Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section. (b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 8 contracts
Sources: Credit Agreement (Frontier Communications Parent, Inc.), Credit Agreement (Frontier Communications Parent, Inc.), Credit Agreement (Frontier Communications Parent, Inc.)
Refinancing Facilities. (a) At any time On one or more occasions after the Closing Effective Date, the Borrower may obtain, from any Lender or any other bank, financial institution or other institutional lender or investor that agrees to provide any portion of Refinancing Term Loans pursuant to a Refinancing Amendment in accordance with this Section 2.22 (each, an “Additional Lender Refinancing Lender”) (provided that the Administrative Agent shall have consented (such consent not to be unreasonably withheld, conditioned or delayed) to such Lender’s or Additional Refinancing Lender’s making such Refinancing Term Loans to the extent agreed such consent, if any, would be required under Section 9.04(b) for, and to by the extent that such Additional Refinancing Lender is a Purchasing Borrower Party or an Affiliated Lender, the requirements of Section 9.04(g) and 9.04(f), respectively, shall be satisfied as if such Refinancing Term Loan were, an assignment of Term Loans to such Lender or Additional Lender in its sole discretionRefinancing Lender), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments Agreement, in the form of Refinancing Revolving Credit Term Loans or Refinancing Revolving Credit Commitments, respectively, in each case, Term Commitments pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, provided that no Lender is obligated hereunder to provide such Credit Agreement Refinancing Indebtedness Indebtedness.
(ib) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject toto the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agentof (i) customary legal opinions, as applicable, of reaffirmation agreements board resolutions and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Effective Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as and (ii) reaffirmation agreements and/or such amendments to the effectiveness Security Documents as may be reasonably requested by the Administrative Agent in order to ensure that such Credit Agreement Refinancing Indebtedness is provided with the benefit of each the applicable Loan Documents.
(c) Each issuance of Credit Agreement Refinancing Amendment. Indebtedness under Section 2.22(a) shall be in an aggregate principal amount that is (x) not less than $50,000,000 and (y) an integral multiple of $10,000,000 in excess thereof.
(d) Each of the parties hereto hereby agrees that, upon that this Agreement and the effectiveness of any other Loan Documents may be amended pursuant to a Refinancing Amendment, this Agreement shall be deemed amended without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicableii) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this SectionSection 2.22, including any amendments necessary to treat the applicable Loans and/or Commitments established under the Refinancing Amendment as a new Class of Loans and/or Commitments hereunder, and the Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing Amendment.
(be) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 2.17 or Section 9.02 to the contrarycontrary solely to the extent provided in this Section 2.22.
Appears in 7 contracts
Sources: Credit Agreement (YETI Holdings, Inc.), Credit Agreement (YETI Holdings, Inc.), Credit Agreement (YETI Holdings, Inc.)
Refinancing Facilities. (a) At Borrower may from time to time by written notice to the Administrative Agent elect to request the establishment of one or more additional Tranches of Term Loans under this Agreement (“Refinancing Term Loans”), which refinance, renew, replace, defease or refund all or any portion of one or more Tranches of Term Loans under this Agreement selected by Borrower; provided, that such Refinancing Term Loans may not be in an amount greater than the aggregate principal amount of the Term Loans being refinanced, renewed, replaced, defeased or refunded plus unpaid accrued interest and premium (if any) thereon and upfront fees, original issue discount, underwriting discounts, fees, commissions and expenses incurred in connection with the Refinancing Term Loans; provided that such aggregate principal amount may also be increased to the extent such additional amount is capable of being incurred at such time pursuant to Section 2.15 and such excess incurrence shall for all purposes hereof be an incurrence under the relevant subclauses of Section 2.15. Each such notice shall specify the date (each, a “Refinancing Effective Date”) on which Borrower proposes that the Refinancing Term Loans shall be made, which shall be a date not less than three (3) Business Days after the date on which such notice is delivered to the Administrative Agent; provided that:
(i) except in the case of Extendable Bridge Loans (when taken together with any Permitted Refinancing Indebtedness incurred with respect to the foregoing to the extent such Indebtedness does not otherwise meet the requirements set forth in this clause (i)), the Weighted Average Life to Maturity of such Refinancing Term Loans shall not be shorter than the remaining Weighted Average Life to Maturity of the Term Loans being refinanced and the Refinancing Term Loans shall not have a final stated maturity before the Maturity Date applicable to the Term Loans being refinanced;
(ii) such Refinancing Term Loans shall have pricing (including interest rates, fees and premiums), amortization, optional prepayment, mandatory prepayment (so long as such Refinancing Term Loans are not entitled to participate on a greater than pro rata basis in any mandatory prepayment than the then outstanding Term Loans) and redemption terms as may be agreed to by Borrower and the relevant Refinancing Term Loan Lenders (as defined below);
(iii) such Refinancing Term Loans shall not be guaranteed by any Person other than the Credit Parties;
(iv) in the case of any such Refinancing Term Loans that are secured, (x) such Refinancing Term Loans are secured only by assets comprising Collateral, and not secured by any property or assets of Borrower or any of its Subsidiaries other than the Collateral and (y) the holders of such Refinancing Term Loans shall have authorized the applicable Pari Passu Representative to be party to the Pari Passu Intercreditor Agreement (or an Additional Pari Passu Intercreditor Agreement) on their behalf; and
(v) all other terms applicable to such Refinancing Term Loans (except as set forth above), taken as a whole, shall not be materially more favorable to the Refinancing Term Loan Lenders than the related provisions applicable to the existing Term Loans or otherwise reasonably satisfactory to the Administrative Agent, except to the extent such covenants and other terms apply solely to any period after the Term Loans Latest Maturity Date as of the date such Indebtedness was incurred (provided that a certificate of a Responsible Officer of ▇▇▇▇▇▇▇▇ delivered to the Administrative Agent in good faith at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that ▇▇▇▇▇▇▇▇ has determined in good faith that such terms and conditions satisfy the requirement set out in this clause (v), shall be conclusive evidence that such terms and conditions satisfy such requirement unless the Administrative Agent provides notice to Borrower of an objection during such five Business Day period (including a reasonable description of the basis upon which it objects)).
(b) Borrower may approach any Lender or (with the consent of the Administrative Agent (not to be unreasonably withheld or delayed) to the extent such consent, if any, would be required under Section 13.04(b) for an assignment of Loans to such Person) any other Person that would be an Eligible Transferee of Term Loans to provide all or a portion of the Refinancing Term Loans (a “Refinancing Term Loan Lender”); provided that any Lender offered or approached to provide all or a portion of the Refinancing Term Loans may elect or decline, in its sole discretion, to provide a Refinancing Term Loan. Any Refinancing Term Loans made on any Refinancing Effective Date shall be designated a series of Refinancing Term Loans (a “Refinancing Term Loan Series”) for all purposes of this Agreement; provided that any Refinancing Term Loans may, to the extent provided in the applicable Refinancing Term Loan Amendment and subject to the restrictions set forth in clause (a) above, be designated as an increase in any previously established Tranche of Term Loans.
(c) The Administrative Agent and the Lenders hereby consent to the transactions contemplated by Section 2.19(a) (including, for the avoidance of doubt, the payment of interest, fees, amortization (to the extent in compliance with Section 2.19(a)(i)) or premium in respect of the Refinancing Term Loans on the terms specified by Borrower) and hereby waive the requirements of this Agreement or any other Credit Document that may otherwise prohibit any transaction contemplated by Section 2.19(a). The Refinancing Term Loans shall be established pursuant to an amendment to this Agreement among Holdings, Borrower, the Administrative Agent and the Refinancing Term Loan Lenders providing such Refinancing Term Loans (a “Refinancing Term Loan Amendment”) (which shall not require the consent of any other Lender) which shall be consistent with the provisions set forth in Section 2.19(a). Each Refinancing Term Loan Amendment shall be binding on the Lenders, the Administrative Agent, the Credit Parties party thereto and the other parties hereto without the consent of any other Lender and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Credit Documents as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and Borrower, to effect the provisions of Section 2.19 including such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in Section 5.02(a) (insofar as such schedule relates to payments due to Lenders the Term Loans of which are refinanced with the proceeds of Refinancing Term Loans; provided that no such amendment shall reduce the pro rata share of any such payment that would have otherwise been payable to the Lenders, the Term Loans of which are not refinanced with the proceeds of Refinancing Term Loans). The Administrative Agent shall be permitted, and each is hereby authorized, to enter into such amendments with Borrower to effect the foregoing.
(d) On one or more occasions after the Closing Date, the Borrower may obtain, from any Lender or any Additional (with the consent of the Administrative Agent, the Issuing Banks and the Swingline Lender (not to be unreasonably withheld or delayed) to the extent agreed such consent, if any, would be required under Section 13.04(b) for an assignment of Loans to by such Person) any Eligible Transferee that becomes a Lender or Additional Lender in its sole discretion(“Refinancing Revolving Lender”), Credit Agreement Refinancing Indebtedness in respect of which refinances all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or (or unused Revolving Credit Commitments Commitments) then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans Commitments or Refinancing Revolving Credit Commitments, respectively, in each case, Loans pursuant to a Refinancing Amendmentan amendment to this Agreement among Holdings, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders providing such Refinancing Revolving Commitments or Additional Lenders with respect theretoRefinancing Revolving Loans (a “Refinancing Revolving Amendment”); provided that notwithstanding anything to the contrary in this Section 2.19 or otherwise, (iii1) will, to the extent in the form borrowing and repayment of Refinancing Revolving Credit Loans or (except for (A) payments of interest and fees at different rates on Refinancing Revolving Credit Commitments (and related outstandings), (B) repayments required upon the maturity date of the Refinancing Revolving Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments of Revolving Loans with respect to Refinancing Revolving Commitments after the date of obtaining any Refinancing Revolving Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein ) shall be made on a pro rata basis with any then outstanding all other Revolving Credit Loans and Revolving Credit Commitments, except that (2) subject to the Borrower provisions of Section 2.19 to the extent dealing with Letters of Credit which mature or expire after a maturity date when there exist Extended Revolving Commitments with a longer maturity date, all Letters of Credit shall be permitted to permanently repay and terminate commitments of any such Class participated on a better than a pro rata basis as compared to any other Class by all Lenders with a later maturity date than such Class Revolving Commitments in accordance with their percentage of the Revolving Commitments, (3) assignments and (iv) will, to the extent in the form participations of Refinancing Revolving Credit Loans or Commitments and Refinancing Revolving Credit Commitments Loans shall be governed by the same assignment and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those participation provisions applicable to the Revolving Credit Commitments and Revolving Credit Loans, (4) such Refinancing Revolving Loans shall not mature prior to the maturity date of the Revolving Loans being refinanced. The effectiveness refinanced as of the date of such Refinancing Revolving Amendment, (5) such Refinancing Revolving Loans shall not be guaranteed by any Refinancing Amendment shall be subject toPerson other than the Credit Parties, to the extent reasonably requested by the Administrative Agent (or 6) in the case of any such Refinancing Revolving Credit Commitments Loans that are secured, (x) such Refinancing Revolving Loans are secured only by assets comprising Collateral, and not secured by any property or assets of Borrower or any of its Subsidiaries other than the Collateral and (y) the holders of such Refinancing Revolving Credit Loans, Loans shall have authorized the Revolver Agentapplicable Pari Passu Representative to be party to the Pari Passu Intercreditor Agreement (or an Additional Pari Passu Intercreditor Agreement) on their behalf and (7) the covenants and events of default applicable to such Refinancing Revolving Loans (except as set forth above), receipt by taken as a whole, shall not be materially more favorable to the Refinancing Revolving Lenders than the related provisions applicable to the existing Revolving Loans or otherwise reasonably satisfactory to the Administrative Agent, except to the extent such covenants and events of default apply solely to any period after the Revolving Commitments Latest Maturity Date as of the date such Indebtedness was incurred (provided that a certificate of a Responsible Officer of Borrower delivered to the Administrative Agent in good faith at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or Revolver Agentdrafts of the documentation relating thereto, as applicablestating that Borrower has determined in good faith that such terms and conditions satisfy the requirement set out in this clause (7), of reaffirmation agreements shall be conclusive evidence that such terms and board resolutions, officers’ certificates and legal opinions consistent with those delivered on conditions satisfy such requirement unless the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as provides notice to Borrower of an objection during such five Business Day period (including a reasonable description of the effectiveness of each Refinancing Amendmentbasis upon which it objects)). Each of the parties hereto hereby agrees thatthat this Agreement and the other Credit Documents may be amended pursuant to a Refinancing Revolving Amendment, upon without the effectiveness consent of any Refinancing Amendmentother Lenders, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness Revolving Commitments and/or Refinancing Revolving Loans incurred pursuant thereto and (including any amendments necessary ii) make such other changes to treat this Agreement and the Loans other Credit Documents consistent with the provisions of Section 13.12 and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable(iii) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such other amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and Borrower, to effect the provisions of this SectionSection 2.19, and the Required Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing Revolving Amendment.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 6 contracts
Sources: Credit Agreement (McGraw Hill, Inc.), Credit Agreement (McGraw Hill, Inc.), Credit Agreement (McGraw Hill, Inc.)
Refinancing Facilities. (a) At The Parent Borrower may, by written notice to the Administrative Agent from time to time, request (x) Replacement Revolving Commitments to replace all or a portion of any time existing Class of Revolving Commitments (the “Replaced Revolving Commitments”) in an aggregate amount not to exceed the aggregate amount of the Replaced Revolving Commitments plus any accrued interest, fees, costs and expenses related thereto and (y) Refinancing Term Loans to refinance all or a portion of any existing Class of Term Loans (the “Refinanced Term Loans”) in an aggregate principal amount not to exceed the aggregate principal amount of the Refinanced Term Loans plus any accrued interest, fees, costs and expenses related thereto (including any original issue discount or upfront fees). Such notice shall set forth (i) the amount of the applicable Credit Agreement Refinancing Facility (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000), (ii) the date on which the applicable Credit Agreement Refinancing Facility is to become effective (which shall not be less than 10 Business Days nor more than 60 days after the Closing Date, date of such notice (or such longer or shorter periods as the Administrative Agent shall agree)) and (iii) whether such Credit Agreement Refinancing Facilities are Replacement Revolving Commitments or Refinancing Term Loans. The Parent Borrower may obtain, seek Credit Agreement Refinancing Facilities from any Lender existing Lenders (each of which shall be entitled to agree or any Additional Lender (decline to the extent agreed to by such Lender or Additional Lender participate in its sole discretion), ) or any New Lender.
(b) It shall be a condition precedent to the effectiveness of any Credit Agreement Refinancing Indebtedness Facility and the incurrence of any Refinancing Term Loans that (i) no Default or Event of Default shall have occurred and be continuing immediately prior to or immediately after giving effect to such Credit Agreement Refinancing Facility or the incurrence of such Refinancing Term Loans, as applicable, (ii) the representations and warranties set forth in respect Section 4 and in each other Loan Document shall be true and correct in all material respects on and as of the date such Credit Agreement Refinancing Facility becomes effective and the Refinancing Term Loans are made; (iii) the terms of the Credit Agreement Refinancing Facility shall comply with Section 2.29(c) and (iv) (x) substantially concurrently with the incurrence of any such Refinancing Term Loans, 100% of the proceeds thereof shall be applied to repay the Refinanced Term Loans (including to pay accrued interest, fees and premiums (if any) payable in connection therewith) and (y) substantially concurrently with the effectiveness of such Replacement Revolving Commitments, all or any an equivalent portion of the Term LoansRevolving Commitments in effect immediately prior to such effectiveness shall be terminated, Prepetition Subsidiary Debtand all or an equivalent portion of the Revolving Loans then outstanding, together with interest thereon and all other amounts accrued for the benefit of the Revolving Lenders, shall be repaid or paid.
(c) The terms of any Credit Loans and/or Revolving Agreement Refinancing Facility shall be determined by the Parent Borrower and the applicable Credit Commitments then outstanding under this Agreement Refinancing Facility Lenders and set forth in an Additional Credit Extension Amendment; provided that (which will be deemed to include i) the final maturity date of any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Replacement Revolving Credit Commitments shall not be earlier than the maturity or termination date of the applicable Refinanced Term Loans or Refinancing Replaced Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case(ii) (A) there shall be no scheduled amortization of the Replacement Revolving Commitments and (B) the weighted average life to maturity of the Refinancing Term Loans shall be no shorter than the remaining weighted average life to maturity of the Refinanced Term Loans, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such (iii) the Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, Facilities will rank pari passu or junior in right of payment and of security with the other Revolving Loans and Commitments hereunder the Term Loans and (but A) there shall be no additional Collateral with respect thereto not constituting security for the avoidance Obligations and (B) none of doubtthe obligors or guarantors with respect thereto shall be a Person that is not a Loan Party, (iv) the interest rate margin, rate floors, fees, original issue discount and premiums applicable to the Credit Agreement Refinancing Facilities shall be determined by the Parent Borrower and the applicable Credit Agreement Refinancing Facility Lenders and (v) to the extent the terms of the Credit Agreement Refinancing Facilities are inconsistent with the terms set forth herein (except as set forth in clause (i) through (iv) above), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Credit Agreement Refinancing Facility pursuant to this Section 2.29, the Borrowers, the Administrative Agent and each applicable Credit Agreement Refinancing Facility Lender shall execute and deliver to the Administrative Agent an Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing DateFacilities. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Additional Credit Extension Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Any Additional Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Extension Amendment may, without the consent of any other LendersLender, 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 and the Parent Borrower, to effect the provisions of this Section.
Section 2.29, including any amendments necessary to establish the applicable Credit Agreement Refinancing Facility as a new Class or tranche of Term Loans or Revolving Commitments (bas applicable) This and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Parent Borrower in connection with the establishment of such Classes or tranches (including to preserve the pro rata treatment of the refinanced and non-refinanced tranches and to provide for the reallocation of participation in outstanding Letters of Credit and Swingline Loans upon the expiration or termination of the commitments under any Class or tranche), in each case on terms consistent with this Section 2.18 2.29. Upon effectiveness of any Replacement Revolving Commitments pursuant to this Section 2.29, each Revolving Lender with a Revolving Commitment immediately prior to such effectiveness will automatically and without further act be deemed to have assigned to each Replacement Revolving Lender, and each such Replacement Revolving Lender will automatically and without further act be deemed to have assumed, a portion of such existing Revolving Lender’s participations hereunder in outstanding Letters of Credit and Swingline Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding participations hereunder in Letters of Credit and Swingline Loans held by each Revolving Lender (including each such Replacement Revolving Lender) will equal its Revolving Percentage. If, on the date of such effectiveness, there are any Revolving Loans outstanding, such Revolving Loans shall supersede upon the effectiveness of such Replacement Revolving Commitment be prepaid from the proceeds of additional Revolving Loans made hereunder so that Revolving Loans are thereafter held by the Revolving Lenders (including each Replacement Revolving Lender) according to their Revolving Percentage, which prepayment shall be accompanied by accrued interest on the Revolving Loans being prepaid and any provisions of costs incurred by any Revolving Lender in accordance with Section 10.01 2.21. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the contrarytransactions effected pursuant to the immediately preceding sentence.
Appears in 6 contracts
Sources: Amendment No. 4 (Somnigroup International Inc.), Credit Agreement (Tempur Sealy International, Inc.), Credit Agreement (Tempur Sealy International, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Loans or Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities Term Loan Commitments or any Incremental Revolving Credit Loan Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)agreement) or any then outstanding Refinancing Term Loans in the form of Refinancing Term Loans or Refinancing Term Commitments or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretothereof, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any all then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, any Credit Agreement Refinancing Indebtedness to be provided by Sponsor Investors or Affiliated Debt Funds shall be subject to the extent in the form terms of Section 10.04(b) as if such Credit Agreement Refinancing Revolving Credit Loans Indebtedness was a Loan being assigned to any such Sponsor Investor or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedAffiliated Debt Fund. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans Loans, Refinancing Term Loan Commitments or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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.
(b) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 10.02 to the contrary.
Appears in 5 contracts
Sources: Credit Agreement (Integral Ad Science Holding LLC), Amendment Agreement (Jamf Holding Corp.), Credit Agreement (Jamf Holding Corp.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower Company may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), obtain Credit Agreement Refinancing Indebtedness in respect of (i) all or any portion of the any Class of Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which for purposes of this clause (i) will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities established pursuant to an Additional Credit Extension Amendment) or (ii) all or any Incremental portion of the Revolving Credit Commitments then outstanding Loans (or unused Revolving Credit Commitments) under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form which for purposes of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), this clause (ii) will, will be deemed to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with include any then outstanding Revolving Credit Loans and or Revolving Credit CommitmentsCommitments established pursuant to an Additional Credit Extension Amendment), except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of (x) other Term Loans (“Refinancing Term Loans”) or (y) other Revolving Credit Loans (“Refinancing Revolving Credit Loans Loans”) or other Revolving Credit Commitments (“Refinancing Revolving Credit Commitments and unless Commitments”), as the Required Revolving case may be, in each case pursuant to an Additional Credit Lenders Extension Amendment; provided that the Net Cash Proceeds of such Credit Agreement Refinancing Indebtedness shall have consented theretobe applied, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable substantially concurrently with the incurrence thereof, to the prepayment of outstanding Term Loans or reduction of Revolving Credit Commitments and Revolving Credit Loans being refinancedso Refinanced, as the case may be. The effectiveness of any Additional Credit Extension Amendment establishing Credit Agreement Refinancing Amendment Indebtedness shall be subject toto the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agentof legal opinions, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and/or reaffirmation agreements. Any Credit Agreement Refinancing Indebtedness incurred under this Section 2.18 shall be in an aggregate principal amount that is not less than $10,000,000 and legal opinions consistent with those delivered an integral multiple of $1,000,000 in excess thereof (in each case unless the Company and the Administrative Agent otherwise agree). Any Additional Credit Extension Amendment establishing Credit Agreement Refinancing Indebtedness may provide for the issuance of letters of credit or the provision of swing line loans pursuant to any Revolving Credit Commitments of Credit Agreement Refinancing Indebtedness established thereby, in each case on terms substantially equivalent to the Closing Dateterms applicable to Letters of Credit and Swing Line Loans under the Revolving Credit Commitments; provided that no L/C Issuer or Swing Line Lender shall be required to act as “L/C issuer” or “swing line lender” under any such Additional Credit Extension Amendment without its written consent. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Additional Credit Extension Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Additional Credit Extension Amendment establishing Credit Agreement Refinancing AmendmentIndebtedness, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Loans, Revolving Credit Loan Commitments and/or Term Commitments, as applicable) and any Indebtedness being replaced or refinanced with such ). Any Additional Credit Extension Amendment establishing Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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 and the Company, to effect the provisions of this SectionSection 2.18.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 5 contracts
Sources: Credit Agreement (WEX Inc.), Credit Agreement (WEX Inc.), Credit Agreement (WEX Inc.)
Refinancing Facilities. (a) At any time after Upon written notice to the Closing DateAdministrative Agent (which shall promptly notify the Lenders), the Borrower Company may obtain, from time to time elect to refinance any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect Class of all or any portion of the Term Loans, Prepetition Subsidiary Debtin whole or in part, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement with one or more new term loan facilities (which will be deemed to include any then outstanding Incremental each, a “Refinancing Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Facility”) or any then outstanding Refinancing Term Loans Class of Revolving Credit Loans, in whole or any then outstanding in part, with one or more new revolving credit loan facilities (each, a “Refinancing Revolving Credit Loans Facility”) under this Credit Agreement with the consent of the Company, the Administrative Agent (not to be unreasonably withheld or delayed) and the institutions providing such Refinancing Term Facility or Refinancing Revolving Credit Commitments Facility or, in the form case of Refinancing Revolving Credit any Class of Term Loans, with one or more series of senior unsecured notes or term loans or senior secured first lien notes or term loans or senior secured junior lien (as compared to the Liens securing the Class of Term Loans or Refinancing Revolving Credit Commitments, respectivelybeing refinanced) term loans, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; providedif secured, that will be secured by Liens on the Collateral on a pari passu basis or junior priority basis (as applicable) with the Liens on Collateral securing the Class of Term Loans being refinanced and will be subject to customary intercreditor arrangements reasonably satisfactory the Administrative Agent (any such Credit Agreement notes or loans, “Refinancing Indebtedness Equivalent Debt”); provided that (i) willexcept with respect to customary bridge loans, (A) any Refinancing Facility or Refinancing Equivalent Debt does not mature prior to, and no scheduled mandatory commitment reduction in respect thereof shall be required prior to, the maturity date of the Class of Loans or Incremental Loans being refinanced and (B) the maturity date and the weighted average life to maturity of such Refinancing Facility or Refinancing Equivalent Debt shall be no earlier than or shorter than, as the case may be, the maturity date or the remaining weighted average life to maturity of the Class of Loans or Incremental Loans being refinanced, as applicable, (ii) the other terms and conditions of such Refinancing Facility or Refinancing Equivalent Debt (excluding pricing and optional prepayment or redemption terms) are (taken as a whole) no more favorable to the lenders or investors, as applicable, providing such Refinancing Facility or Refinancing Equivalent Debt, as applicable, than those applicable to the Loans or Incremental Loans being refinanced (except for covenants or other provisions applicable only to periods after the Latest Maturity Date), (iii) there shall be no borrower, issuer and/or guarantor under any Refinancing Facility or Refinancing Equivalent Debt other than the Company and/or the Guarantors, as applicable, (iv) the proceeds of any Refinancing Facility or Refinancing Equivalent Debt shall be applied, substantially simultaneously with the incurrence thereof, to the prepayment of outstanding Loans under the facility being refinanced and (v) to the extent secured, rank pari passu any such Refinancing Facility or junior Refinancing Equivalent Debt shall not be secured by any lien on any asset that does not also secure the Loans. Each such notice shall specify the date on which the Company proposes that the Refinancing Facility shall be made or the Refinancing Equivalent Debt shall be issued, which shall be a date not less than five (5) Business Days (or such shorter period as may be agreed by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent.
(b) The Company may approach any Lender or any Eligible Assignee to provide all or a portion of the Refinancing Facilities or Refinancing Equivalent Debt; provided that any Lender offered or approached to provide all or a portion of any Refinancing Facility and/or Refinancing Equivalent Debt may elect or decline, in right its sole discretion, to provide a Refinancing Facility or purchase Refinancing Equivalent Debt; subject to the consent of payment the Administrative Agent (which consent shall not be unreasonably withheld), if such Administrative Agent consent would be required under Section 10.06(b)(iii) for an assignment of Loans to such Lender.
(c) The Administrative Agent and of security with the other Loans and Commitments hereunder Lenders hereby consent to the transactions contemplated by this Section 2.14 (but including, for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition payment of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discountsinterest, fees, premiums amortization or premium in respect of the Refinancing Facilities and prepayment or redemption provisions and Refinancing Equivalent Debt on the terms as may be agreed specified by the Borrower Company) and hereby waive the requirements of this Credit Agreement or any other Loan Document that may otherwise prohibit any transaction contemplated by this Section 2.14. The Refinancing Facilities shall be established pursuant to an amendment to this Credit Agreement among the Company, the Administrative Agent and the Lenders providing such Refinancing Facilities (a “Refinancing Amendment”) which shall be consistent with the provisions set forth in this Section. The Refinancing Equivalent Debt shall be established pursuant to an indenture, credit agreement or Additional Lenders other definitive documentation which shall be consistent with respect thereto, (iii) will, the provisions set forth in this Section. Notwithstanding anything to the extent contrary contained in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit CommitmentsSection 10.01, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any each Refinancing Amendment shall be subject tobinding on the Lenders, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit LoansAgent, the Revolver Agent), receipt by Loan Parties party thereto and the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the other parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such Lender and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Credit Agreement and the any other Loan Documents documents as may be necessary or appropriateappropriate in the reasonable opinion of the Administrative Agent and the Company, to effect the provisions of this Section.
Section 2.14, including in order to establish new tranches or sub-tranches in respect of the Refinancing Facilities and such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in Section 2.07 (b) This Section 2.18 insofar as such schedule relates to payments due to Lenders of the Loans which are being refinanced with the proceeds of a Refinancing Facility; provided that no such amendment shall supersede reduce the pro rata share of any provisions of Section 10.01 such payment that would have otherwise been payable to the contraryLenders, the Loans of which are not refinanced with the proceeds of a Refinancing Facility). The Administrative Agent shall be permitted, and is hereby authorized, to enter into such amendments with the Company to effect the foregoing.
Appears in 5 contracts
Sources: Credit Agreement (Madison Square Garden Entertainment Corp.), Credit Agreement (MSGE Spinco, Inc.), Credit Agreement (Madison Square Garden Entertainment Corp.)
Refinancing Facilities. (a) At any time after the Closing Effective Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Term Loan Agreement Refinancing Indebtedness in the form of Refinancing Term Loans or Refinancing Notes in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit any Class of Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which for purposes of this clause (a) will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, Incremental Loans) pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment Term Loans will have terms and of security conditions that are consistent with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by applicable requirements set forth in the definition of “Credit Term Loan Agreement Refinancing Indebtedness,” have such pricing, interest rate margins .”
(including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iiib) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment Term Facility shall be subject to, to the extent satisfaction on the date thereof of each of the conditions set forth in the applicable Refinancing Amendment (which conditions shall include, at the request of the Administrative Agent, customary officer’s certificates and an opinion of counsel for the Borrower in form and substance reasonably satisfactory to the Administrative Agent in respect of matters reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agentrelating thereto), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing AmendmentTerm Facility. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing AmendmentTerm Facility, this Agreement shall be deemed amended and restated or amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Term Loan Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respectsthereto. Any Refinancing 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 and Borrower, to effect the provisions of this Section.
(b) Section 2.20. This Section 2.18 2.20 shall supersede any provisions of in Section 10.01 2.15 or 9.02 to the contrary.
Appears in 5 contracts
Sources: Term Loan Agreement (Uber Technologies, Inc), Term Loan Agreement (Uber Technologies, Inc), Term Loan Agreement (Uber Technologies, Inc)
Refinancing Facilities. (ai) At The Borrower may, at any time or from time to time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (by notice to the extent agreed to by such Lender or Additional Lender in its sole discretionAdministrative Agent (a “Refinancing Term Loan Request”), Credit Agreement Refinancing Indebtedness in respect request the establishment of all (x) one or any portion more new Classes of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding term loans under this Agreement (which will be deemed any such new Class, “New Refinancing Commitments”) or (y) increases to include any then outstanding Incremental one or more existing Classes of Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding such increase to an existing Class, collectively with New Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively“Refinancing Commitments”), in each case, established in exchange for, or to extend, renew, replace, repurchase, retire or refinance, in whole or in part, as selected by the Borrower, any one or more then existing Class or Classes of Term Loans or Commitments (with respect to a particular Refinancing Commitment or Refinancing Term Loan, such existing Term Loans or Commitments, “Refinanced Debt”), whereupon the Administrative Agent shall promptly deliver a copy of each such notice to each of the Lenders.
(ii) Any Refinancing Term Loans made pursuant to New Refinancing Commitments shall be designated a separate Class of Term Loans, for all purposes of this Agreement unless designated as a part of an existing Class of Term Loans in accordance with this Section 2.15(b). On any Refinancing Facility Closing Date on which any Refinancing Commitments of any Class are effected, subject to the satisfaction or waiver of the terms and conditions in this Section 2.15(b), (x) each Refinancing Term Lender of such Class shall make a term loan to the Borrower (each, a “Refinancing Term Loan”) in an amount equal to its Refinancing Commitment of such Class and (y) each Refinancing Term Lender of such Class shall become a Lender hereunder with respect to the Refinancing Commitment of such Class and the Refinancing Term Loans of such Class made pursuant thereto.
