First Lien Creditor definition
Examples of First Lien Creditor in a sentence
For the purposes hereof, the addresses of the parties hereto shall be as may be designated by such party in a written notice to all of the other parties: If to the First Lien Creditor: Sallyport Commercial Finance, LLC 1▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇.
First Lien Creditor is hereby authorized to make any such endorsements as agent for the Second Lien Claimholders and this authorization is coupled with an interest and is irrevocable until the Payment in Full of First Lien Debt.
First Lien Creditor agrees that any Enforcement Action by First Lien Creditor with respect to Collateral subject to Article 9 of the UCC shall be conducted by First Lien Creditor in a commercially reasonable manner.
Subject to Section 3.7, in connection with any Enforcement Action, First Lien Creditor and the other First Lien Claimholders may enforce the provisions of the First Lien Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion.
If this Agreement shall have been terminated prior to such First Lien Creditor Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement.
Second Lien Creditors shall not object to, oppose, support any objection, or take any other action to impede, the right of any First Lien Creditor to make an election under Section 1111(b)(2) of the Bankruptcy Code.
In the event it becomes necessary for any First Lien Creditor to commence or become a party to any proceeding or action to enforce the provisions of this Agreement, the court or body before which the same shall be tried shall award to such First Lien Creditor all costs and expenses thereof, including, but not limited to, reasonable attorneys’ fees, the usual and customary and lawfully recoverable court costs, and all other expenses in connection therewith.
Each Second Lien Creditor waives any and all rights it may have to require any First Lien Creditor to marshal assets, to exercise rights or remedies in a particular manner, or to forbear from exercising such rights and remedies in any particular manner or order.
Nothing contained in this Agreement shall preclude any First Lien Creditor from discontinuing the extension of credit to any Obligor (whether under the Note Documents or otherwise) or from taking (without notice to any Second Lien Creditor, any Obligor, or any other Person) any other action in respect of the First Lien Obligations or the Collateral which any First Lien Creditor is otherwise entitled to take with respect to the First Lien Obligations or the Collateral.
Each First Lien Creditor is hereby irrevocably constituted and appointed the attorney-in-fact of each Second Lien Creditor in order to take all action, either in such First Lien Creditor’s name or in the name of such Second Lien Creditor, which in such First Lien Creditor’s reasonable opinion is necessary or desirable to enable such First Lien Creditor to obtain all Distributions that are to be turned over to such First Lien Creditor pursuant to this Agreement.