Examples of Second Lien Term Lenders in a sentence
What is more, because of the Conveying Subsidiaries’ grants of liens to First and Second Lien Term Lenders, they were left with no unencumbered assets with which to procure capital independent of TOUSA.
To the extent the Second Lien Term Loan Claims are not fully satisfied thereby, the Second Lien Term Lenders shall have Deficiency Claims in the amount of $100 million, which represents the outstanding balance of their Second Lien Term Loan Claims as of the Petition Date.
Any Second Lien Term Loan Claims or Deficiency Claims of the Second Lien Term Lenders are subordinate to the First Lien Term Loan Claims and the Deficiency Claims of the First Lien Term Lender Parties.
Accordingly, the Second Lien Term Lenders shall receive no further Distributions on account of their Second Lien Term Loan Claims or Deficiency Claims unless and until the Deficiency Claims of the First Lien Term Lender Parties are paid in full.
On the Effective Date, each of the Second Lien Term Lenders shall (i) be admitted as a Class B Member (as defined in the Liquidating LLC Agreement) of the Term Lender Liquidating LLC, (ii) become bound by the Liquidating LLC Agreement, and (iii) receive a Class B Interest (as defined in the Liquidating LLC Agreement) conferring membership in the Term Lender Liquidating LLC and representing the rights conferred on such holder under the Plan.
Finally, EIOPA assessed single factor stresses specific to the insurance sector (EIOPA, 2014c).Before any stress has been applied, the overall ratio of assets over liabili-ties was 110.1%.
The Company shall promptly respond to questions from the Second Lien Term Agent (acting at the direction of Required Consenting Second Lien Term Lenders) regarding any oral communications addressing such matters.
However, the company must handle such a change care- fully and try to avoid any further claims against the business (eg for unfair or wrongful dismissal).Informal agreement with creditorsThe company may also try and reach some informal agreement with its creditors that they will provide the company with time to make payment (often from the anticipated proceeds from a particular contract).
On the Effective Date, all right, title and interest in, to and under the Residual Assets shall vest in the Term Lender Liquidating LLC, and the Term Lender Liquidating LLC, which Residual Assets shall remain subject to the Lien of the First Lien Agent for the benefit of the First Lien Term Lender Parties and the Term Lender Liquidating LLC shall be deemed the Liquidating Trust Beneficiary for the First Lien Term Lender Parties and the Second Lien Term Lenders.
Default Interest: After the occurrence and during the continuance of any Event of Default, the Second Lien Agent may, and shall at the request by a majority of the Second Lien Term Lenders, apply a default rate of interest of 2.00% above the then applicable interest rate specified above.