New Second Priority Takeback Debt definition

New Second Priority Takeback Debt means, in the event that less than $1.65 billion is raised in the Syndicated Exit Financing, the New Second Priority Takeback Term Loans or the New Takeback Notes, as applicable.
Sample 1Sample 2Sample 3

Examples of New Second Priority Takeback Debt in a sentence

  • It is expected that, under certain circumstances, the Reorganized Debtors may become obligated to make prepayments of principal on the New Second Priority Takeback Debt prior to their stated maturity date.

  • In addition, if a U.S. Holder acquired the First Lien Term Loan at market discount, the New Second Priority Takeback Debt may be treated as acquired at a market discount as discussed below.

  • The Plan provides that, in the absence of a timely election by the Holder of First Lien Claim to the contrary (discussed below), (a) Holders of First Lien Term Loans will receive any New Second Priority Takeback Debt issued to them under the Plan in the form of New Takeback Loans and (b) Holders of First Lien Notes will receive any New Second Priority Takeback Debt issued to them under the Plan in the form of New Takeback Notes.

  • The remainder of this discussion assumes that the New Second Priority Takeback Debt is not treated as contingent payment debt instruments.Holders should consult with their own tax advisors about the potential tax consequences if New Second Priority Takeback Debt is determined to be contingent payment debt instruments.

  • The Debtors intend to make this information available to the holders of the New Second Priority Takeback Debt and the New Common Equity within 90 days after the Effective Date.

  • Pursuant to the Plan, New Second Priority Takeback Debt may take the form of either New Takeback Notes or New Takeback Term Loans.

  • In this situation, the Settlement 2 should lead to an increase of the equity of MIFSA and realization of a commercial profit (for the difference between the amount reimbursed (via the Cash and New Second Priority Takeback Debt issued by MIFSA) and the face value of the Prepetition Debt) which should be subject to Luxembourg tax at the global income tax rate of 24.94% (for the fiscal year 2023).

  • The First Priority Takeback Term Loans means, with respect to the Allowed DIP Claims that are not otherwise repaid in Cash on the Effective Date, the New Takeback Term Loans into which such Allowed DIP Claims shall convert, which New First Priority Takeback Term Loans shall be classified in a separate tranche of New Takeback Term Loans under the New Takeback Term Loan Facility and have a first-out priority of payment relative to the New Second Priority Takeback Debt.

  • A U.S. Holder’s tax basis in the New Second Priority Takeback Debt should generally be equal to the U.S. Holder’s tax basis in the First Lien Term Loans surrendered in the respective non-taxable exchanges, increased by any gain recognized in the applicable Term Loan Exchange and decreased by any Cash received in the applicable Term Loan Exchange.

  • This discussion assumes that the New Second Priority Takeback Debt will not be treated as contingent payment debt instruments for U.S. federal income tax purposes.

Related to New Second Priority Takeback Debt

  • Priority Indebtedness means the sum, without duplication, of all Indebtedness of the Guarantor or any of its Subsidiaries secured by Liens other than Permitted Liens.

  • Priority Tax Claim means any Claim of a Governmental Unit of the kind specified in section 507(a)(8) of the Bankruptcy Code.

  • Permitted Pari Passu Secured Refinancing Debt means any secured Indebtedness (including any Registered Equivalent Notes) incurred by a Borrower in the form of one or more series of senior secured notes; provided, that (a) such Indebtedness is secured by the Collateral on a pari passu basis (but without regard to the control of remedies) with the Obligations and is not secured by any property or assets of Parent or Restricted Subsidiary other than the Collateral, (b) such Indebtedness is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors, (c) such Indebtedness, (i) unless incurred as a term loan under this Agreement, does not mature or have scheduled amortization or payments of principal (other than customary offers to repurchase upon a change of control, asset sale or event of loss and a customary acceleration right after an event of default) prior to the date that is the Latest Maturity Date at the time such Indebtedness is incurred or issued, and (ii) if incurred as a term loan under this Agreement, does not mature earlier than, or have a Weighted Average Life to Maturity shorter than, the applicable Refinanced Debt, (d) the security agreements relating to such Indebtedness (to the extent such Indebtedness is not incurred hereunder) are substantially the same as or more favorable to the Loan Parties than the Collateral Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (e) to the extent such Indebtedness is not incurred hereunder, a Representative acting on behalf of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of an Intercreditor Agreement with the Administrative Agent and (f) such Indebtedness, if consisting of Refinancing Notes, satisfies clause (d) of the definition of Permitted Other Debt Conditions. Permitted Pari Passu Secured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.