First Lien Term Lenders definition
Examples of First Lien Term Lenders in a sentence
The election form shall specify that those First Lien Term Lenders that do not elect the Cashout Election by the date which is three (3) Business Days prior to the Closing Date shall be deemed to have elected to receive Purchaser Equity Securities.
The US Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 10:00 A.M., New York City time, one Business Day prior to the anticipated Closing Date) requesting that the First Lien Term Lenders make the First Lien Term Loans on the Closing Date and specifying the amount to be borrowed.
Except to the extent expressly set forth in this Agreement, the First Lien Term Agent, for itself and on behalf of the First Lien Term Lenders, hereby waives any and all rights it or the First Lien Term Lenders may have as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which the ABL Agent or any ABL Lender seeks to enforce its Liens in any ABL Priority Collateral.
In addition, the parties hereto shall take such other actions as they deem necessary or desirable, and Purchaser shall cause the Agent to take such other actions, on behalf of the First Lien Term Lenders, as reasonably agreed between Sellers and Purchaser to give effect, under section 363 of the Bankruptcy Code or otherwise, to the First Lien Credit Bid.
The ABL Agent is not and shall not be deemed to be a fiduciary of any kind for any Term Loan/Notes Agent, the First Lien Term Lenders, the First Lien Notes Secured Parties, the Future Term Loan/Notes Indebtedness Secured Parties, or any other Person.
First Lien Term Lenders holding more than 50% of the outstanding principal amount of the First Lien Exit Term Loans are referred to herein as the “Required First Lien Term Lenders.” Fees and Expenses & Indemnification Customary and appropriate for facilities of this type consistent with First Lien Documentation Principles.
A&M is not currently aware of any relationship that has created or would create a conflict of interest with the Company or those parties-in-interest of which you have made us aware, but we note that A&M served as financial advisors to the agent of the First Lien Term Lenders in the Company’s prior Chapter 11 proceedings, which role was terminated in connection with the Company’s emergence from Chapter 11 in 2004.
Until the Discharge of ABL Obligations has occurred, each of the First Lien Term Agent, on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, on behalf of itself, the First Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness Secured Parties, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the ABL Priority Collateral without the ABL Agent’s express written consent.
The Administrative Agent shall credit the account of the Borrower specified in such notice with the aggregate of the amounts made available to the Administrative Agent by such First Lien Term Lenders in immediately available funds.
This Agreement is solely for the benefit of the ABL Agent, ABL Lenders, First Lien Term Agent, First Lien Term Lenders, First Lien Notes Agent, First Lien Notes Secured Parties, and Future Term Loan/Notes Indebtedness Secured Parties.