Exit Revolver means the undrawn secured revolving credit facility that Reorganized OpCo will obtain on the Effective Date in accordance with the Exit Facility Documents.
Exit Revolver has the meaning set forth in the Restructuring Term Sheet.
Exit Revolver means the new “first lien” revolving credit facility in the amount of $675 million to be entered into on the Closing Date and in connection with the Debtors’ exit from bankruptcy and the consummation of the Plan. (ii) Members of the Ad Hoc Groups2 and any Joining Parties3 that purchase Notes (a) pursuant to the “holdback” allocated to them in the Rights Offering (as further described in the Restructuring Term Sheet), (b) pursuant to the Backstop Commitment Agreement (as further described below) and (c) in respect of their backstop fees under the Backstop Commitment Agreement. Purchase Price 100% of the principal amount. Use of Proceeds The proceeds from the issuance and sale of the Notes shall be used to fund the Company’s cash needs in connection with and subsequent to consummation of the Plan, including to (i) repay the Revolving Credit Facility, (ii) provide working capital to the Company and for other general corporate purposes and (iii) pay interest, fees, costs and expenses related to the Notes. Closing Date The effective date of the consummation of the Plan (the “Closing Date”). Maturity The seventh (7th) anniversary of the Closing Date (the “Maturity Date”). All references herein to the anniversaries shall be from the date of the issue of the Notes. Interest With respect to any interest period, at the Issuer’s option: (i) 11% per annum, payable in cash semi-annually in arrears commencing on the date that is six months after the Closing Date, computed on the basis of a 360-day year composed of twelve 30-day months; (ii) 13% per annum, payable semi-annually in arrears commencing on the date that is six months after the Closing Date, computed on the basis of a 360-day year composed of twelve 30-day months, with 6.5% of such interest to be payable in cash and 6.5% of such interest to be payable by issuing additional Notes (“PIK Notes”); or (iii) 15% per annum, payable semi-annually in arrears commencing on the date that is six months after the Closing Date, computed on the basis of a 360-day year composed of twelve 30-day months, with the entirety of such interest to be payable by issuing PIK Notes.
Examples of Exit Revolver in a sentence
Security All amounts owing under the Notes (and all obligations under the Guarantees) will be secured by a second priority security interest in all assets pledged under the Exit Revolver, in each case subject to certain customary exceptions to be set forth in the definitive documentation.
On or as soon as practicable after the Effective Date, in full and final satisfaction, compromise, settlement, release, and discharge of and in exchange for any claim arising under the outstanding Guaranteed Notes (a “Guaranteed Notes Claim”), the holders of such Guaranteed Notes 13 Subject to revision to the extent that all lenders are not participating in the Exit Revolver.
A summary of the principal terms of the Exit Revolver are set forth in Exhibit A, attached hereto.
Priority The Notes will be equal in right of payment with the Exit Revolver and other senior indebtedness of the Issuer and the Guarantors, without giving effect to collateral arrangements of secured indebtedness.
Guarantees The Notes will be unconditionally guaranteed (the “Guarantees”) by each of the Issuer’s subsidiaries that is a guarantor under the Exit Revolver (each, a “Guarantor”, and collectively, the “Guarantors”).
More Definitions of Exit Revolver
Exit Revolver means the credit facility, if any, to be entered into by Company pursuant to the Stand-Alone Plan, together with all notes, security agreements, mortgages, pledge agreements and guarantees delivered in connection therewith, as the same may be amended, restated, replaced, refinanced or extended from time to time; provided that the fees, pricing and documentation for the foregoing shall be in a form and on terms satisfactory to Administrative Agent and the Requisite Lenders. A credit facility shall be the Exit Revolver for purposes of this Agreement only if it contains a statement to the effect that it is the Exit Revolver for purposes of this Agreement.
Exit Revolver means a revolving credit facility, not inconsistent with the terms of the Exit Term Loan Term Sheet, in accordance with and subject to the terms and conditions set forth in the Exit Revolver Agreement.
Exit Revolver means the new “first lien” revolving credit facility in the amount of $675 million to be entered into on the Closing Date and in connection with the Debtors’ exit from bankruptcy and the consummation of the Plan.
Exit Revolver has the meaning set forth in Section 8(b)(v).
Exit Revolver means a revolving credit facility with a lender to be identified as described in Section 5.12 of this Plan.
Exit Revolver or "Exit Term Loan," (6) pledges and deposits made in the ordinary course of business in compliance with workers' compensation, unemployment insurance and other social security laws or regulations, (7) cash deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business consistent with past practice, (8) judgment liens in respect of judgments, (9) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations, (10) bankers' liens and similar liens, including rights of offset or set-off in respect of deposit accounts and liens in favor of securities intermediaries in respect of securities accounts securing fees and costs owing to such securities intermediaries, (11) licenses, sublicenses, leases or subleases granted to others that do not materially interfere with the ordinary course of business of the Company and its subsidiaries, taken as a whole, and (12) any interest or title of a lessor in any property (and the proceeds, accession or products thereof) subject to an operating lease;
Exit Revolver means that certain senior secured revolving credit facility to be provided by the Exit Revolver Lenders pursuant to the terms of the New First Lien Credit Agreement.