations (except Unasserted Contingent Obligations) and to satisfy all Liens entitled to priority over the ABL Liens that attach to the proceeds of the sale, and such order requires such amount to be so applied and (ii) such order allows the claims of the Indenture Agent and the other Indenture Secured Parties in such Insolvency Proceeding to the extent required for the grant of such rights, and (b) in respect of any order relating to a sale of assets constituting Indenture Priority Collateral in any Insolvency Proceeding, that (i) such order grants the ABL Agent and the ABL Secured Parties (individually and in any combination) the right to bid at the sale of such assets and the right to offset its claims secured by ABL Liens upon such assets against the purchase price of such assets if (A) the bid of the ABL Agent or the other ABL Secured Parties is determined by a court to be the best offer at a sale and (B) the bid of the ABL Agent or such other ABL Secured Parties includes a cash purchase price component payable at the closing of the sale in an amount that would be sufficient on the date of the closing of the sale, if such amount were applied to such payment on such date, to pay all unpaid Indenture Obligations (except Unasserted Contingent Obligations) and to satisfy all Liens entitled to priority over the Indenture Liens that attach to the proceeds of the sale, and such order requires such amount to be so applied and (ii) such order allows the claims of the ABL Agent and the other ABL Secured Parties in such Insolvency Proceeding to the extent required for the grant of such rights.
Sample 1Sample 2
Credit Bid Rights means each of the Term Loan Credit Bid Rights and the ABL Facility Credit Bid Rights, as the case may be.
Sample 1Sample 2Sample 3

Examples of Credit Bid Rights in a sentence

  • A Holder shall have the right to exercise Credit Bid Rights at the Auction if no timely objection is filed pursuant to subsection (a) above.

  • As discussed in detail below, his secured claim resulted from his personal guarantee of Escala’s debt to Bank 1st, which holds a first mortgage lien on the Assets; Bank 1st collected on the guarantee.Also before the Court is the Unsecured Creditors Committee’s (“UCC”) Objection to Holders Exercising Credit Bid Rights (doc.

  • The Holders of the third mortgage disclaimed their Credit Bid Rights.

  • The greatest promise of the Mental Health Services Act: it is a vision of outreach and engagement, a philosophy of recovery and wellness, a belief in the strength and resiliency of each person with mental illness, and recognition that they are to be embraced as equal members of our community.

  • Briefly, Dirk DePree seeks a determination that he has Credit Bid Rights pursuant to his proof of claim in the amount of $1,001,749.00 for his secured claim on Escala’s Assets.

  • If a timely objection is filed pursuant to subsection (a) above (the “Objection”), unless the Holder disclaims an interest in exercising Credit Bid Rights, the Court will set a preliminary hearing on the Objection to take place within approximately twenty (20) days after entry of this Order, as the Court calendar permits, and will enter appropriate orders to expedite discovery so that a final hearing may be held at least (10) business days before the Auction to hear and determine the Objection.

  • The Allowed Secured Claim of American National Bank will be paid pursuant to the Global Single Lot/Tract Plan Treatment and shall retain its lien and lien priority and Credit Bid Rights with regard to the collateral as of the Petition Date and will be paid from the sale of the tract which constitutes American National Bank’s collateral base.

  • The Allowed Secured Claim of Glen Whaley will be paid pursuant to the Global Single Lot/Tract Plan Treatment and shall retain his lien and lien priority and Credit Bid Rights with regard to the collateral as of the Petition Date and will be paid from the sale of the tract which constitutes Glen Whaley’s collateral base.

  • The Allowed Secured Claim of Tony Seely will be paid pursuant to the Global Single Lot/Tract Plan Treatment and shall retain his lien and lien priority and Credit Bid Rights with regard to the collateral as of the Petition Date and will be paid from the sale of the tract which constitutes Tony Seely’s collateral base.

  • The Court should not permit the Icahn Parties to use the DIP Liens and DIP Superpriority Claim to nullify this key protection.(e) Findings Regarding the Icahn Parties’ Credit Bid Rights and Good Faith Protections are Premature and Unwarranted.


