Exit Loans definition

Exit Loans means loans issued under the Exit Facility Credit Agreement.

Exit Loans has the meaning assigned in Section 10.15(a).

Exit Loans means the loans made to, and the other extensions of credit made for the benefit of, the Obligors under the Exit Facility.

Examples of Exit Loans in a sentence

• A Holder’s adjusted tax basis in the Exit Loans generally should be its initial tax basis in the Exit Loans, increased by the amount of any OID included in the Holder’s income with respect to the Exit Loans and reduced by the amount of any payments that are not qualified stated interest payments.

• A Holder that owns loans under the Exit Credit Agreement (“Exit Loans”) generally must include interest on such Exit Loans as ordinary income at the time such interest is received or accrued in accordance with such Holder’s method of accounting for U.S. federal income tax purposes.

• The rules relating to OID are complex, and Holders that may receive an interest in the Exit Loans should consult their tax advisors relating to the potential consequences of such rules.

• Upon the sale, exchange, retirement or other taxable disposition of Exit Loans, a Holder generally should recognize capital gain or loss equal to the difference between the amount realized on such disposition (less any amounts attributable to accrued but unpaid interest, which will be taxable as ordinary interest income) and its adjusted tax basis in the Exit Loans.

• On the Effective Date, (i) the DIP Payments shall be paid in full in Cash and (ii) the remaining DIP Claims shall be converted into First Lien Exit Loans.

• On December 19, 2011, the Court entered an order approving the payment of $250,000 to C & G as professional compensation.13 Proceeds from the Exit Loans were used to pay the bulk of C & G’s Court-approved professional compensation.14 On March 5, 2012, following the consummation of the Plan, C&G filed the Post- Confirmation Supplemental Fee Application seeking an additional $205,725 in compensation and an additional $1,989.86 in expense reimbursement for certain post- confirmation services.

• Exit Loans shall be payable as and to the extent provided in Section 3.07.

• Accordingly, the Second Lien Exit Loans will not be treated as publicly traded for these purposes.

• Notwithstanding anything to the contrary herein, the aggregate amount of the Incremental Exit Loans shall not exceed $10,500,000 (which, shall for the avoidance of doubt not be duplicative of any amounts under the Maximum Incremental Amount).

• Closing Date The date on which the Exit Loans are issued under the Exit Facility and the Reorganization is consummated in all material respects pursuant to the Plan (the “Closing Date”).

More Definitions of Exit Loans

Exit Loans. “Term Facility Amount” means, at any time from and after the Exit Facility Conversion Date, an amount equal to the aggregate outstanding principal of all Term Loans at such time. Without limiting the payment priority set forth in the mandatory and voluntary prepayment provisions below, all proceeds of Collateral (as defined below) after the occurrence and during the continuance of an event of default shall be allocated, first, to pay all amounts outstanding under the Exit Revolving Facility (including, without limitation, interest, principal, fees, unreimbursed amounts drawn under Letters of Credit (as defined below) and cash-collateralization of undrawn Letters of Credit) and, second, to pay amounts outstanding under the Exit Term Facility. Swingline Facility: In connection with the Exit Revolving Facility, JPMCB (in such capacity, the “Swingline Lender”) will make available to the Borrower a swingline facility (the “Swingline Facility”) in U.S. dollars under which the Borrower may make short-term borrowings upon same-day notice ((so long as notice delivered by 3:00 pm New York City time) in a maximum amount at any time outstanding not to exceed $25,000,000 and in a minimum amount of $100,000 and integral increments of $10,000 in excess thereof, subject to customary notice requirements provided that no swingline loans shall be made if such swingline loan would cause the Total Revolving Outstandings to exceed the Revolving Loan Limit (as defined below). Except for purposes of calculating the commitment fee described below, any such swingline borrowings will reduce Availability (as defined below) under the Exit Revolving Facility on a dollar-for-dollar basis. Repayment of swingline loans must occur on or prior to the earlier of 15 business day after the making of such loan or the swingline maturity date. Upon notice from the Swingline Lender, the Revolving Lenders will be unconditionally obligated to purchase participations in any swingline loan, on a pro rata basis, based upon their commitments under the Exit Revolving Facility. If any Revolving Lender becomes a Defaulting Lender (as defined below), then the swingline exposure of such Defaulting Lender will automatically be reallocated among Revolving Lenders that are not Defaulting Lenders, on a pro rata basis in accordance with their Commitments under the Exit Revolving Facility, up to an amount such that the revolving credit exposure of each Revolving Lender that is not a Defaulting Lender does not exce...

Exit Loans means Exit Loan #1 and Exit Loan #2.

Exit Loans. The Exit Revolving Credit Loans and the Exit Term Loan.