Discharge of Term Loan Obligations means, except to the extent otherwise expressly provided in Section 5.5:
Discharge of Term Loan Obligations means:
Discharge of Term Loan Obligations shall have the meaning assigned to such term in the ABL/Term Loan Intercreditor Agreement.
Examples of Discharge of Term Loan Obligations in a sentence
This authorization is coupled with an interest and is irrevocable until the Discharge of Term Loan Obligations.
This Agreement is a continuing agreement and shall (a) remain in full force and effect until the Discharge of ABL Obligations, the Discharge of Term Loan Obligations and the Discharge of Additional Obligations shall have occurred, (b) be binding upon the Parties and their successors and assigns, and (c) inure to the benefit of and be enforceable by the Parties and their respective successors, transferees and assigns.
The ABL Agent, for and on behalf of itself and the ABL Secured Parties, agrees that no payment by the ABL Agent or any ABL Secured Party to the Term Loan Agent or any Term Loan Secured Party pursuant to the provisions of this Agreement shall entitle the ABL Agent or any ABL Secured Party to exercise any rights of subrogation in respect thereof until the Discharge of Term Loan Obligations shall have occurred.
This Agreement shall terminate and be of no further force and effect on the earlier to occur of (x) the date on which there has been a Discharge of ABL Obligations and (y) the date on which there has been a Discharge of Term Loan Obligations, in each case, subject to Sections 5.6 and 6.5; provided, however, that no termination shall relieve any party of its obligations incurred hereunder prior to the date of termination.
This is consistent with the Legislature’s 2015 amendments to the SSL and with Justice Madden’s July 13, 2015 Order.
More Definitions of Discharge of Term Loan Obligations
Discharge of Term Loan Obligations means (a) the payment in full in cash of the applicable Term Loan Obligations that are outstanding and unpaid at the time all Indebtedness under the applicable Term Loan Credit Agreement is paid in full in cash, but excluding, for the avoidance of doubt, unasserted contingent indemnification or other obligations under the applicable Term Loan Credit Agreement at such time and (b) the termination of all then outstanding commitments to extend credit under the Term Loan Documents at such time.
Discharge of Term Loan Obligations means, except to the extent otherwise provided in Section 2.4(f), the occurrence of all of the following:
Discharge of Term Loan Obligations means that the Priority Lien Obligations pursuant to the Term Loan Facility are no longer secured by, and no longer required to be secured by, the Collateral pursuant to the terms of the Term Loan Facility or the other applicable Term Loan Documents; provided that a Discharge of Term Loan Obligations shall be deemed not to have occurred if the Issuers have entered into any replacement term loan agreement that has been designated in accordance with the terms of the Collateral Trust Agreement.
Discharge of Term Loan Obligations means payment in full, in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has been made) of all Obligations (as defined in the Term Loan Agreement and referred to herein as the Term Loan Obligations) under the Term Loan Agreement and the termination of all commitments thereunder; provided that the Discharge of Revolving Credit Agreement Obligations shall not be deemed to have occurred if (a) such payments are made with the proceeds of other Term Loan Obligations that constitute an exchange or replacement for or a refinancing of such Term Loan Obligations or (b) any holder of the Term Loan Obligations is required in any insolvency proceeding or otherwise to turn over, disgorge, or otherwise pay to the estate of the issues of any guarantor thereunder of any amount paid in respect of the Term Loan Obligations.
Discharge of Term Loan Obligations means (a) payment in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not a claim for such interest is, or would be, allowed in such Insolvency or Liquidation Proceeding) and premium, if any, on all Indebtedness outstanding under the Term Loan Credit Documents and termination of all commitments to lend or otherwise extend credit under the Term Loan Credit Documents, (b) payment in full in cash of all other Term Loan Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (including legal fees and other expenses, costs or charges accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not a claim for such fees, expenses, costs or charges is, or would be, allowed in such Insolvency or Liquidation Proceeding) and (c) termination, cancellation or cash collateralization (in an amount reasonably satisfactory to the Term Loan Agent) of all letters of credit issued under the Term Loan Credit Documents.
Discharge of Term Loan Obligations means, collectively, both the Discharge of First Lien Obligations and the Discharge of Second Lien Obligations.
Discharge of Term Loan Obligations means (i) payment in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not a claim for such interest is, or would be, allowed in whole or in part in such Insolvency or Liquidation Proceeding) and premium, if any, on all Indebtedness outstanding under the Term Loan Credit Documents and termination of all commitments to lend or otherwise extend credit (if any) under the Term Loan Credit Documents, other than pursuant to any Refinancing under a Term Loan Credit Agreement designated as a Term Loan Credit Agreement by the Company, and (ii) payment in full in cash of all other Term Loan Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (including legal fees and other expenses, costs or charges accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not a claim for such fees, expenses, costs or charges is, or would be, allowed in such Insolvency or Liquidation Proceeding), (iii) the payment in full in cash of cash collateral, or at Term Loan Agent's option, the delivery to Term Loan Agent of a letter of credit payable to Term Loan Agent, in either case in accordance with the terms of the Term Loan Credit Documents in respect of continuing obligations of Term Loan Agent and Term Loan Lenders under control agreements and other contingent Term Loan Obligations for which a claim or demand for payment has been made at such time (including attorneys' fees and legal expenses) to any Term Loan Claimholders for which such Term Loan Claimholder is entitled to indemnification by any Grantor, and (iv) termination or cash collateralization (in an amount reasonably satisfactory to the Term Loan Administrative Agent) of any Bank Products Agreement (to the extent obligations under such Bank Products Agreement constitute Term Loan Obligations) and the payment in full in cash of all Bank Product Debt (to the extent such Bank Product Debt constitutes Term Loan Obligations).