Examples of Second Lien Credit Parties in a sentence
In performing their respective functions and duties hereunder and under the other Loan Documents, (i) the Administrative Agent is acting solely on behalf of the Lenders and the L/C Issuers except to the limited extent provided in Section 10.07(c), (ii) the Senior Collateral Agent is action solely on behalf of the Senior Finance Parties and (iii) the Second Lien Agent is acting solely on behalf of the Second Lien Credit Parties, and each of their respective duties are entirely administrative in nature.
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In short, Cyrus and the other Prepetition Second Lien Credit Parties suffered a severe diminution in the value of their interests in the Prepetition Second Lien Collateral as the Debtors pursued their global, going concern sale process to fruition for the benefit of a wide variety of creditor and other constituents.
In a perverse turn of events, however, the Debtors now choose to downplay all of their successes and instead argue that the primary beneficiaries of their efforts were the Prepetition Second Lien Credit Parties.
This about-face is directly contradicted by the entire record in these cases, but most pointedly by those portions of the sale hearing where the Debtors’ advocated vigorously – and successfully – to the Court the many and widespread benefits the Debtors were able to achieve for their estates generally – and not just for the Prepetition Second Lien Credit Parties – through there successful achievement of the going concern sale.
The Debtors cannot credibly argue that their actions in these case – and the expenses they incurred in pursuing those actions - were driven by any desire to benefit Cyrus, the other Prepetition Second Lien Credit Parties, or their collateral.
And from the extensive record of the Debtors’ “Global Sale Process, the Debtors clearly believe they satisfied their goals, maximizing the value of the estates by consummating a going concern transaction valued at $5.2 billion, generating hundreds of millions of dollars in recoveries and other benefits for a vast array of their constituents having no connection to the Prepetition Second Lien Credit Parties, and preserving litigation claims against ESL and others2 See Declaration of Robert A.
And that is consistent with what occurred: ESL negotiated the credit bid sale and instructed Wilmington Trust, as Second Lien Collateral Agent, to credit bid all of the Second Lien Claims, effectively dragging the minority Prepetition Second Lien Credit Parties along, as it was entitled to do under the applicable credit documents.6 See, e.g., 1-13 Mitchell Cohen and Kenneth S.
The Debtors’ argument to the contrary is based upon frivolous arguments that the Debtors ran the process primarily for the benefit of the Prepetition Second Lien Credit Parties, notwithstanding the Debtors’ statements – and the Court’s findings - directly to the contrary only months ago at the sale hearing.