First Amendment Term Loans Clause Samples
The 'First Amendment Term Loans' clause defines a specific category of loans that are established or modified under the first amendment to a loan agreement. This clause typically outlines the terms, conditions, and characteristics unique to these loans, such as their principal amount, interest rate, repayment schedule, and any special covenants or requirements that differ from the original agreement. By clearly distinguishing these loans from other existing or future loans, the clause ensures clarity for all parties regarding their rights and obligations, and helps prevent confusion or disputes about which terms apply to which loan tranches.
First Amendment Term Loans. (i) On the First Amendment Effective Date, the proceeds of all Additional Term Loans, if any, shall be used to refinance in full all Existing Term Loans consisting of Tranche B-1 Term Loans or Tranche B-2 Term Loans, as applicable, other than Exchanged Term Loans, on the terms and subject to the conditions set forth herein, including via the assignment by the Lenders holding such Existing Term Loans consisting of Tranche B-1 Term Loans or Tranche B-2 Term Loans, as applicable (other than Exchanged Term Loans) who do not remain Lenders under the Amended Credit Agreement on the First Amendment Effective Date to the Additional Lenders as of the First Amendment Effective Date of such Existing Term Loans consisting of Tranche B-1 Term Loans or Tranche B-2 Term Loans, as applicable (other than Exchanged Term Loans), which shall thereafter be continued as and be deemed to be Term Loans under the Amended Credit Agreement. The commitments of the Additional Lenders and the undertakings of the Exchanging Term Lenders are several and no such First Amendment Term Lender will be responsible for any other First Amendment Term Lender’s failure to make, acquire or exchange the First Amendment Term Loans consisting of Tranche B-1 Term Loans and/or Tranche B-2 Term Loans, as applicable and in each case under and as defined in the Amended Credit Agreement. Notwithstanding anything herein or in the Amended Credit Agreement to the contrary, the aggregate principal amount of the First Amendment Term Loans consisting of Tranche B- 1 Term Loans and/or Tranche B-2 Term Loans, as applicable and in each case under and as defined in the Amended Credit Agreement, will not exceed the aggregate principal amount of the Existing Term Loans consisting of Tranche B-1 Term Loans or Tranche B- 2 Term Loans, as applicable. Each of the parties hereto acknowledges and agrees that the terms of this First Amendment do not constitute a novation but, rather, an amendment of the terms of a pre-existing Indebtedness and related agreement, as evidenced by this First Amendment and the Amended Credit Agreement.
(ii) Each Exchanging Term Lender hereby waives any break funding payments or expenses due and payable to it by the Borrower pursuant to Section 2.13 of the Credit Agreement with respect to the exchange of its Exchanged Term Loans with the First Amendment Term Loans consisting of Tranche B-1 Term Loans and/or Tranche B-2 Term Loans, as applicable and in each case under and as defined in the Amended ...
First Amendment Term Loans. Subject to the terms and conditions hereof, each Lender with a First Amendment Term Loan Commitment severally agrees to make the First Amendment Term Loan on the First Amendment Effective Date in an amount equal to such ▇▇▇▇▇▇’s First Amendment Term Loan Commitment, such that after giving effect to the First Amendment Term Loans, the aggregate outstanding principal balance of the Term Loans (inclusive of the Term Loans funded on the Closing Date) shall be $120,000,000.00.
First Amendment Term Loans. Subject to the terms and conditions hereof, each 2022 Incremental Lender severally agreed to make, on the First Amendment Effective Date, a term loan to Borrower in an amount equal to such 2022 Incremental Lender’s 2022 Term Loan Commitment as of the First Amendment Effective Date. The 2022 Incremental Term Loans were voluntarily prepaid in full with the proceeds of the Initial Term Loans on the Second Amendment Effective Date.
First Amendment Term Loans. Subject to the terms and conditions set forth herein and in reliance upon the representations and warranties of the Loan Parties set forth herein, each First Amendment Term Loan Lender severally and not jointly agrees to make a single loan (each such loan, a “First Amendment Term Loan”) to the Borrower, in Dollars, on the First Amendment Effective Date in an aggregate principal amount equal to such ▇▇▇▇▇▇’s First Amendment Term Loan Commitment. The Borrowing on the First Amendment Effective Date shall consist of First Amendment Term Loans made simultaneously by the First Amendment Term Loan Lenders in accordance with their respective First Amendment Term Loan Commitments. First Amendment Term Loans repaid or prepaid may not be reborrowed.