Examples of A&R First Lien Credit Agreement in a sentence
TREASURYFinance Director Gerber reported a 3.2% increase, attributable to computer equipment and labor burden related to union contract wage increases and pension contributions.ASSESSINGFinance Director Gerber reported an increase of 6.4% due to Oakland County contract but does not anticipate using the total amount.
In addition, on September 11, 2015, the Company entered into a Limited Consent and Waiver to the A&R First Lien Credit Agreement, pursuant to which the administrative agent and the required lenders thereunder have consented to an increase of $5.0 million through December 31, 2015 in the general investment bucket under the A&R First Lien Credit Agreement.
The Company’s and the A&R Guarantors’ obligations under the A&R Loan Agreements and the A&R Guarantees are, in each case, secured by first priority liens (subject, in the case of the A&R Second Lien Credit Agreement, to the liens under the A&R First Lien Credit Agreement) on, and security interests in, substantially all of the present and after-acquired assets of the Company and each A&R Guarantor, subject to certain customary exceptions.
Term loan borrowings under the A&R First Lien Credit Agreement are subject to amortization of principal quarterly beginning on June 30, 2015 in equal amounts of $4.0 million; provided, that, if the borrowings have not been prepaid with the proceeds of a capital raise by the Company within one year of the Effective Date and as described below, then the Company will be required to repay the borrowings in quarterly amounts of $5.0 million until such time as such capital raise and such prepayment occur.
In addition, the A&R First Lien Credit Agreement provides for incremental borrowings of up to $60.0 million following the Effective Date, to be allocated 25% to the revolving credit facility and 75% to the tranche A term loan facility, and the A&R Second Lien Credit Agreement provides for incremental borrowings of up to $40.0 million for general corporate purposes of the Company and its subsidiaries, in each case, subject to certain customary conditions.
In exchange for full and final satisfaction, settlement, release, and discharge of the First Lien Credit Facility Claims (including any Liens related thereto), the Allowed First Lien Credit Facility Claims will be restated as first priority secured obligations of Newco and each Reorganized Debtor with full recourse to such entities’ assets pursuant to the A&R First Lien Credit Agreement.
Term loan borrowings under the A&R First Lien Credit Agreement will mature on the fifth anniversary of the Effective Date.
The A&R First Lien Credit Facility Claims will be repaid in accordance with the A&R First Lien Credit Agreement and the New Intercreditor Agreement.
After the Effective Date, the Company expects to use the proceeds of any borrowings under the revolving credit facility of the A&R First Lien Credit Agreement for working capital, capital expenditures and other general corporate purposes of the Company and its subsidiaries and any borrowings under the incremental facilities of the A&R First Lien Credit Agreement for working capital purposes and/or for permitted acquisitions.