Additional Term B Loans Sample Clauses
The 'Additional Term B Loans' clause defines the conditions under which a borrower may request, and lenders may provide, additional loans beyond the original Term B loan commitment. Typically, this clause outlines the process for requesting such loans, including notice requirements, lender participation, and any applicable terms or limitations, such as maximum amounts or pricing adjustments. Its core function is to provide flexibility for the borrower to access extra financing under the existing credit agreement, while ensuring that all parties understand the procedures and constraints involved, thereby facilitating future funding needs without renegotiating the entire agreement.
Additional Term B Loans. (a) Borrower shall have the right at any time, so long as no Unmatured Event of Default or Event of Default then exists, and from time to time, to incur from one or more existing Lenders and/or other Persons that are Eligible Assignees and which, in each case, agree to make such loans to Borrower, loans and commitments to make loans in an aggregate principal amount not to exceed $25,000,000 less the amount of Senior Secured Notes issued after the Closing Date, which loans shall constitute Term B Loans hereunder (the “Additional Term B Loans”); provided, that the terms and conditions of any Additional Term B Loans shall be the same as those applicable to the existing Term B Loan.
(b) In the event that Borrower desires to incur Additional Term B Loans, Borrower will enter into an amendment with the lenders (who shall by execution thereof become Lenders hereunder if not theretofore Lenders) to provide for such Additional Term B Loans, which amendment shall be in form and substance reasonably acceptable to Administrative Agent and consistent with the terms of this Section 2.4 and of the other provisions of this Agreement. No consent of any Lender (other than any Lender making Additional Term B Loans) is required to permit the Additional Term B Loans contemplated by this Section 2.4(b) or the aforesaid amendment to effectuate the Additional Term B Loans. This section shall supercede any provisions contained in this Agreement, including, without limitation, Section 12.1, to the contrary.
Additional Term B Loans. The U.S. Borrower shall have received, or substantially simultaneously with the borrowing under the Additional Term A Facility shall receive, cash proceeds of at least $675,000,000 from the borrowing of Additional Term B Loans under the Credit Agreement.
Additional Term B Loans. Subject to the terms and conditions set forth herein, including the consent of the Required Lenders, the Initial Additional Term B Lender hereby agrees to provide the Additional Term B Loans on the Amendment No. 1 Effective Date as set forth on Schedule A annexed hereto. The Initial Additional Term B Lender hereby agrees that the Additional Term B Loans will be made on the following terms and conditions and the Loan Parties, the Administrative Agent, the Consenting Lenders and the Purchasing Term Lender hereby agree that the Credit Agreement will be amended to provide for the Additional Term B Loans as set forth herein:
(a) the Additional Term B Loans shall be denominated in Dollars and shall be made in a single drawing on the Amendment No. 1 Effective Date;
(b) the Applicable Rate, the LIBO Rate and the Interest Period for the Additional Term B Loans shall be the same, as of any date of determination, as the Applicable Rate, the LIBO Rate and the Interest Period for the Initial Term Loans;
(c) the Borrower shall use the proceeds of the Additional Term B Loans, together with cash on hand of the Borrower, to (i) finance the Second Lien Refinancing and (ii) pay fees and expenses in connection with the Amendment No. 1 Transactions;
(d) upon execution and delivery hereof, the Administrative Agent will record the Additional Term B Loans made by the Initial Additional Term B Lender in the Register;
(e) except as set forth in Section 3(c)(ii) of this Amendment, for all purposes under the Credit Agreement and the other Loan Documents, the Additional Term B Loans shall have the same terms as the Initial Term Loans and shall be treated for purposes of voluntary and mandatory prepayments (including any applicable prepayment fees and for scheduled principal payments) and all other terms as the same Class of Term Loans as the Initial Term Loans. Upon the funding of the Additional Term B Loans on the Amendment No. 1 Effective Date, the Additional Term B Loans shall automatically and without further action by any Person constitute Initial Term Loans for all purposes of the Credit Agreement and the other Loan Documents. The Additional Term B Loans shall be structured as an increase to the existing Initial Term Loans outstanding under the Credit Agreement immediately prior to the Amendment No. 1 Effective Date, and on and after the Amendment No. 1 Effective Date the Initial Term Loans (including the Additional Term B Loans) shall constitute one fungible Class of Term Loan ...