Examples of Existing Term Debt in a sentence
As at June 30, 2015, SIR’s long-term debt outstanding included term debt (Existing Term Debt), consisting of a term loan and two development loans, resulting from the Third Amended and Restated Loan Agreement (the Existing Credit Agreement), entered into on June 23, 2014.
The Existing Term Debt was repaid by a full draw down of Credit Facility 2 and a partial draw down of Credit Facility 1.
Except as provided in the preceding sentence, Borrower shall not and shall not permit its Subsidiaries to establish or maintain any Deposit Account or Securities Account (other than the TL Deposit Account (as defined in the Existing Term Debt Intercreditor Agreement) unless Agent shall have received a Control Agreement in respect of such Deposit Account or Securities Account.
Thus, the Proposed Order provides for the accrual of postpetition interest and the payment of post-petition expenses and professional fees of the Existing Term Lender Parties on account of the Existing Term Debt.
Accordingly, the Committee submits that the Final DIP Order should provide that the payment of postpetition interest on the Existing Term Debt is subject to being unwound if the Existing Term Loan is found not to be oversecured or is subject to a successful Challenging Action.
The Proposed Order should be clarified to make clear that (a) the accrual and/or payment of postpetition interest on the Existing Term Debt and (b) the payment of expenses and professional fees incurred by the Existing Term Lender Parties is subject to being unwound if the Existing Term Debt is found not to be oversecured or is otherwise successfully challenged.
Fail to establish and maintain the primary depository and treasury management relationships of Loan Parties (other than the TL Deposit Account (as defined in the Existing Term Debt Intercreditor Agreement)) with Wells Fargo or one of its Affiliates.
Within 1 Business Day of the date of receipt by Borrower or any of its Subsidiaries of any Extraordinary Receipts in respect of Collateral, subject to the Financing Order and the Existing Term Debt Intercreditor Agreement, Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(b)(ii) in an amount equal to 100% of such Extraordinary Receipts.
Notwithstanding anything to the contrary herein, proceeds of the Term Debt Collateral that secure the Priority ABL Obligations and are received by Agent in accordance with the Existing Term Debt Intercreditor Agreement shall be applied first and only to the Priority ABL Obligations until paid in full.
The Proposed Order Should Be Clarified To Make Clear That (A) The Accrual And/Or Payment Of Postpetition Interest On The Existing Term Debt And (B) The Payment Of Expenses And Professional Fees Incurred By The Existing Term Lender Parties Is Subject To Being Unwound If The Existing Term Debt Is Found Not To Be Oversecured Or Is Otherwise Successfully Challenged.