Common use of Loans and Commitments Clause in Contracts

Loans and Commitments. (a) Subject to the terms and conditions set forth in Amendment No. 34 (x) the Additional Dollar Term C-23 Lender and Additional Euro Term C-3 Lender each agrees to make loans to the Borrower (each a “Term C-23 Loan”) on the Amendment No. 34 Effective Date (i) in the case of the Additional Dollar Term C-3 Lender, in an aggregate amount denominated in Dollars not to exceed the amount of its Additional Dollar Term C-23 Commitment, which Term C-23 Loan shall be a Dollar Term Loan on the Amendment No. 3 Effective Date, and (ii) in the case of the Additional Euro Term C-3 Lender, in an aggregate amount denominated in Euros not to exceed the amount of its Additional Euro Term C-23 Commitment, which Term C-23 Loan shall be a Euro Term Loan on the Amendment No. 3 Effective Date, and (y) each Converted Term Loan of each Amendment No. 34 Converting Lender shall be converted into a Term C-23 Loan of such Lender effective as of the Amendment No. 34 Effective Date in a principal amount equal to all or a portion of the principal amount of such Lender’s Converted Term Loan immediately prior to such conversion, which Term C-3 Loans shall be Dollar Term Loans to the extent such Lender’s Converted Term Loans were Dollar Term Loans and shall be Euro Term Loans to the extent such Lender’s Converted Term Loans were Euro Term Loans. For the avoidance of doubt, such conversion shall not constitute a novation of any interest owing to any Amendment No. 34 Converting Lender and each Amendment No. 34 Converting Lender shall receive all accrued and unpaid interest owing to it from the Borrower to but not including the Amendment No. 34 Effective Date with respect to its Converted Term Loan (which, in the case of accrued interest, shall be payable on the Amendment No. 3 Effective Date). Converted Term Loans that were Eurocurrency Term Loans immediately prior to the Amendment No. 34 Effective Date shall initially be Eurocurrency Term Loans under this Agreement with an initial Interest Period equal to the then remaining Interest Period for such Eurocurrency Term Loan. Converted Term Loans that were ABR Term Loans immediately prior to the Amendment No. 34 Effective Date shall initially be ABR Term Loans under this Agreement. The Term C-2 Loans and Term C-3 Loans may from time to time be Eurocurrency Term Loans or ABR Term Loans, as determined by the Company and notified to the Administrative Agent in accordance with Section 2.02(A) and 2.07. Converted Term Loans that were Dollar Term Loans immediately prior to the Amendment No. 34 Effective Date shall be Dollar Term Loans under this Agreement. Converted Term Loans that were Euro Term Loans immediately prior to the Amendment No. 34 Effective Date shall be Euro Term Loans under this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Celanese Corp)

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Loans and Commitments. (a) Subject to the terms and conditions set hereof, the Non-Extended Portion of each Term Loan outstanding under the Existing Credit Agreement immediately prior to the Restatement Effective Date shall remain outstanding under this Agreement from and after the Restatement Effective Date as a Term B Loan hereunder and such Term B Loans shall, forset forth in Amendment No. 34 3 (x) the Additional Dollar Term C-23 C-2 Lender and Additional Euro Term C-3 Lender each agrees to make loans to the Borrower (each a “Term C-23 C-2 Loan”) on the Amendment No. 34 3 Effective Date (i) in the case of the Additional Dollar Term C-3 Lender, in an aggregate amount denominated in Dollars not to exceed the amount of its Additional Dollar Term C-23 C-2 Commitment, which Term C-23 C-2 Loan shall be a Dollar Term Loan on the Amendment No. 3 Effective Date, and (ii) in the case of the Additional Euro Term C-3 Lender, in an aggregate amount denominated in Euros not to exceed the amount of its Additional Euro Term C-23 C-2 Commitment, which Term C-23 C-2 Loan shall be a Euro Term Loan on the Amendment No. 3 Effective Date, and (y) each Converted Term Loan of each Amendment No. 34 3 Converting Lender shall be converted into a Term C-23 C-2 Loan of such Lender effective as of the Amendment No. 34 3 Effective Date in a principal amount equal to all or a portion of the principal amount of such Lender’s Converted Term Loan immediately prior to such conversion, which Term C-3 Loans shall be Dollar Term Loans to the extent such Lender’s Converted Term Loans were Dollar Term Loans and shall be Euro Term Loans to the extent such Lender’s Converted Term Loans were Euro Term Loans. For the avoidance of doubt, such have an aggregate principal amount of $508,869,157.19 as of the Restatement Effective Date. The Non-Extended Portion of each Term Loan that was a Eurocurrency Term Loan under the Existing Credit Agreementsuch conversion shall not constitute a novation of any interest owing to any Amendment No. 34 3 Converting Lender and each Amendment No. 34 3 Converting Lender shall receive all accrued and unpaid interest owing to it from the Borrower to but not including the Amendment No. 34 3 Effective Date with respect to its Converted Term Loan (which, in the case of accrued interest, shall be payable on the Amendment No. 3 Effective Date). Converted Term Loans that were Eurocurrency Term Loans immediately prior to the Amendment RestatementAmendment No. 34 3 Effective Date shall initially be a Eurocurrency Term Loans LoanLoans under this Agreement with an initial Interest Period equal to the then remaining Interest Period for such Eurocurrency Term LoanLoan under the Existing Credit Agreement. The Non-Extended Portion of each. Converted Term Loans LoanLoans that were was anwere ABR Term Loans Loan under the Existing Credit AgreementLoans immediately prior to the Amendment RestatementAmendment No. 34 3 Effective Date shall initially be an ABR Term Loans LoanLoans under this Agreement. The Term C-2 Loans and Term C-3 BC-2 Loans may from time to time be Eurocurrency Term Loans or ABR Term Loans, as determined by the Company and notified to the Administrative Agent in accordance with Section 2.02(A) and 2.07. Converted Term Loans that were Dollar Term Loans immediately prior to the Amendment No. 34 3 Effective Date shall be Dollar Term Loans under this Agreement. Converted Term Loans that were Euro Term Loans immediately prior to the Amendment No. 34 3 Effective Date shall be Euro Term Loans under this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Celanese Corp)