More Definitions of Credit Bid Rights

Credit Bid Rights means each of the First-Lien Credit Bid Rights, the Second-Lien Credit Bid Rights and the ABL Credit Bid Rights, as the case may be.
Sample 1
Credit Bid Rights means the retention by holders of Allowed Secured Claims to credit bid afforded to them under section 363(k) of the Bankruptcy Code as to any specific sale of their collateral which may occur during operation of the Plan on account of the Global Single Lot /Tract Plan Treatment or the Global Multi-Lot /Tract Plan Treatment, as may be applicable to such sale. Any such holder electing to credit bid must, at a minimum, credit bid the amount that would be allocated from any particular sale to pay down their lien on the property in question, as well as any then due ad valorem taxes due, as well as the amount which may be due to the holders of contractual secured claims with a higher priority; such holders are not required to credit bid the amount from any particular sale that would be allocated to make- ready requirements of the proposed purchaser or to pay commissions on the proposed sale.
Sample 1

Related to Credit Bid Rights

  • 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.

  • Competitive Bid Rate means, with respect to any Competitive Bid, the Margin or the Fixed Rate, as applicable, offered by the Lender making such Competitive Bid.

  • Competitive Bid Advance means an advance by a Lender to any Borrower as part of a Competitive Bid Borrowing resulting from the competitive bidding procedure described in Section 2.03 and refers to a Fixed Rate Advance or a LIBO Rate Advance.

  • Competitive Bid Loan means a Competitive Bid LIBOR Loan or a Competitive Bid Absolute Rate Loan.

  • Competitive Bid Borrowing means a borrowing consisting of simultaneous Competitive Bid Advances from each of the Lenders whose offer to make one or more Competitive Bid Advances as part of such borrowing has been accepted under the competitive bidding procedure described in Section 2.03.

  • Competitive Bid Margin has the meaning set forth in Section 2.03(d).

  • Open Competitive Bidding means a fair and transparent specified procedure defined under these Rules, advertised in the prescribed manner, leading to the award of a contract whereby all interested persons, firms, companies or organizations may bid for the contract and includes both National and International Competitive Biddings;

  • Notice of Revolving Credit Borrowing has the meaning specified in Section 2.02(a).

  • Competitive Bid Request means a request by the Borrower for Competitive Bids in accordance with the provisions of Section 2.2(b).

  • Other Revolving Credit Loans means one or more Classes of Revolving Credit Loans that result from a Refinancing Amendment.

  • Revolving Loan Obligations means any Obligations with respect to the Revolving Loans (including without limitation, the principal thereof, the interest thereon, and the fees and expenses specifically related thereto).

  • Competitive Bid Reduction has the meaning specified in Section 2.01.

  • Competitive Bid Note means a promissory note of any Borrower payable to the order of any Lender, in substantially the form of Exhibit A-2 hereto, evidencing the indebtedness of such Borrower to such Lender resulting from a Competitive Bid Advance made by such Lender to such Borrower.

  • Winning Bid Rate has the meaning specified in Section 11.10(d)(i) below.

  • Notice of Competitive Bid Borrowing has the meaning specified in Section 2.03(a).

  • Existing Revolving Credit Loans shall have the meaning provided in Section 2.14(g)(ii).

  • Revolving Credit Borrowing means a borrowing consisting of simultaneous Revolving Credit Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Revolving Credit Lenders pursuant to Section 2.01(b).

  • Bid Borrowing means a borrowing consisting of simultaneous Bid Loans of the same Type from each of the Lenders whose offer to make one or more Bid Loans as part of such borrowing has been accepted under the auction bidding procedures described in Section 2.03.

  • Other Revolving Loans shall have the meaning assigned to such term in Section 2.21.

  • Swing Line Obligations means, as at any date of determination, the aggregate principal amount of all Swing Line Loans outstanding.

  • Revolving Credit Obligations means, at any particular time, the sum of (i) the outstanding principal amount of the Revolving Loans at such time, plus (ii) the outstanding principal amount of the Swing Line Loans at such time, plus (iii) the outstanding L/C Obligations at such time.

  • Demand Bid Limit means the largest MW volume of Demand Bids that may be submitted by a Load Serving Entity for any hour of an Operating Day, as determined pursuant to Operating Agreement, Schedule 1, section 1.10.1B, and the parallel provisions of Tariff, Attachment K- Appendix. Demand Bid Screening:

  • Competitive Borrowing means a Borrowing consisting of a Competitive Loan or concurrent Competitive Loans from the Lender or Lenders whose Competitive Bids for such Borrowing have been accepted by the Borrower under the bidding procedure described in Section 2.03.

  • Revolving Credit Advances has the meaning assigned to such term in Section 2.1.

  • Revolving Credit Loans as defined in Section 2.1.

  • Eurodollar Competitive Loan means any Competitive Loan bearing interest at a rate determined by reference to the LIBO Rate in accordance with the provisions of Article II.