(iii) Each Refinancing Term Loan Request from the Borrower pursuant to this Section 2.15(b) shall set forth the requested amount and proposed terms of the relevant Refinancing Term Loans and identify the Refinanced Debt with respect thereto. Refinancing Term Loans may be made by any existing Lender (but no existing Lender will have an obligation to make any Refinancing Commitment, nor will the Borrower have any obligation to approach any existing Lender to provide any Refinancing Commitment) or by any Additional Lender (each such existing Lender or Additional Lender providing such Commitment or Term Loan, a “Refinancing Term Lender”); provided that the Administrative Agent shall have consented to such Additional Lender’s providing of the Refinancing Commitments to the extent such consent, if any, would be required under Section 13.6(b) in connection with an assignment of Term Loans or Commitments to such Additional Lender.
(iv) The effectiveness of any Refinancing Amendment, and the Refinancing Commitments thereunder, shall be subject to the satisfaction (or waiver) on the date thereof (each, a “Refinancing Facility Closing Date”) of each of the following conditions, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, conditions set forth in the Refinancing Amendment:
(A) each Refinancing Commitment shall be in an aggregate principal amount that is not less than $10,000,000 (provided that such Credit Agreement amount may be less than $10,000,000 if such amount is equal to the entire outstanding principal amount of Refinanced Debt), and,
(B) the Refinancing Indebtedness Term Loans made pursuant to any increase in any existing Class of Term Loans shall be added to (iand form part of) willeach Borrowing of outstanding Term Loans under the respective Class so incurred on a pro rata basis (based on the principal amount of each Borrowing) so that each Lender under such Class will participate proportionately in each then outstanding Borrowing of Term Loans under such Class.
(v) [Reserved].
(vi) The terms, provisions and documentation of the Refinancing Term Loans and Refinancing Commitments of any Class shall be as agreed between the Borrower and the applicable Refinancing Term Lenders providing such Refinancing Commitments, and except as otherwise set forth herein, to the extent securednot identical to (or constituting a part of) any Class of Term Loans existing on the Refinancing Facility Closing Date, shall be consistent with the provisions below, and the other terms and conditions shall either, at the option of the Borrower, (x) reflect market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined by the Borrower) or (y), not be materially more restrictive to the Borrower (as determined by the Borrower), when taken as a whole, than the terms of the Initial Term Loans (except (1) covenants or other provisions applicable only to periods after the Latest Maturity Date (as of the applicable Refinancing Facility Closing Date) and (2) pricing, fees, rate floors, premiums, optional prepayment or redemption terms (which shall be determined by the Borrower) and it being understood there shall be no “MFN” protection unless the Lenders under the Term Loans existing on the Refinancing Facility Closing Date, receive the benefit of such more restrictive terms). In any event, the Refinancing Term Loans:
(1) (I) shall rank pari passu or junior in right of payment with any Obligations outstanding under this Agreement and (II) shall be unsecured or rank pari passu or junior in right of security with any Obligations outstanding under this Agreement and, if secured, shall not be secured by assets of the Credit Parties other than the Collateral (and, unless secured on a pari passu basis with the Obligations, shall be subject to a subordination agreement (if payment subordinated) and the Applicable Intercreditor Agreements);
(2) as of the Refinancing Facility Closing Date, shall not have a Maturity Date earlier than the Maturity Date of the Refinanced Debt;
(3) as of the Refinancing Facility Closing Date, such Refinancing Term Loans and Commitments hereunder shall have a Weighted Average Life to Maturity not shorter than the remaining Weighted Average Life to Maturity of the Refinanced Debt on the date of incurrence of such Refinancing Term Loans;
(but 4) may provide for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, ability to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better or less than or greater than a pro rata basis in any voluntary repayments or prepayments of principal of Term Loans hereunder and on a pro rata basis or less than a pro rata basis (but not on a greater than pro rata basis) in any mandatory repayments or prepayments of principal of Term Loans hereunder; provided that if such Refinancing Term Loans are unsecured or rank junior in right of payment or as compared to security with the Obligations, such Refinancing Term Loans shall participate on a junior basis with respect to mandatory repayments of Term Loans hereunder (except in connection with any other Class with refinancing, extension, renewal, replacement, repurchase or retirement thereof permitted by this Agreement);
(5) unless otherwise permitted hereby, shall not have a later maturity date greater principal amount than such Class and the principal amount of the Refinanced Debt (iv) will, to plus the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness amount of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agentunused commitments thereunder), receipt by the Administrative Agent or Revolver Agentplus accrued interest, as applicablefees, of reaffirmation agreements defeasance costs and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto premium (including any amendments necessary to treat call and tender premiums), if any, under the Loans Refinanced Debt, plus underwriting discounts, fees, commissions and Commitments subject thereto as expenses (including original issue discount, upfront fees and similar items) in connection with the refinancing of such Refinanced Debt and the incurrence or issuance of such Refinancing Term Loans, ; and
(6) shall not be guaranteed by any Subsidiary other than a Guarantor hereunder;
(vii) Commitments in respect of Refinancing Revolving Credit Term Loans or shall become additional Commitments under this Agreement pursuant to an amendment (a “Refinancing Revolving Credit Loan CommitmentsAmendment”) to this Agreement and, as applicable) appropriate, the other Credit Documents, executed by the Borrower, each Refinancing Term Lender providing such Commitments and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respectsthe Administrative Agent. Any The Refinancing Amendment may, without the consent of any other LendersCredit Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this SectionSection 2.15(b). The Borrower will use the proceeds, if any, of the Refinancing Term Loans in exchange for, or to extend, renew, replace, repurchase, retire or refinance, and shall permanently terminate applicable commitments under, substantially concurrently, the applicable Refinanced Debt.
(bviii) This Section 2.18 shall supersede any provisions of Section 10.01 The Administrative Agent and the Lenders hereby consent to the contraryconsummation of the transactions contemplated by this Section 2.15(b) (including, for the avoidance of doubt, payment of any interest, fees, or premium in respect of any Refinanced Debt on such terms as may be set forth in the relevant Refinancing Amendment) and hereby waive the requirements of any provision of this Agreement (including, without limitation, any pro rata payment or amendment section) or any other Credit Document that may otherwise prohibit or restrict any such refinancing or any other transaction contemplated by this Section 2.15.
Appears in 4 contracts
Sources: Term Loan Credit Agreement (Avaya Holdings Corp.), Term Loan Credit Agreement (Avaya Holdings Corp.), Term Loan Credit Agreement (Avaya Holdings Corp.)
Refinancing Facilities. (a) At any time after Upon written notice to the Closing DateAdministrative Agent (which shall promptly notify the Lenders), the Borrower may obtainfrom time to time elect to refinance any Class of Term Loans or Commitments under the Revolving Credit Facility, from any Lender in whole or any Additional Lender in part, with one or more new term loan facilities (each, a “Refinancing Term Facility”) or new revolving credit facilities (each, a “Refinancing Revolving Facility”; the Refinancing Term Facilities and the Refinancing Revolving Facilities are collectively referred to the extent agreed to by such Lender or Additional Lender in its sole discretionas “Refinancing Facilities”), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loansrespectively, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement with the consent of the Borrower, the Administrative Agent (which will not to be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities unreasonably withheld, delayed or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)conditioned) or any then outstanding and the institutions providing such Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans Facility or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementFacility; provided, provided that such Credit Agreement Refinancing Indebtedness (i) willany Refinancing Term Facility does not mature, or have a weighted average life to maturity, earlier than the extent securedfinal maturity, rank pari passu or junior in right the weighted average life, of payment and the Class of security with the other Term Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)being refinanced, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, [reserved]; (iii) will, any Refinancing Revolving Facility does not mature prior to the extent in maturity date of the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit CommitmentsCommitments being refinanced, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have other terms and conditions (other than interest rate margins rate, premiums, fees, original issue discount, optional prepayment and commitment feesredemptions terms) of such Refinancing Term Facility or Refinancing Revolving Facility are substantially identical to, or (when taken as a whole) less favorable to the investors providing such Refinancing Term Facility or Refinancing Revolving Facility, as applicable, than those applicable to the Term Loans or the Revolving Credit Commitments being refinanced (each as determined by the Borrower in good faith) (except for (i) covenants or other provisions applicable only to periods after the latest final maturity date of the Term Loans and the Revolving Credit Loans being refinanced. The effectiveness Commitments existing at the time of any Refinancing Amendment shall be subject to, such refinancing or (ii) to the extent reasonably requested by such more favorable terms or conditions are added for the benefit of the Lenders of the Term Loans as of the Closing Date; provided that the Borrower and the Administrative Agent (or in shall be permitted to amend the case terms of Revolving Credit Commitments this Agreement and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as other Loan Documents to provide for terms more favorable to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment mayLenders, without the consent of any Lender or any other Person), (v) the proceeds of such Refinancing Facilities shall be applied, substantially concurrently with the incurrence thereof, to the pro rata prepayment of outstanding loans (and, in the case of the Revolving Credit Facility, pro rata commitment reductions) under the applicable Class of Term Loans or Revolving Credit Commitments being so refinanced, (vi) to the extent secured, any such Refinancing Facility shall not be secured by any lien on any asset that does not also secure the Facilities and (vii) Refinancing Facilities may not be guaranteed by any person other than a Subsidiary Guarantor. Each such notice shall specify the date (each, a “Refinancing Effective Date”) on which the Borrower proposes that the Refinancing Facility shall be made, which shall be a date not less than three (3) Business Days after the date on which such notice is delivered to the Administrative Agent.
(b) The Borrower may approach any Lender or any other Person to provide all or a portion of the Refinancing Facilities (a “Refinancing Facility Lender”), subject to the approval of the Administrative Agent, the L/C Issuer and the Swing Line Lender (which approvals shall not be unreasonably withheld and shall only be necessary to the extent required under Section 10.06 for assignments thereto), so long as such Person would be an Eligible Assignee of Term Loans or Revolving Credit Loans, as applicable; provided that any Lender offered or approached to provide all or a portion of any Refinancing Facility may elect or decline, in its sole discretion, to provide a Refinancing Facility.
(c) The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this Section 2.17 (including, for the avoidance of doubt, the payment of interest, fees, amortization or premium in respect of the Refinancing Facilities on the terms specified by the Borrower) and hereby waive the requirements of this Agreement or any other Loan Document that may otherwise prohibit any transaction contemplated by this Section 2.17. The Refinancing Facilities shall be established pursuant to an amendment to this Agreement among the Borrower and the Refinancing Facility Lenders providing such Refinancing Facilities (a “Refinancing Amendment”) which shall be consistent with the provisions set forth in this Section 2.17. Notwithstanding anything to the contrary contained in Section 10.01, each Refinancing Amendment shall be binding on the Lenders, effect such the Administrative Agent, the Loan Parties party thereto and the other parties hereto without the consent of any other Lender and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section.
Section 2.17, including in order to establish new tranches or sub-tranches in respect of the Refinancing Facilities and such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in Section 2.07(a) (b) This Section 2.18 insofar as such schedule relates to payments due to Lenders of the Term Loans which are being refinanced with the proceeds of a Refinancing Term Facility; provided that no such amendment shall supersede reduce the pro rata share of any provisions of Section 10.01 such payment that would have otherwise been payable to the contraryLenders, the Term Loans of which are not refinanced with the proceeds of a Refinancing Term Facility). The Administrative Agent shall be permitted, and is hereby authorized, to enter into such amendments with the Borrower to effect the foregoing.
Appears in 4 contracts
Sources: Credit Agreement (Acadia Healthcare Company, Inc.), Credit Agreement (Acadia Healthcare Company, Inc.), Credit Agreement (Acadia Healthcare Company, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 4 contracts
Sources: Credit Agreement (Array Technologies, Inc.), Credit Agreement (Windstream Parent, Inc.), Credit Agreement (Windstream Parent, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower Borrowers may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect of (i) all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which which, for purposes of this clause (i), will be deemed to include any then outstanding Incremental Other Term Loans under any Incremental Facilities and Other Term Loan Commitments) or (ii) all or any Incremental portion of the Revolving Loans (or unused Revolving Credit Commitments then outstanding Commitments) under this Agreement (or any Revolving Credit Loans outstanding pursuant theretowhich, for purposes of this clause (ii)) or , will be deemed to include any then outstanding Refinancing Term Other Revolving Loans or any then outstanding Refinancing and Other Revolving Credit Loans or Refinancing Revolving Credit Commitments Commitments), in the form of Refinancing Revolving Credit (x) Other Term Loans or Refinancing Other Term Loan Commitments or (y) Other Revolving Credit Loans or Other Revolving Commitments, respectivelyas applicable, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, provided that such Credit Agreement Refinancing Indebtedness (iA) will, to the extent secured, shall rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (iiB) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” will have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums premiums, and interest or optional prepayment or redemption provisions and terms as may be agreed by the Borrower Borrowers and the Lenders or Additional Lenders thereof, (C)(x) with respect theretoto any Other Revolving Loans or Other Revolving Commitments, will have a maturity date that is not prior to the maturity date of Revolving Loans (iiior unused Revolving Credit Commitments) willbeing refinanced and (y) with respect to any Other Term Loans or Other Term Loan Commitments, will have a maturity date that is not prior to the maturity date of, and will have a Weighted Average Life to Maturity that is not shorter than, the then applicable Weighted Average Life to Maturity of the Term Loans being refinanced (other than to the extent of nominal amortization for periods where amortization has been eliminated or reduced as a result of prepayments of such Term Loans), (D) any Credit Agreement Refinancing Indebtedness in the form of Refinancing Revolving Credit Other Term Loans or Other Term Loan Commitments will share ratably in any voluntary and mandatory prepayments or repayments of Term Loans (unless the Lenders providing the Other Term Loans agree to participate on a less than pro rata basis in any voluntary or mandatory prepayments or repayments), (E) will, in the case of any Credit Agreement Refinancing Indebtedness in the form of Other Revolving Credit Loans or Other Revolving Commitments, participate provide that (1) the borrowing and repayment (except for (i) payments of interest and fees at different rates on Other Revolving Commitments (and related outstandings), (ii) repayments required upon the maturity date of the Other Revolving Commitments and (iii) repayments made in connection with a permanent repayment and termination of commitments (subject to clause (3) below)) of Loans with respect to Other Revolving Commitments after the payment, borrowing, participation and commitment reduction provisions herein date of obtaining any Other Revolving Commitments shall be made on a pro rata basis with any then outstanding all other Revolving Credit Commitments, (2) subject to the provisions of Section 2.3 and Section 2.4 to the extent dealing with Swing Line Loans and Letters of Credit which mature or expire after a maturity date when there exists Incremental Revolving Credit Commitments with a longer maturity date, all Swing Line Loans and Letters of Credit shall be participated on a pro rata basis by all Lenders with Other Revolving Commitments in accordance with their percentage of the Revolving Credit Commitments (and except as provided in Section 2.3 and Section 2.4, without giving effect to changes thereto on an earlier maturity date with respect to Swing Line Loans and Letters of Credit theretofore incurred or issued), (3) the permanent repayment of Revolving Loans with respect to, and termination of, Other Revolving Commitments after the date of obtaining any Other Revolving Commitments shall be made on a pro rata basis with all other Revolving Credit Commitments, except that the Borrower Borrowers shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv4) will, to the extent in the form assignments and participations of Refinancing Other Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless Other Revolving Loans be governed by the Required Revolving Credit Lenders shall have consented thereto, have terms same assignment and conditions (other than interest rate margins and commitment fees) identical to those participation provisions applicable to the Revolving Credit Commitments and Revolving Loans, (F) such Credit Loans being refinanced. The effectiveness of any Agreement Refinancing Amendment Indebtedness shall be subject toto the Intercreditor Agreement and (G) will have terms and conditions that are not materially more restrictive, taken as a whole, to Holdings and its Restricted Subsidiaries than those applicable to the extent reasonably requested by Refinanced Debt, taken as a whole, as determined in Holdings’ good faith judgment in consultation with the Administrative Agent (except for (A) covenants and events of default applicable only to periods after the Latest Maturity Date in effect at the time of the incurrence or issuance of any such Credit Agreement Refinancing Indebtedness or (B) unless the Borrowers enter into an amendment to this Agreement with the Administrative Agent (which amendment shall not require the consent of any other Lender) to add such more restrictive terms for the benefit of the Lenders). Each Class of Credit Agreement Refinancing Indebtedness incurred under this Section 2.26 shall be in an aggregate principal amount that is (x) not less than $10,000,000 in the case of Other Term Loans or $5,000,000 in the case of Other Revolving Loans and (y) an integral multiple of the Dollar Amount of $1,000,000 in excess thereof. Any Refinancing Amendment may provide for the issuance of Letters of Credit for the account of the Borrowers, or the provision to the Borrowers of Swing Line Loans, pursuant to any Other Revolving Commitments established thereby, in each case on terms substantially equivalent to the terms applicable to Letters of Credit and Swing Line Loans under the Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. Commitments.
(b) The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Other Term Loans, Refinancing Other Revolving Credit Loans or Refinancing Loans, Other Revolving Credit Commitments and/or Other Term Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects). Any Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this Section. In addition, if so provided in the relevant Refinancing Amendment and with the consent of the Issuing Bank, participations in Letters of Credit expiring on or after the Revolving Credit Commitment Termination Date shall be reallocated from Lenders holding Revolving Credit Commitments to Lenders holding Extended Revolving Credit Commitments in accordance with the terms of such Refinancing Amendment; provided, however, that such participation interests shall, upon receipt thereof by the relevant Lenders holding Revolving Credit Commitments, be deemed to be participation interests in respect of such Revolving Credit Commitments and the terms of such participation interests (including the commission applicable thereto) shall be adjusted accordingly. For the avoidance of doubt, no existing Lender shall be obligated to provide any Credit Agreement Refinancing Indebtedness.
(bc) This Section 2.18 2.26 shall supersede any provisions of in Section 10.01 2.5, 2.17 or 10.5 to the contrary.
Appears in 4 contracts
Sources: First Lien Credit and Guaranty Agreement (Corsair Gaming, Inc.), First Lien Credit and Guaranty Agreement (Corsair Gaming, Inc.), First Lien Credit and Guaranty Agreement (Corsair Gaming, Inc.)
Refinancing Facilities. (a) At The Borrower may, on one or more occasions, by written notice to the Administrative Agent, request the establishment hereunder of one or more additional Classes of term loan commitments (the “Refinancing Term Loan Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”) will make term loans to the Borrower (the “Refinancing Term Loans”) (it being agreed that the Borrower shall not be obligated to offer to any time Lender the opportunity to participate in any Refinancing Term Loans; provided, that, each Refinancing Term Lender shall be an Eligible Assignee and, if not already a Lender, shall otherwise be reasonably acceptable to the Administrative Agent.
(b) The Refinancing Term Loan Commitments shall be effected pursuant to one or more Refinancing Facility Agreements executed and delivered by the Borrower, each Refinancing Term Lender providing such Refinancing Term Loan Commitments and the Administrative Agent; provided, that, no Refinancing Term Loan Commitments shall become effective unless (i) no Event of Default shall have occurred and be continuing immediately before and after giving effect thereto and (ii) substantially concurrently with the Closing Dateeffectiveness thereof, the Borrower may obtain, from any Lender shall obtain Refinancing Term Loans thereunder and shall repay or any Additional Lender (prepay then outstanding Term Borrowings of one or more Classes in an aggregate principal amount equal to the extent agreed aggregate amount of such Refinancing Term Loan Commitments (less the aggregate amount of accrued and unpaid interest with respect to by such Lender or Additional Lender in its sole discretionoutstanding Term Borrowings and any reasonable fees, premium and expenses relating to such refinancing), Credit Agreement Refinancing Indebtedness in respect . The Borrower shall determine the amount of all or any portion such prepayments allocated to each Class of the outstanding Term Loans, Prepetition Subsidiary Debtand any such prepayment of Term Borrowings of any Class shall be applied to reduce the subsequent scheduled repayments of Term Borrowings of such Class to be made pursuant to Section 2.10 as directed by the Borrower); provided, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement further, that, (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)x) or any then outstanding all Refinancing Term Loans shall be secured by the Collateral on a pari passu basis with the Loan Document Obligations, (y) no Refinancing Term Loans shall be secured by any property or assets of Holdings, the Borrower or any then outstanding of their Subsidiaries other than the Collateral and (z) no Refinancing Revolving Credit Term Loans or shall be guaranteed by any Person other than Holdings and Subsidiaries that are Subsidiary Loan Parties.
(c) The Refinancing Revolving Credit Facility Agreement shall set forth, with respect to the Refinancing Term Loan Commitments in established thereby and the form Refinancing Term Loans and other extensions of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant credit to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) willbe made thereunder, to the extent securedapplicable, rank pari passu the following terms thereof: (i) the designation of such Refinancing Term Loan Commitments and Refinancing Term Loans as a new “Class” for all purposes hereof, (ii) the stated termination and maturity dates applicable to the Refinancing Term Loan Commitments or junior in right Refinancing Term Loans of payment and such Class; provided, that, unless all Classes of security with the other Loans and Commitments hereunder are being refinanced and except as set forth in the penultimate sentence of this paragraph (but for the avoidance of doubtc), such Credit Agreement Refinancing Indebtedness may stated termination and maturity dates shall not be unsecured), (ii) will, earlier than the Maturity Date applicable to the extent permitted by the definition Class of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretoTerm Loans so refinanced, (iii) willany amortization applicable thereto and the effect thereon of any prepayment of such Refinancing Term Loans; provided, that, the weighted average life to maturity of any such Refinancing Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans so refinanced, (iv) the interest rate or rates applicable to the extent in Refinancing Term Loans of such Class, (v) the form of fees applicable to the Refinancing Revolving Credit Loans Term Loan Commitments or Refinancing Revolving Credit CommitmentsTerm Loans of such Class, (vi) any original issue discount applicable thereto, (vii) the initial Interest Period or Interest Periods applicable to Refinancing Term Loans of such Class, (viii) any voluntary or mandatory commitment reduction or prepayment requirements applicable to Refinancing Term Loan Commitments or Refinancing Term Loans of such Class (which prepayment requirements may provide that such Refinancing Term Loans may participate in the payment, borrowing, participation and commitment reduction provisions herein any mandatory prepayment on a pro rata basis with any then outstanding Revolving Credit Class of existing Term Loans, but may not provide for prepayment requirements that are more favorable to the Lenders holding such Refinancing Term Loans than to the Lenders holding such Class of Term Loans) and Revolving Credit Commitmentsany restrictions on the voluntary or mandatory reductions or prepayments of Refinancing Term Loan Commitments or Refinancing Term Loans of such Class, except that (ix) any financial covenant with which Holdings or the Borrower shall be permitted required to permanently repay and terminate commitments of comply, provided, that, any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class financial covenant shall be for the benefit of all Lenders and (ivx) willall other terms applicable to such Refinancing Term Loan Commitments and Refinancing Term Loans, which terms, if not consistent with those of the existing Term Loans, shall not be materially more favorable, taken as a whole, to the lenders providing such Refinancing Term Loan Commitments and Refinancing Term Loans than the terms applicable to the existing Term Loans (as determined by Holdings in good faith) (other than (A) (I) covenants or other provisions applicable only to periods after the Latest Maturity Date of any Class of existing Term Loans and (II) covenants or other provisions that are also for the benefit of the Lenders in respect of the Loans and Commitments outstanding at the time such Refinancing Term Loan Commitments or Refinancing Term Loans are incurred and (B) to the extent required by the lenders providing any such Refinancing Term Loan Commitments or Refinancing Term Loans that are in the form of term B loans, customary “most-favored-nation” protection, call protection, and an excess cash flow prepayment, in each case, which may be applicable solely with respect to such Refinancing Revolving Credit Term Loans or (it being understood that to the extent an excess cash flow prepayment is required in connection with the establishment of Refinancing Revolving Credit Term Loans, such excess cash flow mandatory prepayment shall be applied ratably to all then-existing Term Loans); provided, that, a Financial Officer of Holdings shall have delivered a certificate to the Administrative Agent at least two (2) Business Days prior to the incurrence of such Refinancing Term Commitments and unless Refinancing Term Loans (or such shorter period of time as may reasonably be agreed by the Required Revolving Credit Lenders shall have consented thereto, have Administrative Agent) together with a summary of the material terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit of such Refinancing Term Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment Term Loans, stating that Holdings has determined in good faith that such material terms and conditions satisfy the requirements set forth in this clause (x), which determination shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Dateconclusive. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing AmendmentFacility Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Facility Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any Lender other than the applicable Refinancing Term Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to give effect to the provisions of this SectionSection 2.24, including any amendments necessary to treat the applicable Refinancing Term Loan Commitments and Refinancing Term Loans as a new “Class” of term loans and/or commitments hereunder.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 4 contracts
Sources: Credit Agreement (Trinet Group, Inc.), Credit Agreement (Trinet Group, Inc.), Credit Agreement (Trinet Group, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities Term Loan Commitments or any Incremental Revolving Credit Loan Commitments then outstanding under this Agreement (or any Incremental Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans in the form of Refinancing Term Loans or Refinancing Term Commitments or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments Loan Commitments, respectively, in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any all then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, any Credit Agreement Refinancing Indebtedness to be provided by Sponsor Investors or Affiliated Debt Funds shall be subject to the extent in the form terms of Section 10.04(b) as if such Credit Agreement Refinancing Revolving Credit Loans Indebtedness was a Loan being assigned to any such Sponsor Investor or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedAffiliated Debt Fund. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans Loans, Refinancing Term Loan Commitments or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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.
(b) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 10.02 to the contrary.
Appears in 4 contracts
Sources: Assumption Agreement and Amendment No. 2 (iCIMS Holding LLC), Credit Agreement (iCIMS Holding LLC), Assumption Agreement and Amendment No. 1 (iCIMS Holding LLC)
Refinancing Facilities. (ai) At any time after the Closing Effective Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect consisting of Refinancing Facilities to refinance all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments Facilities then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant theretoCommitment Increases)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness Facilities (i) will, to the extent secured, rank pari passu or junior in right permitted by the definition of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such “Credit Agreement Refinancing Indebtedness may Indebtedness”, be unsecured)secured on a pari passu, junior lien, unsecured or subordinated basis, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” ”, have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, thereof and (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding all Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted Loan Commitments outstanding after giving effect to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments.
(ii) Commitments in respect of Refinancing Facilities shall become Commitments under this Agreement pursuant to an amendment (a “Refinancing Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by Borrower and unless the Required Revolving Credit Lenders shall have consented theretoeach lender agreeing to provide such Commitment, have terms if any, and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested acknowledged by the Administrative Agent (such acknowledgement not to be unreasonably withheld, delayed or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agentconditioned), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, subject to this Section 2.1(g), without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriatenecessary, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section.
(bSection 2.1(g). In the event any Refinancing Term Loans are made, such Refinancing Term Loans shall mature and be repaid in amounts and on dates as agreed between the Borrower and the relevant Lenders of such Refinancing Term Loans in the applicable Refinancing Amendment, subject to the requirements set forth in this Section 2.1(g) and the definition of “Credit Agreement Refinancing Indebtedness”. Amounts paid or prepaid on account of any Refinancing Term Loans may not be reborrowed. This Section 2.18 2.1(g) shall supersede any provisions of in Section 10.01 2.3 or Section 12.2 to the contrary.
(iii) Refinancing Facilities may be made by any bank, financial institution, fund or other investor that is not an individual (any such bank, financial institution, fund or other investor shall become an Additional Lender); provided that no Lender hereunder shall be required to participate in any such Refinancing Facilities as an Additional Lender without its consent; provided, further, that, the Administrative Agent and, if applicable, the L/C Issuer shall have consented (such consent not to be unreasonably withheld or delayed) to such Additional Lender’s making such Refinancing Term Loans and/or providing such Refinancing Revolving Loan Commitments if such consent would be required under Section 10.1 for an assignment of Loans or Commitments, as applicable, to such Additional Lender and, for the avoidance of doubt, no Person shall become an Additional Lender if an assignment to such Person would not be permitted under Section 10.1.
Appears in 4 contracts
Sources: Credit and Guaranty Agreement (RadNet, Inc.), First Lien Credit and Guaranty Agreement (RadNet, Inc.), First Lien Credit and Guaranty Agreement (RadNet, Inc.)
Refinancing Facilities. (a) At The Borrower may from time to time by written notice to the Administrative Agent elect to request the establishment of one or more additional Tranches of Term Loans under this Agreement (“Refinancing Term Loans”), which refinance, renew, replace, defease or refund all or any portion of one or more Tranches of Term Loans under this Agreement selected by the Borrower; provided, that such Refinancing Term Loans may not be in an amount greater than the aggregate principal amount of the Term Loans being refinanced, renewed, replaced, defeased or refunded plus unpaid accrued interest and premium (if any) thereon and upfront fees, original issue discount, underwriting discounts, fees, commissions and expenses incurred in connection with the Refinancing Term Loans; provided that such aggregate principal amount may also be increased to the extent such additional amount is capable of being incurred at such time pursuant to Section 2.15 and such excess incurrence shall for all purposes hereof be an incurrence under the relevant subclauses of Section 2.15. Each such notice shall specify the date (each, a “Refinancing Effective Date”) on which the Borrower proposes that the Refinancing Term Loans shall be made, which shall be a date not less than three (3) Business Days after the date on which such notice is delivered to the Administrative Agent; provided that:
(i) the Weighted Average Life to Maturity of such Refinancing Term Loans shall not be shorter than the remaining Weighted Average Life to Maturity of the Term Loans being refinanced and the Refinancing Term Loans shall not have a final stated maturity (excluding for this purpose (x) interim loan financings that provide for automatic rollover, subject to customary conditions, to Indebtedness otherwise meeting the maturity requirements of this clause (i) and (y) amounts not in excess of the Inside Maturity Date Basket) before the Maturity Date applicable to the Term Loans being refinanced;
(ii) such Refinancing Term Loans shall have pricing (including interest rates, discounts, fees and premiums), amortization, optional prepayment, mandatory prepayment (so long as such Refinancing Term Loans are not entitled to participate on a greater than pro rata basis in any mandatory prepayment than the then outstanding Term Loans) and redemption terms as may be agreed to by the Borrower and the relevant Refinancing Term Loan Lenders (as defined below);
(iii) such Refinancing Term Loans shall not be guaranteed by any Person other than Holdings, the Borrower or a Subsidiary Guarantor;
(iv) in the case of any such Refinancing Term Loans that are secured, such Refinancing Term Loans are secured only by assets comprising Collateral, and not secured by any property or assets of Holdings or any of the Restricted Subsidiaries other than the Collateral;
(v) all other terms applicable to such Refinancing Term Loans (except as set forth above), taken as a whole, shall not be materially more favorable to the Refinancing Term Loan Lenders, than the related provisions applicable to the existing Term Loans or otherwise reasonably satisfactory to the Administrative Agent, except to the extent such covenants and other terms (x) apply solely to any period after the Latest Maturity Date as of the date such Indebtedness was incurred, (y) are incorporated into this Agreement (or any other applicable Credit Document) for the benefit of all existing Lenders (to the extent applicable to such Lender) without further amendment requirements or (z) reflect market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined by the Borrower in good faith) (provided that a certificate of a Responsible Officer of the Borrower delivered to the Administrative Agent in good faith at least five (5) Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirement set out in this clause (v), shall be conclusive evidence that such terms and conditions satisfy such requirement unless the Administrative Agent provides notice to the Borrower of an objection during such five (5) Business Day period (including a reasonable description of the basis upon which it objects)).
(b) The Borrower may approach any Lender or any other Person that would be an Eligible Transferee of Term Loans to provide all or a portion of the Refinancing Term Loans (a “Refinancing Term Loan Lender”); provided that any Lender offered or approached to provide all or a portion of the Refinancing Term Loans may elect or decline, in its sole discretion, to provide a Refinancing Term Loan. Any Refinancing Term Loans made on any Refinancing Effective Date shall be designated a series (a “Refinancing Term Loan Series”) of Refinancing Term Loans for all purposes of this Agreement; provided that any Refinancing Term Loans may, to the extent provided in the applicable Refinancing Term Loan Amendment and subject to the restrictions set forth in clause (a) above, be designated as an increase in any previously established Tranche of Term Loans.
