Second Lien Term Lenders definition
Examples of Second Lien Term Lenders in a sentence
The First Lien Term Agent and the Second Lien Term Agent are referred to collectively herein as the “Term Agents” and the First Lien Term Lenders and the Second Lien Term Lenders are referred to collectively herein as the “Term Lenders”).
Claims will consent to the Company’s use of cash collateral of the First Lien Senior Secured Noteholders and Second Lien Term Lenders to fund the Chapter 11 Cases on the terms set forth in the Cash Collateral Orders, which shall be in form and substance acceptable to the Company and the Required Consenting First Lien Noteholders and reasonably acceptable to the Required Consenting Second Lien Term Lenders.
New RCF On the Plan Effective Date, the Company will put in place a new revolving credit facility (the “New RCF”) with capacity and terms substantially consistent with the Revolving Credit Facility and terms acceptable to the Required Consenting First Lien Noteholders and reasonably acceptable to the Required Consenting Second Lien Term Lenders.
Each payment (other than prepayments) in respect of principal or interest in respect of the Second Lien Term Loans or New Term Loans and each payment in respect of fees payable hereunder shall be applied to the amounts of such obligations owing to the Second Lien Term Lenders or New Term Lenders, as applicable, pro rata according to the respective amounts then due and owing to such Lenders, other than payments pursuant to Section 2.11(b) or 2.24.
Any such amounts which are further rejected by such non-rejecting Second Lien Term Lenders may be retained by the Borrower.
The Second Lien Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under the Credit Agreement and the other Loan Documents in accordance with a request of the Administrative Agent, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Second Lien Term Lenders and all future holders of the Second Lien Term Loans.
The Incremental Term Facility Maturity Date for the Second Lien Term Loans shall be October 15, 2017, and on such date the Borrower shall repay to the Administrative Agent for the ratable account of the Second Lien Term Lenders the aggregate principal amount of all Second Lien Term Loans then outstanding.
The Borrower further agrees that its agreements in this paragraph may be specifically enforced by the Second Lien Term Lenders or any of them.
The Second Lien Collateral Agent hereby agrees that it shall not enter into or consent to any waiver, amendment, or modification of the Intercreditor Agreement or the Second Lien Security Documents (as defined in the Intercreditor Agreement) without the prior written consent of the Required Second Lien Term Lenders.
The Second Lien Collateral Agent shall be fully justified in requesting direction from the Administrative Agent or the Required Second Lien Term Lenders in the event the Credit Agreement or any other Loan Document is silent or vague with respect to the Second Lien Collateral Agent’s duties, rights or obligations.