Second Lien Exit Facility means a new credit facility or credit facilities among the Debtors, the Prepetition Credit Agreement Lenders, and the Second Lien Exit Facility Agent, on the terms and conditions set forth in the Second Lien Exit Facility Documents, which terms and conditions shall be consistent with the Second Lien Exit Facility Term Sheet and otherwise acceptable to the Debtors, the Second Lien Exit Facility Agent, and the Requisite Creditors.
Second Lien Exit Facility means that exit credit facility secured by second-priority liens on and security interests in the Reorganized Debtors’ assets, which facility shall be consistent in all material respects with the Exit Facilities Term Sheet and in form and substance reasonably acceptable to the Requisite Consenting Lenders, the Term Loan Agent and, solely to the extent affecting their economic interests, the Requisite Consenting 2012 Facility Lenders to be executed and delivered by the parties thereto on or about, and as a condition to the Effective Date.
Second Lien Exit Facility means that certain Credit Agreement, dated as of the date hereof, by and among the Borrower, the lenders party thereto from time to time and Alter Domus Products Corp., as administrative agent and collateral agent and the “Credit Documents” (as defined therein), in each case, in form and substance reasonably satisfactory to the Arrangers and secured solely pursuant to Section 10.2(s) by Second Lien Security Documents that shall be substantially consistent with the Security Documents and shall otherwise contain customary provisions reasonably satisfactory to the Administrative Agent to reflect the second lien nature thereof, as may be amended, restated, amended and restated, supplemented, otherwise modified, extended, replaced, or refinanced from time to time in accordance with, and as permitted by this Agreement and the Junior Lien Intercreditor Agreement.
Examples of Second Lien Exit Facility in a sentence
In full and final satisfaction, settlement, release, and discharge of, and in exchange for, each Allowed DIP Claim, each Holder of an Allowed DIP Claim shall receive such Holder’s pro rata portion of the First Lien Exit Facility and the Second Lien Exit Facility, as applicable, in accordance with the terms of the Plan Supplement.
The Second Lien Exit Facility shall provide sufficient new Cash to repay the DIP Facility in full (excluding any letters of credit being continued under the First Lien Exit Facility).
All consideration necessary for the Reorganized Debtors to make payments or distributions pursuant hereto shall be obtained from the Second Lien Exit Facility or other Cash from the Debtors, including Cash from business operations.
Notwithstanding the foregoing, the Consenting Parties shall have the right to reduce the principal amount of the Second Lien Exit Facility in such amount as they may determine on or prior to the Effective Date.
To hear and determine any matters relating to, arising out of, or in connection with the implementation of the One Dot Six Exit Facility, the One Dot Six Second Lien Exit Facility, LightSquared Inc.
More Definitions of Second Lien Exit Facility
Second Lien Exit Facility means, that certain $200 million second lien term loan credit facility, the form of which shall be consistent with the RSA and Exit Facility Term Sheet entered into, as applicable, by and among the Debtors, Reorganized Debtors, the Second Lien Exit Facility Lenders, and the administrative agent thereunder, the documentation for which shall be set forth in the Plan Supplement. Notwithstanding the foregoing, the Consenting Parties shall have the right to reduce the principal amount of the Second Lien Exit Facility in such amount as they may determine on or prior to the Effective Date.
Second Lien Exit Facility has the meaning ascribed to it in the Restructuring Term Sheet.
Second Lien Exit Facility and, the loans thereunder, the “Second Lien Exit Term Loans”) in an aggregate principal amount of up to $200.0 million. The Borrower may reduce the facility amount by $10,000,000 or increments of $10,000,000 in excess thereof at any time prior to the Emergence Date. “Second Lien Exit Commitment” shall mean the several and not joint commitment of each Second Lien Exit Lender to make Second Lien Exit Term Loans on the Emergence Date in the amount set forth opposite such Second Lien Exit Lender’s name in Exhibit B attached to the RSA. The Second Lien Exit Commitment will automatically terminate on the earlier of (i) the funding of the Second Lien Exit Term Loans and (ii) the date immediately following the Emergence Date. Once repaid, Second Lien Exit Term Loans may not be reborrowed.
Second Lien Exit Facility means a new credit facility or credit facilities among
Second Lien Exit Facility means the new second lien term loan facility, in an amount of
Second Lien Exit Facility and together with the First Lien Exit Facility, collectively, the “Exit Facility”) comprised of up to $200 million (as such amount may be reduced by the Exit Lenders in their sole discretion on or prior to the effective date of the Plan (the “Effective Date”)) in aggregate principal amount of term loans deemed funded on the Closing Date consisting of DIP Claims and Term Loan Claims (as defined in the RSA) (the loans under the First Lien Exit Facility and the Second Lien Exit Facility, collectively, the “Exit Loans”). The Exit Loans may not be reborrowed once repaid. The “Plan” means the Plan (as defined in the RSA), which is a Chapter 11 Plan of Reorganization and a related disclosure statement of the Credit Parties to be filed with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The reorganization contemplated by the Plan is referred to herein as the “Reorganization.” Administrative and Collateral Agent Wilmington Trust, National Association (the “Administrative Agent”). Use of Proceeds The proceeds of the Exit Facility will be used to refinance on the Closing Date a portion of the outstanding obligations under the DIP Facility as of the Effective Date and refinance indebtedness under and replace the commitments under the Credit Parties’ Term Facility. The First Lien Exit Facility shall provide for commitments for future term loans to fund general working capital and for other general corporate purposes after emergence from Chapter 11 on terms to be mutually agreed and in an amount equal to the undrawn commitments under the DIP Facility as of the Effective Date. Closing Date The date on which the Exit Loans are issued under the Exit Facility and the Reorganization is consummated in all material respects pursuant to the Plan (the “Closing Date”). Maturity The date that is mutually agreed but in any event no less than 5 years or greater than 7 years after the Closing Date (the “Maturity Date”).
Second Lien Exit Facility means the second lien exit term loan facility comprised of Roll-Up Loans converted on a dollar-for-dollar basis, on the terms and conditions set forth in the Second Lien Exit Facility Documents.