(c) The Administrative Agent and the Lenders hereby consent to the transactions contemplated by Section 2.18(a) (including, for the avoidance of doubt, the payment of interest, fees, amortization or premium in respect of the Refinancing Term Loans on the terms specified by the Borrower) and hereby waive the requirements of this Agreement or any other Credit Document that may otherwise prohibit any transaction contemplated by Section 2.18(a). The Refinancing Term Loans shall be established pursuant to an amendment to this Agreement among Holdings, the Borrower, the Administrative Agent and the Refinancing Term Loan Lenders providing such Refinancing Term Loans (a “Refinancing Term Loan Amendment”) (which shall not require the consent of any other Lender) which shall be consistent with the provisions set forth in Section 2.18(a). Each Refinancing Term Loan Amendment shall be binding on the Lenders, the Administrative Agent, the Credit Parties party thereto and the other parties hereto without the consent of any other Lender, and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Credit Documents as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of Section 2.18 including such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in Section 5.02(a) (insofar as such schedule relates to payments due to Lenders the Term Loans of which are refinanced with the proceeds of Refinancing Term Loans; provided that no such amendment shall reduce the pro rata share of any such payment that would have otherwise been payable to the Lenders, the Term Loans of which are not refinanced with the proceeds of Refinancing Term Loans). The Administrative Agent shall be permitted, and each is hereby authorized, to enter into such amendments with the Borrower to effect the foregoing.
(d) On one or more occasions after the Closing Date, the Borrower may obtain, from any Lender or any Additional Eligible Transferee that becomes a Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretiona “Refinancing Revolving Lender”), Credit Agreement Refinancing Indebtedness in respect of which refinances all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or (or unused Revolving Credit Commitments Commitments) then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans Commitments or Refinancing Revolving Credit Commitments, respectively, in each case, Loans pursuant to a Refinancing Amendmentan amendment to this Agreement among Holdings, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Refinancing Revolving Lenders or Additional Lenders with respect thereto, (iii) will, a “Refinancing Revolving Amendment”); provided that notwithstanding anything to the extent contrary in this Section 2.18 or otherwise:
(i) the form borrowing and repayment of Refinancing Revolving Credit Loans or (except for (A) payments of interest and fees at different rates on Refinancing Revolving Credit Commitments (and related outstandings), (B) repayments required upon the maturity date of the Refinancing Revolving Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments of Revolving Loans with respect to Refinancing Revolving Commitments after the date of obtaining any Refinancing Revolving Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein ) shall be made on a pro rata basis with all other Revolving Commitments,
(ii) such Refinancing Revolving Loans shall have pricing (including interest rates, discounts, fees and premiums), amortization, optional prepayment, mandatory prepayment (so long as such Refinancing Revolving Loans are not entitled to participate on a greater than pro rata basis in any mandatory prepayment than the then outstanding Revolving Credit Loans Loans) and Revolving Credit Commitments, except that redemption terms as may be agreed to by the Borrower and the relevant Refinancing Revolving Loan Lenders,
(iii) such Refinancing Revolving Loans shall not be permitted to permanently repay and terminate commitments guaranteed by any Person other than the Borrower or a Guarantor,
(iv) in the case of any such Class Refinancing Revolving Loans that are secured, such Refinancing Revolving Loans are secured only by assets comprising Collateral, and not secured by any property or assets other than the Collateral,
(v) all other terms applicable to such Refinancing Revolving Loans (except as set forth above), taken as a whole, shall not be materially more favorable to the Refinancing Revolving Lenders, than the related provisions applicable to the existing Revolving Loans or otherwise reasonably satisfactory to the Administrative Agent, except to the extent such covenants and other terms (x) apply solely to any period after the Latest Maturity Date as of the date such Indebtedness was incurred, (y) are incorporated into this Agreement (or any other applicable Credit Document) for the benefit of all existing Lenders (to the extent applicable to such Lender) without further amendment requirements or (z) reflect market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined by the Borrower in good faith),
(vi) subject to the provisions of Section 2.17 to the extent dealing with Letters of Credit which mature or expire after a Maturity Date when there exist Extended Revolving Commitments or Additional/Replacement Revolving Commitments with a longer Maturity Date, all Letters of Credit shall be participated on a better than a pro rata basis as compared to any other Class by all Lenders with a later maturity date than such Class Revolving Commitments in accordance with their percentage of the Revolving Commitments, and
(vii) assignments and (iv) will, to the extent in the form participations of Refinancing Revolving Credit Loans or Commitments and Refinancing Revolving Credit Commitments Loans shall be governed by the same assignment and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those participation provisions applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees thatthat this Agreement and the other Credit Documents may be amended pursuant to a Refinancing Revolving Amendment, upon without the effectiveness consent of any Refinancing Amendmentother Lenders, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness Revolving Commitments and/or Refinancing Revolving Loans incurred pursuant thereto thereto, (including any amendments necessary ii) make such other changes to treat this Agreement and the Loans other Credit Documents consistent with the provisions of Section 13.12 and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable(iii) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such other amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this SectionSection 2.18, and the Required Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing Revolving Amendment.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 4 contracts
Sources: Credit Agreement (Iridium Communications Inc.), Credit Agreement (Iridium Communications Inc.), Credit Agreement (Iridium Communications Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower Borrowers may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which which, for purposes of this clause (a), will be deemed to include any then outstanding Incremental Other Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant theretoand Other Term Loan Commitments)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments , in the form of Refinancing Revolving Credit Other Term Loans or Refinancing Revolving Credit Other Term Loan Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, provided that such Credit Agreement Refinancing Indebtedness (iA) will, to the extent secured, shall rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (iiB) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” will have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums premiums, and interest or optional prepayment or redemption provisions and terms as may be agreed by the Borrower Borrowers and the Lenders or Additional Lenders with respect theretothereof, (iiiC) willwill have a maturity date that is not prior to the maturity date of, and will have a Weighted Average Life to Maturity that is not shorter than, the then applicable Weighted Average Life to Maturity of the Term Loans being refinanced (other than to the extent of nominal amortization for periods where amortization has been eliminated or reduced as a result of prepayments of such Term Loans), (D) any Credit Agreement Refinancing Indebtedness in the form of Refinancing Revolving Credit Other Term Loans or Refinancing Revolving Credit Commitments, Other Term Loan Commitments will share ratably in any voluntary and mandatory prepayments or repayments of Term Loans (unless the Lenders providing the Other Term Loans agree to participate in the payment, borrowing, participation and commitment reduction provisions herein on a less than pro rata basis with in any then outstanding Revolving voluntary or mandatory prepayments or repayments), (E) such Credit Loans and Revolving Credit Commitments, except that the Borrower Agreement Refinancing Indebtedness shall be permitted subject to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class the Intercreditor Agreement and (ivF) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, will have terms and conditions (other that are not materially more restrictive, taken as a whole, to Holdings and its Restricted Subsidiaries than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject toRefinanced Debt, to the extent reasonably requested by taken as a whole, as determined in Holdings’ good faith judgment in consultation with the Administrative Agent (except for (A) covenants and events of default applicable only to periods after the Latest Maturity Date in effect at the time of the incurrence or in issuance of any such Credit Agreement Refinancing Indebtedness or (B) unless the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by Borrowers enter into an amendment to this Agreement with the Administrative Agent or Revolver Agent, as applicable, (which amendment shall not require the consent of reaffirmation agreements any other Lender) to add such more restrictive terms for the benefit of the Lenders). Each Class of Credit Agreement Refinancing Indebtedness incurred under this Section 2.26 shall be in an aggregate principal amount that is not less than $10,000,000 and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. an integral multiple of $1,000,000 in excess thereof.
(b) The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Other Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit and/or Other Term Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects). Any Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this Section. For the avoidance of doubt, no existing Lender shall be obligated to provide any Credit Agreement Refinancing Indebtedness.
(bc) This Section 2.18 2.26 shall supersede any provisions of in Section 10.01 2.5, 2.17 or 10.5 to the contrary.
Appears in 4 contracts
Sources: Second Lien Credit and Guaranty Agreement (Corsair Gaming, Inc.), Second Lien Credit and Guaranty Agreement (Corsair Gaming, Inc.), Second Lien Credit and Guaranty Agreement (Corsair Gaming, Inc.)
Refinancing Facilities. (a) At The Borrower may, by written notice to the Agent from time to time, request the establishment hereunder of (i) a new Class of revolving commitments (the “Refinancing Revolving Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Revolving Lender”), which may include any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional existing Lender (each of which shall be entitled to the extent agreed agree or decline to by such Lender or Additional Lender participate in its sole discretion), will make revolving loans to the Borrower (“Refinancing Revolving Loans”) and acquire participations in the Letters of Credit Agreement and the Swingline Loans and (ii) one or more additional Classes of term loan commitments (the “Refinancing Indebtedness in respect of all or any portion Term Loan Commitments”), pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”) will make term loans to the Borrower (the “Refinancing Term Loans”); provided that (A) each Refinancing Revolving Lender and each Refinancing Term Lender shall be an Eligible Assignee and shall be subject to the approval of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement Agent (which will approval shall not be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement unreasonably withheld) and (or any Revolving Credit Loans outstanding pursuant thereto)B) or any then outstanding Refinancing Term Loans or any then outstanding each Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in Lender shall be subject to the form approval of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyeach Issuing Bank and the Swingline Lender (which approval shall not be unreasonably withheld), in each case, pursuant to the extent such consent, if any, would be required under the definition of “Eligible Assignee” for an assignment of Loans or Commitments, as applicable, to such Refinancing Revolving Lender and such Refinancing Term Lender, as applicable.
(b) The Borrower and each Refinancing Lender shall execute and deliver to the Agent a Refinancing AmendmentFacility Agreement and such other documentation as the Agent shall reasonably specify to evidence the Refinancing Commitments of each Refinancing Lender. Such Refinancing Facility Agreement shall set forth, together with any applicable Customary Intercreditor Agreement or respect to the Refinancing Commitments established thereby and the Refinancing Loans and other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) willextensions of credit to be made thereunder, to the extent secured, rank pari passu or junior in right applicable: (i) the designation of payment such Refinancing Commitments and Refinancing Loans as a new “Class” of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)loans and/or commitments hereunder, (ii) will, the stated termination and maturity dates applicable to the extent permitted by Refinancing Commitments or Refinancing Loans of such Class; provided that such stated termination and maturity dates shall not be earlier than (x) the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders Maturity Date then in effect with respect theretoto the applicable Class of Revolving Credit Commitments being so refinanced (in the case of Refinancing Revolving Commitments and Refinancing Revolving Loans) or (y) the Maturity Date then in effect with respect to the applicable Class of Term Loans being so refinanced (in the case of Refinancing Term Loan Commitments and Refinancing Term Loans), (iii) willin the case of any Refinancing Term Loans, any amortization applicable thereto and the effect thereon of any prepayment of such Refinancing Term Loans, (iv) the interest rate or rates applicable to the extent Refinancing Loans of such Class, (v) the fees applicable to the Refinancing Commitment or Refinancing Loans of such Class, (vi) in the form case of any Refinancing Revolving Credit Term Loans, any original issue discount applicable thereto, (vii) the initial Interest Period or Interest Periods applicable to Refinancing Loans of such Class, (viii) any voluntary or mandatory commitment reduction or prepayment requirements applicable to Refinancing Commitments or Refinancing Revolving Credit CommitmentsLoans of such Class (which prepayment requirements, in the case of any Refinancing Term Loans, may provide that such Refinancing Term Loans may participate in the payment, borrowing, participation and commitment reduction provisions herein any mandatory prepayment on a pro rata basis with the Term Loans, but may not provide for prepayment requirements that are more favorable to the Lenders holding such Refinancing Term Loans than to the Lenders holding Term Loans) and any then outstanding Revolving Credit restrictions on the voluntary or mandatory reductions or prepayments of Refinancing Commitments or Refinancing Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (ivix) will, to the extent in the form case of any Refinancing Revolving Credit Loans or Commitments, the Alternative Currencies, if any, available thereunder. Except as contemplated by the preceding sentence, the terms of the Refinancing Revolving Credit Commitments and unless Refinancing Revolving Loans and other extensions of credit thereunder shall be substantially the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to same as the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness and other extensions of any credit thereunder, and the terms of the Refinancing Amendment Term Loan Commitments and Refinancing Term Loans shall be subject to, to substantially the extent reasonably requested by same as the Administrative Agent (or in terms of the case of Revolving Credit Term Loan Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent Term Loans then in effect or Revolver Agentoutstanding, as applicable, under this Agreement immediately prior to the effectiveness of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Dateapplicable Refinancing Facility Agreement. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing AmendmentFacility Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing AmendmentFacility Agreement, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Refinancing Facility Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the applicable Loans and/or Commitments of the as a new “Class” of loans and/or commitments hereunder).
(c) Notwithstanding the foregoing, no Refinancing Commitments shall become effective under this Section 2.26 unless (i) on the date of such effectiveness, the conditions set forth in paragraphs (b) and (c) of Section 4.01 shall be satisfied and the Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower, (ii) the Agent shall have received legal opinions, board resolutions and other customary closing certificates consistent with those delivered on the Second Restatement Date, (iii) in the case of any Refinancing Revolving Commitments, substantially concurrently with the effectiveness thereof, all the Revolving Credit Commitments subject thereto as Refinancing Term Loansof a Class then in effect shall be terminated, and all the Revolving Loans then outstanding thereunder, together with all interest thereon, and all other amounts accrued for the benefit of the Revolving Credit Lenders of such Class, shall be repaid or paid (it being understood, however, that, with the written consent of the applicable Issuing Bank, any Letters of Credit issued by such Issuing Bank may continue to be outstanding hereunder), and the aggregate amount of such Refinancing Revolving Credit Loans or Commitments does not exceeded the aggregate amount of the Revolving Commitments so terminated and (iv) in the case of any Refinancing Revolving Credit Term Loan Commitments, as applicable) substantially concurrently with the effectiveness thereof, the Borrower shall obtain Refinancing Term Loans thereunder and shall repay or prepay then outstanding Term Borrowings of any Class in an aggregate principal amount equal to the aggregate amount of such Refinancing Term Loan Commitments (less the aggregate amount of accrued and unpaid interest with respect to such outstanding Term Borrowings and any Indebtedness being replaced or refinanced with reasonable fees, premium and expenses relating to such Credit Agreement Refinancing Indebtedness refinancing) (and any such prepayment of Term Borrowings of any Class shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without applied to reduce the consent subsequent scheduled repayments of any other Lenders, effect Term Borrowings of such amendments Class to this Agreement and the other Loan Documents as may be necessary or appropriate, made pursuant to effect the provisions of this SectionSection 2.08 on a pro rata basis).
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 3 contracts
Sources: Incremental Term Loan Assumption Agreement (TransDigm Group INC), Incremental Term Loan Assumption Agreement (TransDigm Group INC), Loan Modification Agreement (TransDigm Group INC)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Refinancing Lender (to the extent agreed to by such which may include any existing Lender or Additional Lender in its sole discretion), and which must be Eligible Assignees) Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Loan Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Agreement) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), and (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Refinancing Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in and the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Collateral Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ officer’s certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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 and the Collateral Agent, to effect the provisions of this Section.
(b) This Section 2.18 2.19 shall supersede any provisions of in Section 10.01 10.02 to the contrary.
Appears in 3 contracts
Sources: Term Loan Credit Agreement (PHI Group, Inc./De), Term Loan Credit Agreement (Phi Inc), Credit Agreement
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) On or after the Conversion Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Exit Revolving Facility Refinancing Indebtedness in respect of all or any portion of the obligations under the Exit Revolving Facility, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Exit Revolving Facility Refinancing Indebtedness (i) will rank pari passu in right of payment and of security with the other Loans and Commitments hereunder, and (ii) will have such pricing, interest rate margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as reflected in Annex I to Exhibit B of the DIP Revolving Credit Agreement and such other terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto. The effectiveness of any Refinancing Amendment shall not be subject to the review or consent of any Lender or Additional Lender other than any such Lender and Additional Lender party to such Refinancing Amendment. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Exit Revolving Facility Refinancing Indebtedness incurred pursuant thereto. Any Refinancing 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, to effect the provisions of this Section.
(c) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 3 contracts
Sources: Refinancing and Incremental Facility Amendment (Frontier Communications Corp), Credit Agreement (Frontier Communications Corp), Credit Agreement (Frontier Communications Corp)
Refinancing Facilities. (a) At any The Borrower may from time after to time add one or more tranches of term loans or revolving credit facilities to this Agreement (each a “Refinancing Facility”) pursuant to an agreement in writing entered into by the Closing DateLoan Parties, the Borrower may obtain, from Administrative Agent and each Person (including any Lender or any Additional Lender existing Lender) that agrees to provide a portion of such Refinancing Facility (each a “Refinancing Facility Amendment”) pursuant to procedures specified by the extent agreed Administrative Agent to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of refinance all or any portion of any outstanding Term Facility or any Revolving Facility then in effect; provided that:
(i) such Refinancing Facility shall not have a principal or commitment amount (or accreted value) greater than the Term LoansLoans and, Prepetition Subsidiary Debtif such Refinancing Facility is a revolving credit facility that refinances a Revolving Facility, the undrawn available commitments of the Revolving Credit Loans and/or Revolving Credit Commitments then outstanding Facility being refinanced (excluding accrued interest, fees, discounts, premiums or expenses);
(ii) no Default shall exist on the effective date of such Refinancing Facility or would exist after giving effect to such Refinancing Facility;
(iii) no existing Lender shall be under any obligation to provide a commitment to such Refinancing Facility and any such decision whether to provide a commitment to such Refinancing Facility shall be in such Lender’s sole and absolute discretion;
(iv) each Person providing a commitment to such Refinancing Facility shall qualify as an Eligible Assignee;
(v) the Borrower shall deliver to the Administrative Agent:
(A) a certificate of each Loan Party dated as of the date of such Refinancing Facility signed by a Responsible Officer of such Loan Party (1) certifying and attaching resolutions adopted by the board of directors or equivalent governing body of such Loan Party approving such Refinancing Facility and (2) in the case of the Borrower, certifying that, before and after giving effect to such Refinancing Facility, (I) the representations and warranties of each Loan Party contained in Article VI or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Refinancing Facility, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and (II) no Default exists;
(B) such amendments to the Collateral Documents as the Administrative Agent may reasonably request to cause the Collateral Documents to secure the Obligations after giving effect to such Refinancing Facility; and
(C) opinions of legal counsel to the Loan Parties, addressed to the Administrative Agent and each Lender (including each Person providing a commitment to such Refinancing Facility), dated as of the effective date of such Refinancing Facility, in form and substance reasonably satisfactory to the Administrative Agent;
(vi) the Administrative Agent shall have received documentation from each Person providing a commitment to such Refinancing Facility evidencing such Person’s commitment and such Person’s obligations under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, and substance reasonably acceptable to the extent secured, Administrative Agent;
(vii) such Refinancing Facility (A) shall rank pari passu or junior in right of payment and of security with as the other Loans and Commitments hereunder Commitments; (but B) shall not be Guaranteed by any Person that is not a Guarantor; and (C) shall be (1) unsecured or (2) secured by the Collateral on an equal and ratable basis with the Obligations or on a junior basis to Obligations (in each case pursuant to intercreditor or subordination agreements reasonably satisfactory to the Administrative Agent);
(viii) such Refinancing Facility shall have such interest rates, interest rate margins, fees, discounts, prepayment premiums, amortization and a final maturity date as agreed by the Loan Parties and the Lenders providing such Refinancing Facility, provided that (A) to the extent refinancing a Revolving Facility and constituting a revolving credit facility, such Refinancing Facility will not have a maturity date (or have scheduled or mandatory commitment reductions or amortization) that is prior to the scheduled Maturity Date of the Revolving Facility being refinanced and (B) to the extent refinancing a Term Facility or constituting a term loan facility, such Refinancing Facility will have a maturity date that is not prior to the date that 91 days after the scheduled Maturity Date of, and will have a Weighted Average Life that is not shorter than 91 days longer than the Weighted Average Life of, the Term Facility being refinanced;
(ix) if such Refinancing Facility is a revolving credit facility then (A) such Refinancing Facility shall have ratable voting rights as the other Revolving Facilities (or otherwise provide for more favorable voting rights for the avoidance then outstanding Revolving Facilities) and (B) such Refinancing Facility may provide for the issuance of doubtLetters of Credit for the account of the Borrower and its Subsidiaries on terms substantially equivalent to the terms applicable to Letters of Credit under the existing Revolving Facilities or the making of swing line loans to the Borrower on terms substantially equivalent to the terms applicable to Swing Line Loans under the existing Revolving Facilities;
(x) if such Refinancing Facility is a term loan, then (1) the Borrower and the Administrative Agent shall mutually determine whether such term loan is a tranche A term loan (a “Refinancing Tranche A Term Facility”) or tranche B term loan (a “Refinancing Tranche B Term Facility”) and (2) such term loan shall share ratably in any mandatory prepayments of the Term Facilities pursuant to Section 2.05 (or otherwise provide for more favorable prepayment treatment for one or more of the then outstanding Term Facilities) and shall have ratable voting rights as the other Term Facilities (or otherwise provide for more favorable voting rights for one or more of the then outstanding Term Facilities);
(xi) each Borrowing of Revolving Loans (including any deemed Borrowing of Revolving Loans made pursuant to Section 2.03 or 2.04) and participations in Letters of Credit pursuant to Section 2.03 shall be allocated pro rata among the Revolving Facilities;
(xii) subject to clause (viii) above, such Credit Agreement Refinancing Indebtedness may be unsecured)Facility will have terms and conditions that are substantially identical to, (ii) willor less favorable, when taken as a whole, to the extent permitted by Lenders providing such Refinancing Facility than, the definition terms and conditions of “Credit Agreement the Revolving Facility or Term Loan being refinanced; provided, however, that such Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment Facility may provide for any additional or redemption different financial or other covenants or other provisions and terms as may be that are agreed by among the Borrower and the Lenders or Additional Lenders thereof and applicable only during periods after the then latest Maturity Date in effect; and
(xiii) substantially concurrent with respect thereto, (iii) will, to the extent in the form incurrence of such Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that Facility the Borrower shall be permitted to permanently repay and terminate commitments apply the Net Cash Proceeds of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, Refinancing Facility to the extent in the form prepayment of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit outstanding Loans being refinanced. The effectiveness of any refinanced by such Refinancing Amendment shall be subject toFacility in accordance with Section 2.05(b)(iii)(B) and, to the extent reasonably requested by the Administrative Agent (or in the case of Refinancing Revolving Credit Commitments Facility, concurrent with the incurrence of such Refinancing Revolving Facility the commitments to the Revolving Facility being refinanced by such Refinancing Revolving Facility shall be automatically and Revolving Credit Loans, permanently reduced by the Revolver Agentamount of the Net Cash Proceeds of such Refinancing Facility as set forth in Section 2.06(b), receipt by ) and (B) the Borrower shall pay an amount required pursuant to Section 3.05 as a result of any such prepayment of Loans of existing Lenders.
(b) The Lenders hereby authorize the Administrative Agent or Revolver Agentto enter into, as applicableand the Lenders agree that this Agreement and the other Loan Documents shall be amended by, of reaffirmation agreements such Refinancing Facility Amendments to the extent (and board resolutions, officers’ certificates and legal opinions only to the extent) the Administrative Agent deems necessary in order to establish Refinancing Facilities on terms consistent with those delivered on and/or to effect the Closing Dateprovisions of this Section 2.17. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Facility Amendment. Each of In addition, if so provided in the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Facility Amendment for a Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) Facility and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenderseach L/C Issuer, effect participation in Letters of Credit under the existing Revolving Facilities shall be reallocated from Lenders holding revolving commitments under the existing Revolving Facilities to Lenders holding revolving commitments under such amendments to this Agreement and Refinancing Revolving Facility in accordance with the other Loan Documents as may be necessary or appropriate, to effect the provisions terms of this Sectionsuch Refinancing Facility Amendment.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 3 contracts
Sources: Credit Agreement (Acadia Healthcare Company, Inc.), Credit Agreement (Acadia Healthcare Company, Inc.), Credit Agreement (Acadia Healthcare Company, Inc.)
Refinancing Facilities. (a) At any time after the Closing DateThe Borrower may, the Borrower may obtain, from any Lender or any Additional Lender (by written notice to the extent agreed Administrative Agent from time to by such Lender time, request (x) Replacement Revolving Credit Commitments to replace all or Additional Lender a portion of any existing Class of Revolving Credit Commitments (the “Replaced Revolving Credit Commitments”) in its sole discretionan aggregate amount not to exceed the aggregate amount of the Replaced Revolving Credit Commitments plus any accrued interest, fees, costs and expenses related thereto and (y) Refinancing Term Loans to refinance all or a portion of any existing Class of Term Loans (the “Refinanced Term Loans”; Refinanced Term Loans and Replaced Revolving Credit Commitments referred to collectively herein as “Credit Agreement Refinanced Indebtedness”) in an aggregate principal amount not to exceed the aggregate principal amount of the Refinanced Term Loans plus any accrued interest, fees, costs and expenses related thereto (including any original issue discount or upfront fees), . Such notice shall set forth (i) the amount of the applicable Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement Facility (which will shall be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form minimum increments of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively$1,000,000 and a minimum amount of $5,000,000 or, in each case, pursuant if less, the entire outstanding amount of the Class of Loans or Commitments being refinanced or replaced), (ii) the date on which the applicable Credit Agreement Refinancing Facility is to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement become effective (which shall not be less than ten (10) Business Days nor more than sixty (60) days after the date of such notice (or other customary subordination agreement; provided, that such longer or shorter periods as the Administrative Agent shall agree)) and (iii) whether such Credit Agreement Refinancing Indebtedness Facilities are Replacement Revolving Credit Commitments or Refinanced Term Loans. The Borrower may seek Credit Agreement Refinancing Facilities from existing Lenders (each of which shall be entitled to agree or decline to participate in its sole discretion) or any Eligible Assignee.
(b) It shall be a condition precedent to the effectiveness of any Credit Agreement Refinancing Facility and the incurrence of any Refinanced Term Loans that (i) willno Default or Event of Default shall have occurred and be continuing immediately prior to or immediately after giving effect to such Credit Agreement Refinancing Facility or the incurrence of such Refinanced Term Loans, as applicable, (ii) the representations and warranties set forth in Article V and in each other Loan Document shall be true and correct in all material respects (except, if a qualifier relating to materiality, Material Adverse Effect or a similar concept applies to any such representation or warranty, such representation or warranty shall be required to be true and correct in all respects) on and as of the date such Credit Agreement Refinancing Facility becomes effective and the Refinanced Term Loans are made, except to the extent securedthat such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (except, if a qualifier relating to materiality, Material Adverse Effect or a similar concept applies to any such representation or warranty, such representation or warranty shall be required to be true and correct in all respects) as of such earlier date, and except that for purposes of this Section 2.18, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01; (iii) the terms of the Credit Agreement Refinancing Facility shall comply with Section 2.18(c); and (iv) (x) substantially concurrently with the incurrence of any such Refinancing Term Loans, 100% of the proceeds thereof shall be applied to repay the Refinanced Term Loans (including accrued interest, fees and premiums (if any) payable in connection therewith) and (y) substantially concurrently with the effectiveness of such Replacement Revolving Credit Commitments, all or an equivalent portion of the Revolving Credit Commitments in effect immediately prior to such effectiveness shall be terminated, and all or an equivalent portion of the Revolving Credit Loans then outstanding, together with interest thereon and all other amounts accrued for the benefit of the Revolving Credit Lenders, shall be repaid.
(c) The terms of any Credit Agreement Refinancing Facility shall be determined by the Borrower and the applicable Credit Agreement Refinancing Facility Lenders and set forth in an Additional Credit Extension Amendment; provided that (i) the final maturity date of any Refinancing Term Loans or Replacement Revolving Credit Commitments shall not be earlier than the Maturity Date for the refinanced Loans, (ii) (x) there shall be no scheduled amortization of the Replacement Revolving Credit Commitments and (y) the Weighted Average Life to Maturity of the Refinancing Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Refinanced Term Loans, (iii) the Credit Agreement Refinancing Facilities will rank pari passu or junior in right of payment and of security with the other Revolving Credit Loans and Commitments hereunder the Term Loans and shall benefit from the Guaranty on the same basis as the Revolving Credit Loans and the Term Loans, (but for iv) the avoidance of doubtinterest rate margin, rate floors, fees, original issue discount and premiums applicable to the Credit Agreement Refinancing Facilities shall be determined by the Borrower and the applicable Credit Agreement Refinancing Facility Lenders, (v) such Credit Agreement Refinancing Indebtedness may Facilities shall not be unsecured)incurred or guaranteed by any Person other than the Borrower and the Guarantors, respectively, and (iivi) will, to the extent permitted by the definition other terms and conditions of “such Credit Agreement Refinancing Indebtedness,” have such Facilities (excluding any amortization, collateral, pricing, interest rate margins (including “MFN” provisions)fees, rate floors, discounts, fees, premiums and optional prepayment terms) are substantially similar to, or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, not materially more favorable to the extent in Credit Agreement Refinancing Lenders than the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitmentsterms and conditions, participate in the paymenttaken as a whole, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, applicable to the extent in the form of Credit Agreement Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions Indebtedness (other than interest rate margins and commitment fees) identical to those covenants or other provisions solely applicable to periods after the Revolving Latest Maturity Date then in effect for the Credit Commitments and Revolving Agreement Refinanced Indebtedness).
(d) In connection with any Credit Loans being refinanced. The effectiveness of any Agreement Refinancing Amendment shall be subject toFacility pursuant to this Section 2.18, to the extent reasonably requested by Borrower, the Administrative Agent (or in the case of Revolving and each applicable Credit Commitments Agreement Refinancing Facility Lender shall execute and Revolving Credit Loans, the Revolver Agent), receipt by deliver to the Administrative Agent or Revolver Agentan Additional Credit Extension Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence such Credit Agreement Refinancing Facilities, as applicableincluding, of reaffirmation agreements and without limitation, legal opinions, board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements, including any supplements or amendments to the Collateral Documents, consistent in all material respects with those delivered on the Closing DateRestatement Date under Section 4.01 and otherwise in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Additional Credit Extension Amendment. Each of the parties hereto hereby agrees thatNotwithstanding Section 10.01, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Additional Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Extension Amendment may, without the consent of any other LendersLender, 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 and the Borrower, to effect the provisions of this SectionSection 2.18, including any amendments necessary to establish the applicable Credit Agreement Refinancing Facility as a new Class of Term Loans or Revolving Credit Commitments (as applicable) and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the establishment of such Classes (including to preserve the pro rata treatment of the refinanced and non-refinanced Classes and to provide for the reallocation of participation in outstanding Letters of Credit and Swingline Loans upon the expiration or termination of the commitments under any Class), in each case on terms consistent with this Section 2.18. Upon effectiveness of any Replacement Revolving Credit Commitments pursuant to this Section 2.18, each Revolving Credit Lender with a Revolving Credit Commitment immediately prior to such effectiveness will automatically and without further act be deemed to have assigned to each Replacement Revolving Lender, and each such Replacement Revolving Lender will automatically and without further act be deemed to have assumed, a portion of such existing Revolving Credit Lender’s participations hereunder in outstanding Letters of Credit and Swingline Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding participations hereunder in Letters of Credit and Swingline Loans held by each Revolving Credit Lender (including each such Replacement Revolving Lender) will equal its Aggregate Percentage of Revolving Credit Loans. If, on the date of such effectiveness, there are any Revolving Credit Loans outstanding, such Revolving Credit Loans shall upon the effectiveness of such Replacement Revolving Credit Commitment be prepaid from the proceeds of additional Revolving Credit Loans made hereunder so that Revolving Credit Loans are thereafter held by the Revolving Credit Lenders (including each Replacement Revolving Lender) according to their Applicable Revolving Credit Percentage, which prepayment shall be accompanied by accrued interest on the Revolving Credit Loans being prepaid and any costs incurred by any Revolving Credit Lender in accordance with Section 3.05. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence.
