Examples of Prepetition ABL Documents in a sentence
The Prepetition ABL Secured Parties have consented, or are deemed pursuant to the Prepetition ABL Documents to have consented, or have not objected, to the Debtors’ use of Cash Collateral and other Prepetition ABL Collateral and to the Debtors’ entry into the DIP Documents in accordance with and subject to the terms and conditions in the Interim Order, this Final Order and the DIP Documents.
The failure of the DIP Agent, the DIP Secured Parties, the Prepetition ABL Agent or the Prepetition ABL Secured Parties to seek relief or otherwise exercise their rights and remedies under this Final Order, the DIP Documents, the Prepetition ABL Documents, or applicable law, as the case may be, shall not constitute a waiver of any of the rights hereunder, thereunder, or otherwise of the DIP Agent, the DIP Secured Parties, the Prepetition ABL Agent or the Prepetition ABL Secured Parties.
As more fully set forth in the Prepetition ABL Documents, prior to the Petition Date, the Parent Borrower and the Prepetition ABL Guarantors granted to the Prepetition ABL Agent, for the benefit of itself and the other Prepetition ABL Secured Parties, a first priority security interest in and continuing lien on (the “Prepetition ABLLiens”) the ABL Priority Collateral (as defined in the Prepetition ABL/Term Intercreditor Agreement (as defined herein)) (the “Prepetition ABL Collateral”).
No exception or defense exists in contract, law, or equity as to any obligation set forth, as the case may be, in this paragraph F(v), in the DIP Documents or the Prepetition ABL Documents, to the Debtors’ obligation to indemnify and/or hold harmless the DIP Secured Parties and the Prepetition ABL Secured Parties, as applicable.
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The Debtors are presently in default under each of the Prepetition ABL Documents and the Prepetition Term Loan Documents.
Without limiting the foregoing, the DIP ABL Obligations shall also include cash management and bank product exposure and derivative and swap exposure and obligations to the extent described in, or secured by, the Prepetition ABL Documents and the DIP ABL Documents, including all Other Liabilities (as defined in the DIP ABL Agreement).
Upon the commencement of a Challenge (as defined herein), the Debtors are further authorized to pay to the Prepetition ABL Agent, for the benefit of the Prepetition ABL Parties, $500,000 into a non-interest bearing account maintained at Bank of America, N.A. (the “Prepetition ABL Indemnity Reserve”) to secure contingent indemnification, reimbursement or similar continuing obligations arising under or related to the Prepetition ABL Documents (the “Prepetition ABL Indemnity Obligations”).
The Debtors acknowledge and stipulate that the Prepetition ABL Loan Parties are in default of their obligations under the Prepetition ABL Documents.
Pursuant to Intercreditor Agreement Section 11.14(b), and Indenture Section 4.09(b), the Replacement DIP Facility will constitute a replacement of the Prepetition ABL Documents and Obligations and are automatically treated as “Senior ABL Claims” for all purposes.