Second Lien Borrower definition
Examples of Second Lien Borrower in a sentence
With respect to the Second Lien Borrower, the First Lien Borrowers and each other Loan Party, in addition to the foregoing rights, in acting hereunder and by virtue of this Agreement, the Second Lien Trustee shall have all of the rights, protections and immunities granted to it under the Existing Second Lien Indenture, all of which are incorporated by reference herein as they relate to the Second Lien Borrower, the First Lien Borrowers, each other Loan Party and the Second Lien Trustee.
Except as provided in Section 3.6, if either any First Lien Creditor or Second Lien Creditor shall enforce its rights or remedies in violation of the terms of this Agreement, neither the First Lien Borrowers nor the Second Lien Borrower shall be entitled to use such violation as a defense, to any action by such party, nor to assert such violation as a counterclaim or basis for set off or recoupment against any First Lien Creditor or Second Lien Creditor, as applicable.
Notwithstanding anything in this Agreement to the contrary, the Second Lien Collateral Agent and the other Second Lien Secured Parties may, in accordance with the terms of the Second Lien Loan Documents and applicable law, enforce rights and exercise remedies against the Second Lien Borrower and any Guarantor as unsecured creditors.
Majority Lenders hereby consent to, and authorize and direct the Administrative Agent, in its capacity as First Lien Agent under the Intercreditor Agreement, to consent to any amendment, supplement or modification to the Second Lien Indenture necessary to increase the obligations under the Second Lien Indenture of the Second Lien Borrower (as defined in the Intercreditor Agreement) and its subsidiaries up to an amount not to exceed $200,000,000.
Any and all such Liens securing the First Lien Obligations shall be and remain senior in right, priority, operation and effect to any Liens securing Second Lien Obligations for all purposes, whether or not any such Liens securing First Lien Obligations are subordinated in any respect to any other Liens securing other indebtedness of First Lien Borrowers, Second Lien Borrower or any other Loan Party.
The Second Lien Trustee, on behalf of itself and the Second Lien Creditors under the Second Lien Documents, and First Lien Borrowers and Second Lien Borrower, on behalf of the Loan Parties, agree that it shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the First Lien Agent or any other First Lien Creditor may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement.
This is a continuing agreement and the First Lien Creditors may continue, at any time and without notice to the other parties hereto, to extend credit and other financial accommodations, lend monies and provide indebtedness to, or for the benefit of, First Lien Borrowers, Second Lien Borrower or any other Loan Party on the faith hereof.
Each of the First Lien Borrower and the Second Lien Borrower hereby consents and agrees to each First Lien Secured Party or Second Lien Secured Party providing any such information to the other First Lien Secured Parties or Second Lien Secured Parties and to such actions by the First Lien Secured Parties or Second Lien Secured Parties and waive any rights or claims against any First Lien Secured Parties or Second Lien Secured Parties arising as a result of such information or actions.
Nothing in this Agreement shall affect any right that any First Lien Creditor or Second Lien Creditor may otherwise have to bring any action or proceeding relating to this Agreement, any First Lien Documents against First Lien Borrowers, Second Lien Borrower or any other Loan Party or its properties, or any Second Lien Documents against Second Lien Borrower, First Lien Borrowers or any other Loan Party or its properties in the courts with subject matter jurisdiction of any other jurisdiction.
The First Lien Secured Parties and the Second Lien Secured Parties shall have no duty to disclose to any Second Lien Secured Party or to any First Lien Secured Party, as the case may be, any information relating to the First Lien Borrower, Alaska Holdings, the Second Lien Borrower or any of their Subsidiaries, or any other circumstance bearing upon the risk of nonpayment of any of the Obligations, that is known or becomes known to any of them or any of their Affiliates.