(be) This Section 2.18 After giving effect to any Replacement Revolving Credit Commitments, all borrowings under the Revolving Credit Commitments, all participations in Letters of Credit and all borrowings under Swing Line Loans and all repayments thereunder shall supersede be made on a pro rata basis among all Revolving Credit Commitments (including any provisions such Replaced Revolving Credit Commitments); provided that (A) any payments of Section 10.01 interest and fees may be at different rates applicable to such Class of Revolving Credit Commitments, (B) repayments may be made with respect to any Class of Revolving Credit Commitments on the applicable Maturity Date of such Class of Revolving Credit Commitments, without making repayments of any later maturing Class of Revolving Credit Commitments, (C) if any Class of Revolving Credit Commitments has a Maturity Date in advance of all other Classes of Revolving Credit Commitments, such Class of Revolving Credit Commitments may be terminated in full, with all Loans thereunder being prepaid in a manner that is not pro rata with other Revolving Credit Commitments, (D) with the consent of the L/C Issuers, the Letter of Credit Expiration Date may be extended to a date no later than seven (7) Business Days prior to the contraryMaturity Date of the Replacement Revolving Credit Commitments and (E) if any Class of Revolving Credit Commitments is terminated, participations in Letters of Credit which have not been drawn and in Swing Line Loans which are not then due, such participations may be reallocated to the Lenders holding Replacement Revolving Credit Commitments pursuant to procedures designated by the Administrative Agent and so long as after giving effect to such reallocation the Revolving Credit Exposure of any Lender does not exceed such Lender’s Revolving Credit Commitments.
Appears in 3 contracts
Sources: Credit Agreement (TreeHouse Foods, Inc.), Credit Agreement (TreeHouse Foods, Inc.), Credit Agreement (TreeHouse Foods, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect of (A) all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which for purposes of this clause (A) will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Term Loan Commitments) or and any then outstanding Refinancing Term Loans or (B) all or any then outstanding portion of the Revolving Loans (or unused Revolving Commitments or any Incremental Loans or unused Incremental Revolving Commitments or any unused Refinancing Revolving Credit Commitment of Refinancing Revolving Loans) under this Agreement, in the form of (x) Refinancing Term Loans or Refinancing Term Commitments or (y) Refinancing Revolving Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyas the case may be, in each case, case pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, will rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” will have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums pricing and optional prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretothereof, (iii) will(x) with respect to any Refinancing Revolving Loans or Refinancing Revolving Commitments, will have a maturity date that is not prior to the extent maturity date of Revolving Loans (or unused Revolving Commitments) being refinanced and (y) with respect to any Refinancing Term Loans or Refinancing Term Commitments, will have a maturity date that is not prior to the maturity date of, and will have a Weighted Average Life to Maturity that is not shorter than, the Term Loans being refinanced, (iv) will have such pricing, premiums, optional prepayment terms and financial covenants as may be agreed by the Borrower and the Lenders thereof, and (v) will have other terms and conditions that are substantially identical to (or in the case of any Credit Agreement Refinancing Indebtedness in the form of notes, are on market terms or are substantially identical to), or (taken as a whole) are no more favorable to the investors providing such Credit Agreement Refinancing Revolving Credit Loans or Refinancing Revolving Credit CommitmentsIndebtedness than the Refinanced Debt; provided, participate in the paymentfurther, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to such Credit Agreement Refinancing Indebtedness may provide for any additional or different financial or other covenants or other provisions that are agreed between the Revolving Borrower and the Lenders thereof and applicable only during periods after the Latest Maturity Date that is in effect on the date such Credit Commitments and Revolving Credit Loans being refinancedAgreement Refinancing Indebtedness is issued, Incurred or obtained. The effectiveness of any Refinancing Amendment shall be subject toto the satisfaction on the date thereof of each of the conditions set forth in Section 6.2 and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agentof legal opinions, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing DateDate (other than changes to such legal opinions resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent). Each Tranche of Credit Agreement Refinancing Indebtedness Incurred under this Section 4.19 shall be in an aggregate principal amount that is (x) not less than $100,000,000 in the case of Refinancing Term Loans or $50,000,000 in the case of Refinancing Revolving Loans and (y) an integral multiple of $50,000,000 in excess thereof in the case of Refinancing Term Loans or $25,000,000 in excess thereof in the case of Refinancing Revolving Loans. Any Refinancing Amendment may provide for the issuance of Letters of Credit for the account of the Borrower, or the provision to the Borrower of Swingline Loans, pursuant to any Refinancing Revolving Commitments established thereby, in each case on terms substantially equivalent to the terms applicable to Letters of Credit and Swingline Loans under the Revolving Commitments and in each case with the consent of the applicable Issuing Lenders and Swingline Lenders. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred Incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Loans, Refinancing Revolving Credit Loan Commitments and/or Refinancing Term Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects). Any Refinancing 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. In addition, if so provided in the relevant Refinancing Amendment and with the consent of each Issuing Lender, participations in Letters of Credit expiring on or after the Revolving Termination Date shall be reallocated from Lenders holding Revolving Commitments to Lenders holding extended revolving commitments in accordance with the terms of such Refinancing Amendment; provided, however, that such participation interests shall, upon receipt thereof by the relevant Lenders holding Revolving Commitments, be deemed to be participation interests in respect of such Revolving Commitments and the terms of such participation interests (including, without limitation, the commission applicable thereto) shall be adjusted accordingly.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 2 contracts
Sources: Credit Agreement (Advanced Drainage Systems, Inc.), Credit Agreement (Advanced Drainage Systems, Inc.)
Refinancing Facilities. (a) At any time On one or more occasions after the Closing Date, the Borrower may may, subject to the consent of Informa Group Holdings Limited in its sole discretion (solely so long as Informa Group Holdings Limited or any of its Affiliates is a Lender) obtain, in each case, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Specified Refinancing Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Loans and the Revolving Credit Loans and/or (or unused Revolving Credit Commitments Commitments) then outstanding under this Credit Agreement (which for purposes of this Section 2.13(a) will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Specified Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments Incremental Term Loans), in the form of Specified Refinancing Term Loans, Specified Refinancing Term Loan Commitments, Specified Refinancing Revolving Credit Loans Commitments or Specified Refinancing Revolving Credit Commitments, respectively, in each case, Loans pursuant to a Specified Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, notwithstanding anything to the extent securedcontrary in this Section 2.13 or otherwise, rank pari passu or junior in right (1) the borrowing and repayment (except for (A) payments of payment interest and of security with the other Loans fees at different rates on Specified Refinancing Revolving Commitments (and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredrelated outstandings), (iiB) will, repayments required upon the maturity date of the Specified Refinancing Revolving Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments (subject to the extent permitted by the definition clause (3) below)) of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders Loans with respect thereto, (iii) will, to the extent in the form of Specified Refinancing Revolving Credit Loans or Commitments after the date of obtaining any Specified Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein Commitments shall be made on a pro rata basis with all other Revolving Commitments, (2) [reserved], (3) the permanent repayment of Revolving Loans with respect to, and termination of, Specified Refinancing Revolving Commitments after the date of obtaining any then outstanding Specified Refinancing Revolving Credit Loans and Commitments shall be made on a pro rata basis with all other Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv4) will, to the extent in the form assignments and participations of Specified Refinancing Revolving Credit Loans or Commitments and Specified Refinancing Revolving Credit Commitments Loans shall be governed by the same assignment and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those participation provisions applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness Loans.
(b) Each issuance of any Refinancing Amendment Indebtedness under Section 2.13(a) shall be subject to, to the extent reasonably requested by the Administrative Agent in an aggregate principal amount that is (or x) not less than $5,000,000 and (y) an integral multiple of $1,000,000 in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. excess thereof.
(c) Each of the parties hereto hereby agrees that, upon that this Credit Agreement and the effectiveness of any other Loan Documents may be amended pursuant to a Specified Refinancing Amendment, this Agreement shall be deemed amended without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (including any amendments necessary ii) make such other changes to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such this Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, the other Loan Documents consistent with the provisions and intent of Section 10.2 (without the consent of any other Lenders, the Required Lenders called for therein) and (iii) effect such other amendments to this Credit Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this SectionSection 2.13, and the Required Lenders hereby expressly authorize the Administrative Agent to enter into any such Specified Refinancing Amendment.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 2 contracts
Sources: Credit Agreement (TechTarget, Inc.), Credit Agreement (TechTarget Holdings Inc.)
Refinancing Facilities. (a) At any The Borrower may from time after to time add one or more tranches of term loans or revolving credit facilities to this Agreement (each a “Refinancing Facility”) pursuant to an agreement in writing entered into by the Closing DateLoan Parties, the Borrower may obtain, from Administrative Agent and each Person (including any Lender or any Additional Lender existing Lender) that agrees to provide a portion of such Refinancing Facility (each a “Refinancing Facility Amendment”) pursuant to procedures specified by the extent agreed Administrative Agent to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of refinance all or any portion of any outstanding Term Facility or any Revolving Facility then in effect; provided that:
(i) such Refinancing Facility shall not have a principal or commitment amount (or accreted value) greater than the Term LoansLoans and, Prepetition Subsidiary Debtif such Refinancing Facility is a revolving credit facility that refinances a Revolving Facility, the undrawn available commitments of the Revolving Credit Loans and/or Revolving Credit Commitments then outstanding Facility being refinanced (excluding accrued interest, fees, discounts, premiums or expenses);
(ii) no Default shall exist on the effective date of such Refinancing Facility or would exist after giving effect to such Refinancing Facility;
(iii) no existing Lender shall be under any obligation to provide a commitment to such Refinancing Facility and any such decision whether to provide a commitment to such Refinancing Facility shall be in such Lender’s sole and absolute discretion;
(iv) each Person providing a commitment to such Refinancing Facility shall qualify as an Eligible Assignee;
(v) the Borrower shall deliver to the Administrative Agent:
(A) a certificate of each Loan Party dated as of the date of such Refinancing Facility signed by a Responsible Officer of such Loan Party (1) certifying and attaching resolutions adopted by the board of directors or equivalent governing body of such Loan Party approving such Refinancing Facility and (2) in the case of the Borrower, certifying that, before and after giving effect to such Refinancing Facility, (I) the representations and warranties of each Loan Party contained in Article VI or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Refinancing Facility, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and (II) no Default exists;
(B) such amendments to the Collateral Documents as the Administrative Agent may reasonably request to cause the Collateral Documents to secure the Obligations after giving effect to such Refinancing Facility; and
(C) opinions of legal counsel to the Loan Parties, addressed to the Administrative Agent and each Lender (including each Person providing a commitment to such Refinancing Facility), dated as of the effective date of such Refinancing Facility, in form and substance reasonably satisfactory to the Administrative Agent;
(vi) the Administrative Agent shall have received documentation from each Person providing a commitment to such Refinancing Facility evidencing such Person’s commitment and such Person’s obligations under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, and substance reasonably acceptable to the extent secured, Administrative Agent;
(vii) such Refinancing Facility (A) shall rank pari passu or junior in right of payment and of security with as the other Loans and Commitments hereunder Commitments; (but B) shall not be Guaranteed by any Person that is not a Guarantor; and (C) shall be (1) unsecured or (2) secured by the Collateral on an equal and ratable basis with the Obligations or on a junior basis to Obligations (in each case pursuant to intercreditor or subordination agreements reasonably satisfactory to the Administrative Agent);
(viii) such Refinancing Facility shall have such interest rates, interest rate margins, fees, discounts, prepayment premiums, amortization and a final maturity date as agreed by the Loan Parties and the Lenders providing such Refinancing Facility, provided that (A) to the extent refinancing a Revolving Facility and constituting a revolving credit facility, such Refinancing Facility will not have a maturity date (or have scheduled or mandatory commitment reductions or amortization) that is prior to the scheduled Maturity Date of the Revolving Facility being refinanced and (B) to the extent refinancing a Term Facility or constituting a term loan facility, such Refinancing Facility will have a maturity date that is not prior to the scheduled Maturity Date of, and will have a Weighted Average Life that is not shorter than the Weighted Average Life of, the Term Facility being refinanced;
(ix) if such Refinancing Facility is a revolving credit facility then (A) such Refinancing Facility shall have ratable voting rights as the other Revolving Facilities (or otherwise provide for more favorable voting rights for the avoidance then outstanding Revolving Facilities) and (B) such Refinancing Facility may provide for the issuance of doubtLetters of Credit for the account of the Borrower and its Subsidiaries on terms substantially equivalent to the terms applicable to Letters of Credit under the existing Revolving Facilities or the making of swing line loans to the Borrower on terms substantially equivalent to the terms applicable to Swing Line Loans under the existing Revolving Facilities;
(x) if such Refinancing Facility is a term loan, then (1) the Borrower and the Administrative Agent shall mutually determine whether such term loan is a tranche A term loan (a “Refinancing Tranche A Term Facility”) or tranche B term loan (a “Refinancing Tranche B Term Facility”) and (2) such term loan shall share ratably in any mandatory prepayments of the Term Facilities pursuant to Section 2.05 (or otherwise provide for more favorable prepayment treatment for one or more of the then outstanding Term Facilities) and shall have ratable voting rights as the other Term Facilities (or otherwise provide for more favorable voting rights for one or more of the then outstanding Term Facilities);
(xi) each Borrowing of Revolving Loans (including any deemed Borrowing of Revolving Loans made pursuant to Section 2.03 or 2.04) and participations in Letters of Credit pursuant to Section 2.03 shall be allocated pro rata among the Revolving Facilities;
(xii) subject to clause (viii) above, such Credit Agreement Refinancing Indebtedness may be unsecured)Facility will have terms and conditions that are substantially identical to, (ii) willor less favorable, when taken as a whole, to the extent permitted by Lenders providing such Refinancing Facility than, the definition terms and conditions of “Credit Agreement the Revolving Facility or Term Loan being refinanced; provided, however, that such Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment Facility may provide for any additional or redemption different financial or other covenants or other provisions and terms as may be that are agreed by among the Borrower and the Lenders or Additional Lenders thereof and applicable only during periods after the then latest Maturity Date in effect; and
(xiii) substantially concurrent with respect thereto, (iii) will, to the extent in the form incurrence of such Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that Facility the Borrower shall be permitted to permanently repay and terminate commitments apply the Net Cash Proceeds of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, Refinancing Facility to the extent in the form prepayment of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit outstanding Loans being refinanced. The effectiveness of any refinanced by such Refinancing Amendment shall be subject toFacility in accordance with Section 2.05(b)(iii)(B) and, to the extent reasonably requested by the Administrative Agent (or in the case of Refinancing Revolving Credit Commitments Facility, concurrent with the incurrence of such Refinancing Revolving Facility the commitments to the Revolving Facility being refinanced by such Refinancing Revolving Facility shall be automatically and Revolving Credit Loans, permanently reduced by the Revolver Agentamount of the Net Cash Proceeds of such Refinancing Facility as set forth in Section 2.06(b), receipt by ) and (B) the Borrower shall pay an amount required pursuant to Section 3.05 as a result of any such prepayment of Loans of existing Lenders.
(b) The Lenders hereby authorize the Administrative Agent or Revolver Agentto enter into, as applicableand the Lenders agree that this Agreement and the other Loan Documents shall be amended by, of reaffirmation agreements such Refinancing Facility Amendments to the extent (and board resolutions, officers’ certificates and legal opinions only to the extent) the Administrative Agent deems necessary in order to establish Refinancing Facilities on terms consistent with those delivered on and/or to effect the Closing Dateprovisions of this Section 2.17. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Facility Amendment. Each of In addition, if so provided in the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Facility Amendment for a Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) Facility and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenderseach L/C Issuer, effect participation in Letters of Credit under the existing Revolving Facilities shall be reallocated from Lenders holding revolving commitments under the existing Revolving Facilities to Lenders holding revolving commitments under such amendments to this Agreement and Refinancing Revolving Facility in accordance with the other Loan Documents as may be necessary or appropriate, to effect the provisions terms of this Sectionsuch Refinancing Facility Amendment.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 2 contracts
Sources: Credit Agreement (Acadia Healthcare Company, Inc.), Credit Agreement (Acadia Healthcare Company, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower Borrowers or any Guarantor may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Term Loan Commitments) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Term Loans or Refinancing Revolving Credit Term Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with the Intercreditor Agreement and any applicable Customary Pari Intercreditor Agreement and/or Other Intercreditor Agreement or other customary subordination agreement; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), and (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the applicable Borrower and the Lenders or Additional Lenders with respect thereto; provided, (iii) willthat, to the extent in the form event that only a portion of Refinancing Revolving Credit the Term Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving under this Agreement are refinanced pursuant to Credit Loans and Revolving Credit CommitmentsAgreement Refinancing Indebtedness, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable of such Credit Agreement Refinancing Indebtedness shall be subject to the Revolving Credit Commitments and Revolving Credit Loans being refinancedConsistent Terms Requirement. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Term Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of the Administrative Agent (except to the extent affecting the rights and duties of, or any fees or other Lendersamounts payable to, the Administrative Agent) or any Lenders other than any Lenders providing such Credit Agreement Refinancing Indebtedness, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, to effect the provisions of this Section. The Borrower Agent shall provide the Administrative Agent written notice (including via email) no later than two Business Days prior to the execution and delivery of any Refinancing Amendment, and the Administrative Agent hereby agrees to (and is directed by each Lender to) acknowledge such Refinancing Amendment as promptly as practicable following such written notice; it being acknowledged and agreed by each Lender that the Administrative Agent, in its capacity as such, shall have no liability with respect to such acknowledgment and each Lender hereby irrevocably waives to the fullest extent permitted by Requirements of Law any claims with respect to such acknowledgment; provided that failure to obtain such acknowledgment shall in no way affect the effectiveness of any Refinancing Amendment.
(b) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 10.02 to the contrary. A certificate delivered to the Administrative Agent at least two Business Days prior to the incurrence of any Credit Agreement Refinancing Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Borrowers have determined in good faith that terms and conditions of any Credit Agreement Refinancing Indebtedness satisfy the requirements of this Section 2.22, shall be conclusive evidence absent manifest error that such terms and conditions satisfy the requirements of this definition.
Appears in 2 contracts
Sources: Second Lien Credit Agreement (Solera Corp.), Credit Agreement (Solera Corp.)
Refinancing Facilities. (a) At any time after the Closing DateOn one or more occasions, the Borrower may obtain, from any Lender or any Additional Lender (other bank or financial institution or other institutional lender or investor that would constitute an Eligible Assignee if it were purchasing Loans hereunder and that agrees to the extent agreed to by such Lender provide any portion of Refinancing Term Commitments, Refinancing Term Loans, Other Revolving Commitments, or Additional Lender in its sole discretion)Other Revolving Loans, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Term Commitments, respectivelyRefinancing Term Loans, Other Revolving Commitments or Other Revolving Loans, in each case, case pursuant to a Refinancing AmendmentAmendment in accordance with this Section 2.17 (each, together with any applicable Customary Intercreditor Agreement an “Additional Refinancing Lender”); provided that (i) the Administrative Agent and each L/C Issuer shall have consented (such consent not to be unreasonably withheld, conditioned, or other customary subordination agreementdelayed) to such Lender’s or Additional Refinancing Lender’s providing such Refinancing Term Commitments, Refinancing Term Loans, Other Revolving Commitments or Other Revolving Loans to the extent such consent, if any, would be required under Section 10.06 for an assignment of Refinancing Term Commitments, Refinancing Term Loans, Other Revolving Commitments, or Other Revolving Loans, as applicable, to such Lender or Additional Refinancing Lender; provided, further, that such Credit Agreement Refinancing Indebtedness the following terms are satisfied:
(i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other any Refinancing Term Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class or on a better less than a pro rata basis (but not on a greater than pro rata basis) as compared to among the various Classes of Term Loans (in accordance with the respective outstanding principal amounts thereof) in any other Class with a later maturity date than such Class and (iv) willvoluntary or mandatory repayments or prepayments of Term Loans hereunder, to the extent as specified in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.;
Appears in 2 contracts
Sources: Credit Agreement (Turning Point Brands, Inc.), Credit Agreement (Bellring Brands, Inc.)
Refinancing Facilities. (a) At any time after the Closing Restatement Effective Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect of (A) all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which for purposes of this clause (A) will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Term Commitments) or and any then outstanding Refinancing Term Loans or (B) all or any then outstanding portion of the Revolving Loans (or unused Revolving Commitments or any Incremental Loans or unused Incremental Revolving Commitments or any unused Refinancing Revolving Credit Commitment of Refinancing Revolving Loans) under this Agreement, in the form of (x) Refinancing Term Loans or Refinancing Term Commitments or (y) Refinancing Revolving Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyas the case may be, in each case, case pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, will rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” will have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums pricing and optional prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretothereof, (iii) will, (x) with respect to the extent in the form of any Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in will have a maturity date that is not prior to the payment, borrowing, participation maturity date of Revolving Loans (or unused Revolving Commitments) being refinanced and commitment reduction provisions herein on a pro rata basis (y) with respect to any then outstanding Revolving Credit Refinancing Term Loans and Revolving Credit or Refinancing Term Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on will have a better than a pro rata basis as compared to any other Class with a later maturity date than such Class that is not prior to the maturity date of, and will have a Weighted Average Life to Maturity that is not shorter than, the Term Loans being refinanced, (iv) willwill have such pricing, to premiums, optional prepayment terms and financial covenants as may be agreed by the extent in Borrower and the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments Lenders thereof and unless the Required Revolving Credit Lenders shall (v) will have consented thereto, have other terms and conditions (other than interest rate margins and commitment fees) that are substantially identical to those (or in the case of Refinancing Notes are on market terms or are substantially identical to), or (taken as a whole) are no more favorable to the investors providing such Credit Agreement Refinancing Indebtedness than the Refinanced Debt; provided, further that the terms and conditions applicable to such Credit Agreement Refinancing Indebtedness may provide for any additional or different financial or other covenants or other provisions that are agreed between the Revolving Borrower and the Lenders thereof and applicable only during periods after the Latest Maturity Date that is in effect on the date such Credit Commitments and Revolving Credit Loans being refinancedAgreement Refinancing Indebtedness is issued, Incurred or obtained. The effectiveness of any Refinancing Amendment shall be subject toto the satisfaction on the date thereof of each of the conditions set forth in Section 6.1 and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agentof legal opinions, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing DateRestatement Effective Date (other than changes to such legal opinions resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent). Each Tranche of Credit Agreement Refinancing Indebtedness Incurred under this Section 4.19 shall be in an aggregate principal amount that is (x) not less than $100,000,000 in the case of Refinancing Term Loans or $50,000,000 in the case of Refinancing Revolving Loans and (y) an integral multiple of $50,000,000 in excess thereof in the case of Refinancing Term Loans or $25,000,000 in excess thereof in the case of Refinancing Revolving Loans. Any Refinancing Amendment may provide for the issuance of Letters of Credit for the account of the Borrower, or the provision to the Borrower of Swingline Loans, pursuant to any Refinancing Revolving Commitments established thereby, in each case on terms substantially equivalent to the terms applicable to Letters of Credit and Swingline Loans under the Revolving Commitments and in each case with the consent of the applicable issuing lenders and swingline lenders. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred Incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Loans, Refinancing Revolving Credit Loan Commitments and/or Refinancing Term Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects). Any Refinancing 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. In addition, if so provided in the relevant Refinancing Amendment and with the consent of each Issuing Lender, participations in Letters of Credit expiring on or after the Revolving Termination Date shall be reallocated from Lenders holding Revolving Commitments to Lenders holding extended revolving commitments in accordance with the terms of such Refinancing Amendment; provided, however, that such participation interests shall, upon receipt thereof by the relevant Lenders holding Revolving Commitments, be deemed to be participation interests in respect of such Revolving Commitments and the terms of such participation interests (including, without limitation, the commission applicable thereto) shall be adjusted accordingly.
(b) This Section 2.18 4.19 shall supersede any provisions of in Section 10.01 4.8 or Section 11.1 to the contrary.
Appears in 2 contracts
Sources: Incremental Commitment Agreement and Second Amendment (KAR Auction Services, Inc.), Amendment and Restatement Agreement (KAR Auction Services, Inc.)
Refinancing Facilities. (a) At any time after After the Closing Funding Date, the Borrower may obtain, obtain from any Lender (but with the consent of the Administrative Agent (not to be unreasonably withheld or any Additional Lender (delayed)) to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of refinance all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit applicable Loans and/or Revolving Credit or Commitments then outstanding under this Agreement (which for purposes of this Section 2.18 will be deemed to include any then outstanding Incremental Refinancing Facilities), one or more new senior secured first lien term facilities (each, a “Refinancing Term Loans under Facility” and the term loans made pursuant to a Refinancing Term Facility, “Refinancing Term Loans”) or, in the case of a refinancing and/or replacement of the Revolving Commitments or Revolving Loans, new revolving credit facilities (each, a “Refinancing Revolving Facility” and, together with any Incremental Facilities Refinancing Term Facility, a “Refinancing Facility” or any Incremental the “Refinancing Facilities”, and the revolving loans made pursuant to a Refinancing Revolving Credit Commitments then outstanding under this Agreement Facility, “Refinancing Revolving Loans”); provided that:
(or any Revolving Credit Loans outstanding pursuant thereto)a) or any then outstanding the Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit CommitmentsLoans, respectivelyas applicable, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank will be pari passu or junior in right of payment and of security be secured by the Collateral on a pari passu basis with the other remaining portion of the Term Loans, Revolving Loans and Commitments hereunder Revolving Commitments;
(but for the avoidance of doubtb) with respect to any Refinancing Term Facility, such Credit Agreement Refinancing Indebtedness may Term Facility shall not (i) have a maturity date that is earlier than ninety-one (91) days after the maturity date of the Term Loans being refinanced by such Refinancing Term Facility or (ii) have a shorter Weighted Average Life to Maturity than the Term Loans being refinanced by such Refinancing Term Facility, and in no event shall the Refinancing Term Facility be unsecured)permitted to be voluntarily or mandatorily prepaid prior to repayment of all existing Term Loans that survive the initial funding of such Refinancing Term Facility, unless accompanied by ratable prepayment of all Term Loans;
(c) with respect to any Refinancing Revolving Facility, (i) such Refinancing Revolving Facility shall not have a maturity date that is earlier than the maturity date of the Revolving Loans or Revolving Commitments being refinanced by such Refinancing Revolving Facility, (ii) willsuch Refinancing Revolving Facility shall require no scheduled amortization or mandatory commitment reduction prior to the maturity date of any existing Revolving Commitments that survive the initial funding of the Refinancing Revolving Facility and (iii) any Refinancing Revolving Facility will be subject to the same pro rata (or in the case of prepayment, pro rata or less than pro rata, but not greater than pro rata) borrowing, Letter of Credit participations, Swing Line Loan participations and prepayment and Commitment reduction provisions as the existing Revolving Commitments that survive the initial funding of the Refinancing Revolving Facility (except to the extent permitted by applicable only to periods after the definition latest final maturity date of “Credit Agreement the relevant Loans or Commitments existing at the time of such refinancing or replacement);
(d) such Refinancing Indebtedness,” Facility shall have such pricing, interest rate margins pricing (including “MFN” provisionsinterest, fees and premiums), rate floors, discounts, fees, premiums optional prepayment and prepayment or redemption provisions and terms as may be agreed to by the Borrower and the Lenders or Additional Lenders with respect party thereto, except as provided herein;
(iiie) will, to such Refinancing Facility shall not be secured by any assets other than the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of Collateral;
(f) if any such Class on a better Refinancing Facility is guaranteed, it shall not be guaranteed by any Person other than a pro rata basis as compared to the Guarantors;
(g) if any other Class with a later maturity date than such Class Refinancing Facility will provide for the issuance or extension of Letters of Credit or the making of Swing Line Loans, then the Issuing Bank and (iv) willthe Swing Line Lender, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders respectively, shall have consented theretoto such Refinancing Facility;
(h) the other terms (excluding those referenced in clauses (a) through (g) above and excluding pricing, have terms fee and conditions prepayment or redemption provisions) of such Refinancing Facility shall be substantially identical to, or (other taken as a whole) no more favorable to the Lenders providing such Refinancing Facility than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Loans or Commitments and Revolving Credit being refinanced or replaced (except for covenants or other provisions applicable only to periods after the latest final maturity date of the relevant Loans being refinanced. The effectiveness or Commitments existing at the time of such refinancing or replacement); and
(i) the aggregate principal amount of any Refinancing Amendment Facility shall be subject to, to not exceed the extent reasonably requested by the Administrative Agent (or in the case aggregate principal amount of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as being refinanced or replaced therewith, plus reasonable and customary interest, premiums, fees and expenses. Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange, continue or rollover all or a portion of its Loans in connection with any Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without Facility permitted by the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, to effect the provisions terms of this SectionAgreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent and such Lender.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 2 contracts
Sources: Credit Agreement (AdaptHealth Corp.), Credit Agreement (AdaptHealth Corp.)
Refinancing Facilities. (a) At any The Borrowers may from time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to time by written notice to the extent agreed Administrative Agent elect to by such Lender request the establishment of one or Additional Lender in its sole discretionmore additional Tranches of Term Loans under this Agreement (“Refinancing Term Loans”) or one or more series of debt securities (“Refinancing Notes”), Credit Agreement Refinancing Indebtedness in respect of which refinance, renew, replace, defease or refund all or any portion of one or more Tranches of Term Loans (including any Incremental Term Loans or Extended Term Loans) under this Agreement selected by Borrower Agent; provided that such Refinancing Term Loans and/or Refinancing Notes may not be in an amount greater than the aggregate principal amount of the Term Loans being refinanced, renewed, replaced, defeased or refunded plus unpaid accrued interest and premium (if any) thereon and upfront fees, original issue discount, underwriting discounts, fees, commissions and expenses incurred in connection with the Refinancing Term Loans and/or Refinancing Notes; provided that such aggregate principal amount may also be increased to the extent such additional amount is capable of being incurred at such time pursuant to subsection 2.4 or 8.2 (and subsection 8.3 to the extent secured) and such excess incurrence shall for all purposes hereof be an incurrence under the relevant subclauses of subsection 2.4 or 8.2 (and subsection 8.3 to the extent secured). Each such notice shall specify the date (each, a “Refinancing Effective Date”) on which the Borrowers propose that the Refinancing Term Loans shall be made or the Refinancing Notes shall be issued, which shall be a date not less than three (3) Business Days after the date on which such notice is delivered to the Administrative Agent; provided that:
(i) the weighted average life to maturity of such Refinancing Term Loans and/or Refinancing Notes shall not be shorter than the remaining weighted average life to maturity of the Term Loans being refinanced and the Refinancing Term Loans and/or Refinancing Notes shall not have a final maturity before the Maturity Date applicable to the Term Loans being refinanced;
(ii) such Refinancing Term Loans and/or Refinancing Notes shall have pricing (including interest rates, fees and premiums), amortization, optional prepayment, mandatory prepayment and redemption terms as may be agreed to by the Parent and the relevant Refinancing Term Loan Lenders (as defined below) and/or Refinancing Note Holders (as defined below); provided that with respect to Refinancing Term Loans or Refinancing Notes that are secured by Liens on the Collateral ranking on an equal priority basis (but without regard to the control of remedies) with the Liens on the Collateral securing the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding no holders of such Refinancing Term Loans or Refinancing Notes shall be permitted to share any mandatory prepayment or redemption on a more than ratable basis with the Term Loans;
(iii) such Refinancing Term Loans and/or Refinancing Notes shall not be guaranteed by any Person other than a Borrower or a Subsidiary Guarantor;
(iv) in the case of any such Refinancing Term Loans and/or Refinancing Notes that are secured such Refinancing Term Loans and/or Refinancing Notes are secured only by assets comprising Collateral, and not secured by any property or assets of a Borrower or any of its Subsidiaries other than the Collateral;
(v) all other terms applicable to such Refinancing Term Loans and/or Refinancing Notes (excluding pricing and optional prepayment or redemptions terms) shall either, at the option of the Borrower Agent, (I) be consistent with market terms and conditions (taken as a whole) at the time of Incurrence or effectiveness (as determined by the Borrower Agent in good faith), (II) be substantially identical to those applicable to the then outstanding Term Loans, or (III) (taken as a whole) be otherwise not materially more favorable to the Refinancing Revolving Credit Loans or Term Loan Lenders and/or Refinancing Revolving Credit Commitments in Note Holders than those applicable to the form then outstanding Term Loans, except to the extent such covenants and other terms apply solely to any period after the Latest Maturity Date at the time of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitmentssuch refinancing, respectivelyexcept where the Lenders also receive the benefit of such more favorable terms), in each case, pursuant to a case as determined by the Borrower Agent in good faith; provided that Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Term Loans and/or Refinancing Indebtedness (i) will, to the extent secured, Notes may rank pari passu or junior in right of payment and of and/or security with the remaining Term Loans or may be unsecured so long as the holders of any Refinancing Term Loans and/or Refinancing Notes that are subordinated in right of payment and/or security are subject to an Additional Intercreditor Agreement (provided that a certificate of a Responsible Officer of Borrower Agent delivered to the Administrative Agent in good faith at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that Borrower Agent has determined in good faith that such terms and conditions satisfy the requirement set out in this clause (v), shall be conclusive evidence that such terms and conditions (other than the terms and conditions of the Additional Intercreditor Agreement referred to in this clause (v), satisfy such requirement unless the Administrative Agent provides notice to Borrower Agent of an objection during such five Business Day period (including a reasonable description of the basis upon which it objects))).
