Prepetition ABL Obligations definition
Examples of Prepetition ABL Obligations in a sentence
Any order entered by the Court in relation to the establishment of a bar date for any claim (including without limitation administrative claims) in any of the Chapter 11 Cases or any Successor Cases shall not apply to (i) the DIP Agent or the DIP Secured Parties, or (ii) the Prepetition ABL Secured Parties with respect to the Prepetition ABL Obligations.
Pursuant to the Prepetition ABL Documents (as defined in the DIP Credit Agreement), the Prepetition ABL Lenders agreed to extend a revolving credit facility to, and issue fully cash collateralized letters of credit for, the Borrowers from time to time, including, inter alia, the Prepetition ABL Obligations in an aggregate principal committed amount of up to $90 million (the “Prepetition ABL Loans”).
Until all the Obligations and the Prepetition ABL Obligations have been indefeasibly paid in full in cash pursuant to Section 9.13 of the Credit Agreement, the provisions of this subsection (c) shall continue to be effective and not subject to any right of termination in respect of the security interests granted herein.
No offsets, challenges, objections, defenses, claims or counterclaims of any kind or nature to any of the Prepetition ABL Liens or Prepetition ABL Obligations exist, and no portion of the Prepetition ABL Liens or Prepetition ABL Obligations is subject to any challenge or defense including, without limitation, avoidance, disallowance, disgorgement, recharacterization, or subordination (equitable or otherwise) pursuant to the Bankruptcy Code or applicable non-bankruptcy law.
Upon entry of this Interim Order, the Borrower shall use the proceeds of the DIP Credit Facility, as a condition to the closing of the DIP Credit Facility and the provision of liquidity thereunder, to pay in full all outstanding Prepetition ABL Obligations in accordance with the terms, conditions, and procedures set forth in the DIP Credit Agreement (the “Prepetition ABL Refinancing”).
The Borrowers shall not use the proceeds of any Loan to make any payment in respect of the Prepetition ABL Obligations.
The first such interest payment date shall be May 29, 2020, and thereafter, the last business day of every calendar month; provided that the Debtors’ or any party in interest’s rights are fully reserved to seek a determination that adequate protection payments (as set forth in this paragraph [12(c)]) should be recharacterized under section 506(b) of the Bankruptcy Code as payment on account of the secured portion of the Prepetition ABL Obligations as of the Petition Date.