Pursuant to Section 10. 21 of the Second Amended and Restated Credit Agreement, upon the closing of the Recombination each Lender, together with the Administrative Agent and the Collateral Agent, agreed to release, discharge and terminate any Lien against the equity of QELP (or any successor following any merger or conversion) pledged to secure the Obligations in order for Debtor to pledge all such equity to secure, on a first lien priority basis, Debtor’s guarantee of the Obligations (as defined in the QELP Credit Agreement) and on a second lien priority basis, guarantee of the Obligations (as defined in the QELP Second Lien Credit Agreement).
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Pursuant to Section 10. 21 of the Second Amended and Restated Credit Agreement, upon the closing of the Recombination each Lender, together with the Administrative Agent and the Collateral Agent, agreed to release, discharge and terminate any Lien against the equity of QELP (or any successor following any merger or conversionconversion pursuant to the Recombination Agreement) pledged to secure the Obligations in order for Debtor to pledge all such equity to secure, on a first lien priority basis, Debtor’s guarantee of the Obligations (as defined in the QELP First Lien Credit Agreement) ), and on a second lien priority basis, Debtor’s guarantee of the Obligations (as defined in the QELP Second Lien Credit Agreement).
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Sources: Pledge and Security Agreement (PostRock Energy Corp)