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
Sample 1Sample 2

Examples of First Lien Reserve in a sentence

  • The Port does hereby pledge and bind itself to set aside from PFC Revenue and Additional Pledged Revenue, if any, and to pay into the First Lien Bond Account and the First Lien Reserve Account the various amounts required by the Bond Resolution to be paid into and maintained in said Accounts, all within the times provided by said Bond Resolution.

  • 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 under the Plan, other than the Allowed First Lien Secured Claims.

  • 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.

  • 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.

  • Consistent with the First Lien Winddown Order and the Plan, the First Lien Reserve also may be supplemented by additional sale proceeds as necessary to maintain the Minimum Amount (as defined in the First Lien Winddown Order) of $3 million.

  • Conclusion The current appointment by-law must be revised periodically to recognize operational and employee changes.

  • Nevertheless, there is still discussion on the exact mechanism governing free charge carrier generation [42, 43], and the use of a uniform generation rate is still common.

  • As provided in this SeriesResolution, the Monthly Debt Service Deposit shall be adjusted from time to time, so as to ensure compliance with requirements of the Code and avoid excessive accumulations in the First Lien Bond Account.Money on hand in the First Lien Reserve Account in excess of the First Lien Reserve Account Requirement shall be transferred to one or more accounts in accordance with the priorities established in Section 2(a) of the PFC Master Resolution.

  • The Port shall issue, in one or more subseries, the Series 2012B PFC Bonds in the aggregate principal amount of not to exceed$31,500,000 for the purpose of providing funds necessary to (i) pay the costs of refunding the Series 1999B PFC Bonds, (ii) fund, if necessary, a portion of the First Lien Reserve Account Requirement, and (iii) pay all costs incidental to the foregoing and to the issuance of the Series 2012B PFC Bonds.

  • The Series 2012B PFC Bonds shall be obligations only of the First Lien Bond Account and the First Lien Reserve Account and shall be payable and secured as provided herein and in the PFC Master Ordinance.

Related to First Lien Reserve

  • First Lien Representative means (i) in the case of any Initial First Lien Obligations or the Initial First Lien Claimholders, the Initial First Lien Representative and (ii) in the case of any Additional First Lien Obligations and the Additional First Lien Claimholders in respect thereof, each trustee, administrative agent, collateral agent, security agent and similar agent that is named as the First Lien Representative in respect of such Additional First Lien Obligations in the applicable joinder agreement (each, in the case of this clause (ii), together with its successors and assigns in such capacity, an “Additional First Lien Representative”).

  • Priority Lien Representative means (a) in the case of the Notes, the Trustee or (b) 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 security documents) pursuant to the credit agreement or other agreement governing such Series of Priority Lien Debt.

  • 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 any duly Authorized Representative of any holders of Junior Lien Obligations, which representative is party to the applicable security documents.

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

  • First Lien Indebtedness means Consolidated Total Indebtedness that is secured by a Lien on the Collateral, except by a Lien that is junior to the Liens on the Collateral securing the First Lien Obligations.

  • 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 the 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 the sum, without duplication, of (i) Indebtedness of the Borrower or any Guarantor secured by a Lien (other than the Liens entered into under the Loan Documents, including the Security Documents) and (ii) all Indebtedness of any Subsidiary that is not a Guarantor.

  • Consolidated First Lien Indebtedness means Consolidated Indebtedness that is secured by a first priority Lien (other than Permitted Liens) on assets of any Borrower or Restricted Subsidiary.

  • First Lien/First 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, as such document may be amended, restated, supplemented or otherwise modified from time to time.

  • 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 means Indebtedness of the Company and the Subsidiary Guarantors under the Priority Lien Credit Agreement (including reimbursement obligations with respect to letters of credit).

  • 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” (or any comparable term) as defined in the First Lien Credit Agreement.

  • Additional Senior Class Debt Parties has the meaning assigned to such term in Section 5.13.

  • 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 means the Credit Agreement, dated as of the Closing Date, among Holdings, the Borrower, the guarantors party thereto, the lenders party thereto, the other parties from time to time party thereto, and the First Lien Administrative Agent.

  • 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.