Priority Term Loan Facility definition
Examples of Priority Term Loan Facility in a sentence
Notwithstanding the foregoing, each Lender under the First Priority Term Loan Facility (each a “First Priority Term Lender”) shall have the right to reject its pro rata share of any mandatory prepayment described above, in which case the amounts so rejected shall be offered ratably to each non-rejecting First Priority Term Lender, with any portion of such mandatory prepayment that is rejected by such First Priority Term Lenders being offered to Lenders under the Second Priority Credit Facility.
Each assignment under the First Priority Term Loan Facility shall require the consent of the Borrower, such consent not to be unreasonably withheld or delayed; provided that such consent of the Borrower shall not be required (i) for assignments to another Lender or its affiliates or any Federal Reserve Bank or (ii) after the occurrence and during the continuance of a payment or bankruptcy event of default.
Additionally, the First Priority Administrative Agent and the First Priority Trustee shall provide notice to one another of any action proposed to be taken by such Person that the First Priority Administrative Agent and the Trustee are required to act together in taking pursuant to the terms of the First Priority Term Loan Facility and the First Priority Indenture.
Voting To the extent Priority Term Loan Facility Claims remain outstanding on the Effective Date, except to the extent that a holder of an Allowed Priority Term Loan Facility Claim agrees to less favorable treatment, the principal amount outstanding of loans extended under the Priority Term Loan Facility shall be repaid in full in cash, including cash from Sale Proceeds.
Availability: Advances under the First Priority Term Loan Facility will be available in a single draw on the Closing Date.
The Majority First Priority Secured Parties may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee and the First Priority Administrative Agent, or, subject to the terms of the Intercreditor Agreement, the Collateral Agent or exercising any trust or power conferred on the Trustee by this Indenture or the Security Documents or the First Priority Administrative Agent by the First Priority Term Loan Facility or the Security Documents.
Any application of a voluntary prepayment to the First Priority Term Loan Facility shall be applied to the scheduled amortization payments of the First Priority Term Loan Facility as directed by the Borrower.
Assignments will be in minimum amounts of $2,500,000 in respect of the Revolving Credit Facility and $1,000,000 in respect of the First Priority Term Loan Facility (or the lesser amount of the assignor’s commitments and loans, as applicable).
The above-described mandatory prepayments shall be applied to the remaining amortization payments under the First Priority Term Loan Facility in chronological order.
A Holder or holder of First Priority Term Loans may not use this Indenture, the First Priority Term Loan Facility or the Security Documents to prejudice the rights of another Holder or holder of First Priority Term Loans or to obtain a preference or priority over another Holder or holder of First Priority Term Loans.