Examples of Prepetition Credit Agreements in a sentence
In Article VII of each Prepetition Credit Agreement, the Subsidiary Guarantors agreed, jointly and severally, as primary obligors and not as sureties, to guarantee to each Secured Party (as defined in the respective Prepetition Credit Agreements) the prompt payment in full when due of the applicable Guaranteed Obligations (as defined in the respective Prepetition Credit Agreements).
As of the Petition Date, the Debtor was in maturity default under the Prepetition Credit Agreements, the forbearance agreement with WSFS had expired and CCSP’s liquidity was severely restricted.
The adequate protection provided herein and other benefits and privileges contained herein are consistent with and authorized by the Bankruptcy Code, Bankruptcy Rules 4001 and 6003 and Local Bankruptcy Rule 4001-3 and serve to adequately protect the Prepetition Senior Lenders’ interest in the Collateral securing their claims under the Prepetition Credit Agreements.
The Prepetition Agents shall not be required to file proofs of claim in the Cases or any successor case in order to assert claims on behalf of itself and the Prepetition Secured Parties for payment of the Prepetition Debt arising under the Prepetition Credit Agreements.
New Board If a Reorganization Transaction is consummated, the board of directors of Reorganized AAC as of the Effective Date (the “New Board”) shall consist of 7 directors, with 6 of the initial directors being selected by the ad hoc group of lenders under the Prepetition Credit Agreements represented by Stroock & Stroock & Xxxxx LLP (the “Ad Hoc Group”) and one director being the CEO of the Reorganized Debtors.