Examples of Roll-Up Loans in a sentence
Unless otherwise provided herein, as a condition precedent to receiving any distribution hereunder, each registered holder of a certificate or other Instrument evidencing a Claim must surrender to the Reorganized Debtors or the applicable Agents or Indenture Trustees for the Senior Secured Credit Facility, Bridge Loan Facility, DIP Roll-Up Loans, 2015 Notes, the Millennium Notes, ARCO Notes and Equistar Notes all Instruments or other documents representing or evidencing such Claim.
Each Borrowing initially shall be of the Type (i) in the case of Roll-Up Loans, identical to those of the Prepetition Revolving Loans rolled up by such Roll-Up Loans and (ii) in the case of New Money Loans, as specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.
For the avoidance of doubt, Roll-Up Loans shall be deemed to be outstanding, and shall begin to accrue interest upon the entry of the Final Order and the deemed making of such Loans.
Subject to entry of the Final Borrowing Order, Prepetition Obligations of each Lender in an amount equal to 200% of its Commitment shall, on a cash-less basis, be automatically converted to Roll-Up Loans of such Lender and such Roll-Up Loans shall thereafter constitute Loans and Obligations for all purposes under this Agreement and shall cease to constitute Prepetition Secured Obligations.
Upon entry of the Final Borrowing Order, the Administrative Agent shall update the Register to reflect the outstanding amount of each Lender’s Roll-Up Loans and, if applicable, upon an increase of the Commitments pursuant to Section 2.02(d).