First Lien Reserve definition

First Lien Reserve means the amount remaining in the $15 million "Reserve" established under the First Lien Winddown Order from the existing proceeds of First Lien Collateral, which is to be used to pay the Covered Costs with respect to First Lien Trust Assets or First Lien Excluded Assets, consistent with the Plan and the First Lien Winddown Order, and subject to the "Minimum Amount" established by the First Lien Winddown Order.
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First Lien Reserve means the amount remaining in the $15 million "Reserve" established under
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Examples of First Lien Reserve in a sentence

  • After the end of the Covered Period: (i) any remaining amounts in the First Lien Reserve (net of any unpaid Covered Costs) shall be indefeasibly paid to the First Lien Agent on behalf of the holders of Allowed First Lien Secured Claims; and (ii) any remaining First Lien Trust Assets shall become First Lien Excluded Assets.

  • As set forth in the Plan and the First Lien Winddown Order (and subject to the terms thereof), net proceeds of any First Lien Collateral will be transferred into the First Lien Reserve to the extent necessary to maintain the Minimum Amount (as defined in the First Lien Winddown Order) in the First Lien Reserve during the Covered Period.

  • The Covered Costs incurred by the Liquidation Trust in connection with the liquidation or other disposition of First Lien Trust Assets shall be funded solely from the First Lien Reserve in accordance with the First Lien Winddown Order; provided that the treatment of Covered Costs with respect to the Company Cars shall be subject to treatment consistent with paragraph 15 of the First Lien Winddown Order.

  • On the Effective Date, each of the Trust Accounts, the First Lien Reserve and the Daimler Fund will be transferred to and irrevocably vest in the Liquidation Trust in accordance with the Plan.

  • After the conclusion of the Covered Period, the funds remaining in the First Lien Reserve will be subject to the treatment set forth herein and in the First Lien Winddown Order and, after distribution of these funds, the First Lien Reserve will be closed.

  • For the avoidance of doubt, the net proceeds of the First Lien Collateral, subject to the funding requirements of the First Lien Reserve, shall not pay for, fund or otherwise be used in any way to effectuate the Plan or satisfy the Claims thereunder, other than the Allowed First Lien Secured Claims.

  • After the conclusion of the Covered Period, the funds remaining in the First Lien Reserve will be subject to the treatment set forth in the Plan and in the First Lien Winddown Order, and, after distribution of these funds, the First Lien Reserve will be closed.

  • On the Effective Date, the First Lien Trust Assets, all other First Lien Collateral that the First Lien Agent has not otherwise designated as a First Lien Foreclosed Asset or a First Lien Excluded Asset as of the Effective Date (if any) and the First Lien Reserve shall betransferred to the Liquidation Trust pursuant to Section IV.B.3 of the Plan and subject to the Liens of the First Lien Lenders.

  • On the Effective Date, each of the Trust Accounts, the First Lien Reserve and the Daimler Fund shall be transferred to and irrevocably vest in the Liquidation Trust in accordance with the Plan.

  • This ratio represents the amount of Total PFC Revenue to debt service on the First Lien PFC Bonds, and does not take into account credit for interest income transferred to the First Lien Bond Account from the First Lien Reserve Account and used to pay debt service on the First Lien PFC Bonds.

Related to First Lien Reserve

  • Priority Lien Representative means (1) the Credit Agreement Agent or (2) in the case of any other Series of Priority Lien Debt, the trustee, agent or representative of the holders of such Series of Priority Lien Debt who maintains the transfer register for such Series of Priority Lien Debt and is appointed as a representative of the Priority Lien Debt (for purposes related to the administration of the Priority Lien Security Documents) pursuant to the credit agreement or other agreement governing such Series of Priority Lien Debt and who has become a party to the Intercreditor Agreement by executing a joinder in the form required under the Intercreditor Agreement.

  • Second Lien Representative means, in the case of any Series of Second Lien Debt, the trustee, agent or representative of the holders of such Series of Second Lien Debt who maintains the transfer register for such Series of Second Lien Debt and is appointed as a Second Lien Representative (for purposes related to the administration of the Security Documents) pursuant to the indenture, credit agreement, loan agreement, note agreement, promissory note or other agreement or instrument evidencing or governing such Series of Second Lien Debt, together with its successors in such capacity; provided that in each case such Person shall have executed a joinder to the Collateral Agency and Intercreditor Agreement.