Loans and Commitments. (a) Subject to The Credit Parties and the terms Lenders acknowledge and conditions set forth in Amendment No. 34 (x) agree that as of the Additional Dollar Term C-23 Lender and Additional Euro Term C-3 Lender each agrees to make loans to the Borrower (each a “Term C-23 Loan”) on the Amendment No. 34 Effective Date date hereof (i) in the case of the Additional Dollar Term C-3 Lender, in an aggregate amount denominated in Dollars not to exceed the principal amount of its Additional Dollar Term C-23 Commitmentloans outstanding under the Existing Credit Agreement equals $69,228,791.92, which Term C-23 Loan shall be a Dollar Term Loan on the Amendment No. 3 Effective Date, and (ii) the aggregate principal amount of loans outstanding under the Existing Credit Agreement owing to each Lender equals the amount set forth opposite such Lender’s name on Schedule I hereto under the column entitled “Prior Loans” and (iii) all outstanding loans under the Existing Credit Agreement are hereby converted into and continued as Loans hereunder (the “Existing Loans”) such that, immediately after giving effect to such conversion, the outstanding principal amount of Loans owing to each Lender hereunder shall be in the case amount set forth opposite such Lender’s name on Schedule I under the column entitled “Loans”. Notwithstanding anything set forth herein to the contrary, in order to effect the continuation of the Additional Euro Term C-3 Lender, in an aggregate amount denominated in Euros not to exceed Existing Loans contemplated by the preceding sentence (A) the amount to be funded on or at any time after the Effective Date by each Lender hereunder in respect of its Additional Euro Term C-23 Commitment, which Term C-23 Loan Commitments shall be a Euro Term Loan on the Amendment No. 3 Effective Date, and (y) each Converted Term Loan of each Amendment No. 34 Converting Lender shall be converted into a Term C-23 Loan of such Lender effective as of the Amendment No. 34 Effective Date in a principal amount equal to all or a portion of reduced by the principal amount of such Lender’s Converted Term Loan immediately prior Existing Loans under the Existing Credit Agreement outstanding on the Effective Date and (B) the Borrower shall pay or cause to such conversionbe paid, which Term C-3 Loans shall be Dollar Term on the Effective Date, to each Lender the interest that accrued on the Existing Loans to the extent Effective Date that was unpaid by the Borrower (it being agreed that such Lender’s Converted Term Loans were Dollar Term Loans and shall be Euro Term Loans to the extent such Lender’s Converted Term Loans were Euro Term Loans. For the avoidance of doubt, such conversion shall not constitute a novation of any interest owing to any Amendment No. 34 Converting Lender and each Amendment No. 34 Converting Lender shall receive all accrued and unpaid interest owing to it from shall be paid by or on behalf of the Borrower to but not including the Amendment No. 34 Effective Date with respect Existing Administrative Agent, for distribution to its Converted Term Loan (whichthe Lenders, in and the case Administrative Agent may conclusively assume for purposes of maintaining the Register that all such accrued interest, shall be payable and unpaid interest has been paid on the Amendment No. 3 Effective Date). Converted Term Loans that were Eurocurrency Term Loans immediately prior to the Amendment No. 34 Effective Date shall initially be Eurocurrency Term Loans under this Agreement with an initial Interest Period equal to the then remaining Interest Period for such Eurocurrency Term Loan. Converted Term Loans that were ABR Term Loans immediately prior to the Amendment No. 34 Effective Date shall initially be ABR Term Loans under this Agreement. The Term C-2 Loans and Term C-3 Loans may from time to time be Eurocurrency Term Loans or ABR Term Loans, as determined by the Company and notified to the Administrative Agent in accordance with Section 2.02(A) and 2.07. Converted Term Loans that were Dollar Term Loans immediately prior to the Amendment No. 34 Effective Date shall be Dollar Term Loans under this Agreement. Converted Term Loans that were Euro Term Loans immediately prior to the Amendment No. 34 Effective Date shall be Euro Term Loans under this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Gastar Exploration Inc.)

