Additional Term Loan Facility Sample Clauses
The Additional Term Loan Facility clause allows a borrower to access extra loan funds beyond the original loan amount, subject to the lender's approval and specific terms. This clause typically outlines the conditions under which the borrower can request additional financing, such as meeting certain financial covenants or providing updated documentation, and may specify limits on the total amount available or the timing of such requests. Its core function is to provide financial flexibility to the borrower, enabling them to secure further funding as needed without renegotiating the entire loan agreement.
Additional Term Loan Facility i. The Additional Term Loan Facility (A) shall rank pari passu in right of payment with the Revolving Loans, (B) shall be fully secured on a pari passu basis with the Revolving Loans, (C) shall not mature earlier than the last day of the Commitment Period (but may have amortization prior to such date), (D) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans, including, without limitation, with respect to covenants, representations and warranties, events of default and other applicable terms and conditions, and (E) shall be subject to interest rates as determined by the Administrative Agent at the time of the exercise of such Additional Term Loan Facility and shall contain market terms and provisions subject to good faith negotiations between the Administrative Agent and the Borrower.
ii. The Additional Term Loan Facility may be added hereunder pursuant to an amendment or restatement (the “Additional Term Loan Facility Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Lender providing a commitment with respect to the Additional Term Loan Facility, each Additional Lender providing a commitment with respect to the Additional Term Loan Facility, and the Administrative Agent. Notwithstanding anything herein to the contrary, the Additional Term Loan Facility Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of Section 2.10(b) and (c) hereof (including, without limitation, amendments to the definitions in this Agreement and Section 9.8 hereof for the purpose of treating such Additional Term Loan Facility pari passu with the other Loans).
iii. With respect to the addition of an Additional Term Loan Facility the proceeds of which are to be used to fund an Acquisition permitted hereunder, the only representations and warranties which shall be a condition to the addition of such Additional Term Loan Facility shall be (A) the representations and warranties made by the seller party thereto as are material to the interests of the Lenders, but only to the extent that the Borrower has (or another Credit Party has) the right to terminate its obligations under the purchase agreement (or comparable agreement) or decline to consummate such Acquisition as a result of a breach of...
Additional Term Loan Facility. Each Lender severally agrees, on the terms and conditions of this Agreement, to make a loan (collectively, the "ADDITIONAL TERM LOANS") to the Borrower in Dollars during the Additional Term Loan Availability Period in an aggregate principal amount at any one time outstanding up to, but not exceeding, the amount of the Additional Term Loan Commitment of such Lender as in effect from time to time; provided that: (i) there shall be no more than one borrowing of Additional Term Loans; and (ii) in no event shall the aggregate principal amount of all Additional Term Loans at any one time outstanding exceed the aggregate amount of the Additional Term Loan Commitments as in effect from time to time. Amounts prepaid or repaid in respect of the Additional Term Loans may not be reborrowed.
Additional Term Loan Facility. 1. Status Information for the Additional Term Loan Facility
(a) Amount of Additional Term Loan Facility: $6,000,000
(b) Additional Term Loans outstanding prior to the Borrowing requested herein: $__________
2. Amount of Additional Term Loan Borrowing: $__________
3. Requested date of Additional Term Loan Borrowing: _______________, 2008; must be prior to Additional Term Loan Maturity Date and if initial Additional Term Loan Borrowing cannot exceed $2,000,000.
4. Requested Type of Loan and applicable Dollar amount:
(a) Base Rate Loan for $__________
(b) Eurodollar Rate Loan with Interest Period of one month for $______:
5. Purpose of Additional Term Loan: ___ To fund working capital and fund Borrower’s drilling program to develop its Oil and Gas Properties ___ To pay fees, costs and expenses owed pursuant to the Agreement The undersigned hereby certifies that the following statements will be true on the date of the proposed Borrowing(s) after giving effect thereto and to the application of the proceeds therefrom:
(a) the representations and warranties of the Borrower contained in Article V of the Agreement are true and correct in all material respects as though made on and as of such date (except such representations and warranties which expressly refer to an earlier date, which are true and correct in all material respects as of such earlier date and except for any representations and warranties that may be breached by virtue of the Borrower not being in compliance with any financial covenant set forth in Section 7.17 of the Agreement);
Additional Term Loan Facility. (i) Each Additional Term Loan Facility (i) shall rank pari passu in right of payment with the Revolving Loans and the Term Loan, (ii) shall not mature earlier than the last day of the Commitment Period (but may have amortization prior to such date), and (iii) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loan and the Term Loan.
(ii) An Additional Term Loan Facility may be added hereunder pursuant to an amendment or restatement (an “Additional Term Loan Facility Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the Borrowers, as appropriate, each Lender providing a commitment with respect to such Additional Term Loan Facility, each Additional Lender providing a commitment with respect to such Additional Term Loan Facility, and the Administrative Agent. Notwithstanding anything herein to the contrary, an Additional Term Loan Facility Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.10(b) and (c) (including, without limitation, amendments to the definitions in this Agreement and Section 9.8 hereof for the purpose of treating such Additional Term Loan Facility pari passu with the other Loans).
Additional Term Loan Facility. Additional Term Loans outstanding prior to the repayment referred to herein: $__________
Additional Term Loan Facility