  • Junior Lien Representative means the trustee, agent or representative of the holder of any Series of Junior Lien Debt who maintains the transfer register for such Series of Junior Lien Debt and is appointed as a Junior Lien Representative (for purposes related to the administration of the security documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Junior Lien Debt, together with its successors in such capacity.

  • First Lien Debt means the Initial First Lien Debt and any Additional First Lien Debt.

  • First Lien Indebtedness means the Indebtedness under the First Lien Indebtedness Documents.

  • First Lien Lenders means the “Lenders” under and as defined in the First Lien Credit Agreement.

  • Consolidated First Lien Debt means, as to any Person at any date of determination, the aggregate principal amount of Consolidated Total Debt outstanding on such date that is secured by a first priority Lien on any asset or property of such Person or its Restricted Subsidiaries that constitutes Collateral.

  • First Lien With respect to any second lien Mortgage Loan, the mortgage loan relating to the corresponding Mortgaged Property having a first priority lien.

  • Priority Debt means, at any time, without duplication, the sum of (i) Indebtedness or other liabilities or obligations of the Company or any Subsidiaries secured by Liens (other than Liens permitted under clauses (a) through (h) of Section 10.2 and any Equal and Ratable Liens), plus (ii) Indebtedness of Subsidiaries of the Company other than Indebtedness permitted under clauses (a) through (h) of Section 10.1.

  • Consolidated First Lien Indebtedness means Consolidated Total Indebtedness as of any date of determination that is secured by a Lien on any asset or property of the Borrower and its Restricted Subsidiaries, which Lien does not rank junior in priority to the Liens securing the Secured Obligations.

  • Other First Lien Debt means obligations secured by Other First Liens.

  • Priority Amount As to any Distribution Date, the amount equal to the sum of (i) the product of (A) the Scheduled Principal Distribution Amount, (B) the Shift Percentage and (C) the Priority Percentage and (ii) the product of (A) the Unscheduled Principal Distribution Amount, (B) the Shift Percentage and (C) the Priority Percentage.

  • Consolidated First Lien Secured Debt means Consolidated Total Debt as of such date that is not Subordinated Indebtedness and is secured by a Lien on all of the Collateral that ranks on an equal priority basis (but without regard to the control of remedies) with Liens on all of the Collateral securing the Obligations.

  • ABL Lenders means the “Lenders” under and as defined in the ABL Credit Agreement.

  • Priority Lien Debt has the meaning assigned to such term in the Intercreditor Agreement.

  • Senior Class Debt Parties has the meaning assigned to such term in Section 8.09.

  • Senior Class Debt Representative has the meaning assigned to such term in Section 8.09.

  • Notes Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • First Lien Loans means the loans made under the First Lien Credit Agreement.

  • Priority Lien Cap means, as of any date, the maximum aggregate principal amount of Indebtedness permitted to be incurred by clause (1) of the definition of Permitted Debt. For purposes of this definition, all letters of credit will be valued at the face amount thereof, whether or not drawn.

  • ABL Lender means any lender or holder or agent or arranger of Indebtedness under the ABL Credit Agreement.

  • First Lien Credit Agreement has the meaning set forth in the recitals hereto.

  • First Lien/Second Lien Intercreditor Agreement means an intercreditor agreement substantially in the form of Exhibit H hereto, or such other customary form reasonably acceptable to the Administrative Agent and the Borrower, in each case, as such document may be amended, restated, supplemented or otherwise modified from time to time.

  • Additional First Lien Secured Party means the holders of any Additional First-Lien Obligations and any Authorized Representative with respect thereto, and shall include the Initial Additional First-Lien Secured Parties.

  • Second Lien Indebtedness means the Indebtedness of the Loan Parties owing to the Second Lien Agent and the Second Lien Lenders under the Second Lien Credit Agreement, which Indebtedness is on terms and conditions reasonably acceptable to the Collateral Agent.

  • DIP means debtor-in-possession.