Examples of Prepetition Term Loan Secured Parties in a sentence
Keep the Prepetition Escrow Account funded at all times equal to an amount not less than 100% of the aggregate amount outstanding owed or claimed to be owed to the Prepetition Term Loan Secured Parties (as defined in the DIP Order) under the Prepetition Term Loan Documents (as defined in the DIP Order), including professional fees and expenses.
Notwithstanding anything to the contrary set forth in this Interim Order, all proceeds from the sale, transfer, lease, encumbrance, or other disposition of Other DIP Collateral or Prepetition Collateral shall first be paid to satisfy the Prepetition RBL Claims, the RBL Adequate Protection Liens, and the RBL Adequate Protection Claims in full in cash before any such proceeds may be paid to the DIP Secured Parties or the Prepetition Term Loan Secured Parties on account of their respective liens and claims.
The Prepetition Term Loan Liens were granted to or for the benefit of the Prepetition Term Loan Secured Parties for fair consideration and reasonably equivalent value, and were granted contemporaneously with, or covenanted to be provided as inducement for, the making of the loans and/or the commitments and other financial accommodations secured thereby.
The DIP Loan Parties shall provide the Prepetition Term Loan Agent, on behalf of the Prepetition Term Loan Secured Parties, and Hxxxxxxx Lxxxx Capital, Inc.
For the avoidance of doubt, the Prepetition Term Loan Secured Parties shall not receive or retain any payments, property or other amounts in respect of the Term Loan Adequate Protection Claims from the DIP Priority Collateral unless and until the Carve Out and the DIP Obligations (other than contingent indemnification obligations as to which no claim has been asserted), have indefeasibly been paid in cash in full and all DIP Commitments have been terminated.
Specifically, the Intercreditor Agreement governs the respective rights and interests of the Prepetition ABL Secured Parties and the Prepetition Term Loan Secured Parties relating to, among other things, their rights and their ability to exercise remedies in connection with an ABL Event of Default or Term Event of Default (each as defined in the Intercreditor Agreement) and in the event of a bankruptcy filing, including related enforcement, standstill and turnover provisions.
For the avoidance of doubt, nothing in this Agreement or the other Credit Documents shall affect or restrict any of the Prepetition Term Loan Secured Parties or the Prepetition Senior Secured Notes Secured Parties from undertaking a “credit bid” pursuant to Section 363(k), Section 1129(b)(2)(a)(ii) or otherwise of the Bankruptcy Code with respect to its Prepetition Term Loan Obligations or its Prepetition Senior Secured Notes Obligations, respectively.
The Prepetition Term Loan Agent, the Prepetition RBL Agent, the DIP Borrower, and the DIP Guarantors are party to that certain Intercreditor Agreement (the “Prepetition Intercreditor Agreement”), dated as of April 23, 2018, which sets forth the relative lien priorities and other rights and remedies of the Prepetition RBL Secured Parties and the Prepetition Term Loan Secured Parties with respect to, among other things, the Prepetition RBL Collateral and the Prepetition Term Loan Collateral.