Examples of First Lien Loans in a sentence
Prior to the Petition Date, on October 1, 2020, the Debtors commenced the solicitation of votes on the Prepackaged Plan from the holders of First Lien Loans and Second Lien Loans on the basis of the Disclosure Statement for Joint Prepackaged Chapter 11 Plan of UTEX Industries, Inc.
For the avoidance of doubt, DIP Loans shall constitute First Lien Loans.
Unless otherwise agreed by the Senior First Lien Lenders who are being prepaid and the Senior Second Lien Lenders, each whole or partial prepayment of the Loans or reduction in undrawn Commitment shall be applied first to prepayment or reduction of the undrawn Commitment of the Senior First Lien Loans and second to prepayment or reduction of the undrawn Commitment of the Senior Second Lien Loans.
The Senior First Lien Loans shall bear interest at a per annum rate of 9.0%.
Administrative Agent shall advise each Lender of the total amount of accrued interest on the Senior First Lien Loans and Senior Second Lien Loans due on such Interest Payment Date and the amount each Lender is required to fund pursuant to Section 2.02(c).