Loans and Commitments. (a) Subject to the terms and conditions set forth in Amendment No. 34 (x) the Additional Dollar Term C-23 hereof, each Lender and Additional Euro Term C-3 Lender each severally agrees to make loans Loans to Borrower from time to time during the Loan Availability Period, not to exceed at any time outstanding such Lender's Percentage of the Commitment, Borrower having the right to borrow, repay and reborrow. Each Request for Credit by Borrower shall be deemed a request for a Loan from each Lender equal to such Lender's Percentage of the aggregate amount so requested, and such aggregate amount shall be equal to the Borrower lesser of (1) an integral multiple of $1,000,000 and (2) the unused portion of the Commitment. Each repayment of the Loans shall be deemed a repayment of each a “Term C-23 Loan”) on Lender's Loans equal to such Lender's Percentage of the Amendment No. 34 Effective Date aggregate amount so repaid, and the aggregate amount so repaid shall be equal to the lesser of (i) in the case an integral multiple of the Additional Dollar Term C-3 Lender, in an aggregate amount denominated in Dollars not to exceed the amount of its Additional Dollar Term C-23 Commitment, which Term C-23 Loan shall be a Dollar Term Loan on the Amendment No. 3 Effective Date, $1,000,000 and (ii) in the case aggregate unpaid principal balance of the Additional Euro Term C-3 Lender, in an aggregate amount denominated in Euros Notes. The obligations of Lenders hereunder are several and not to exceed the amount of its Additional Euro Term C-23 Commitment, which Term C-23 Loan shall be a Euro Term Loan on the Amendment No. 3 Effective Datejoint, and the preceding two sentences will give rise to certain inappropriate results if special provisions are not made to accommodate the failure of a Lender to fund a Loan as and when required by this Agreement; therefore, notwithstanding anything herein to the contrary, (yI) each Converted Term Loan of each Amendment No. 34 Converting no Lender shall be converted into a Term C-23 Loan of such Lender effective as of the Amendment No. 34 Effective Date required to make Loans at any one time outstanding in a principal amount equal to all or a portion of the principal amount excess of such Lender’s Converted Term 's Percentage of the Commitment or of the requested Loan immediately prior and (II) if a Lender fails to make a Loan as and when required hereunder and Borrower subsequently makes a repayment on the Loans, such conversionrepayment shall be split among the non-defaulting Lenders ratably in accordance with their respective Percentages until each Lender has its Percentage of all of the outstanding Loans, which Term C-3 and the balance of such repayment shall be divided among all of Lenders in accordance with their respective Percentages. The Loans shall be Dollar Term Loans to the extent such Lender’s Converted Term Loans were Dollar Term Loans and shall be Euro Term Loans to the extent such Lender’s Converted Term Loans were Euro Term Loans. For the avoidance of doubt, such conversion shall not constitute a novation of any interest owing to any Amendment No. 34 Converting Lender and each Amendment No. 34 Converting Lender shall receive all accrued and unpaid interest owing to it from the Borrower to but not including the Amendment No. 34 Effective Date with respect to its Converted Term Loan (which, in the case of accrued interest, shall be payable on the Amendment No. 3 Effective Date). Converted Term Loans that were Eurocurrency Term Loans immediately prior to the Amendment No. 34 Effective Date shall initially be Eurocurrency Term Loans under this Agreement with an initial Interest Period equal to the then remaining Interest Period for such Eurocurrency Term Loan. Converted Term Loans that were ABR Term Loans immediately prior to the Amendment No. 34 Effective Date shall initially be ABR Term Loans under this Agreement. The Term C-2 Loans and Term C-3 Loans may from time to time be Eurocurrency Term Loans or ABR Term Loans, as determined evidenced by the Company and notified to the Administrative Agent in accordance with Section 2.02(A) and 2.07. Converted Term Loans that were Dollar Term Loans immediately prior to the Amendment No. 34 Effective Date shall be Dollar Term Loans under this Agreement. Converted Term Loans that were Euro Term Loans immediately prior to the Amendment No. 34 Effective Date shall be Euro Term Loans under this AgreementNotes.

