First Lien Exit Facility definition

First Lien Exit Facility means the new first lien term loan facility to be entered into by the Reorganized Debtors on the terms consistent with those set forth in the First Lien Exit Facility Term Sheet.

First Lien Exit Facility means a new credit facility or credit facilities among the Debtors, the lenders party thereto, and the First Lien Exit Facility Agent, on the terms and conditions set forth in the First Lien Exit Facility Documents, which terms and conditions shall be consistent with the First Lien Exit Facility Term Sheet and otherwise acceptable to the Debtors, the First Lien Exit Facility Agent, and the Requisite Creditors.

First Lien Exit Facility means that exit credit facility secured by a first-priority lien 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.

Examples of First Lien Exit Facility in a sentence

• On the Effective Date, the Reorganized Debtors shall enter into the First Lien Exit Facility, the terms of which will be set forth in the First Lien Exit Facility Documents.

• In addition, the First Lien Credit Agreement Agent and Second Lien Note Trustee shall execute and deliver all documents reasonably requested by the Debtors, Reorganized Debtors, or administrative agent(s) for the New First Lien Exit Facility to evidence the release of such mortgages, deeds of trust, Liens, pledges, and other security interests and shall authorize the Reorganized Debtors to file UCC-3 termination statements (to the extent applicable) with respect thereto.

• On the Effective Date, the Reorganized Debtors shall enter into the New First Lien Exit Facility.

• The New Equity underlying the Management Incentive Plan, the New Equity issued pursuant to the Rights Offering and the New Equity issued pursuant to the First Lien Exit Facility Put Option Premium will be issued pursuant to an available exemption from registration under the Securities Act and other applicable law.

• For the avoidance of doubt, Intercompany Claims that are Reinstated as of the Effective Date, if any, shall be subordinate in all respects to the First Lien Exit Facility and the Second Lien Exit Facility.

More Definitions of First Lien Exit Facility

First Lien Exit Facility means, that certain $100 million first lien delayed draw term loan credit facility, the form of which shall be consistent with the RSA and the Exit Facility Term Sheet entered into, as applicable, by and among the Debtors, Reorganized Debtors, the First Lien Exit Facility Lenders, and the administrative agent thereunder, the documentation for which shall be set forth in the Plan Supplement.

First Lien Exit Facility means a first lien credit facility the materials terms of which are set forth in the Restructuring Term Sheet, subject to the consent rights set forth in the Restructuring Support Agreement.

First Lien Exit Facility means a new senior secured first-priority term loan facility in an aggregate principal amount up to $225 million to be funded as set forth below (the loans advanced thereunder, the “First Lien Exit Loans” and the holders of such loans, the “First Lien Exit Facility Lenders”). The First Lien Exit Facility will be issued by Reorganized Foresight or a subsidiary thereof, as borrower, and guaranteed by each of the other Reorganized Debtors. The First Lien Exit Facility will be in form and substance acceptable to the Company, the Required First Lien Lenders and Required Exit Backstop Parties (as defined herein) and will have the following terms, among others: ● Interest Rate: L + 8.00% (LIBOR floor of 1.50%), payable in cash. ● Exit Equity Component: The First Lien Exit Facility Lenders (or their affiliates, or any affiliated investment funds, investment vehicles, or entity that is managed, advised or sub-advised by such First Lien Exit Facility Lender or such affiliate) will receive their pro rata share (based on their respective percentage of First Lien Exit Loans) of 9.90% of the New Common Equity issued and outstanding on the Plan Effective Date and as further described on Exhibit C (the “Exit Equity Component”), subject to dilution for the Management Incentive Plan. ● Tenor: 7 years. ● Call Protection: None. ● Use of Proceeds: Proceeds of the First Lien Exit Facility will be used to refinance, on the Plan Effective Date, the outstanding obligations under the DIP Facility as of the Plan Effective Date and the balance to fund general working capital and for other general corporate purposes after the Plan Effective Date on terms to be mutually agreed. ● Ratings: The Debtors will use commercially reasonable efforts to timely procure a public rating (but no specific rating) for the First

First Lien Exit Facility means the new first lien term loan facility, consisting of the Converted DIP Loans, to be entered into by the Reorganized Debtors on the terms consistent with those set forth in the Exit Credit Facilities Term Sheet.

First Lien Exit Facility has the meaning ascribed to it in the Restructuring Term Sheet.

First Lien Exit Facility means Exit Facility Revolving Loans and Exit Facility Term A Loans.

First Lien Exit Facility in the Second Lien Exit Facility Term Sheet to which this Annex I is attached and otherwise reasonably acceptable to the Required Second Lien Exit Lenders. Annex D Backstop Commitment Term Sheet