New Term Loans Clause Samples
The "New Term Loans" clause defines the terms and conditions under which additional term loans may be made available to the borrower during the life of a credit agreement. Typically, this clause outlines the process for requesting new loans, the approval requirements from existing lenders, and the terms that will apply to these new borrowings, such as interest rates, maturity dates, and repayment schedules. By establishing a clear framework for obtaining additional financing, this clause provides flexibility for the borrower to access further capital as needed while ensuring that lenders retain control over the terms and risk exposure associated with new loans.
New Term Loans. (a) Subject to the terms and conditions set forth herein, (i) each Renewing Lender agrees to make New Term Loans to the Borrower on the Tranche B Refinancing Date in such amounts (not in excess of its Existing Tranche B Term Loans) as are determined by the Borrower, ▇.▇. ▇▇▇▇▇▇ Securities Inc. and Banc of America Securities LLC and notified to such Lender by exchanging its Existing Tranche B Term Loans in such amounts for New Term Loans in an equal principal amount and (ii) each Additional Term Lender agrees to make New Term Loans to the Borrower on the Tranche B Refinancing Date in a principal amount equal to such New Term Lender's Additional Term Loan Commitment. For purposes hereof and of the Credit Agreement, a Person shall become an Additional Term Lender by executing and delivering to the Agent, on or prior to the Tranche B Refinancing Date, a written instrument in a form satisfactory to the Agent (a "Joinder Agreement") pursuant to which such Person (i) commits to make Additional Term Loans on the Tranche B Refinancing Date in an amount set forth in such Joinder Agreement and (ii) agrees to become party to the Credit Agreement as a Tranche B Lender and to be bound by the terms and provisions thereof. The "Additional Term Loan Commitment" of such Additional Term Lender shall be the amount set forth in its Joinder Agreement or such lesser amount as is allocated to it by the Borrower, ▇.▇. ▇▇▇▇▇▇ Securities Inc. and Banc of America Securities LLC by notice to such Lender prior to the Tranche B Refinancing Date. The commitments of the New Term Lenders are several and no New Term Lender shall be responsible for any other New Term Lender's failure to make New Term Loans. For purposes hereof, the "Tranche B Refinancing Date" shall be a Business Day selected by the Borrower occurring on or after November 10, 2003 and prior to November 15, 2003, on which each of the conditions set forth in paragraph (b) of this Section 4 is satisfied. The Borrower shall give the Agent at least two Business Days' prior written notice of the date selected by it as the Tranche B Refinancing Date.
(b) The obligations of each New Term Lender to make New Term Loans on the Tranche B Refinancing Date is subject to the satisfaction of the following conditions:
(i) The conditions set forth in Section 4.02 of the Credit Agreement shall be satisfied on and as of the Tranche B Refinancing Date, and the New Term Lenders shall have received a certificate of a Financial Officer, dated the T...
New Term Loans. Notwithstanding anything to the contrary herein or in any other Loan Document, this Agreement and the other Loan Documents may be amended with the written consent of only the Administrative Agent and the Borrower to the extent necessary in order to evidence and implement any incurrence of Term Loans pursuant to Section 2.22.
New Term Loans. (b) The Revolving Credit Commitment shall terminate at 5:00 p.m. (New York City time) on the Revolving Credit Maturity Date.
New Term Loans. Subject to the terms and conditions set forth herein, each New Term Lender severally agrees to make a single loan to the Borrower on the [First Incremental Commitments Amendment Effective Date]difr [Funding Date]difa in an amount not to exceed such New Term Lender’s Applicable Percentage of the New Term Facility. The New Term Borrowing shall consist of New Term Loans made simultaneously by the New Term Lenders in accordance with their respective Applicable Percentages of the New Term Facility. Amounts borrowed under this Section 2.01(c) and repaid or prepaid may not be reborrowed. New Term Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.
New Term Loans. Subject to the terms and conditions hereof, each Lender (including any Continuing Lender solely to the extent that its Term Loan Commitment with respect to any Class exceeds its converted Term Loans of such Class) severally agrees to make, on the Restatement Date:
(A) a U.S. Tranche A Term Loan to the U.S. Borrower in an amount equal to such Lender’s U.S. Tranche A Term Loan Commitment;
(B) a Foreign Tranche A Term Loan to the Foreign Borrower in an amount equal to such Lender’s Foreign Tranche A Term Loan Commitment;
(C) a U.S. Tranche B Term Loan to the U.S. Borrower in an amount equal to such Lender’s U.S. Tranche B Term Loan Commitment; and
(D) a Foreign Tranche B Term Loan to the Foreign Borrower in an amount equal to such Lender’s Foreign Tranche B Term Loan Commitment.
New Term Loans. The principal amount of New Term Loans of each Term Lender shall be repaid as provided in the amendment to this Agreement in respect of such New Term Loans as contemplated by Section 2.14, subject to the requirements of Section 2.14 (which installments shall, to the extent applicable, be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Sections 2.05 and 2.06, or be increased as a result of any increase in the amount of New Term Loans pursuant to Section 2.14 (such increased scheduled installments to be calculated in the same manner (and on the same basis) as the schedule set forth in the amendment to this Agreement in respect of such New Term Loans as contemplated by Section 2.14 for the initial incurrence of such New Term Loans)). To the extent not previously paid, each New Term Loan shall be due and payable on the Maturity Date applicable to such New Term Loans.
New Term Loans. Prior to the incurrence of any New Term Loans, Holdings and the Borrowers shall have satisfied (or caused to be satisfied) all of the applicable conditions set forth in Section 2.25 and the relevant Joinder Agreement.
New Term Loans. Subject to the terms and conditions set forth herein, each Tranche B-1 Lender severally agrees to exchange Initial Loans for Tranche B-1 Loans and/or make Tranche B-1 Loans to the Borrower in a single borrowing on the Effective Date. Pursuant to Section 3.2 of the Credit Agreement, the Tranche B-1 Loans shall constitute a separate Class of Loans and shall have the following terms:
New Term Loans. New Term Loans (of each Series), Extended Term Loans (of the same Extension Series), Replacement Term Loans (of the same Series), Extended Revolving Credit Loans (of the same Extension Series), or Swingline Loans and (ii) when used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment, an Additional Revolving Credit Commitment, a New Revolving Credit Commitment, an Extended Revolving Credit Commitment (of the same Extension Series), an Initiala Closing Date Term Loan Commitment, a Replacement Term Loan Commitment or a New Term Loan Commitment (including an Amendment No. 1 New Term Loan Commitment or an Amendment No. 3 New Term Loan Commitment).
New Term Loans. Each New Term Loan Lender shall make each New Term Loan to be made by it hereunder on the Closing Date by wire transfer of immediately available funds to such account in the United States as the Administrative Agent may designate not later than 12:00 (noon), New York City time, and the Administrative Agent shall promptly credit the amounts so received to an account as directed by Borrower in the applicable Notice of Borrowing maintained with the Administrative Agent or, if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, return the amounts so received to the respective New Term Loan Lenders.