Examples of Prepetition Term Loan Facility in a sentence
On the Effective Date, subject to entry of the Final DIP Order approving the DIP Term Loan Roll-up Claims, the Prepetition Term Loan Claims shall be deemed Allowed in the aggregate principal amount of $90,068,705.10, plus all interest (including any payment-in-kind interest), fees, and other expenses payable under the Prepetition Term Loan Agreement related to the Prepetition Term Loan Facility.
As described herein, the Debtors’ prepetition capital structure contains two tranches of first lien secured debt: (a) the Prepetition ABL Facility (issued under the Prepetition ABL Agreement) and (b) the Prepetition Term Loans (issued under the Prepetition Term Loan Facility).
Despite the December 2016 cost-cutting initiatives described below, incremental amendments to the Prepetition ABL Facility and the Prepetition Term Loan Facility, and implementation of the Back-to- Basics Strategy, the Debtors faced a liquidity crisis in the summer of 2017 following sustained market conditions and operational losses.
Except as otherwise provided in this Plan, on the later of (i) the Effective Date and (ii) the satisfaction of the DIP ABL Facility Claims in accordance with Article II.C of the Plan, any Lien on Collateral of any Debtor or Reorganized Debtor, as applicable, held for the DIP Facility Claims, Prepetition Term Loan Facility Claims, and Prepetition ABL Facility Claims shall be cancelled and of no further force or effect.
The Prepetition Term Loan Facility and First Out Loans mature in 2020 and are secured by second-priority liens on substantially all of the Debtors’ assets.