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:
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Credit Bid Rights. (a) in respect of any order relating to a sale of assets constituting Revolving Facility Priority Collateral in any Insolvency Proceeding, that (i) such order grants the Term Facility Agent and the Term Facility 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 Term Facility Liens upon such assets against the purchase price of such assets if (A) the bid of the Term Facility Agent or such Term Facility Secured Parties is determined by a court to be the best offer at a sale and (B) the bid of the Term Facility Agent or such Term Facility 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 Revolving Facility Obligations (except Unasserted Contingent Obligations and Swap Obligations) and to satisfy all Liens entitled to priority over the Revolving Facility 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 Term Facility Agent and the Term Facility 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 Term Facility Priority Collateral in any Insolvency Proceeding, that (i) such order grants the Revolving Facility Agent and the Revolving Facility 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 Revolving Facility Liens upon such assets against the purchase price of such assets if (A) the bid of the Revolving Facility Agent or such Revolving Facility Secured Parties is determined by a court to be the best offer at a sale and (B) the bid of the Revolving Facility Agent or such Revolving Facility 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 Term Facility Obligations (except Unasserted Contingent Obligations) and to satisfy all Liens entitled to priority over the Term Facility Liens that attach to the proceeds of the sale, and such order requires such amount to be so applied and (ii) ...
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Credit Bid Rights means each of the Term Loan Credit Bid Rights and the ABL Facility Credit Bid Rights, as the case may be.
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Examples of Credit Bid Rights in a sentence

  • 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.

  • Nothing herein shall limit the right or ability of the Second Lien Secured Parties (i) with respect to any Second Lien Credit Bid Rights or (ii) to file a proof of claim with respect to any Second Lien Obligations.

  • Section 4.01 General Limitation on Exercise of Remedies Section 4.02 Notices of Events of Default Section 4.03 Notices of Acceleration Section 4.04 Remedies Section 4.05 No Inconsistent Actions Section 4.06 Application of Proceeds Section 4.07 Sharing of Asset Sale Proceeds and Event of Loss Proceeds Section 4.08 Credit Bid Rights.


More Definitions of Credit Bid Rights

Credit Bid Rights means, in respect of any order relating to a sale of assets in any solvency or liquidation proceeding, that:
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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.
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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.
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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 the 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 Eurodollar Bid Rate Loan or an Absolute Rate Loan, or both, as the case may be.

  • 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 means the margin above or below the applicable Eurodollar Base Rate offered for a Eurodollar Bid Rate Loan, expressed as a percentage (rounded to the nearest 1/100 of 1%) to be added or subtracted from such Eurodollar Base Rate.

  • 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 Section 2.04.

  • 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.

  • Committed Loans means loans made pursuant to Section 2.1(a).

  • Competitive Bid Note means a promissory note of any Borrower payable to any Lender (or its registered assigns), 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).

  • Permitted Loans means:

  • 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 means the Revolving Loans made pursuant to any Other Revolving Commitment.

  • 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.

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

  • 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.