Existing Borrowers Clause Samples
The 'Existing Borrowers' clause defines the rights, obligations, or status of parties who have already entered into borrowing arrangements prior to the current agreement. Typically, this clause clarifies whether and how the terms of the new agreement affect those with outstanding loans, such as specifying if their existing terms remain unchanged or if they are subject to new provisions. Its core function is to ensure clarity and prevent confusion regarding the treatment of current borrowers when new agreements or amendments are introduced.
Existing Borrowers. Prologis may, upon at least 15 days’ prior written notice to the applicable Funding Agent (which shall promptly notify the Applicable Tranche Lenders) (or (x) such lesser period as may be agreed to by such Funding Agent or (y) such longer period as is determined by such Funding Agent to be reasonably necessary for the applicable parties to comply with any governmental or regulatory requirements), request that any existing Borrower under one Tranche become Borrower under a different Tranche. On or prior to the date on which such existing Borrower becomes a Borrower under a different Tranche, Prologis shall deliver the following to such Funding Agent (with a copy to Global Administrative Agent), in each case reasonably acceptable to such Funding Agent, (a) a Borrower Accession Agreement duly executed by Prologis and such existing Borrower that will, among other things, designate the applicable Tranche under which such existing Borrower will also become a Borrower (the “Additional Tranche”) and (b) any information regarding such existing Borrower that the applicable Funding Agent or any Applicable Tranche Lender may reasonably request under Section 14.16 or 14.17, or otherwise. Upon receipt by the applicable Funding Agent of the items referenced in this Section 6.11.2, each in form and substance reasonably acceptable to such Funding Agent and its counsel, and subject to Section 6.11.3, such existing Borrower shall become a Borrower under the Additional Tranche unless on such date a Default exists or would occur as a result of such existing Borrower becoming a Borrower under the Tranche. Furthermore, the applicable Funding Agent shall promptly notify each Applicable Tranche Lender of the addition of a Borrower under an Additional Tranche pursuant to this Section 6.11.2.
Existing Borrowers. As defined in the recitals hereto.
Existing Borrowers. Parent, Borrowers and the Lenders hereby agree and acknowledge that:
(a) Santa Fe has become a Borrower pursuant to the terms of the Joinder Agreement dated as of October 2, 2000 (the "Santa Fe Joinder") and such joinder is hereby ratified and confirmed. Notwithstanding any provision contained in the Loan Documents or any amendments thereto, Parent, Borrowers and the Lenders agree and acknowledge that the Santa Fe Joinder was effective and Santa Fe became a Borrower as of October 2, 2000.
(b) Texas has become a Borrower pursuant to the terms of the Joinder Agreement effective as of July 25, 2001 and such joinder is hereby ratified and confirmed.
(c) Pursuant to that certain Request for Release and Release of Sibling Guarantor (the "Guarantor Release") dated as of October 1, 2001, Southwest Gaming Services, Inc. is no longer a Sibling Guarantor and has been released from its "Guarantied Obligations" under the Sibling Guaranty and such Guarantor Release is hereby ratified and confirmed.
(d) Each of Amendments 1-11 to the Loan Agreement are hereby ratified and confirmed; provided, however, that in the event that any provision contained in this Amendment shall conflict with any provision of the Loan Agreement or any amendment thereto, the provisions of this Amendment shall govern.
Existing Borrowers. 1, 26 Existing Credit Agreement............................................ 1, 26 Existing Loan Documents.............................................. 2