First Lien Lender Claims definition
Examples of First Lien Lender Claims in a sentence
For the avoidance of doubt, any Plan that provides for the Second Lien Equitization Treatment shall be implemented in accordance with Path 1 (including with respect to repayment in full in cash of DIP Facility Claims and First Lien Lender Claims no later than 170 days after the Petition Date) and the treatment of Second Lien Note Claims shall be modified accordingly.
Upon the Discharge of First Lien Lender Claims, each of the First Lien Agents shall deliver promptly to the Second Priority Designated Agent any Common Collateral or proceeds thereof held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the Second Priority Designated Agent to the Second Priority Claims in such order as specified in the Second Priority Documents.
Each Consenting Creditor agrees that any Transfer of any Noteholder Claims, First Lien Lender Claims and/or Second Lien Lender Claims that does not comply with the terms and procedures set forth herein shall be deemed void ab initio, and the Company and each other Consenting Creditor shall have the right to enforce the voiding of such Transfer.
The Second Lien Agent, on behalf of itself and each applicable Second Priority Secured Party, hereby agrees that it shall not assert or enforce any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of First Lien Lender Claims has occurred.
This Agreement and the rights and benefits hereof shall inure to the benefit of, and be binding upon, each of the parties hereto and their respective successors and assigns and shall inure to the benefit of each of, and be binding upon, the holders of First Lien Lender Claims and Second Priority Claims.
On the date specified by the Second Lien Agent in the Second Lien Purchase Notice (which shall not be more than ten (10) Business Days after the receipt by First Lien Agent of the Second Lien Purchase Notice), the First Lien Lenders shall sell to the purchasing Second Lien Lenders and the purchasing Second Lien Lenders shall purchase from the First Lien Lenders, the First Lien Lender Claims.
Notwithstanding the foregoing and for the avoidance of doubt, any Supporting Creditor Party that holds First Lien Lender Claims pursuant to a participation agreement shall direct any nominal or record holder of such First Lien Lender Claims to vote all of its Claims in favor of the Plan in accordance with Sections 3.01(a), 4.01(a) and 5.01(a).
Except as otherwise provided herein, all payments received by the First Lien Lenders may be applied, reversed and reapplied, in whole or in part, to such part of the First Lien Lender Claims as the First Lien Lenders, in their sole discretion, deem appropriate, consistent with the terms of the First Lien Lender Documents.
Without limiting the foregoing, all existing and any future First Lien Lender Claims of any class are intended to be secured by the Common Collateral, and the Liens on the Common Collateral securing such First Lien Lender Claims will constitute first priority Liens entitled to the benefit of this Agreement.
Anything set forth in this Agreement to the contrary, notwithstanding, including without limitation the representations and warranties set forth in Section 9.05, the Parties hereto acknowledge and agree that the Supporting Creditor Parties that are holders of First Lien Lender Claims may be the beneficial owner of all or a portion of the principal amount of such First Lien Lender Claims pursuant to a participation agreement.