Examples of Pre-Petition Loan Agreement in a sentence
The availability block rapidly increased to $20 million on a Pre-Petition Loan Agreement balance of less than $60 million, which exacerbated the Debtors’ liquidity issues.
After one or more events of default were declared under the Pre-Petition Loan Agreement, starting in December 2016, Beaulieu entered into a series of forbearance agreements with the ABL Lenders.
Over time, however, Beaulieu’s borrowing base under the Pre-Petition Loan Agreement had decreased, and it had insufficient liquidity to complete its turnaround efforts.
Subsequently, when it became apparent that the ABL Lenders under the Pre-Petition Loan Agreement would not agree to extend the loan or to make further extensions of the forbearance agreement, the Debtors, in consultation with their advisors, decided to seek relief under Chapter 11 of the Bankruptcy Code in order to preserve and enhance the value of their business and assets for their employees, customers, vendors and other stakeholders.
The Debtor shall maintain insurance in effect with respect to its operations and each of its properties in amounts and under terms and conditions consistent with insurance coverage in effect on the Petition Date, and in any event, in compliance with the Pre-Petition Loan Agreement and the guidelines of the Office of the United States Trustee.