(b) The Borrowers may approach any Lender or any other Borrower Agent that would be an Eligible Assignee of Term Loans to provide all or a portion of the Refinancing Term Loans (a “Refinancing Term Loan Lender”) or Refinancing Notes (a “Refinancing Note Holder”); provided that any Lender offered or approached to provide all or a portion of the Refinancing Term Loans and/or Refinancing Notes may elect or decline, in its sole discretion, to provide a Refinancing Term Loan or purchase Refinancing Notes. Any Refinancing Term Loans made on any Refinancing Effective Date shall be designated a series of Refinancing Term Loans for all purposes of this Agreement; provided that any Refinancing Term Loans may, to the extent provided in the applicable Refinancing Term Loan Amendment and Commitments hereunder subject to the restrictions set forth in clause (but a) above, be designated as an increase in any previously established Tranche of Term Loans made to the Borrowers.
(c) The Administrative Agent and the Lenders hereby consent to the transactions contemplated by subsection 4.26(a) (including, for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition payment of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discountsinterest, fees, premiums amortization or premium in respect of the Refinancing Term Loans and prepayment Refinancing Notes on the terms specified by Borrower Agent) and hereby waive the requirements of this Agreement or redemption provisions and terms as any other Loan Document that may otherwise prohibit any transaction contemplated by subsection 4.26(a). The Refinancing Term Loans shall be agreed by established pursuant to an amendment to this Agreement among the Borrower Borrowers, the Administrative Agent and the Refinancing Term Loan Lenders or Additional Lenders with respect thereto, providing such Refinancing Term Loans (iii) will, to the extent in the form of a “Refinancing Revolving Credit Loans or Term Loan Amendment”). The Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower Notes shall be permitted established pursuant to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class Refinancing Notes Indenture which shall be consistent with a later maturity date than such Class and (iv) will, to the extent provisions set forth in the form of subsection 4.26(a). Each Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Term Loan Amendment shall be subject tobinding on the Lenders, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit LoansAgent, the Revolver Agent), receipt by Loan Parties party thereto and the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the other parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such Lender and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate in the reasonable opinion of the Administrative Agent and Borrower Agent, to effect the provisions of this Section.
subsection 4.26, including in order to establish new Tranches or sub-Tranches in respect of the Refinancing Term Loans and such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in subsection 2.2 (b) This Section 2.18 insofar as such schedule relates to payments due to Lenders the Term Loans of which are refinanced with the proceeds of Refinancing Term Loans; provided that no such amendment shall supersede reduce the pro rata share of any provisions of Section 10.01 such payment that would have otherwise been payable to the contraryLenders, the Term Loans of which are not refinanced with the proceeds of Refinancing Term Loans). The Administrative Agent shall be permitted, and each is hereby authorized, to enter into such amendments with the Borrowers to effect the foregoing.
Appears in 2 contracts
Sources: Credit Agreement (Cumulus Media Inc), Credit Agreement (Cumulus Media Inc)
Refinancing Facilities. (a) At The Borrower may by written notice to the Administrative Agent elect to request the establishment of (i) one or more additional tranches or Classes of term loans under this Agreement (“Refinancing Term Loans”) or one or more series of debt securities (“Refinancing Notes”), which refinance, renew, replace, defease or refund (collectively, “Refinance”) one or more Classes of Term Loans under this Agreement or (ii) one or more additional revolving facilities under this Agreement providing for revolving commitments (“Refinancing Revolving Credit Commitments” and the revolving loans thereunder, “Refinancing Revolving Loans”) which Refinances one or more Classes of Revolving Credit Commitments (and Revolving Credit Loans thereunder) under this Agreement; provided that:
(i) no Default or Event of Default has occurred and is continuing or would result therefrom;
(ii) the principal amount of such Refinancing Debt or Refinancing Revolving Credit Commitments may not exceed the aggregate principal amount of the Term Loans or Revolving Credit Commitments being Refinanced plus accrued and unpaid interest thereon, any time prepayment premiums applicable thereto and reasonable fees and expenses incurred in connection therewith;
(iii) the final maturity date of such Refinancing Debt or Refinancing Revolving Credit Commitments shall not be earlier than the maturity date of the Term Loans (or, in the case of any unsecured or junior lien Refinancing Debt, no earlier than the date that is 91 days after the Closing Datelatest final maturity date of the Term Loans existing at the time of such refinancing or replacement) or Revolving Credit Commitments being Refinanced, and the Weighted Average Life to Maturity of such Refinancing Debt shall be no earlier than the then remaining Weighted Average Life to Maturity of each Class of Term Loans being refinanced;
(iv) the other terms and conditions of such Refinancing Debt or Refinancing Revolving Credit Commitments (except as otherwise provided in clause (iii) above and with respect to pricing, interest rate margins, premiums, discounts, fees, rate floors and optional prepayment or redemption terms), taken as a whole shall (as reasonably determined by the Borrower) be substantially similar to, or (taken as a whole) not materially less favorable to the Borrower and its Subsidiaries than, the Borrower may obtainterms, from any Lender taken as a whole, applicable to Term Loans or any Additional Lender (Revolving Credit Commitments being Refinanced, except to the extent agreed such covenants and other terms apply solely to by such Lender any period after the latest final Term Loan Maturity Date or Additional Lender in its sole discretion), Revolving Credit Agreement Refinancing Indebtedness in respect of all or any portion Maturity Date of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement being Refinanced (which will be deemed to include or, in the case of any then outstanding Incremental unsecured or junior lien Refinancing Debt, after the date that is 91 days after such latest final Term Loans under any Incremental Facilities Loan Maturity Date or any Incremental Revolving Credit Maturity Date);
(v) the proceeds of such Refinancing Debt, Refinancing Revolving Credit Commitments then or Refinancing Revolving Loans shall be applied, concurrently or substantially concurrently with the incurrence thereof (in accordance with Section 4.4(b)(i)), solely to the repayment of the outstanding under this Agreement (amount of one or any more Classes of Term Loans or permanently reduce one or more Classes of Revolving Credit Loans outstanding pursuant thereto)Commitments and Revolving Credit Loans, as the case may be, being Refinanced thereby;
(vi) or any then outstanding each Class of Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Commitments shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof (or such other amount necessary to repay or replace any Class of outstanding Term Loans or Refinancing Revolving Credit Commitments in the form of full);
(vii) no Subsidiary that is not also a Subsidiary Guarantor may be a borrower or a guarantor with respect to such Refinancing Debt, Refinancing Revolving Credit Loans or Commitments and/or Refinancing Revolving Loans;
(viii) Refinancing Debt, Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Commitments and/or Refinancing Amendment, together with any applicable Customary Intercreditor Agreement Revolving Loans may be unsecured or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to may only be secured by the extent secured, Collateral and may rank pari passu or junior in right of payment and of and/or security with the other remaining Revolving Credit Commitments, Revolving Credit Loans and and/or Term Loans, so long as the holders of any Refinancing Debt, Refinancing Revolving Credit Commitments hereunder and/or Refinancing Revolving Loans that are junior in right of payment and/or security are subject to an Acceptable Intercreditor Agreement;
(but for the avoidance ix) such Refinancing Debt or Refinancing Revolving Credit Commitments shall not be secured by any asset of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and its Subsidiaries other than the Lenders or Additional Lenders with respect thereto, Collateral;
(iiix) will, to the extent in the form case of Refinancing Revolving Credit Loans or any Refinancing Revolving Credit Commitments, substantially concurrently with the effectiveness thereof, all the Revolving Credit Commitments then in effect shall be terminated, and all the Revolving Credit Loans then outstanding, together with all interest thereon, and all other amounts accrued for the benefit of the Revolving Credit Lenders, shall be repaid or paid (it being understood, however, that any Letters of Credit may continue to be outstanding hereunder), and the aggregate amount of such Refinancing Revolving Credit Commitments does not exceed the aggregate amount of the Revolving Credit Commitments so terminated; and
(xi) any mandatory prepayment requirements, in the case of any Refinancing Term Loans, may provide that such Refinancing Term Loans may participate in the payment, borrowing, participation and commitment reduction provisions herein any mandatory prepayment on a pro rata basis with any then outstanding Revolving Credit Class of existing Term Loans, but may not provide for prepayment requirements that are more favorable to the Lenders holding such Refinancing Term Loans and Revolving Credit Commitmentsthan to the Lenders holding such Class of Term Loans.
(b) Each such notice shall specify the date (each, except a “Refinancing Effective Date”) on which the Borrower proposes that the Borrower shall Refinancing Debt be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to made or the extent in the form of Refinancing Revolving Credit Commitments shall become effective, which shall be a date not less than three (3) Business Days (or such shorter period as may be agreed to by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent.
(c) The Borrower may approach any Lender or any other Person that would be an Eligible Assignee of the applicable Class of Loans or Commitments pursuant to Section 12.9(b) to provide all or a portion of the Refinancing Term Loans or Refinancing Revolving Credit Commitments and unless (a “Refinancing Lender”); provided that any Lender offered or approached to provide all or a portion of the Required Revolving Credit Lenders shall have consented theretoRefinancing Term Loans may elect or decline, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject toin its sole discretion, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as provide a Refinancing Term Loans, Loan. Any Refinancing Revolving Credit Term Loans or Refinancing Revolving Credit Loan Commitment made on any Refinancing Effective Date shall be designated a series (a “Refinancing Series”) of Refinancing Term Loans or Refinancing Revolving Credit Commitments for all purposes of this Agreement; provided that (i) any Refinancing Term Loans may, to the extent provided in the applicable Refinancing Amendment, be designated as an increase in any previously established Refinancing Series of Refinancing Term Loans made to the Borrower and (ii) any Refinancing Revolving Credit Commitments may, to the extent provided in the applicable Refinancing Amendment, be designated as an increase in any previously established Refinancing Series of Refinancing Revolving Credit Commitments.
(d) The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this Section 5.16 (including, for the avoidance of doubt, the payment of interest, fees, amortization or premium in respect of the Refinancing Term Loans and Refinancing Revolving Credit Commitments, as applicableand Refinancing Revolving Loans on the terms specified by the Borrower) and hereby waive the requirements of this Agreement (including, but not limited to, Section 5.6 and Section 12.2) or any Indebtedness being replaced other Loan Document that may otherwise prohibit such Refinance or refinanced with such any other transaction contemplated by this Section 5.16. The Refinancing Term Loans and Refinancing Revolving Credit Agreement Refinancing Indebtedness Commitments shall be deemed permanently reduced established pursuant to an amendment to this Agreement among the Borrower and satisfied the applicable Refinancing Lenders providing such Refinancing Term Loans or Refinancing Revolving Credit Commitments (a “Refinancing Amendment”) which shall be consistent with the provisions set forth in all respectsthis Section 5.16. Any The Refinancing Notes shall be established pursuant to documentation which shall be consistent with the provisions set forth in Section 5.16(a). Each Refinancing Amendment mayshall be binding on the Lenders, the Administrative Agent, the Credit Parties party thereto and the other parties hereto without the consent of any other Lenders, effect such Lender (except with respect to Refinancing Revolving Credit Commitments as provided above) and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this SectionSection 5.16, including in order to establish new tranches or sub-tranches in respect of the Refinancing Term Loans or Refinancing Revolving Credit Commitments and Refinancing Revolving Loans and such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in Section 4.3(a) (insofar as such schedule relates to payments due to Lenders, the Term Loans of which are Refinanced; provided that no such amendment shall reduce the pro rata share of any such payment that would have otherwise been payable to the Lenders, the Term Loans of which are not Refinanced). The Administrative Agent shall be permitted, and is hereby authorized, to enter into such Refinancing Amendments with the Borrower to effect the foregoing. The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of conditions as may be required by the Refinancing Lenders providing such Refinancing Amendment.
(be) This Section 2.18 If any Refinancing Revolving Credit Commitment is designated as an increase in any previously established Refinancing Revolving Credit Commitment, on the Refinancing Effective Date, subject to the satisfaction of the foregoing terms and conditions, each of the Refinancing Lenders with Refinancing Revolving Credit Commitments of such Refinancing Series shall supersede purchase from each of the other Lenders with Refinancing Revolving Credit Commitments of such Refinancing Series, at the principal amount thereof and in the applicable currencies, such interests in the Revolving Credit Loans under such Refinancing Revolving Credit Commitments outstanding immediately prior to such Refinancing as shall be necessary in order that, after giving effect to all such assignments and purchases, the Refinancing Revolving Loans of such Refinancing Series will be held by Refinancing Lenders thereunder ratably in accordance with the percentage of the total Refinancing Revolving Credit Commitments of all Refinancing Lenders represented by each such Refinancing ▇▇▇▇▇▇’s Refinancing Revolving Credit Commitment. After giving effect to any Refinancing Revolving Credit Commitments, all outstanding Swingline Loans and Letters of Credit shall be participated on a pro rata basis by all Lenders with a Revolving Credit Commitment in accordance with their revised Revolving Credit Commitment Percentages.
(f) The Administrative Agent is authorized to enter into any Acceptable Intercreditor Agreement (and any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, such agreements) and to take all actions (and execute all documents) required (or otherwise deemed advisable by the Administrative Agent) in connection with the incurrence by any Credit Party of any Refinancing Debt, in order to permit such Refinancing Debt to be secured by a valid, perfected lien and the parties hereto acknowledge that any Acceptable Intercreditor Agreement will be binding upon them. Each Lender (i) hereby agrees that it will be bound by and will take no actions contrary to the provisions of Section 10.01 any Acceptable Intercreditor Agreement and (ii) hereby authorizes and instructs the Administrative Agent to enter into any Acceptable Intercreditor Agreement (and any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, such agreements) in connection with the incurrence by any Credit Party of any Refinancing Debt, in order to permit such Refinancing Debt to be secured by a valid, perfected lien and to subject the Liens on the Collateral securing the Secured Obligations to the contraryprovisions thereof.
(g) Notwithstanding the terms of Sections 5.13, 5.16 and 5.17, in no event shall there be more than (i) four (4) tranches of revolving facilities in the aggregate in effect at any time (including the Revolving Credit Commitments, any Extended Revolving Credit Commitments and any Refinancing Revolving Credit Commitments) and (ii) six (6) tranches of term loans (including the Initial Term Loan, any Extended Term Loans, any Incremental Term Loans and any Refinancing Term Loans), in each case under this Agreement.
Appears in 2 contracts
Sources: Credit Agreement (Switch, Inc.), Credit Agreement (Switch, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Agreement) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyLoans, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementagreement that is reasonably acceptable to the Administrative Agent; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, will rank pari passu or junior in right of payment and of security (to the extent secured) with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, thereto and (iii) will, no Event of Default would exist immediately after giving effect to the extent in the form funding of such Credit Agreement Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedIndebtedness. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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. For the avoidance of doubt, no Credit Agreement Refinancing Indebtedness can be used to prepay or repay any Loans made on the Closing Date without the Applicable Prepayment Premium due thereon, if any.
(b) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 10.02 to the contrary.
Appears in 2 contracts
Sources: Credit Agreement (Par Technology Corp), Credit Agreement (2U, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtainshall have the right to refinance, from any Lender or any Additional Lender renew and/or replace
(to i) all of the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect Term A Loans then outstanding,
(ii) all of the Term B Loans then outstanding and/or
(iii) all or any portion of the Term Loans, Prepetition Subsidiary Debt, any Revolving Credit Loans and/or Revolving Credit Loan Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities in effect or any Incremental outstanding Revolving Credit Commitments then outstanding under this Agreement Loans (or including any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and Refinancing Revolving Loans) (clauses (i), (ii) and (iii) above, together, “Refinanced Debt”) with (x) (A) in the case of clause (i) or clause (ii) above, one or more new term loan facilities established hereunder by adding one or more new term loan commitments (each such commitment, a “Refinancing Term Loan Commitment”, and the loans made thereunder, “Refinancing Term Loans”) and (B) in the case of clause (iii) above, one or more new revolving credit facilities established hereunder by adding one or more new revolving credit commitments (each such commitment, a “Refinancing Revolving Credit Commitment”, and the loans made thereunder, “Refinancing Revolving Loans”) or (y) other Indebtedness in the form of one or more series of notes or loans (such other notes or loans, “Other Permitted Refinancing Revolving Debt”, and clauses (x) and (y) above, together, “Credit Loans or Agreement Refinancing Revolving Credit Commitments, respectively, in each caseIndebtedness”), pursuant to a Refinancing Amendment, together with provided that:
(iv) any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank that ranks pari passu or junior in right of payment and security will be subject to the Pari Passu Intercreditor Agreement or the Junior Lien Intercreditor Agreement, as applicable;
(v) no Refinancing Term Loans or Other Permitted Refinancing Debt will have a maturity date that is prior to the latest maturity date applicable to the Refinanced Debt being refinanced thereby, nor a shorter Weighted Average Life to Maturity than, the Refinanced Debt being refinanced thereby;
(vi) no Refinancing Revolving Loans will have a maturity date (nor will the revolving credit facility in respect thereof require commitment reductions) prior to the maturity date of security with the other Loans and Commitments hereunder Refinanced Debt being refinanced thereby;
(but for the avoidance of doubt, vii) such Credit Agreement Refinancing Indebtedness may be unsecuredwill have such pricing (including interest, fees and premiums), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums optional prepayment and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, lenders thereof;
(iiiviii) will, to any Credit Agreement Refinancing Indebtedness that is secured shall not be secured by assets other than Collateral;
(ix) any Credit Agreement Refinancing Indebtedness that is guaranteed shall not be guaranteed by any Person other than the extent in the form of Subsidiary Guarantors;
(x) such Credit Agreement Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, Indebtedness will have terms and conditions (other than interest rate margins and commitment feesthose described in clauses (ii) through (vi) of this proviso) that are substantially identical to, or (taken as a whole) no more favorable (as reasonably determined by the Borrower) to the lenders providing such Credit Agreement Refinancing Indebtedness than, those applicable to the Revolving Refinanced Debt being refinanced thereby (except for covenants or other provisions applicable only to periods after the latest Maturity Date at the time such Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness Agreement Refinancing Indebtedness is incurred);
(xi) the aggregate principal amount of any Credit Agreement Refinancing Amendment Indebtedness shall be subject tonot exceed the aggregate principal amount of the Refinanced Debt being refinanced thereby, plus any interest, premiums, fees and expenses, or to the extent reasonably requested otherwise permitted under this Agreement; and
(xii) no Refinancing Term Loans shall share more favorably than ratably in any mandatory prepayments hereunder.
(b) Any Credit Agreement Refinancing Indebtedness may be provided by the Administrative Agent any Lender or any Augmenting Lender. Each Class of Credit Agreement Refinancing Indebtedness incurred under this Section 2.22 shall be in an aggregate principal amount that is (i) not less than $10,000,000 (or in integral multiples of $5,000,000 in excess thereof) in the case of Revolving Credit Refinancing Term Loans and Refinancing Term Loan Commitments and Revolving Credit Loans, the Revolver Agent(ii) not less than $5,000,000 (or in integral multiples of $1,000,000 in excess thereof), receipt by in each case, or such other amount of the Administrative Agent or Revolver Agent, as applicable, total outstanding amount of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. Refinanced Debt.
(c) The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans Loans, Refinancing Term Loan Commitments or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects). Any Refinancing 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 and the Borrower, to effect the provisions of this Section. In addition, if so provided in the relevant Refinancing Amendment and with the consent of each Issuing Bank, participations in letters of credit issued under any Refinanced Debt shall be reallocated to the Lenders under the Credit Agreement Refinancing Indebtedness refinancing such Refinanced Debt accordance with the terms of such Refinancing Amendment.
(bd) This Section 2.18 Section 2.22 shall supersede any provisions of Section 10.01 in Section 2.11, 9.03 or 12.02 to the contrary.
Appears in 2 contracts
Sources: Incremental Term Loan Amendment and Refinancing Amendment (Energizer Holdings, Inc.), Credit Agreement (Energizer Holdings, Inc.)
Refinancing Facilities. (a) At any time after the Closing DateOn one or more occasions, the Borrower may obtain, from any Lender or any Additional Lender (other bank or financial institution or other institutional lender or investor that would constitute an Eligible Assignee if it were purchasing Loans hereunder and that agrees to the extent agreed to by such Lender provide any portion of Refinancing Term Commitments, Refinancing Term Loans, Other Revolving Commitments, or Additional Lender in its sole discretion)Other Revolving Loans, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Term Commitments, respectivelyRefinancing Term Loans, Other Revolving Commitments or Other Revolving Loans, in each case, case pursuant to a Refinancing AmendmentAmendment in accordance with this Section 2.17 (each, together with any applicable Customary Intercreditor Agreement an “Additional Refinancing Lender”); provided that (i) the Administrative Agent, the Swing Line Lender and each L/C Issuer shall have consented (such consent not to be unreasonably withheld, conditioned, or other customary subordination agreementdelayed) to such Lender’s or Additional Refinancing Lender’s providing such Refinancing Term Commitments, Refinancing Term Loans, Other Revolving Commitments or Other Revolving Loans to the extent such consent, if any, would be required under Section 10.06 for an assignment of Refinancing Term Commitments, Refinancing Term Loans, Other Revolving Commitments, or Other Revolving Loans, as applicable, to such Lender or Additional Refinancing Lender; provided, further, that such Credit Agreement Refinancing Indebtedness the following terms are satisfied:
(i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other any Refinancing Term Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) as among the various Classes of Term Loans (in accordance with the respective outstanding principal amounts thereof) in any then outstanding voluntary or mandatory repayments or prepayments of Term Loans hereunder, as specified in the applicable Refinancing Amendment;
(ii) (x) all Other Revolving Commitments shall be deemed to be Revolving Credit Commitments for purposes of borrowings and prepayments of Revolving Credit Loans and participations in Letters of Credit and Swing Line Loans and (y) the borrowing and repayment (except for (A) payments of interest and fees at different rates on Other Revolving Credit CommitmentsCommitments (and related outstandings), except that (B) repayments required upon the Borrower maturity date of the Other Revolving Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments) of Other Revolving Loans after the date of obtaining any Other Revolving Commitments shall be permitted made as directed by the Borrower;
(iii) subject to permanently repay the provisions of Section 2.03(k) to the extent dealing with Letters of Credit which mature or expire after a maturity date when there exist Other Revolving Commitments with a longer maturity date, all Swing Line Loans and terminate commitments Letters of any such Class Credit shall be participated on a better than a pro rata basis as compared to any other Class by all Lenders with a later maturity date than such Class and Revolving Credit Commitments (including Other Revolving Credit Commitments) in accordance with their Applicable Revolving Credit Percentage; and
(iv) will, assignments and participations of Other Revolving Commitments and Other Revolving Loans shall be governed by the same assignment and participation provisions applicable to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Original Revolving Credit Commitments and unless the Required Original Revolving Credit Lenders shall have consented thereto, have terms and conditions Loans.
(other than interest rate margins and commitment feesb) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject toto the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agentof (i) customary legal opinions, as applicable, of reaffirmation agreements board resolutions and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Date other than changes to such legal opinions resulting from a Change in Law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as and (ii) reaffirmation agreements and/or such amendments to the effectiveness Collateral Documents as may be reasonably requested by the Administrative Agent in order to ensure that the enforceability of each the Collateral Documents and the perfection and priority of the Liens thereunder are preserved and maintained.
(c) Each issuance of Credit Agreement Refinancing Amendment. Indebtedness under Section 2.17(a) shall be in an aggregate principal amount that is not less than $25,000,000.
(d) Each of the parties hereto hereby agrees that, upon that this Agreement and the effectiveness of any other Loan Documents may be amended pursuant to a Refinancing Amendment, this Agreement shall be deemed amended without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicableii) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this SectionSection 2.17, and the Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing Amendment.
(be) This Section 2.18 2.17 shall supersede any provisions of in Section 2.13 and 10.01 to the contrary, and nothing in Section 2.05 to the contrary shall prohibit the application of this Section 2.17.
Appears in 2 contracts
Sources: Credit Agreement (Post Holdings, Inc.), Credit Agreement (Post Holdings, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Loans or Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities Term Loan Commitments or any Incremental Revolving Credit Loan Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Agreement) or any then outstanding Refinancing Term Loans in the form of Refinancing Term Loans or Refinancing Term Commitments or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, thereto and (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class Class
on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedClass. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans Loans, Refinancing Term Loan Commitments or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 10.02 to the contrary.
Appears in 2 contracts
Sources: Credit Agreement (Ping Identity Holding Corp.), Credit Agreement (Roaring Fork Holding, Inc.)
Refinancing Facilities. (a) At any time after After the Closing Date, the Borrower Borrowers may obtain, obtain from any Lender (but with the consent of the Administrative Agent (not to be unreasonably withheld or any Additional Lender (delayed)) to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of refinance all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit applicable Loans and/or Revolving Credit or Commitments then outstanding under this Agreement (which for purposes of this Section 2.17 will be deemed to include any then outstanding Incremental Refinancing Facilities), one or more new senior secured first lien term facilities (each, a “Refinancing Term Loans under Facility” and the term loans made pursuant to a Refinancing Term Facility, “Refinancing Term Loans”) or, in the case of a refinancing and/or replacement of the Revolving Commitments or Revolving Loans, new revolving credit facilities (each, a “Refinancing Revolving Facility” and, together with any Incremental Facilities Refinancing Term Facility, a “Refinancing Facility” or any Incremental the “Refinancing Facilities”, and the revolving loans made pursuant to a Refinancing Revolving Credit Commitments then outstanding under this Agreement Facility, “Refinancing Revolving Loans”); provided, that:
(or any Revolving Credit Loans outstanding pursuant thereto)a) or any then outstanding the Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit CommitmentsLoans, respectivelyas applicable, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank will be pari passu or junior in right of payment and of security be secured by the Collateral on a pari passu basis with the other remaining portion of the Term Loans, Revolving Loans and Commitments hereunder Revolving Commitments;
(but for the avoidance of doubtb) with respect to any Refinancing Term Facility, such Credit Agreement Refinancing Indebtedness may Term Facility shall not (i) have a maturity date that is earlier than ninety-one (91) days after the maturity date of the Term Loans being refinanced by such Refinancing Term Facility or (ii) have a shorter Weighted Average Life to Maturity than the Term Loans being refinanced by such Refinancing Term Facility, and in no event shall the Refinancing Term Facility be unsecured)permitted to be voluntarily or mandatorily prepaid prior to repayment of all existing Term Loans that survive the initial funding of such Refinancing Term Facility, unless accompanied by ratable prepayment of all Term Loans;
(c) with respect to any Refinancing Revolving Facility, (i) such Refinancing Revolving Facility shall not have a maturity date that is earlier than the maturity date of the Revolving Loans or Revolving Commitments being refinanced by such Refinancing Revolving Facility, (ii) will, such Refinancing Revolving Facility shall require no scheduled amortization or mandatory commitment reduction prior to the extent permitted by maturity date of any existing Revolving Commitments that survive the definition initial funding of “Credit Agreement the Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums Revolving Facility and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, any Refinancing Revolving Facility will be subject to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a same pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of prepayment, pro rata or less than pro rata, but not greater than pro rata) borrowing, Letter of Credit participations, Swingline Loan participations and prepayment and Commitment reduction provisions as the existing Revolving Commitments that survive the initial funding of the Refinancing Revolving Facility (except to the extent applicable only to periods after the latest final maturity date of the relevant Loans or Commitments existing at the time of such refinancing or replacement);
(d) such Refinancing Facility shall have pricing (including interest, fees and premiums), optional prepayment and redemption terms as may be agreed to by the Borrowers and the Lenders party thereto, except as provided herein;
(e) such Refinancing Facility shall not be secured by any assets other than the Collateral;
(f) if any such Refinancing Facility is guaranteed, it shall not be guaranteed by any Person other than the Guarantors;
(g) if any such Refinancing Facility will provide for the issuance or extension of Letters of Credit Commitments and Revolving Credit or the making of Swingline Loans, then the Revolver Agent), receipt by the Administrative Agent L/C Issuer (or Revolver Agent, as if applicable, of reaffirmation agreements Support Provider) and board resolutionsthe Swingline Lender, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicablerespectively, shall promptly notify each Lender have consented to such Refinancing Facility;
(h) the other terms (excluding those referenced in clauses (a) through (g) above and excluding pricing, fee and prepayment or redemption provisions) of such Refinancing Facility shall be substantially identical to, or (taken as a whole) no more favorable to the effectiveness of each Lenders providing such Refinancing Amendment. Each Facility than those applicable to the Loans or Commitments being refinanced or replaced (except for covenants or other provisions applicable only to periods after the latest final maturity date of the parties hereto hereby agrees that, upon relevant Loans or Commitments existing at the effectiveness time of such refinancing or replacement);
(i) the aggregate principal amount of any Refinancing Amendment, this Agreement Facility shall be deemed amended to not exceed the extent (but only to the extent) necessary to reflect the existence and terms aggregate principal amount of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as being refinanced or replaced therewith, plus reasonable and customary interest, premiums, fees and expenses; and
(j) any Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and Facility held by any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness Affiliated Lender shall be deemed permanently reduced subject to the same restrictions applicable to assignments to such Persons as are set forth in Section 12.07 (including voting restrictions, the prohibition on holding Revolving Commitments and satisfied an aggregate cap on the amount of Term Loans held by such Person). Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange, continue or rollover all respects. Any or a portion of its Loans in connection with any Refinancing Amendment may, without Facility permitted by the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, to effect the provisions terms of this SectionAgreement, pursuant to a cashless settlement mechanism approved by the Borrowers, the Administrative Agent and such Lender.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 2 contracts
Sources: Credit and Guaranty Agreement (AdaptHealth Corp.), Credit and Guaranty Agreement (AdaptHealth Corp.)
