Examples of Existing First Lien Lenders in a sentence
None of the prospective lenders made a proposal to provide subordinated ABL DIP financing.The first proposal for ABL DIP financing came from the Existing First Lien Lenders.
Pursuant to the Forbearance Agreement, the Existing First Lien Lenders permanently reduced the commitment from $180 million to $130 million and required certain additional prepetition payments, among other terms.When it became evident that the Debtors required additional sources of financing, the Debtors instructed Miller Buckfire to identify, assess and explore options to address the Debtors’ liquidity concerns.
The Debtors and their advisors also discussed the possibility that the Existing First Lien Lenders would provide additional liquidity secured by senior liens in the Owned Real Property, but the Existing First Lien Lenders did not submit a proposal consistent with those discussions.
The Debtors’ obligations under the Existing First Lien Credit Agreement and the related guarantees are not secured by the Owned Real Property.On May 14, 2020, the Debtors entered into the Forbearance Agreement with the Existing First Lien Lenders to address a potential of default resulting from the Debtors suspending their business operations.
Notwithstanding anything to contrary herein, nothing herein or any other Loan Document shall, or shall be deemed to provide that the Liens of the Administrative Agent and the Lenders in any way prime the Liens of the Existing First Lien Agent or the Existing First Lien Lenders.