Appears in 1 contract

Samples: Loan Agreement (Stewart & Stevenson Services Inc)

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Loans and Commitments. (a) Subject to the terms and conditions set forth in Amendment No. 34 (x) the Additional Dollar Term C-23 hereof, each Lender and Additional Euro Term C-3 Lender each severally agrees to make loans Loans to Borrower from time to time during the Loan Availability Period, not to exceed at any time outstanding such Lender's Percentage of the Available Commitment, Borrower having the right to borrow, repay and reborrow. Each Request for Credit by Borrower shall be deemed a request for a Loan from each Lender equal to such Lender's Percentage of the aggregate amount so requested, and such aggregate amount shall be equal to the Borrower lesser of (1) an integral multiple of $1,000,000 and (2) the unused portion of the Available Commitment. Each repayment of the Loans shall be deemed a repayment of each a “Term C-23 Loan”) on Lender's Loans equal to such Lender's Percentage of the Amendment No. 34 Effective Date aggregate amount so repaid, and the aggregate amount so repaid shall be equal to the lesser of (i) in the case an integral multiple of the Additional Dollar Term C-3 Lender, in an aggregate amount denominated in Dollars not to exceed the amount of its Additional Dollar Term C-23 Commitment, which Term C-23 Loan shall be a Dollar Term Loan on the Amendment No. 3 Effective Date, $1,000,000 and (ii) in the case aggregate unpaid principal balance of the Additional Euro Term C-3 Lender, in an aggregate amount denominated in Euros Notes. The obligations of the Lenders hereunder are several and not to exceed the amount of its Additional Euro Term C-23 Commitment, which Term C-23 Loan shall be a Euro Term Loan on the Amendment No. 3 Effective Datejoint, and the preceding two sentences will give rise to certain inappropriate results if special provisions are not made to accommodate the failure of a Lender to fund a Loan as and when required by this Agreement; therefore, notwithstanding anything herein to the contrary, (yI) each Converted Term Loan of each Amendment No. 34 Converting no Lender shall be converted into a Term C-23 Loan of such Lender effective as of the Amendment No. 34 Effective Date required to make Loans at any one time outstanding in a principal amount equal to all or a portion of the principal amount excess of such Lender’s Converted Term 's Percentage of the Available Commitment or of the requested Loan immediately prior and (II) if a Lender fails to make a Loan as and when required hereunder and Borrower subsequently makes a repayment on the Loans, such conversionrepayment shall be split among the non-defaulting Lenders ratably in accordance with their respective Percentages until each Lender has its Percentage of all of the outstanding Loans, which Term C-3 and the balance of such repayment shall be divided among all of Lenders in accordance with their respective Percentages. The Loans shall be Dollar Term Loans to the extent such Lender’s Converted Term Loans were Dollar Term Loans and shall be Euro Term Loans to the extent such Lender’s Converted Term Loans were Euro Term Loans. For the avoidance of doubt, such conversion shall not constitute a novation of any interest owing to any Amendment No. 34 Converting Lender and each Amendment No. 34 Converting Lender shall receive all accrued and unpaid interest owing to it from the Borrower to but not including the Amendment No. 34 Effective Date with respect to its Converted Term Loan (which, in the case of accrued interest, shall be payable on the Amendment No. 3 Effective Date). Converted Term Loans that were Eurocurrency Term Loans immediately prior to the Amendment No. 34 Effective Date shall initially be Eurocurrency Term Loans under this Agreement with an initial Interest Period equal to the then remaining Interest Period for such Eurocurrency Term Loan. Converted Term Loans that were ABR Term Loans immediately prior to the Amendment No. 34 Effective Date shall initially be ABR Term Loans under this Agreement. The Term C-2 Loans and Term C-3 Loans may from time to time be Eurocurrency Term Loans or ABR Term Loans, as determined evidenced by the Company and notified to the Administrative Agent in accordance with Section 2.02(A) and 2.07. Converted Term Loans that were Dollar Term Loans immediately prior to the Amendment No. 34 Effective Date shall be Dollar Term Loans under this Agreement. Converted Term Loans that were Euro Term Loans immediately prior to the Amendment No. 34 Effective Date shall be Euro Term Loans under this AgreementNotes.

Appears in 1 contract

Samples: Loan Agreement (Stewart & Stevenson Services Inc)

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