Refinancing Facilities. Upon at least ten Business Days’ prior notice to the Administrative Agent (awhich shall promptly notify the Lenders) At and subject to the terms and conditions of this Section 2.23, at any time after the Closing Effective Date, the Borrower may obtainsolicit the existing Lenders or prospective lenders determined by the Borrower to provide one or more new unsecured term facilities (each, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement a “Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Facility”) or any then outstanding Refinancing Term Loans or any then outstanding new unsecured revolving credit facilities (each a “Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing AmendmentFacility” and, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; providedRefinancing Term Facility, that such Credit Agreement collectively, the “Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredFacilities”), or with one or more additional series of senior unsecured notes or loans (ii) willand such notes or loans, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisionsNotes”), rate floorsin each case to refinance one or more Classes of Loans and/or Commitments hereunder, discounts, fees, premiums and prepayment or redemption provisions and all on terms as may be agreed by the Borrower and the Lenders lender(s) or Additional Lenders with respect thereto, purchaser(s) providing the applicable Refinancing Facility or Refinancing Notes; provided that:
(i) no Event of Default exists or would exist after giving effect to the incurrence or issuance of such Refinancing Facility or Refinancing Notes;
(ii) [reserved];
(iii) will, any Refinancing Term Facility or Refinancing Notes will not mature prior to the extent in stated maturity date of, or have a shorter weighted average life than, Loans under the form of Refinancing Revolving Credit Loans Classes being refinanced (without giving effect to prepayments) (or Refinancing if later, one year after the final stated expiration date applicable to the then existing Revolving Credit Commitments), participate in the paymentor, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared respect to any Refinancing Notes, have mandatory prepayment provisions (other Class with a later maturity date than related to customary asset sale, similar events and change of control offers) that would result in mandatory prepayment of such Class and Refinancing Notes prior to, the Loans under the Classes being refinanced,
(iv) will, any Refinancing Revolving Facility does not expire prior to the extent in expiration date of the form revolving Commitments being refinanced,
(v) the aggregate principal amount of any Refinancing Revolving Credit Loans Facility or Refinancing Revolving Credit Commitments Notes shall not be greater than the aggregate principal amount of the Classes being refinanced or replaced, plus any fees, premiums, original issue discount and unless the Required Revolving Credit Lenders shall have consented accrued interest associated therewith and costs and expenses related thereto, have terms and conditions such Classes being refinanced or replaced will be permanently reduced concurrently with the issuance thereof,
(vi) any Refinancing Facility or Refinancing Notes shall not be guaranteed by any Person other than interest rate margins the Guarantors under the Classes being refinanced or replaced, and
(vii) the covenants and commitment fees) identical to those applicable to events of default of such Refinancing Facility or Refinancing Notes, if not consistent with the terms of the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment Facility, shall be subject to, reasonably satisfactory to the extent reasonably requested by the Administrative Agent (or in the case it being understood that covenants and events of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as default not materially more restrictive to the effectiveness of each Refinancing Amendment. Each of Borrower, when taken as a whole, than the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term initial Revolving Loans, Refinancing and any more-restrictive covenants and events of default if (1) Lenders under the Revolving Credit Loans Facility also receive the benefit of such more restrictive terms or Refinancing (2) any such provisions apply after the expiration date of the Revolving Credit Loan CommitmentsFacility, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied are in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 each case reasonably satisfactory to the contrary.Administrative Agent);
Appears in 2 contracts
Sources: Credit Agreement (Huntington Ingalls Industries, Inc.), Credit Agreement (Huntington Ingalls Industries, Inc.)
Refinancing Facilities. (a) At any time The Company may, on one or more occasions on or after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (by written notice to the extent agreed Administrative Agent, obtain Refinancing Term Loan Indebtedness. Each such notice shall specify the date on which the Company proposes that such Refinancing Term Loan Indebtedness shall be made, which shall be a date not less than five Business Days after the date on which such notice is delivered to by the Administrative Agent; provided that:
(i) no Event of Default shall have occurred and be continuing;
(ii) substantially concurrently with the incurrence of such Lender Refinancing Term Loan Indebtedness, the Company shall repay or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion prepay then outstanding Term Borrowings of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement applicable Class made to the Company (which will be deemed together with any accrued but unpaid interest thereon and any prepayment premium with respect thereto) in an aggregate principal amount equal to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding the Net Proceeds of such Refinancing Term Loans or Loan Indebtedness, and any then outstanding such prepayment of Term Borrowings of such Class shall be applied to reduce the subsequent scheduled repayments of Term Borrowings of such Class to be made pursuant to Section 2.07(a) ratably,
(iii) such notice shall set forth, with respect to the Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments Term Loan Indebtedness established thereby in the form of Refinancing Revolving Credit Term Loans, to the extent applicable, the following terms thereof: (a) the designation of such Refinancing Term Loans as a new “Class” for all purposes hereof, (b) the stated termination and maturity dates applicable to the Refinancing Term Loans of such Class, (c) amortization applicable thereto and the effect thereon of any prepayment of such Refinancing Term Loans, (d) the interest rate or rates applicable to the Refinancing Revolving Credit CommitmentsTerm Loans of such Class, respectively(e) the fees applicable to the Refinancing Term Loans of such Class, (f) any original issue discount applicable thereto, (g) the initial Interest Period or Interest Periods applicable to Refinancing Term Loans of such Class and (h) any voluntary or mandatory commitment reduction or prepayment requirements applicable to Refinancing Term Loans of such Class (which prepayment requirements may provide that such Refinancing Term Loans may participate in each case, pursuant to any mandatory prepayment on a Refinancing Amendment, together pro rata basis with any applicable Customary Intercreditor Agreement Class of existing Term Loans, but may not provide for prepayment requirements that are materially more favorable to the Lenders holding such Refinancing Term Loans than to the Lenders holding such Class of Term Loans) and any restrictions on the voluntary or other customary subordination agreement; providedmandatory reductions or prepayments of Refinancing Term Loans of such Class, that and
(iv) such Credit Agreement Refinancing Term Loan Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder on the terms set out in an Acceptable Intercreditor Agreement.
(b) Any Lender or any other Eligible Assignee approached by the Company to provide all or a portion of the Refinancing Term Loan Indebtedness may elect or decline, in its sole discretion, to provide any Refinancing Term Loan Indebtedness.
(c) Any Refinancing Term Loans shall be established pursuant to a Refinancing Facility Agreement executed and delivered by the Company, each Refinancing Term Lender providing such Refinancing Term Loan and the Administrative Agent, which shall be consistent with the provisions set forth in clause (a) above (but for which shall not require the avoidance consent of doubtany other Lender). Each Refinancing Facility Agreement shall be binding on the Lenders, such Credit Agreement Refinancing Indebtedness the Loan Parties and the other parties hereto and may be unsecured), (ii) will, effect amendments to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms other Loan Documents as may be agreed by the Borrower and the Lenders necessary or Additional Lenders with respect theretoappropriate, (iii) will, to the extent in the form reasonable opinion of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in and the case Company, to effect provisions of Revolving Credit Commitments and Revolving Credit Loansthis Section, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, including any amendments necessary to treat such Refinancing Term Loans as applicable, a new “Class” of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Dateloans hereunder. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended Facility Agreement.
(d) Notwithstanding anything to the extent (but only contrary contained in this Section, unless the Administrative Agent shall agree otherwise, after giving effect to the extent) necessary to reflect the existence and terms any transaction contemplated in this Section, there shall not be more than six Classes of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto Loans or Commitments (including any amendments necessary to treat the Loans revolving and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicableterm loan facilities) and hereunder at any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Sectionone time outstanding.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 2 contracts
Sources: Credit Agreement (NCR Atleos Corp), Credit Agreement (NCR Atleos, LLC)
Refinancing Facilities. (a) At any time after the Closing Date, the The Borrower may obtainfrom time to time, from any Lender request (x) one or any Additional Lender (more new term loan facilities to the extent agreed to by such Lender or Additional Lender in its sole discretion), credit facilities under this Credit Agreement (the “Specified Refinancing Indebtedness in respect of Term Loans”) to refinance all or any portion of the any Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Credit Agreement and/or (which will be deemed y) one or more new revolving facilities to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding the credit facilities under this Credit Agreement to refinance all or a portion of any class of Revolving Loans (or any the “Specified Refinancing Revolving Credit Loans outstanding pursuant thereto)Loans”) or Revolving Commitments (the “Specified Refinancing Revolving Commitments” and together with any then outstanding Specified Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelythe “Specified Refinancing Facilities”), in each case, case pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementprocedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrower; provided, provided that such Credit Agreement Specified Refinancing Indebtedness Facilities: (i) will, to the extent secured, will rank pari passu or junior in right of payment and of security with as the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), hereunder; (ii) willwill not have obligors or contingent obligors that were not obligors or contingent obligors in respect of the Obligations; (iii) will be (A) unsecured or (B) secured by the Collateral on a pari passu or junior basis with the Obligations pursuant to an Acceptable Intercreditor Agreement that is reasonably satisfactory to the Administrative Agent and the Borrower; (iv) will have a maturity date that is not prior to the Maturity Date of, and will have a weighted average life to maturity that is not shorter than the weighted average life to maturity of, the Revolving Loans and/or Term Loans being refinanced, as applicable; (v) any Specified Refinancing Term Loan or Specified Refinancing Revolving Loan shall share ratably in any prepayments of the Loans pursuant to Section 2.05(b) (or otherwise provide for more favorable prepayment treatment for the then outstanding Loans other than the Specified Refinancing Term Loans); (vi) subject to clause (v) above, shall have terms and conditions that are the same as the Loan(s) being refinanced or, if not consistent with the terms of the Loan(s) being refinanced, shall be reasonably satisfactory to the Administrative Agent; (vii) no Event of Default shall have occurred and be continuing at the time such Specified Refinancing Facilities are incurred; and (viii) the Net Cash Proceeds of such Specified Refinancing Facilities shall be applied, substantially concurrently with the incurrence thereof, to the extent permitted by pro rata prepayment of outstanding Loans being so refinanced, in each case pursuant to Sections 2.05 and 2.07, as applicable; provided, however, that such Specified Refinancing Facilities; (A) shall not have a principal or commitment amount greater than the definition of “Credit Agreement Refinancing Indebtedness,” have such pricingLoans being refinanced (excluding accrued interest, interest rate margins fees (including “MFN” provisionsoriginal issue discount and upfront fees), rate floors, discounts, fees, premiums or expenses) and prepayment (B) may provide for any additional or redemption different financial or other covenants or other provisions and terms as may be that are agreed by among the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to lenders thereof and applicable only during periods after the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments Maturity Date of any of the Loans that remain outstanding after giving effect to such Class Specified Refinancing Facilities or the date on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions which all non-refinanced Obligations (other than interest rate margins and commitment feescontingent non-refinanced Obligations with respect to which no claim has been made) identical are paid in full.
(b) The Borrower shall make any request for Specified Refinancing Facilities pursuant to those applicable a written notice to the Revolving Credit Commitments and Revolving Credit Loans Administrative Agent specifying in reasonable detail the proposed terms thereof. Any proposed Specified Refinancing Facilities may be provided by existing Lenders (it being refinanced. understood that existing Lenders are not required to provide such proposed Specified Refinancing Facilities) or Eligible Assignees in such respective amounts as the Borrower may elect.
(c) The effectiveness of any Refinancing Amendment shall be subject toto the satisfaction (or waiver in accordance with Section 11.01) on the date thereof of each of the conditions set forth in clause (a) above and Section 5.02, and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agentof legal opinions, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent and/or reaffirmation agreements, including any supplements or amendments to the Credit Documents providing for such Specified Refinancing Facilities to be secured thereby, generally consistent, where applicable, with those delivered on the Closing DateFirst Amendment Effective Date (other than changes to such legal opinions resulting from a Change in Law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent). The Lenders hereby authorize the Administrative Agent to enter into amendments to this Credit Agreement and the other Credit Documents with the Borrower as may be necessary or desirable in order to establish any Specified Refinancing Facilities and to make such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the establishment of such Specified Refinancing Facilities, in each case on terms consistent with and/or to effect the provisions of this Section 2.17, it being understood and agreed that no Lender shall be required to consent to such amendment.
(d) Each class of Specified Refinancing Facilities incurred under this Section 2.17 shall be in an aggregate principal amount that is (i) not less than $25,000,000, or $5,000,000 increments in excess thereof or (ii) the amount required to refinance all of the applicable class of Loans and/or Commitments.
(e) The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each Notwithstanding anything to the contrary in Section 11.01, each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Credit Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Specified Refinancing Indebtedness Facilities incurred pursuant thereto (including any amendments necessary to treat the Loans addition of such Specified Refinancing Facilities as separate facilities hereunder and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced treated in a manner consistent with such the credit facilities under this Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced being refinanced, including for purposes of prepayments and satisfied in all respectsvoting). Any Refinancing Amendment may, without the consent of any Person other Lendersthan the Borrower, the Administrative Agent, the Lenders providing such Specified Refinancing Facilities and, in the case of any Specified Refinancing Revolving Loans or Specified Refinancing Revolving Commitments, the L/C Issuers, effect such amendments to this Credit Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower to effect the provisions of or be consistent with this SectionSection 2.17.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 2 contracts
Sources: Credit Agreement (Dycom Industries Inc), Credit Agreement (Dycom Industries Inc)
Refinancing Facilities. (a) At The Borrower may, by written notice to the Agent from time to time, request the establishment hereunder of (i) a new Class of revolving commitments (the “Refinancing Revolving Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Revolving Lender”), which may include any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional existing Lender (each of which shall be entitled to the extent agreed agree or decline to by such Lender or Additional Lender participate in its sole discretion), will make revolving loans to the Borrower (“Refinancing Revolving Loans”) and acquire participations in the Letters of Credit Agreement and the Swingline Loans and (ii) one or more additional Classes of term loan commitments (the “Refinancing Indebtedness in respect of all or any portion Term Loan Commitments”), pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”) will make term loans to the Borrower (the “Refinancing Term Loans”); provided that (A) each Refinancing Revolving Lender and each Refinancing Term Lender shall be an Eligible Assignee and shall be subject to the approval of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement Agent (which will approval shall not be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement unreasonably withheld) and (or any Revolving Credit Loans outstanding pursuant thereto)B) or any then outstanding Refinancing Term Loans or any then outstanding each Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in Lender shall be subject to the form approval of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyeach Issuing Bank and the Swingline Lender (which approval shall not be unreasonably withheld), in each case, pursuant to the extent such consent, if any, would be required under the definition of “Eligible Assignee” for an assignment of Loans or Commitments, as applicable, to such Refinancing Revolving Lender and such Refinancing Term Lender, as applicable.
(b) The Borrower and each Refinancing Lender shall execute and deliver to the Agent a Refinancing AmendmentFacility Agreement and such other documentation as the Agent shall reasonably specify to evidence the Refinancing Commitments of each Refinancing Lender. Such Refinancing Facility Agreement shall set forth, together with any applicable Customary Intercreditor Agreement or respect to the Refinancing Commitments established thereby and the Refinancing Loans and other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) willextensions of credit to be made thereunder, to the extent secured, rank pari passu or junior in right applicable: (i) the designation of payment such Refinancing Commitments and Refinancing Loans as a new “Class” of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)loans and/or commitments hereunder, (ii) will, the stated termination and maturity dates applicable to the extent permitted by Refinancing Commitments or Refinancing Loans of such Class; provided that such stated termination and maturity dates shall not be earlier than (x) the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders Maturity Date then in effect with respect theretoto the applicable Class of Revolving Credit Commitments being so refinanced (in the case of Refinancing Revolving Commitments and Refinancing Revolving Loans) or (y) the Maturity Date then in effect with respect to the applicable Class of Term Loans being so refinanced (in the case of Refinancing Term Loan Commitments and Refinancing Term Loans), (iii) willin the case of any Refinancing Term Loans, any amortization applicable thereto and the effect thereon of any prepayment of such Refinancing Term Loans, (iv) the interest rate or rates applicable to the extent Refinancing Loans of such Class, (v) the fees applicable to the Refinancing Commitment or Refinancing Loans of such Class, (vi) in the form case of any Refinancing Revolving Credit Term Loans, any original issue discount applicable thereto, (vii) the initial Interest Period or Interest Periods applicable to Refinancing Loans of such Class, (viii) any voluntary or mandatory commitment reduction or prepayment requirements applicable to Refinancing Commitments or Refinancing Revolving Credit CommitmentsLoans of such Class (which prepayment requirements, in the case of any Refinancing Term Loans, may provide that such Refinancing Term Loans may participate in the payment, borrowing, participation and commitment reduction provisions herein any mandatory prepayment on a pro rata basis with the Term Loans, but may not provide for prepayment requirements that are more favorable to the Lenders holding such Refinancing Term Loans than to the Lenders holding Term Loans) and any then outstanding Revolving Credit restrictions on the voluntary or mandatory reductions or prepayments of Refinancing Commitments or Refinancing Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (ivix) will, to the extent in the form case of any Refinancing Revolving Credit Loans or Commitments, the Alternative Currencies, if any, available thereunder. Except as contemplated by the preceding sentence, the terms of the Refinancing Revolving Credit Commitments and unless Refinancing Revolving Loans and other extensions of credit thereunder shall be substantially the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to same as the Revolving Credit Commitments and Revolving Credit Loans being refinancedand other extensions of credit thereunder, and the terms of the Refinancing Term Loan Commitments and Refinancing Term Loans shall be substantially the same as the terms of the Tranche C Term Loan Commitments and the Tranche C Term Loans. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing AmendmentFacility Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing AmendmentFacility Agreement, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Refinancing Facility Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the applicable Loans and/or Commitments of the as a new “Class” of loans and/or commitments hereunder).
(c) Notwithstanding the foregoing, no Refinancing Commitments shall become effective under this Section 2.26 unless (i) on the date of such effectiveness, the conditions set forth in paragraphs (b) and (c) of Section 4.01 shall be satisfied and the Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower, (ii) the Agent shall have received legal opinions, board resolutions and other customary closing certificates consistent with those delivered on the Second Restatement Date, (iii) in the case of any Refinancing Revolving Commitments, substantially concurrently with the effectiveness thereof, all the Revolving Credit Commitments subject thereto as Refinancing Term Loansof a Class then in effect shall be terminated, and all the Revolving Loans then outstanding thereunder, together with all interest thereon, and all other amounts accrued for the benefit of the Revolving Credit Lenders of such Class, shall be repaid or paid (it being understood, however, that, with the written consent of the applicable Issuing Bank, any Letters of Credit issued by such Issuing Bank may continue to be outstanding hereunder), and the aggregate amount of such Refinancing Revolving Credit Loans or Commitments does not exceeded the aggregate amount of the Revolving Commitments so terminated and (iv) in the case of any Refinancing Revolving Credit Term Loan Commitments, as applicable) substantially concurrently with the effectiveness thereof, the Borrower shall obtain Refinancing Term Loans thereunder and shall repay or prepay then outstanding Term Borrowings of any Class in an aggregate principal amount equal to the aggregate amount of such Refinancing Term Loan Commitments (less the aggregate amount of accrued and unpaid interest with respect to such outstanding Term Borrowings and any Indebtedness being replaced or refinanced with reasonable fees, premium and expenses relating to such Credit Agreement Refinancing Indebtedness refinancing) (and any such prepayment of Term Borrowings of any Class shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without applied to reduce the consent subsequent scheduled repayments of any other Lenders, effect Term Borrowings of such amendments Class to this Agreement and the other Loan Documents as may be necessary or appropriate, made pursuant to effect the provisions of this SectionSection 2.08 on a pro rata basis).
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 2 contracts
Sources: Incremental Revolving Credit Assumption Agreement (TransDigm Group INC), Incremental Term Loan Assumption Agreement (TransDigm Group INC)
Refinancing Facilities. (a) At any time after Following the Closing Exit Facility Conversion Date, the Borrower Borrowing Agent may obtain, from any Lender by written notice to Administrative Agent elect to establish one or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect more additional tranches of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding term loans under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)“Refinancing Facility”) or one or more series of senior unsecured notes or senior secured notes (“Refinancing Notes” and, together with any then outstanding Refinancing Term Loans or any then outstanding Facilities, “Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyDebt”), in each case, pursuant to refinance the any or all Series of Loans, in whole or in part, and that will be secured by the Collateral on a pari passu basis with the Obligations or secured by the Collateral by Liens that are junior and subordinated to the Liens thereon securing the Obligations. Each such notice shall specify the date (each, a “Refinancing AmendmentEffective Date”) on which the Borrower proposes that the Refinancing Debt shall become effective; provided that:
(a) such Refinancing Debt shall mature no earlier than, together with any applicable Customary Intercreditor Agreement and the weighted average life to maturity of such Refinancing Debt shall not be shorter than, the then remaining weighted average life to maturity of the Loans being refinanced;
(b) such Refinancing Facility or other customary subordination agreement; providedRefinancing Notes will have such pricing, that such Credit Agreement Refinancing Indebtedness (i) willpremiums and, to the extent secured, rank pari passu or junior in right not directly and adversely affecting the Lenders of payment and of security with the other Loans and Commitments outstanding hereunder (but for except in the avoidance case of doubtany applicable Refinancing Facility) immediately after giving effect to such refinancing, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and optional prepayment or redemption provisions and terms as may be agreed by the Borrower Borrowers and the Lenders lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of holders providing such Refinancing Revolving Credit Loans Facility or Refinancing Revolving Credit Commitments, participate in Notes;
(c) if necessary the payment, borrowing, participation Loan Parties and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower Collateral Agent shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect enter into such amendments to this Agreement and the other Loan Security Documents as may be necessary requested by the Collateral Agent (which shall not require any consent from any Lender) in order to ensure that the Refinancing Facility or appropriateRefinancing Notes are provided with the benefit of the applicable Security Documents and shall deliver such other documents, to effect certificates and opinions of counsel in connection therewith as may be requested by the provisions of this Section.Collateral Agent; and
(bd) This Section 2.18 the Net Cash Proceeds of the Refinancing Facility or Refinancing Notes shall supersede any provisions of Section 10.01 be applied to the contraryrepayment of the then outstanding applicable Loans on the date of such incurrence in accordance with Section 2.12.
Appears in 2 contracts
Sources: Superpriority Senior Secured Debtor in Possession and Exit Term Loan Credit Agreement (HMH Holdings (Delaware), Inc.), Superpriority Senior Secured Debtor in Possession and Exit Term Loan Credit Agreement (HMH Holdings (Delaware), Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower Company may (on behalf of any applicable Borrower) obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower Company and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower Company shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the applicable Administrative Agent (or solely in the case of Revolving Credit Commitments and Revolving Credit Loansthe Term Loan Administrative Agent, acting at the Revolver Agent)direction of the Blackstone Representative) or the Blackstone Representative, receipt by the applicable Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The applicable Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 2 contracts
Sources: Credit Agreement (Shoals Technologies Group, Inc.), Credit Agreement (Shoals Technologies Group, Inc.)
Refinancing Facilities. (a) At any time after Upon written notice to the Closing DateAdministrative Agent (which shall promptly notify the Lenders), the Borrower may obtainfrom time to time elect to refinance any Class of Term Loans or Revolving Credit Commitments, from any Lender in whole or any Additional Lender in part, with one or more new term loan facilities (each, a “Refinancing Term Facility”) or new revolving credit facilities (each, a “Refinancing Revolving Credit Facility”; the Refinancing Term Facilities and the Refinancing Revolving Credit Facilities are collectively referred to the extent agreed to by such Lender or Additional Lender in its sole discretionas “Refinancing Facilities”), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loansrespectively, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement with the consent of the Borrower, the Administrative Agent (which will not to be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities unreasonably withheld or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)delayed) or any then outstanding and the institutions providing such Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans Facility or Refinancing Revolving Credit Commitments Facility or, in the form case of Refinancing Revolving Credit Loans any series of Term Loans, with one or Refinancing Revolving Credit Commitments, respectivelymore series of senior unsecured notes or term loans or senior secured first lien notes or term loans or senior secured junior lien (as compared to the Liens securing the Secured Obligations) term loans, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; providedif secured, that will be secured by Liens on the Collateral on a pari passu basis or junior priority basis (as applicable) with the Liens on Collateral securing the Secured Obligations and will be subject to customary intercreditor arrangements reasonably satisfactory to the Borrower and the Administrative Agent (any such Credit Agreement notes or loans, “Refinancing Indebtedness Equivalent Debt”); provided that (i) willexcept with respect to customary bridge loans, any Refinancing Term Facility or Refinancing Equivalent Debt does not mature, or have a weighted average life to maturity, earlier than the final maturity, or the weighted average life, of the Class of Term Loans or Incremental Term Loans being refinanced, (ii) any Refinancing Revolving Credit Facility does not mature prior to the maturity date of the Revolving Credit Commitments being refinanced, (iii) the other terms and conditions of such Refinancing Term Facility, Refinancing Revolving Credit Facility or Refinancing Equivalent Debt (excluding pricing and optional prepayment or redemption terms) are (taken as a whole) no more favorable to the lenders or investors, as applicable, providing such Refinancing Term Facility, Refinancing Revolving Credit Facility or Refinancing Equivalent Debt, as applicable, than those applicable to the Term Loans, Incremental Term Loans or the Revolving Credit Commitments being refinanced, (iv) there shall be no borrower, issuer and/or guarantor under any Refinancing Equivalent Debt other than the Borrower and/or the Subsidiary Guarantors, as applicable, (v) the proceeds of any Refinancing Facility or Refinancing Equivalent Debt shall be applied, substantially simultaneously with the incurrence thereof, to the prepayment of outstanding Loans (and, in the case of any Refinancing Facility or Refinancing Equivalent Debt the proceeds of which are used to refinance the Revolving Credit Commitments, to the pro rata commitment reduction) under the facility being refinanced, and (vi) to the extent secured, rank pari passu any such Refinancing Facility or junior Refinancing Equivalent Debt shall not be secured by any lien on any asset that does not also secure the Facilities. Each such notice shall specify the date on which the Borrower proposes that the Refinancing Facility shall be made or the Refinancing Equivalent Debt shall be issued, which shall be a date not less than three (3) Business Days after the date on which such notice is delivered to the Administrative Agent.
(b) The Borrower may approach any Lender or any other Person (other than a natural person) to provide all or a portion of the (x) Refinancing Facilities (a “Refinancing Facility Lender”), so long as such Person would be an eligible assignee of Term Loans or Revolving Credit Loans pursuant to the terms of Section 10.04, as applicable, or (y) Refinancing Equivalent Debt; provided that any Lender offered or approached to provide all or a portion of any Refinancing Facility and/or Refinancing Equivalent Debt may elect or decline, in right of payment its sole discretion, to provide a Refinancing Facility or purchase Refinancing Equivalent Debt.
(c) The Administrative Agent and of security with the other Loans and Commitments hereunder Lenders hereby consent to the transactions contemplated by this Section (but including, for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition payment of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discountsinterest, fees, premiums amortization or premium in respect of the Refinancing Facilities and prepayment or redemption provisions and Refinancing Equivalent Debt on the terms as may be agreed specified by the Borrower Borrower) and hereby waive the requirements of this Agreement or any other Loan Document that may otherwise prohibit any transaction contemplated by this Section. The Refinancing Facilities shall be established pursuant to an amendment to this Agreement among the Borrower, the Administrative Agent and the Refinancing Facility Lenders providing such Refinancing Facilities (a “Refinancing Amendment”) which shall be consistent with the provisions set forth in this Section. The Refinancing Equivalent Debt shall be established pursuant to an indenture, credit agreement or Additional Lenders other definitive documentation which shall be consistent with respect thereto, (iii) will, the provisions set forth in this Section. Notwithstanding anything to the extent contrary contained in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit CommitmentsSection 10.02, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any each Refinancing Amendment shall be subject tobinding on the Lenders, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit LoansAgent, the Revolver Agent), receipt by Loan Parties party thereto and the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the other parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such Lender and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section.
, including in order to establish new tranches or sub-tranches in respect of the Refinancing Facilities and such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in Section 2.03 (b) This Section 2.18 insofar as such schedule relates to payments due to Lenders of the Term Loans which are being refinanced with the proceeds of a Refinancing Term Facility; provided that no such amendment shall supersede reduce the pro rata share of any provisions of Section 10.01 such payment that would have otherwise been payable to the contraryLenders, the Term Loans of which are not refinanced with the proceeds of a Refinancing Term Facility). The Administrative Agent shall be permitted, and is hereby authorized, to enter into such amendments with the Borrower to effect the foregoing.
Appears in 2 contracts
Sources: Credit Agreement (Cars.com Inc.), Credit Agreement (Cars.com Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Loans or Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities Term Loan Commitments or any Incremental Revolving Credit Loan Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Agreement) or any then outstanding Refinancing Term Loans in the form of Refinancing Term Loans or Refinancing Term Commitments or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, thereto and (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedClass. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans Loans, Refinancing Term Loan Commitments or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 10.02 to the contrary.
Appears in 2 contracts
Sources: Credit Agreement (Cvent Holding Corp.), Credit Agreement (Dragoneer Growth Opportunities Corp. II)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)additional Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Loans or Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities Term Loan Commitments or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Commitments) or and any then outstanding Refinancing Term Loans in the form of Refinancing Term Loans or Refinancing Term Loan Commitments or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement intercreditor agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) willshall be unsecured or, to the extent secured, shall rank pari passu or junior in right of payment and and/or of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” ”, have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, thereof and (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any all then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicableLoans) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section.
(b) . This Section 2.18 shall supersede any provisions of Section 10.01 12.11, Section 13.01 or Section 13.09(b) to the contrary.
Appears in 2 contracts
Sources: Credit Agreement, Credit Agreement
Refinancing Facilities. (a) At any time after The definitive documentation for the Closing Date, Facilities will permit the Borrower may obtainto refinance loans under the Term Facility or replace commitments under the Revolving Facility from time to time, from any Lender in whole or any Additional Lender part, with one or more new term facilities (each, a “Refinancing Term Facility”) or new revolving credit facilities (each, a “Refinancing Revolving Facility”; the Refinancing Term Facilities and the Refinancing Revolving Facilities are collectively referred to the extent agreed to by such Lender or Additional Lender in its sole discretionas “Refinancing Facilities”), Credit Agreement Refinancing Indebtedness in respect of all or any portion respectively, under definitive documentation for the Facilities with the consent of the Term LoansBorrower, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding and the institutions providing such Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans Facility or Refinancing Revolving Credit Commitments in Facility or with one or more additional series of senior unsecured notes or loans or senior secured notes or loans that will be secured by the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to Collateral on a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu basis with the Facilities or secured notes or loans that are junior in right of payment security in the Collateral (any such notes or loans, “Refinancing Notes”); provided that (i) any Refinancing Term Facility or Refinancing Notes do not mature prior to the maturity date of, or have a shorter weighted average life than, or, with respect to notes, have mandatory prepayment provisions (other than related to customary asset sale and change of security with control offers) that could result in prepayments of such Refinancing Notes prior to, the other Loans and Commitments hereunder (but for loans under the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)Term Facility being refinanced, (ii) will, any Refinancing Revolving Facility does not mature (or require commitment reductions or amortization) prior to the extent permitted by maturity date of the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretorevolving commitments being replaced, (iii) will, to the extent there shall be no borrowers or guarantors in the form respect of any Refinancing Revolving Credit Loans Facility or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except Notes that are not the Borrower shall be permitted to permanently repay or a Guarantor, (iv) the other terms and terminate commitments conditions, taken as a whole, of any such Class on a better than a pro rata basis Refinancing Term Facility, Refinancing Revolving Facility or Refinancing Notes (excluding pricing (as compared to any other Class with a later maturity date than such Class which no “most favored nation” (“MFN”) clause shall apply) and (ivoptional prepayment or redemption terms) willare substantially similar to, or not materially less favorable to the extent in Borrower and its subsidiaries, than, the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those conditions, taken as a whole, applicable to the Revolving Credit Commitments Term Facility or revolving commitments being refinanced or replaced (except for covenants or other provisions applicable only to periods after the latest final maturity date of the Term Facility and Revolving Credit Loans being refinanced. The effectiveness revolving credit commitments existing at the time of such refinancing or that are otherwise reasonably satisfactory to the Agent), (v) with respect to (1) Refinancing Notes secured by Collateral or (2) any Refinancing Term Facility secured by liens on the Collateral that are junior in priority to the liens on the Collateral securing the Facilities, such agreements or liens will be subject to an intercreditor agreement consistent with the Documentation Precedent or otherwise reasonably acceptable to the Agent and (vi) the aggregate principal amount of any Refinancing Amendment Facility or Refinancing Notes shall not be subject to, to greater than the extent reasonably requested by the Administrative Agent aggregate principal amount (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each committed amount) of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent Term Facility or Revolving Facility (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) being refinanced or replaced plus any fees, premiums, original issue discount and any Indebtedness accrued interest associated therewith, and costs and expenses related thereto, and such Term Facility or Revolving Facility being refinanced or replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall will be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without substantially simultaneously with the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, to effect the provisions of this Sectionissuance thereof.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 1 contract
Sources: Additional Initial Lender Agreement (Aspen Merger Sub, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower Borrowers may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness described in clause (d) of the definition thereof in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Loans or Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities Term Commitments or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Loan Commitments) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyLoans, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, will rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower Borrowers and the Lenders or Additional Lenders with respect thereto, thereof and (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any all then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicableLoans) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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.
