Exit First Lien Term Loan Facility definition

Exit First Lien Term Loan Facility means that certain $15 million first priority secured term loan facility to be provided by the Exit First Lien Term Loan Lender Parties to Reorganized Quoizel, in exchange for a like amount of ABL Claims, on terms and conditions acceptable to Quoizel, the Exit First Lien Term Loan Lender Parties, and the Initial Plan Sponsors; provided that, to the extent the remaining ABL Claims are not satisfied in full from the Upfront Cash Repayment and the ABL Priority Collateral Net Sale Proceeds by October 31, 2023, then the principal amount of the Exit First Lien Term Loans may be increased by up to $3.75 million at the election of the Exit First Lien Term Loan Facility Lender Parties.

Exit First Lien Term Loan Facility means a new term loan facility in an aggregate principal amount equal to the sum of (a) the amount of DIP Term Loan Facility Claims (including all interest accrued thereunder through the Effective Date) plus (b) the amount of all First Lien Term Loan Claims (including all interest accrued thereunder through the Effective Date) pursuant to the Exit First Lien Term Loan Documents.​

Exit First Lien Term Loan Facility means a first lien term loan facility, consisting of the Exit First Lien Converted Term Loans and the Exit First Lien Takeback Term Loans, provided for under the Exit First Lien Term Loan Documents substantially in the form Filed with the Plan Supplement.

Examples of Exit First Lien Term Loan Facility in a sentence

• On the Effective Date, Reorganized Quoizel and/or its designated affiliate and the Exit First Lien Term Loan Facility Lender Parties shall consummate the Exit First Lien Term Loan Facility on the terms, and subject to the conditions, set forth herein and otherwise acceptable to Reorganized Quoizel and the Exit First Lien Term Loan Facility Lender Parties.

• On the Effective Date, Reorganized Quoizel and/or any successors, assigns, or transferees of the applicable Debtors or Reorganized Quoizel, including in connection with the Restructuring Transactions, shall enter into the Exit First Lien Term Loan Facility, the Exit Second Lien Term Loan Facility, and the Promissory Note (the terms of which are set forth in the Plan Supplement).

• The Exit First Lien Term Loan Facility and Exit Second Lien Term Loan Facility shall constitute legal, valid, binding and authorized joint and several obligations of the Reorganized Debtors, enforceable in accordance with their terms, and such obligations shall not be enjoined or subject to discharge, impairment, release, avoidance, recharacterization, or subordination under applicable law, the Plan or the Confirmation Order.

• The Exit First Lien Term Loan Facility shall be in an aggregate principal amount equal to the sum of (a) the amount of DIP Term Loan Claims (including all PIK interest accrued thereunder through the Effective Date) plus (b) the amount of all First Lien Term Loan Claims (including all PIK interest accrued thereunder through the Effective Date).

• Following the Effective Date, the Reorganized Debtors will have approximately $1,660 million of secured funded indebtedness composed of the Exit First Lien Term Loan Facility and Exit Second Lien Term Loan Facility, and will also have approximately $147.8 million of letters of credit issued under the Exit LC Facility.

• If a partnership or other entity or arrangement taxable as a partnership for U.S. federal income tax purposes holds Claims, the Exit First Lien Term Loan Facility, the Exit Second Lien Term Loan Facility, the New Equity Interests or the Subscription Rights, the tax treatment of a partner in such partnership generally will depend upon the status of the partner and the activities of the partnership.

• The Exit First Lien Term Loan Facility, the Exit Second Lien Term Loan Facility, the Promissory Note, and any additional exit financing that may be obtained by Reorganized Quoizel, as determined by the Initial Plan Sponsors, and the New Organizational Documents are essential elements of the Plan, are necessary for Confirmation and Consummation of the Plan, and are critical to the overall success and feasibility of the Plan.

• The following discussion assumes that the terms of the Exit First Lien Term Loan Facility and the Exit Second Lien Term Facility will constitute a “significant modification” as compared to the terms of the prepetition FLTL and FLLO facilities, respectively, and thus will be treated as an exchange of the FLTL Claims and the FLLO Claims for a new term loan governed by the terms the Exit First Lien Term Loan Facility and the Exit Second Lien Term Loan Facility, respectively (the “New Loan Obligations”).