(b) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 10.02 to the contrary.
Appears in 1 contract
Sources: First Lien Credit Agreement (Transfirst Holdings Corp.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the applicable Administrative Agent (or solely in the case of Revolving Credit Commitments and Revolving Credit Loansthe Term Loan Administrative Agent, acting at the Revolver Agent)direction of the Term Representative) or the Term Representative, receipt by the applicable Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The applicable Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 1 contract
Refinancing Facilities. (a) At any time after The definitive documentation for the Closing Date, First Lien Facilities will permit the Borrower may obtainto refinance loans under the First Lien Term Facility or replace commitments under the Revolving Facility from time to time, from any Lender in whole or any Additional Lender part, with one or more new term facilities (each, a “Refinancing Term Facility”) or new revolving credit facilities (each, a “Refinancing Revolving Facility”; the Refinancing Term Facilities and the Refinancing Revolving Facilities are collectively referred to the extent agreed to by such Lender or Additional Lender in its sole discretionas “Refinancing Facilities”), Credit Agreement Refinancing Indebtedness in respect of all or any portion respectively, under definitive documentation for the First Lien Facilities with the consent of the Term LoansBorrower, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding and the institutions providing such Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans Facility or Refinancing Revolving Credit Commitments in Facility or with one or more additional series of senior unsecured notes or loans or senior secured notes or loans that will be secured by the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to Collateral on a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu basis with the First Lien Facilities or secured notes or loans that are junior in right of payment security in the Collateral (any such notes or loans, “Refinancing Notes”); provided that (i) any Refinancing Term Facility or Refinancing Notes do not mature prior to the maturity date of, or have a shorter weighted average life than, or, with respect to notes, have mandatory prepayment provisions (other than related to customary asset sale and change of security with control offers) that could result in prepayments of such Refinancing Notes prior to, the other Loans and Commitments hereunder (but for loans under the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)First Lien Term Facility being refinanced, (ii) will, any Refinancing Revolving Facility does not mature (or require commitment reductions or amortization) prior to the extent permitted by maturity date of the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretorevolving commitments being replaced, (iii) will, to the extent there shall be no borrowers or guarantors in the form respect of any Refinancing Revolving Credit Loans Facility or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except Notes that are not the Borrower shall be permitted to permanently repay or a Guarantor, (iv) the other terms and terminate commitments conditions, taken as a whole, of any such Class on a better than a pro rata basis Refinancing Term Facility, Refinancing Revolving Facility or Refinancing Notes (excluding pricing (as compared to any other Class with a later maturity date than such Class which no “most favored nation” (“MFN”) clause shall apply) and (ivoptional prepayment or redemption terms) willare substantially similar to, or not materially less favorable to the extent in Borrower and its subsidiaries, than, the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those conditions, taken as a whole, applicable to the Revolving Credit Commitments First Lien Term Facility or revolving commitments being refinanced or replaced (except for covenants or other provisions applicable only to periods after the latest final maturity date of the First Lien Term Facility and Revolving Credit Loans being refinanced. The effectiveness revolving credit commitments existing at the time of such refinancing or that are otherwise reasonably satisfactory to the Agent), (v) with respect to (1) Refinancing Notes secured by Collateral or (2) any Refinancing Term Facility secured by liens on the Collateral that are junior in priority to the liens on the Collateral securing the First Lien Facilities, such agreements or liens will be subject to the First Lien/Second Lien Intercreditor Agreement or another intercreditor agreement not materially less favorable to the lenders than the First Lien/Second Lien Intercreditor Agreement or otherwise reasonably acceptable to the Agent and (vi) the aggregate principal amount of any Refinancing Amendment Facility or Refinancing Notes shall not be subject to, to greater than the extent reasonably requested by the Administrative Agent aggregate principal amount (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each committed amount) of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent First Lien Term Facility or Revolving Facility (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) being refinanced or replaced plus any fees, premiums, original issue discount and any Indebtedness accrued interest associated therewith, and costs and expenses related thereto, and such First Lien Term Facility or Revolving Facility being refinanced or replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall will be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without substantially simultaneously with the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, to effect the provisions of this Sectionissuance thereof.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
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Sources: Additional Initial Lender Agreement (Aspen Merger Sub, Inc.)
Refinancing Facilities. (a) At any time after the Closing DateOn one or more occasions, the Borrower may obtain, from any Lender or any Additional Lender (other bank or financial institution or other institutional lender or investor that agrees to the extent agreed to by such Lender provide any portion of Refinancing Term Commitments, Refinancing Term Loans, Other Revolving Commitments, or Additional Lender in its sole discretion)Other Revolving Loans, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Term Commitments, respectivelyRefinancing Term Loans, Other Revolving Commitments, or Other Revolving Loans, in each case, case pursuant to a Refinancing AmendmentAmendment in accordance with this Section 2.17 (each, together with any applicable Customary Intercreditor Agreement an “Additional Refinancing Lender”); provided that (i) the Administrative Agent, the Swing Line Lender and each L/C Issuer shall have consented (such consent not to be unreasonably withheld, conditioned, or other customary subordination agreementdelayed) to such Lender’s or Additional Refinancing Lender’s providing such Refinancing Term Commitments, Refinancing Term Loans, Other Revolving Commitments, or Other Revolving Loans to the extent such consent, if any, would be required under Section 10.06 for an assignment of Refinancing Term Commitments, Refinancing Term Loans, Other Revolving Commitments, or Other Revolving Loans, as applicable, to such Lender or Additional Refinancing Lender; provided, further, that such Credit Agreement the following terms are satisfied:
a. any Refinancing Indebtedness Term Loans may participate on a pro rata basis or on a less than pro rata basis (ibut not on a greater than pro rata basis) will, to as among the extent secured, rank pari passu or junior various Series of Incremental Term Loans (in right of payment and of security accordance with the other respective outstanding principal amounts thereof) in any voluntary or mandatory repayments or prepayments of Incremental Term Loans hereunder, as specified in the applicable Refinancing Amendment;
b. the borrowing and repayment (except for (A) payments of interest and fees at different rates on Other Revolving Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredand related outstandings), (iiB) will, repayments required upon the maturity date of the Other Revolving Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments (subject to clause (d) below)) of Other Revolving Loans after the extent permitted by the definition date of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may obtaining any Other Revolving Commitments shall be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein made on a pro rata basis with any then outstanding all other Revolving Credit Commitments;
c. all Swing Line Loans and Letters of Credit shall be participated on a pro rata basis by all Lenders with Revolving Credit Commitments in accordance with their Applicable Revolving Credit Percentage;
d. notwithstanding anything to the contrary herein, the permanent repayment of Other Revolving Loans with respect to, and termination of, Other Revolving Commitments, after the date of the applicable Refinancing Amendment, shall be made on a pro rata basis with all other Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class class on a better than a pro rata basis as compared to any other Class class with a later maturity date than such Class class; and
e. assignments and (iv) will, to the extent in the form participations of Refinancing Other Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless Other Revolving Loans shall be governed by the Required Revolving Credit Lenders shall have consented thereto, have terms same assignment and conditions (other than interest rate margins and commitment fees) identical to those participation provisions applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. Loans.
(b) The effectiveness of any Refinancing Amendment shall be subject toto the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agentof (i) customary legal opinions, as applicable, of reaffirmation agreements board resolutions and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Date other than changes to such legal opinion resulting from a Change in Law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent or Revolver Agentand (ii) reaffirmation agreements and/or such amendments to the Collateral Documents (including, as if applicable, shall promptly notify each Lender as modifications to the effectiveness Mortgages, title insurance endorsements or policies) as may be reasonably requested by the Administrative Agent in order to ensure that the enforceability of each the Collateral Documents and the perfection and priority of the Liens thereunder are preserved and maintained.
(c) Each issuance of Credit Agreement Refinancing Amendment. Indebtedness under Section 2.17(a) shall be in an aggregate principal amount that is not less than $25,000,000.
(d) Each of the parties hereto hereby agrees that, upon that this Agreement and the effectiveness of any other Loan Documents may be amended pursuant to a Refinancing Amendment, this Agreement shall be deemed amended without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicableii) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this SectionSection 2.17, and the Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing Amendment.
(be) This Section 2.18 2.17 shall supersede any provisions of in Section 2.13 and 10.01 to the contrary, and nothing in Section 2.05 to the contrary shall prohibit the application of this Section 2.17.
(f) For purposes of this Section 2.17, the capitalized terms used but not otherwise defined in this Agreement shall have the following meanings:
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Refinancing Facilities. (a) At any The Borrowers may, from time after to time, refinance the Closing DateTerm A-1 Loans, the Borrower may obtainTerm A-2 Loans, from any Lender the Term B Loans or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debtin whole or part, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding with one or more new term loan facilities under this Credit Agreement (which will be deemed each, a “Refinancing Facility”; the term loans made under any Refinancing Facility being referred to include any then outstanding Incremental herein as “Refinancing Term Loans”) with the consent of the Credit Parties, the Administrative Agent, the Collateral Agent and the institutions making Refinancing Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding such Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyFacility, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness provided that:
(i) will, no existing Bank shall be under any obligation to provide a commitment to any Refinancing Facility and any such decision whether to provide a commitment to any Refinancing Facility shall be in such Bank’s sole and absolute discretion;
(ii) each institution providing a commitment to any Refinancing Facility shall be an Eligible Assignee;
(iii) Schedule 2.1 shall be deemed revised to include each Refinancing Facility pursuant to this Section 2.14 and to include thereon any Person that provides a commitment to such Refinancing Facility pursuant to this Section 2.14;
(iv) the extent secured, Refinancing Facility Termination Date for a Refinancing Facility shall be as set forth in the Refinancing Amendment relating to such Refinancing Facility; provided that such date shall not be earlier than the Termination Date of the Loans being refinanced;
(v) the scheduled principal amortization payments for any Refinancing Term Loans made under any Refinancing Facility shall be as set forth in the Refinancing Amendment relating to such Refinancing Facility; provided that the Weighted Average Life to Maturity of such Refinancing Term Loans shall not be shorter than the then-remaining Weighted Average Life to Maturity of the Loans being refinanced;
(vi) the Refinancing Term Loans made under any Refinancing Facility shall rank pari passu or junior in right of payment and of security with as the other Loans hereunder, a U.S. Borrower shall be the borrower of such Refinancing Term Loans, and Commitments hereunder there shall be no guarantors in respect of any Refinancing Facility that are not Guarantors;
(but vii) any Refinancing Term Loans shall share ratably in any prepayments of Term Loans pursuant to Section 3.4, so long as such prepayments were applicable to the Loans being refinanced (or otherwise provide for the avoidance more favorable prepayment treatment for prepayments of doubt, such Credit Agreement any then-outstanding Term Loans and any then-outstanding Refinancing Indebtedness may be unsecuredTerm Loans);
(viii) subject to clauses (iv), (iiv), (vi) willand (vii) above, all other terms and conditions applicable to each Refinancing Facility, taken as a whole, shall not be materially more favorable (as reasonably determined by the Borrower Representative in good faith) to the lender or lenders providing such Refinancing Facility than the applicable terms and conditions, taken as a whole, of the Loans being refinanced; provided that notwithstanding the requirements of this clause (viii), such Refinancing Facility may have (A) covenants (including financial covenants) or other provisions not applicable to the Loans being refinanced, so long as such covenants or other provisions are (1) applicable only to periods after the Latest Termination Date, or (2) added for the benefit of the Agents and the Banks under this Credit Agreement at the time of incurrence of such Refinancing Facility, and (B) to the extent required by the lenders providing such Refinancing Facility, customary “MFN” protection and call protection, in each case, which may be applicable solely with respect to such Refinancing Facility;
(ix) no Default or Event of Default shall have occurred and be continuing at the time any Refinancing Facility is incurred; and
(x) the proceeds of any Refinancing Term Loans made in connection with any Refinancing Facility shall be applied, substantially concurrently with the incurrence thereof, to the extent permitted by pro rata prepayment of the definition of “Credit Agreement outstanding Loans being refinanced, pursuant to Section 3.4; provided that such Refinancing Indebtedness,” Term Loans shall not have such pricinga principal or commitment amount (or accreted value) greater than the Loans being refinanced (excluding accrued interest, interest rate margins fees (including “MFN” provisionsoriginal issue discount and upfront fees), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by expenses).
(b) The Borrower Representative shall make any request for a Refinancing Facility pursuant to a written notice from a Responsible Officer of the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, Representative to the extent Administrative Agent specifying in reasonable detail the form proposed terms of such Refinancing Revolving Credit Loans Facility.
(c) Notwithstanding the foregoing, no Refinancing Facility shall become effective under this Section 2.14 unless, on or prior to the date of effectiveness of such Refinancing Revolving Credit CommitmentsFacility (the “Refinancing Borrowing Date”), participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders Representative shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical delivered to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (i) a certificate of the Borrower Representative dated as of the Refinancing Borrowing Date for such Refinancing Facility and signed by a Responsible Officer of the Borrower Representative certifying that, before and after giving effect to such Refinancing Facility, (A) the representations and warranties made by the Credit Parties herein and in the other Credit Documents and which are contained in any certificate furnished at any time under or in connection herewith are true and correct in all material respects on and as of the Refinancing Borrowing Date for such Refinancing Facility as if made on and as of such date (except (x) for those which expressly relate to an earlier date, in which case they shall be true and correct in all material respects on and as of Revolving Credit Commitments such earlier date, and Revolving Credit Loans(y) to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, the Revolver Agentin which case, such representation and warranty shall be true and correct in all respects), receipt and (B) no Default or Event of Default exists, and (ii) a certificate of each Credit Party dated as of the Refinancing Borrowing Date for such Refinancing Facility and signed by a Responsible Officer of each Credit Party certifying and attaching the Administrative Agent resolutions adopted by such Credit Party approving or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. consenting to such Refinancing Facility.
(d) The Administrative Agent or Revolver Agent, as applicable, shall promptly notify the Collateral Agent, the Term B Facility Agent and each Lender Bank as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon that this Credit Agreement and the effectiveness of any other Credit Documents may be amended pursuant to a Refinancing Amendment, this Agreement shall be deemed amended Amendment to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement any Refinancing Indebtedness incurred Facility established pursuant thereto to such Refinancing Amendment, (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicableii) and any Indebtedness being replaced or refinanced with make such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such amendments changes to this Credit Agreement and the other Loan Credit Documents consistent with the provisions and intent of such Refinancing Facility, and (iii) effect such other amendments to this Credit Agreement and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, the Collateral Agent and the Borrower Representative, to effect the provisions of this Section.
(b) Section 2.14 with respect to such Refinancing Facility, and the Banks hereby expressly authorize the Administrative Agent and the Collateral Agent to enter into any such Refinancing Amendment. This Section 2.18 shall supersede any provisions of in Section 10.01 3.14 or 11.6 to the contrary.
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Refinancing Facilities. (a) At any time The Borrower Representative may, on one or more occasions after the Closing Restatement Effective Date, by written notice to the Administrative Agent, request the establishment hereunder of (i) a new Facility of revolving commitments (the “Refinancing Revolving Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Revolving Lender”) will make revolving loans to the Borrowers (“Refinancing Revolving Loans”) and acquire participations in the Letters of Credit and Swingline Loans and (ii) one or more additional classes of term loan commitments (the “Refinancing Term Loan Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”) will make term loans to the applicable Borrower (the “Refinancing Term Loans”); provided that (A) each Refinancing Revolving Lender and each Refinancing Term Lender shall be an Eligible Assignee and, if not already a Lender, shall otherwise be reasonably acceptable to the Administrative Agent and the Borrower may obtain, from any Representative and (B) each Refinancing Revolving Lender or any Additional shall be approved by each Issuing Lender and the Swingline Lender (such approvals not to be unreasonably withheld or delayed).
(b) The Refinancing Commitments shall be effected pursuant to one or more Refinancing Facility Agreements executed and delivered by the extent agreed to by such Lender or Additional Lender U.S. Borrower, the Canadian Borrower (in its sole discretion), Credit Agreement the case of Refinancing Indebtedness Term Loan Commitments in respect of all or any portion of Canadian Term A Loans), each Refinancing Lender providing such Refinancing Commitments, the Term LoansAdministrative Agent and, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form case of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyeach Issuing Lender and the Swingline Lender; provided that no Refinancing Commitments shall become effective unless (i) no Event of Default shall have occurred and be continuing on the date of effectiveness thereof, (ii) on the date of effectiveness thereof, the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (or in all respects, if qualified by materiality), in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementcase on and as of such date; provided, that to the extent that such representations and warranties specifically refer to an earlier date, they are true and correct in all material respects (or in all respects if qualified by materiality) as of such earlier date, (iii) Holdings, the U.S. Borrower and (in the case of Refinancing Term Loan Commitments in respect of Canadian Term A Loans) the Canadian Borrower shall have delivered to the Administrative Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates, reaffirmation agreements and other documents as shall reasonably be requested by the Administrative Agent in connection with any such transaction, (iv) in the case of any Refinancing Revolving Commitments, substantially concurrently with the effectiveness thereof, all the Revolving Commitments then in effect shall be terminated, and all the Revolving Loans and Swingline Loans then outstanding, together with all interest thereon, and all other amounts accrued for the benefit of the Revolving Lenders, shall be repaid or paid (it being understood, however, that any Letters of Credit may continue to be outstanding hereunder), and the aggregate amount of such Refinancing Revolving Commitments shall not exceed the aggregate amount of the Revolving Commitments so terminated, and (v) in the case of any Refinancing Term Loan Commitments, substantially concurrently with the effectiveness thereof, the applicable Borrower shall obtain Refinancing Term Loans thereunder and shall repay or prepay then outstanding Term Loans of one or more Facilities in an aggregate principal amount equal to the aggregate amount of such Refinancing Term Loan Commitments (less the aggregate amount of accrued and unpaid interest with respect to such outstanding Term Loans and any reasonable fees, premium and expenses relating to such refinancing). The applicable Borrower shall determine the amount of such prepayments allocated to each Facility of outstanding Term Loans, and any such prepayment of Term Loans of any Facility shall be applied to reduce the subsequent scheduled repayments of Term Loans of such Facility to be made pursuant to Section 2.3 as directed by the U.S. Borrower and, in the case of a prepayment of Eurodollar Loans or CDOR Loans, shall be subject to Section 2.20.
(c) The Refinancing Facility Agreement shall set forth, with respect to the Refinancing Indebtedness (i) willCommitments established thereby and the Refinancing Loans and other extensions of credit to be made thereunder, to the extent securedapplicable, rank pari passu or junior in right the following terms thereof: (i) the designation of payment such Refinancing Commitments and of security Refinancing Loans as a new “Facility” for all purposes hereof (provided that with the other consent of the Administrative Agent, any Refinancing Commitments and Refinancing Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredtreated as a single “Facility” with any then-outstanding existing Commitments or Loans), (ii) will, the stated termination and maturity dates applicable to the extent permitted by Refinancing Commitments or Refinancing Loans of such Facility, provided that (A) such stated termination and maturity dates shall not be earlier than the definition Latest Maturity Date applicable to Revolving Commitments (in the case of “Credit Agreement Refinancing Indebtedness,” Revolving Commitments and Refinancing Revolving Loans) or the Maturity Date applicable to the Facility of Term Loans so refinanced (in the case of Refinancing Term Loan Commitments and Refinancing Term Loans) and (B) any Refinancing Term Loans shall not have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by a weighted average life to maturity shorter than the Borrower and remaining weighted average life to maturity of the Lenders or Additional Lenders with respect theretoFacility of Term Loans so refinanced, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of any Refinancing Term Loans, any amortization applicable thereto and the effect thereon of any prepayment of such Refinancing Term Loans, (iv) the interest rate or rates applicable to the Refinancing Loans of such Facility, (v) the fees applicable to the Refinancing Commitments or Refinancing Loans of such Facility, (vi) in the case of any Refinancing Term Loans, any original issue discount applicable thereto and in the case of any Refinancing Revolving Credit Commitments, any upfront fees applicable thereto, (vii) the initial Interest Period or Interest Periods applicable to Refinancing Loans of such Facility, (viii) any voluntary or mandatory commitment reduction or prepayment requirements applicable to Refinancing Commitments or Refinancing Loans of such Facility (which prepayment requirements, in the case of any Refinancing Term Loans, may provide that such Refinancing Term Loans may participate in mandatory prepayments on the same or a lesser basis as the Facility of Term Loans so refinanced, but otherwise may not provide for prepayment requirements that are more favorable to the Lenders holding such Refinancing Term Loans than to the Lenders holding any other Facility of Term Loans unless agreed by the Majority Facility Lenders in respect of such other Facilities of Term Loans) and any restrictions on the voluntary or mandatory reductions or prepayments of Refinancing Commitments or Refinancing Loans of such Facility and (ix) the other terms and conditions of the Refinancing Commitments and Revolving Credit Refinancing Loans, which other terms and conditions shall not be favorable to the Revolver Agentlenders providing such Indebtedness than those set forth in the Loan Documents are with respect to the existing Lenders in respect of the Indebtedness being refinanced (other than covenants or other provisions applicable only to periods after the Latest Maturity Date in effect at the time of incurrence of such Refinancing Commitments and Refinancing Loans), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing AmendmentFacility Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Facility Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any Lender other than the applicable Refinancing Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to give effect to the provisions of this SectionSection 2.26, including any amendments necessary to treat the applicable Refinancing Commitments and Refinancing Loans as a new “Facility” of loans and/or commitments hereunder.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
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Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any any(a) Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities Term Loan Commitments or any Incremental Revolving Credit Loan Commitments then outstanding under this Agreement (or any Incremental Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans in the form of Refinancing Term Loans or Refinancing Term Commitments or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments Loan Commitments, respectively, in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementagreement that is reasonably acceptable to the Administrative Agent; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, will rank pari passu or junior in right of payment and of security (to the extent secured) with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, thereto and (iii) will, no Event of Default would exist immediately after giving effect to the extent in the form funding of such Credit Agreement Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedIndebtedness. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans Loans, Refinancing Term Loan Commitments or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.117 US-DOCS\121951479.16133960081.2
Appears in 1 contract
Sources: Credit Agreement (Blend Labs, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower Borrowers may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Loans or Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities Term Loan Commitments or any Incremental Revolving Credit Loan Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Agreement) or any then outstanding Refinancing Term Loans in the form of Refinancing Term Loans or Refinancing Term Commitments or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent securedsecured on a pari passu basis in right of security with the other Loans and Commitments hereunder, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder and, to the extent secured on a junior basis to the Loans and Commitments hereunder, rank junior in right of security and pari passu or junior in right of payment with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower Borrowers and the Lenders or Additional Lenders with respect thereto, thereof and (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower Borrowers shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedClass. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans Loans, Refinancing Term Loan Commitments or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 10.02 to the contrary.
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Refinancing Facilities. (a) At any D▇▇▇ ▇▇▇, from time to time after the Closing Date, refinance or replace loans or commitments under the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include Facility, any then outstanding Incremental Term Loans under any Incremental Facilities Facility or any Incremental Revolving Credit Commitments then outstanding under this Agreement Facility with one or more new term loan facilities (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding each, a “Refinancing Term Loans or any then outstanding Facility”) and new revolving credit facilities (each, a “Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing AmendmentFacility”, together with any Refinancing Term Facility, the “Refinancing Facilities”) or with one or more additional series of senior unsecured notes or loans or senior secured notes or loans that will be secured by the Collateral on a pari passu basis with the Revolving Credit Facility, the Term Facility or applicable Customary Intercreditor Agreement Incremental Facility or other customary subordination agreementsecured notes or loans that are junior in right of security in the Collateral (any such notes or loans, “Refinancing Notes” and together with the Refinancing Facilities, “Refinancing Debt”) pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to D▇▇▇; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, such Refinancing Debt will rank pari passu or junior in right of payment and of security with as the other Loans Advances and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, any Refinancing Term Facility or Refinancing Notes shall not mature prior to the extent permitted by maturity date of, or have a shorter weighted average life than, or have mandatory prepayment provisions (other than related to change of control offers) that could result in prepayments of such Refinancing Debt prior to, the definition loans under the Term Facility or such Incremental Term Facility being refinanced; provided, that this clause (a)(ii) shall not apply to any Refinancing Debt, together with any Incremental Facilities and any Incremental Equivalent Debt, in an aggregate principal amount outstanding that is not in excess of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretoInside Maturity Basket, (iii) willany Refinancing Revolving Facility shall not mature (or require commitment reductions or amortization) prior to the Maturity Date for the Revolving Credit Facility or the maturity date of the revolving commitments being replaced, (iv) such Refinancing Debt will not be Guaranteed or issued by any Person that is not a Loan Party, (v) the other terms and conditions, taken as a whole, of any such Refinancing Debt (excluding pricing (as to which no “most favored nation” clause shall apply) and optional prepayment or redemption terms) are substantially similar to, or not materially less favorable to D▇▇▇ and its Restricted Subsidiaries, than, the terms and conditions, taken as a whole, applicable to the loans or revolving commitments being refinanced or replaced (except for covenants or other provisions applicable only to periods after the latest maturity date of the Revolving Credit Facility, the 2025 New Term A Facility or applicable Incremental Facility), (vi) with respect to (1) Refinancing Notes secured by Collateral or (2) any Refinancing Term Facility secured by Liens on the Collateral that are junior in priority to the Liens on the Collateral securing the Term Facility or the Revolving Credit Facility, such agreements or Liens will be subject to an intercreditor agreement reasonably acceptable to the Administrative Agent and (vii) the aggregate principal amount of any Refinancing Facility or Refinancing Notes shall not be greater than the aggregate principal amount (or committed amount) of the applicable Term Facility, the Revolving Credit Facility or applicable Incremental Facility being refinanced or replaced plus any fees, premiums, original issue discount and accrued interest associated therewith, and costs and expenses related thereto, and the Revolving Credit Facility or applicable Incremental Facility being refinanced or replaced will be permanently reduced substantially simultaneously with the issuance thereof.
(b) D▇▇▇ shall make any request for Refinancing Debt pursuant to a written notice to the Administrative Agent specifying in reasonable detail the proposed terms thereof. Refinancing Debt may be provided, by any existing Lender (but no existing Lender will have an obligation to make any Refinancing Debt and may elect or decline, in its sole discretion, to provide such Refinancing Debt) or by any Additional Lender (each such existing Lender or Additional Lender providing such Refinancing Debt, a “Refinancing Lender”) provided that the Administrative Agent shall have consented (not to be unreasonably conditioned, withheld or delayed) to such Lender’s or Additional Lender’s providing such Refinancing Debt to the extent such consent, if any, would be required under Section 9.07 for an assignment to such Additional Lender.
(c) Commitments in the form respect of Refinancing Revolving Credit Loans or Facilities shall become Commitments under this Agreement pursuant to an amendment (a “Refinancing Revolving Credit CommitmentsAmendment”) to this Agreement and, participate in as appropriate, the paymentother Loan Documents, borrowingexecuted by the Borrowers, participation each Lender agreeing to provide such Commitment, if any, each Additional Lender, if any, and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedAdministrative Agent. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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 and D▇▇▇, to effect the provisions of this SectionSection 2.20. The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof (each, a “Refinancing Facility Closing Date”) of each of the conditions set forth in Section 3.02 (it being understood that all references to the date of making of an extension of credit or similar language in such Section 3.02 shall be deemed to refer to the effective date of such Refinancing Amendment) and such other conditions as the parties thereto shall agree.
(bd) Each class of Refinancing Debt incurred under this Section 2.20 shall be in an aggregate principal amount that is (x) not less than $50,000,000. Any Refinancing Amendment relating to a Refinancing Revolving Facility may provide for the issuance of Letters of Credit or the provision to the Borrowers of Swing Line Advances, pursuant to any revolving credit facility established thereby, in each case on terms substantially equivalent to the terms applicable to Letters of Credit and Swing Line Advances under the Revolving Credit Commitments.
(e) This Section 2.18 2.20 shall supersede any provisions of in Section 10.01 9.01 to the contrary. Notwithstanding any other provision of any Loan Document, the Loan Documents may be amended by the Administrative Agent and the Loan Parties, if necessary, to provide for terms applicable to each Refinancing Amendment.
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Refinancing Facilities. (a) At any time after This Agreement may be amended with the Closing Datewritten consent of the Administrative Agent, the Swing Line Lender, the Issuing Bank, Holdings, the Borrower may obtain, from any Lender or any Additional Lender and the Lenders providing the Replacement Revolving Commitments (as defined below) to permit the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect refinancing of all or any portion of the Term Loans, Prepetition Subsidiary Debt, outstanding Revolving Credit Loans and/or Commitments (the “Refinanced Revolving Credit Commitments then outstanding under this Agreement Commitments”) with replacement revolving commitments (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental the “Replacement Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Commitments”) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementhereunder; provided, provided that such Credit Agreement Refinancing Indebtedness (i) willthe aggregate principal amount of such Replacement Revolving Commitments shall not exceed the aggregate principal amount of such Refinanced Revolving Commitments (plus any related fees and expenses and other amounts paid, unpaid accrued interest and premium thereon), (ii) such Replacement Revolving Commitments shall have a maturity date that is not prior the maturity date of the Refinanced Revolving Commitments, (iii) the Applicable Margin (or similar interest rate spread applicable to such Replacement Revolving Commitments), interest rate floors, upfront fees, original issue discount, call protection and commitment or similar fees with respect to such Replacement Revolving Commitments shall be as agreed by the extent secured, Borrower and the Lenders providing such Replacement Revolving Commitments; (iv) such Replacement Revolving Commitments shall rank pari passu or junior in right of payment and of security with the other Revolving Loans and Revolving Commitments hereunder hereunder, (but v) all other terms applicable to such Replacement Revolving Commitments shall be substantially identical to, or less favorable to the Lenders providing such Replacement Revolving Commitments, than those applicable to such Refinanced Revolving Commitments, except to the extent necessary to provide for covenants and other terms applicable to any period after the avoidance latest final maturity of doubtthe Revolving Commitments in effect immediately prior to such refinancing (other than that applicable to such Refinanced Revolving Commitments) and (vi) the proceeds of such Replacement Revolving Commitments shall be applied, such Credit substantially concurrently with the incurrence thereof, to the reduction of Refinanced Revolving Commitments (and repayment of Revolving Loans outstanding thereunder) pursuant to Section 2.14. 100
(b) This Agreement Refinancing Indebtedness may be unsecuredamended with the written consent of the Administrative Agent, Holdings, the Borrower and the Lenders providing the Replacement Term Loans (as defined below) to permit the refinancing of all or any portion of the outstanding Term Loans (“Refinanced Term Loans”) with a replacement term loan (“Replacement Term Loans”) hereunder; provided that (i) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans (plus any related fees and expenses and other amounts paid, unpaid accrued interest and premium thereon), except pursuant to an Incremental Term Loan consummated in accordance with Section 2.27, (ii) will, the Applicable Margin (or similar interest rate spread applicable to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricingReplacement Term Loans), interest rate margins (including “MFN” provisions), rate floors, discounts, upfront fees, premiums original issue discount, call protection, scheduled amortization and prepayment or redemption provisions voluntary and terms mandatory prepayments with respect to such Replacement Term Loans shall be as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretoproviding such Replacement Term Loans, (iii) willthe weighted average life to maturity of such Replacement Term Loans shall not be shorter than the weighted average life to maturity of such Refinanced Term Loans at the time of such refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the Term Loans) and will have a maturity date that is not prior to the maturity date of the Refinanced Term Loans, (iv) such Replacement Term Loans shall rank pari passu in right of payment and of security with the Term Loans hereunder, (v) if applicable, the Borrower shall have paid the prepayment premium pursuant to Section 2.14(c) in respect of the Refinanced Term Loans, (vi) all other terms applicable to such Replacement Term Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Term Loans than, those applicable to such Refinanced Term Loans, except to the extent necessary to provide for covenants and other terms applicable to any period after the latest final maturity of the Term Loans in effect immediately prior to such refinancing (other than that applicable to such Refinanced Term Loans) and (vii ) the proceeds of such Replacement Term Loans shall be applied, substantially concurrently with the incurrence thereof, to the extent in the form reduction of Refinancing Revolving Credit Refinanced Term Loans or Refinancing Revolving Credit Commitments, pursuant to Section 2.14. Replacement Term Loans may participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis or on a less than pro rata basis (but not on a greater than pro rata basis) in any voluntary or mandatory prepayments of any Term Loans hereunder, as specified in the applicable Refinancing Amendment. 101
(c) This Agreement may be amended with the written consent of the Administrative Agent, the Issuing Bank, Holdings, the Borrower and the Lenders providing the Replacement LC Commitments (as defined below) to permit the refinancing of all or any then portion of the outstanding Revolving Credit Loans LC Facility Commitments (the “Refinanced LC Commitments”) with replacement letter of credit facility commitments (the “Replacement LC Commitments”) hereunder; provided that (i) the aggregate principal amount of such Replacement LC Commitments shall not exceed the aggregate principal amount of such Refinanced LC Commitments (plus any related fees and Revolving Credit expenses and other amounts paid, unpaid accrued interest and premium thereon), (ii) such Replacement LC Commitments shall have a maturity date that is not prior the maturity date of the Refinanced LC Commitments, (iii) the letter of credit, fronting and commitment fees and interest rate floors, upfront fees, original issue discount and call protection with respect to such Replacement LC Commitments (or similar payments applicable to the issuance of letters of credit under such Replacement LC Commitments) shall be as agreed by the Borrower and the Lenders providing such Replacement LC Commitments; (iv) obligations under such Replacement LC Commitments shall rank pari passu in right of payment and of security with the obligations under the LC Facility Commitments hereunder, (v) all other terms applicable to such Replacement LC Commitments shall be substantially identical to, or less favorable to the Lenders providing such Replacement LC Commitments, than those applicable to such Refinanced LC Commitments, except to the extent necessary to provide for covenants and other terms applicable to any period after the latest final maturity of the LC Facility Commitments in effect immediately prior to such refinancing (other than that applicable to such Refinanced LC Commitments) and (vi) the Borrower proceeds of such Replacement LC Commitments shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class applied, substantially concurrently with a later maturity date than such Class and (iv) willthe incurrence thereof, to the extent in the form reduction of Refinancing Revolving Credit Loans Refinanced LC Commitments (and replacement or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions Cash Collateralization of outstanding letters of credit thereunder) pursuant to Section 2.14.
(other than interest rate margins and commitment feesd) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any amendment to this Agreement pursuant to clause (a), (b) or (c) above or in connection with any Credit Agreement Refinancing Indebtedness (a “Refinancing Amendment”), this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Replacement Revolving Commitments, Replacement Term Loans, Replacement LC Commitments or Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respectsthereto. Any Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents solely as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section. In addition, if so provided in the relevant Refinancing Amendment and with the consent of each Issuing Bank, participations in Letters of Credit expiring on or after the Maturity Date with respect to the Revolving Facility or the LC Facility shall be reallocated from Lenders holding Revolving Commitments or LC Facility Commitments, as applicable, to Lenders holding Replacement Revolving Commitments or Replacement LC Commitments, as applicable, in accordance with the terms of such Refinancing Amendment; provided, however, that such participation interests shall, upon receipt thereof by the relevant Lenders holding Revolving Commitments or LC Facility Commitments, as applicable, be deemed to be participation interests in respect of such Revolving Commitments or LC Facility Commitments, as applicable, and the terms of such participation interests (including, without limitation, the commission applicable thereto) shall be adjusted accordingly. 102
(e) No Refinancing Amendment shall become effective unless, on the proposed effective date of such Refinancing Amendment, the representations and warranties contained herein and in the other Loan Documents shall be true and correct in all material respects on and as of such date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof.
(bf) This Section 2.18 2.28 shall supersede any provisions of Section 10.01 in Sections 2.18 or 9.1 to the contrary.
Appears in 1 contract
Sources: Credit Agreement (Intrawest Resorts Holdings, Inc.)
Refinancing Facilities. (a) At any The Borrower may from time after to time add one or more tranches of term loans or revolving credit facilities to this Agreement (each a “Refinancing Facility”) pursuant to an agreement in writing entered into by the Closing DateLoan Parties, the Borrower may obtain, from Administrative Agent and each Person (including any Lender or any Additional Lender existing Lender) that agrees to provide a portion of such Refinancing Facility (each a “Refinancing Facility Amendment”) pursuant to procedures specified by the extent agreed Administrative Agent to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of refinance all or any portion of any outstanding Term Facility or any Revolving Facility then in effect; provided that:
(i) such Refinancing Facility shall not have a principal or commitment amount (or accreted value) greater than the Term LoansLoans and, Prepetition Subsidiary Debtif such Refinancing Facility is a revolving credit facility that refinances a Revolving Facility, the undrawn available commitments of the Revolving Credit Loans and/or Revolving Credit Commitments then outstanding Facility being refinanced (excluding accrued interest, fees, discounts, premiums or expenses);
(ii) no Default shall exist on the effective date of such Refinancing Facility or would exist after giving effect to such Refinancing Facility;
(iii) no existing Lender shall be under any obligation to provide a commitment to such Refinancing Facility and any such decision whether to provide a commitment to such Refinancing Facility shall be in such Lender’s sole and absolute discretion;
(iv) each Person providing a commitment to such Refinancing Facility shall qualify as an Eligible Assignee;
(v) the Borrower shall deliver to the Administrative Agent:
(A) a certificate of each Loan Party dated as of the date of such Refinancing Facility signed by a Responsible Officer of such Loan Party (1) certifying and attaching resolutions adopted by the board of directors or equivalent governing body of such Loan Party approving such Refinancing Facility and (2) in the case of the Borrower, certifying that, before and after giving effect to such Refinancing Facility, (I) the representations and warranties of each Loan Party contained in Article VI or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Refinancing Facility, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and (II) no Default exists;
(B) such amendments to the Collateral Documents as the Administrative Agent may reasonably request to cause the Collateral Documents to secure the Obligations after giving effect to such Refinancing Facility; and
(C) opinions of legal counsel to the Loan Parties, addressed to the Administrative Agent and each Lender (including each Person providing a commitment to such Refinancing Facility), dated as of the effective date of such Refinancing Facility, in form and substance reasonably satisfactory to the Administrative Agent;
(vi) the Administrative Agent shall have received documentation from each Person providing a commitment to such Refinancing Facility evidencing such Person’s commitment and such Person’s obligations under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, and substance reasonably acceptable to the extent secured, Administrative Agent;
(vii) such Refinancing Facility (A) shall rank pari passu or junior in right of payment and of security with as the other Loans and Commitments hereunder Commitments; (but B) shall not be Guaranteed by any Person that is not a Guarantor; and (C) shall be (1) unsecured or (2) secured by the Collateral on an equal and ratable basis with the Obligations or on a junior basis to Obligations (in each case pursuant to intercreditor or subordination agreements reasonably satisfactory to the Administrative Agent);
(viii) such Refinancing Facility shall have such interest rates, interest rate margins, fees, discounts, prepayment premiums, amortization and a final maturity date as agreed by the Loan Parties and the Lenders providing such Refinancing Facility, provided that (A) to the extent refinancing a Revolving Facility and constituting a revolving credit facility, such Refinancing Facility will not have a maturity date (or have scheduled or mandatory commitment reductions or amortization) that is prior to the scheduled Maturity Date of the Revolving Facility being refinanced and (B) to the extent refinancing a Term Facility or constituting a term loan facility, such Refinancing Facility will have a maturity date that is not prior to the date that 91 days after the scheduled Maturity Date of, and will have a weighted average life to maturity that is not shorter than 91 days longer than the weighted average life to maturity of, the Term Facility being refinanced;
(ix) if such Refinancing Facility is a revolving credit facility then (A) such Refinancing Facility shall have ratable voting rights as the other Revolving Facilities (or otherwise provide for more favorable voting rights for the avoidance then outstanding Revolving Facilities) and (B) such Refinancing Facility may provide for the issuance of doubtLetters of Credit for the account of the Borrower and its Subsidiaries on terms substantially equivalent to the terms applicable to Letters of Credit under the existing Revolving Facilities or the making of swing line loans to the Borrower on terms substantially equivalent to the terms applicable to Swing Line Loans under the existing Revolving Facilities;
(x) if such Refinancing Facility is a term loan, then such term loan shall share ratably in any prepayments of the Term Facilities pursuant to Section 2.05 (or otherwise provide for more favorable prepayment treatment for the then outstanding Term Facilities) and shall have ratable voting rights as the other Term Facilities (or otherwise provide for more favorable voting rights for the then outstanding Term Facilities);
(xi) each Borrowing of Revolving Loans (including any deemed Borrowing of Revolving Loans made pursuant to Section 2.03 or 2.04) and participations in Letters of Credit pursuant to Section 2.03 shall be allocated pro rata among the Revolving Facilities;
(xii) subject to clause (viii) above, such Credit Agreement Refinancing Indebtedness may be unsecured)Facility will have terms and conditions that are substantially identical to, (ii) willor less favorable, when taken as a whole, to the extent permitted by Lenders providing such Refinancing Facility than, the definition terms and conditions of “Credit Agreement the Revolving Facility or Term Loan being refinanced; provided, however, that such Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment Facility may provide for any additional or redemption different financial or other covenants or other provisions and terms as may be that are agreed by among the Borrower and the Lenders or Additional Lenders thereof and applicable only during periods after the then latest Maturity Date in effect; and
(xiii) substantially concurrent with respect thereto, the incurrence of such Refinancing Facility (iiiA) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments apply the Net Cash Proceeds of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, Refinancing Facility to the extent in the form prepayment of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit outstanding Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject toso refinanced (and, to the extent reasonably requested by the Administrative Agent (or in the case of Refinancing Facility that refinances a Revolving Credit Commitments and Revolving Credit LoansFacility, the Revolver Agent), receipt Borrower shall permanently reduce the amount of the commitments to the Revolving Facility being refinanced by the amount of the Net Cash Proceeds of such Refinancing Facility) and (B) the Borrower shall pay an amount required pursuant to Section 3.05 as a result of any such prepayment of Loans of existing Lenders.
(b) The Lenders hereby authorize the Administrative Agent or Revolver Agentto enter into, as applicableand the Lenders agree that this Agreement and the other Loan Documents shall be amended by, of reaffirmation agreements such Refinancing Facility Amendments to the extent (and board resolutions, officers’ certificates and legal opinions only to the extent) the Administrative Agent deems necessary in order to establish Refinancing Facilities on terms consistent with those delivered on and/or to effect the Closing Dateprovisions of this Section 2.17. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Facility Amendment. Each of In addition, if so provided in the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Facility Amendment for a Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) Facility and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenderseach L/C Issuer, effect participation in Letters of Credit under the existing Revolving Facilities shall be reallocated from Lenders holding revolving commitments under the existing Revolving Facilities to Lenders holding revolving commitments under such amendments to this Agreement and Refinancing Revolving Facility in accordance with the other Loan Documents as may be necessary or appropriate, to effect the provisions terms of this Sectionsuch Refinancing Facility Amendment.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
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Refinancing Facilities. (a) At any time after the Closing DateOn one or more occasions, the Borrower may obtain, from any Lender or any Additional Lender (other bank or financial institution or other institutional lender or investor that agrees to the extent agreed to by such Lender provide any portion of Refinancing Term Commitments, Refinancing Term Loans, Other REvolvingRevolving Commitments, or Additional Lender in its sole discretion)Other Revolving Loans, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Term Commitments, respectivelyRefinancing Term Loans, Other Revolving Commitments, or Other Revolving Loans, in each case, case pursuant to a Refinancing AmendmentAmendment in accordance with this Section 2.17 (each, together with any applicable Customary Intercreditor Agreement an “Additional Refinancing Lender”); provided that (i) the Administrative Agent, the Swing Line Lender and each L/C Issuer shall have consented (and such consent not to be unreasonably withheld, conditioned, or other customary subordination agreementdelayed) to such Lender’s or Additional Refinancing Lender’s providing such Refinancing Term Commitments, Refinancing Term Loans, Other Revolving Commitments, or Other Revolving Loans to the extent such consent, if any, would be required under Section 10.06 for an assignment of Refinancing Term Commitments, Refinancing Term Loans, Other Revolving Commitments, or Other Revolving Loans, as applicable, to such Lender or Additional Refinancing Lender; provided, further, that such Credit Agreement the following terms are satisfied:
a. any Refinancing Indebtedness Term Loans may participate on a pro rata basis or on a less than pro rata basis (ibut not on a greater than pro rata basis) will, to as among the extent secured, rank pari passu or junior various Series of Incremental Term Loans (in right of payment and of security accordance with the other respective outstanding principal amounts thereof) in any voluntary or mandatory repayments or prepayments of Incremental Term Loans hereunder, as specified in the applicable Refinancing Amendment;
b. the borrowing and repayment (except for (A) payments of interest and fees at different rates on Other Revolving Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredand related outstandings), (iiB) will, repayments required upon the maturity date of the Other Revolving Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments (subject to clause (d) below)) of Other Revolving Loans after the extent permitted by the definition date of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may obtaining any Other Revolving Commitments shall be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein made on a pro rata basis with any then outstanding all other Revolving Credit Commitments;
c. all Swing Line Loans and Letters of Credit shall be participated on a pro rata basis by all Lenders with Revolving Credit Commitments in accordance with their Applicable Revolving Credit Percentage;
d. notwithstanding anything to the contrary herein, the permanent repayment of Other Revolving Loans with respect to, and termination of, Other Revolving Commitments, after the date of the applicable Refinancing Amendment, shall be made on a pro rata basis with all other Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class class on a better than a pro rata basis as compared to any other Class class with a later maturity date than such Class class; and
e. assignments and (iv) will, to the extent in the form participations of Refinancing Other Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless Other Revolving Loans shall be governed by the Required Revolving Credit Lenders shall have consented thereto, have terms same assignment and conditions (other than interest rate margins and commitment fees) identical to those participation provisions applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. Loans.
(b) The effectiveness of any Refinancing Amendment shall be subject toto the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agentof (i) customary legal opinions, as applicable, of reaffirmation agreements board resolutions and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Date other than changes to such legal opinion resulting from a Change in Law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent or Revolver Agentand (ii) reaffirmation agreements and/or such amendments to the Collateral Documents (including, as if applicable, shall promptly notify each Lender as modifications to the effectiveness Mortgages, title insurance endorsements or policies) as may be reasonably requested by the Administrative Agent in order to ensure that the enforceability of each the Collateral Documents and the perfection and priority of the Liens thereunder are preserved and maintained.
(c) Each issuance of Credit Agreement Refinancing Amendment. Indebtedness under Section 2.17(a) shall be in an aggregate principal amount that is not less than $25,000,000.
(d) Each of the parties hereto hereby agrees that, upon that this Agreement and the effectiveness of any other Loan Documents may be amended pursuant to a Refinancing Amendment, this Agreement shall be deemed amended without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicableii) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions Provisionsprovisions of this SectionSection 2.17, and the Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing Amendment.
(be) This Section 2.18 2.17 shall supersede any provisions of in Section 2.13 and 10.01 to the contrary, and nothing in Section 2.05 to the contrary shall prohibit the application of this Section 2.17.
(f) For the purposes of this Section 2.17, the capitalized terms used but not otherwise defined in this Agreement shall have the following meanings:
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Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Agreement) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyLoans, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementagreement that is reasonably acceptable to the Administrative Agent; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, will rank pari passu or junior in right of payment and of security (to the extent secured) with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, thereto and (iii) will, no Event of Default would exist immediately after giving effect to the extent in the form funding of such Credit Agreement Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedIndebtedness. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Effective Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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.
. For the avoidance of doubt, no Credit Agreement Refinancing Indebtedness can be used to prepay or repay any Loans made on the Closing Date without the Applicable Prepayment Premium due thereon, if any. (b) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 10.02 to the contrary.
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Refinancing Facilities. (a) At any time after the Closing DateThe Company may, the Borrower may obtain, from any Lender or any Additional Lender (by written notice to the extent agreed Administrative Agent from time to by such Lender time, request (i) Refinancing Debt or Additional Lender in its sole discretion), Credit Agreement (ii) Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include refinance all or a portion of any then outstanding Incremental existing Class of Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding (the “Refinanced Loans and Commitments”) in an aggregate principal amount not to exceed the aggregate principal amount of the Refinanced Loans and Commitments plus any accrued interest plus the amount of any reasonable tender or redemption premium paid in connection therewith or any penalty or premium required to be paid under this Agreement the Refinanced Loans and Commitments and any reasonable costs, fees and expenses incurred in connection with the issuance of such new Indebtedness and the refinancing of such Refinanced Loans and Commitments. Such notice shall set forth (i) the amount of the applicable Refinanced Loans and Commitments (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or such other amount as is reasonably acceptable to the Administrative Agent) and (ii) the date on which the applicable Refinancing Amendment is to become effective (which shall not be less than 10 Business Days nor more than 60 days after the date of such notice (or any Revolving Credit Loans outstanding pursuant theretosuch longer or shorter periods as the Administrative Agent shall agree)) or any then outstanding ). Refinancing Term Loans or any then outstanding Debt and Refinancing Revolving Credit Loans Commitments may be made by any existing Lender or by any other bank or other financial institution (any such other bank or other financial institution being called an “Additional Refinancing Lender”), provided that the Administrative Agent shall have consented (such consent not to be unreasonably withheld, delayed or conditioned) to such Lender’s or Additional Refinancing Lender’s making such Refinancing Debt or Refinancing Revolving Credit Commitments if such consent would be required under Section 10.06 for an assignment of Loans to such Lender or Additional Refinancing Lender.
(b) The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof (each, a “Refinancing Facility Closing Date”) of each of the conditions set forth in Section 5.02 (it being understood that all references to “the form date of such extension of credit” or similar language in such Section 5.02 shall be deemed to refer to the effective date of such Refinancing Amendment), of the payment of any fees payable in connection therewith and such other conditions as the parties thereto shall agree. The terms of the Refinancing Debt and Refinancing Revolving Credit Loans Commitments shall comply with Section 2.26(c). Substantially concurrently with the incurrence of any such Refinancing Debt or Refinancing Revolving Credit Commitments, respectively100% of the Net Cash Proceeds thereof shall be applied to repay the Refinanced Loans and Commitments (including accrued interest, fees and premiums (if any) payable in each case, pursuant to a connection therewith).
(c) The Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Debt and Refinancing Revolving Credit Agreement Refinancing Indebtedness Commitments (i) will, to the extent secured, shall rank pari passu or junior in right of payment and of security with the other Term Loans and Commitments hereunder (but for Revolving Credit Loans or be unsecured and none of the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may obligors or guarantors with respect thereto shall be unsecured)a Person that is not a Loan Party, (ii) will, to the extent permitted shall not be secured by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretoany assets other than Collateral, (iii) willwith respect to any Refinancing Debt, shall not mature earlier than the Term Loan Maturity Date of the Class of Term Loans so refinanced or have a Weighted Average Life to Maturity shorter than the remaining Weighted Average Life to Maturity of the Class of Term Loans so refinanced, (iv) with respect to the extent in the form of Refinancing Revolving Credit Loans Commitments, shall not mature earlier than the Revolving Credit Maturity Date, and (v) shall have terms and conditions, taken as a whole, no more favorable (as reasonably determined by the Borrower) to the lenders or investors providing the Refinancing Debt or Refinancing Revolving Credit Commitments, participate as applicable, to the relevant Refinanced Loans and Commitments (in each case, excluding with respect to the paymentinterest rate margin, borrowingpremiums and other pricing terms and voluntary prepayments) unless the Company enters into an amendment to this Agreement with the Administrative Agent (which amendment shall not require the consent of any other Lender) to add such more favorable terms for the benefit of the Lenders; provided that this clause (v) shall not apply to covenants or other provisions applicable only to periods after the Term Loan Maturity Date, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans Incremental Term Loan Maturity Date and Revolving Credit CommitmentsMaturity Date. The interest rate margin, except that the Borrower shall be permitted to permanently repay rate floors, fees, original issue discount and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, premiums applicable to the extent in the form of Refinancing Debt and Refinancing Revolving Credit Loans Commitments shall be determined by the Company and the applicable lenders or investors providing such Refinancing Debt and Refinancing Revolving Credit Commitments. To the extent the terms of the Refinancing Amendment are inconsistent with the terms set forth herein (except as set forth in this paragraph (c)), such terms shall be reasonably satisfactory to the Administrative Agent.
(d) In connection with any Refinancing Debt and Refinancing Revolving Credit Commitments incurred pursuant to this Section 2.26, the Company, the Administrative Agent and each applicable Lender or Additional Refinancing Lender shall execute and deliver to the Administrative Agent a Refinancing Amendment and such other documentation as the Administrative Agent shall reasonably specify to evidence such Refinancing Debt or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing DateCommitments. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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 and the Company, to effect the provisions of this Section.
Section 2.26, including any amendments necessary to establish the applicable Refinancing Debt as a new class or tranche of Term Loans, or, if contemplated by such Refinancing Amendment and not inconsistent with the provisions hereof, an increase in any existing class of Term Loans or Revolving Credit Commitments, and such other technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Company in connection with the establishment of, or increases in, such classes or tranches (b) This including to preserve the pro rata treatment of the refinanced and non-refinanced tranches), in each case on terms consistent with this Section 2.18 2.26. The Administrative Agent and the Lenders hereby agree that the minimum Borrowing, pro rata Borrowing and pro rata payment requirements contained elsewhere in this Agreement shall supersede any provisions of Section 10.01 not apply to the contrarytransactions effected pursuant to the immediately preceding sentence.
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Refinancing Facilities. (a) At any time after the Closing Date, The Credit Documentation will permit the Borrower may obtainRepresentative to refinance loans under the Term Facility or commitments under the Revolving Credit Facility or loans or commitments under any Incremental Facility (each, “Refinanced Debt”) from any Lender time to time, in whole or any Additional Lender part, with (x) one or more new term facilities (each, a “Refinancing Term Facility”) or new revolving credit facilities (each, a “Refinancing Revolving Facility”; the Refinancing Term Facilities and the Refinancing Revolving Facilities are collectively referred to herein as “Refinancing Facilities”), respectively, under the Credit Documentation with the consent of the Borrower Representative and the institutions providing such Refinancing Facility or (y) other than with respect to a refinancing of the Revolving Credit Facility, one or more series of unsecured notes or loans, notes secured by the Collateral on a pari passu basis with the Facilities or notes or loans secured by the Collateral on a subordinated basis to the extent agreed to by such Lender or Additional Lender in its sole discretion)Facilities, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed subject to include customary intercreditor terms reasonably acceptable to the Administrative Agent and the Borrower Representative (any then outstanding Incremental Term Loans under any Incremental Facilities such notes or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding loans, “Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, Notes” and together with any applicable Customary Intercreditor Agreement or other customary subordination agreementthe Refinancing Facilities, the “Refinancing Indebtedness”); provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, any Refinancing Term Facility or Refinancing Notes consisting of term loans do not mature prior to the extent securedmaturity date of, rank pari passu or junior in right have a shorter weighted average life than, the applicable Refinanced Debt consisting of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)term loans, (ii) will, any Refinancing Notes consisting of notes do not mature prior to the extent permitted by maturity date of the definition applicable Refinanced Debt or have any scheduled amortization, (iii) the commitments under any Refinancing Revolving Facility do not terminate prior to the termination date of “Credit Agreement the revolving commitments under the applicable Refinanced Debt, (iv) there shall be no issuers, borrowers or guarantors in respect of any Refinancing Indebtedness,” have Indebtedness that are not a Borrower or a Guarantor, (v) any Refinancing Notes shall not contain any mandatory prepayment provisions (other than related to customary asset sale and change of control offers or events of default) that could result in prepayments of such Refinancing Notes prior to the maturity date of the applicable Refinanced Debt, (vi) the other terms and conditions of such Refinancing Indebtedness (excluding pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums fees and prepayment or redemption provisions and terms as may be agreed by provisions) shall either, at the option of the Borrower and the Lenders or Additional Lenders Representative, (x) with respect theretoto Refinancing Notes only, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have reflect market terms and conditions (other than interest rate margins and commitment feestaken as a whole) identical to those applicable at the time of incurrence or issuance (as determined by the Borrower Representative) or (y) not be materially more favorable (when taken as a whole) to the Revolving Credit Commitments lenders or investors providing such Refinancing Indebtedness than the terms of the applicable Refinanced Debt unless (1) the holders of the Refinanced Debt being replaced also receive the benefit of such terms or (2) any such provisions apply only after the maturity date of the Refinanced Debt and Revolving Credit Loans being refinanced. The effectiveness (vii) the proceeds of such Refinancing Facility or Refinancing Notes (a) shall not be in an aggregate principal amount greater than the aggregate principal amount of the applicable Refinanced Debt plus any Refinancing Amendment fees, premiums, OID and accrued interest associated therewith, and costs and expenses related thereto and (b) shall be subject toimmediately applied to permanently prepay (or, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, a Refinancing Revolving Credit Loans Facility, replace) in whole or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without part the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, to effect the provisions of this Sectionapplicable Refinanced Debt.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 1 contract
Sources: Commitment Letter (Coherent Inc)
Refinancing Facilities. xix) The Borrower Representative may, on one or more occasions after the Restatement Effective Date, by written notice to the Administrative Agent, request the establishment hereunder of (i) a new Facility of revolving commitments (the “Refinancing Revolving Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Revolving Lender”) will make revolving loans to the Borrowers (“Refinancing Revolving Loans”) and acquire participations in the Letters of Credit and Swingline Loans and (ii) one or more additional classes of term loan commitments (the “Refinancing Term Loan Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”) will make term loans to the applicable Borrower (the “Refinancing Term Loans”); provided that (A) each Refinancing Revolving Lender and each Refinancing Term Lender shall be an Eligible Assignee and, if not already a Lender, shall otherwise be reasonably acceptable to the Administrative Agent and the Borrower Representative and (B) each Refinancing Revolving Lender shall be approved by each Issuing Lender and the Swingline Lender (such approvals not to be unreasonably withheld or delayed).
(a) At any time after The Refinancing Commitments shall be effected pursuant to one or more Refinancing Facility Agreements executed and delivered by the Closing DateU.S. Borrower, the Canadian Borrower may obtain, from any Lender or any Additional Lender (to in the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement case of Refinancing Indebtedness Term Loan Commitments in respect of all or any portion of Canadian Term A Loans), each Refinancing Lender providing such Refinancing Commitments, the Term LoansAdministrative Agent and, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form case of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyeach Issuing Lender and the Swingline Lender; provided that no Refinancing Commitments shall become effective unless (i) no Event of Default shall have occurred and be continuing on the date of effectiveness thereof, (ii) on the date of effectiveness thereof, the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (or in all respects, if qualified by materiality), in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementcase on and as of such date; provided, that to the extent that such representations and warranties specifically refer to an earlier date, they are true and correct in all material respects (or in all respects if qualified by materiality) as of such earlier date, (iii) Holdings, the U.S. Borrower and (in the case of Refinancing Term Loan Commitments in respect of Canadian Term A Loans) the Canadian Borrower shall have delivered to the Administrative Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates, reaffirmation agreements and other documents as shall reasonably be requested by the Administrative Agent in connection with any such transaction, (iv) in the case of any Refinancing Revolving Commitments, substantially concurrently with the effectiveness thereof, all the Revolving Commitments then in effect shall be terminated, and all the Revolving Loans and Swingline Loans then outstanding, together with all interest thereon, and all other amounts accrued for the benefit of the Revolving Lenders, shall be repaid or paid (it being understood, however, that any Letters of Credit may continue to be outstanding hereunder), and the aggregate amount of such Refinancing Revolving Commitments shall not exceed the aggregate amount of the Revolving Commitments so terminated, and (v) in the case of any Refinancing Term Loan Commitments, substantially concurrently with the effectiveness thereof, the applicable Borrower shall obtain Refinancing Term Loans thereunder and shall repay or prepay then outstanding Term Loans of one or more Facilities in an aggregate principal amount equal to the aggregate amount of such Refinancing Term Loan Commitments (less the aggregate amount of accrued and unpaid interest with respect to such outstanding Term Loans and any reasonable fees, premium and expenses relating to such refinancing). The applicable Borrower shall determine the amount of such prepayments allocated to each Facility of outstanding Term Loans, and any such prepayment of Term Loans of any Facility shall be applied to reduce the subsequent scheduled repayments of Term Loans of such Facility to be made pursuant to Section 2.3 as directed by the U.S. Borrower and, in the case of a prepayment of EurodollarTerm Benchmark Loans or, CDOR Loans or RFR Loans, shall be subject to Section 2.20.
(b) The Refinancing Facility Agreement shall set forth, with respect to the Refinancing Indebtedness (i) willCommitments established thereby and the Refinancing Loans and other extensions of credit to be made thereunder, to the extent securedapplicable, rank pari passu or junior in right the following terms thereof: (i) the designation of payment such Refinancing Commitments and of security Refinancing Loans as a new “Facility” for all purposes hereof (provided that with the other consent of the Administrative Agent, any Refinancing Commitments and Refinancing Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredtreated as a single “Facility” with any then-outstanding existing Commitments or Loans), (ii) will, the stated termination and maturity dates applicable to the extent permitted by Refinancing Commitments or Refinancing Loans of such Facility, provided that (A) such stated termination and maturity dates shall not be earlier than the definition Latest Maturity Date applicable to Revolving Commitments (in the case of “Credit Agreement Refinancing Indebtedness,” Revolving Commitments and Refinancing Revolving Loans) or the Maturity Date applicable to the Facility of Term Loans so refinanced (in the case of Refinancing Term Loan Commitments and Refinancing Term Loans) and (B) any Refinancing Term Loans shall not have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by a weighted average life to maturity shorter than the Borrower and remaining weighted average life to maturity of the Lenders or Additional Lenders with respect theretoFacility of Term Loans so refinanced, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of any Refinancing Term Loans, any amortization applicable thereto and the effect thereon of any prepayment of such Refinancing Term Loans, (iv) the interest rate or rates applicable to the Refinancing Loans of such Facility, (v) the fees applicable to the Refinancing Commitments or Refinancing Loans of such Facility, (vi) in the case of any Refinancing Term Loans, any original issue discount applicable thereto and in the case of any Refinancing Revolving Credit Commitments, any upfront fees applicable thereto, (vii) the initial Interest Period or Interest Periods applicable to Refinancing Loans of such Facility, (viii) any voluntary or mandatory commitment reduction or prepayment requirements applicable to Refinancing Commitments or Refinancing Loans of such Facility (which prepayment requirements, in the case of any Refinancing Term Loans, may provide that such Refinancing Term Loans may participate in mandatory prepayments on the same or a lesser basis as the Facility of Term Loans so refinanced, but otherwise may not provide for prepayment requirements that are more favorable to the Lenders holding such Refinancing Term Loans than to the Lenders holding any other Facility of Term Loans unless agreed by the Majority Facility Lenders in respect of such other Facilities of Term Loans) and any restrictions on the voluntary or mandatory reductions or prepayments of Refinancing Commitments or Refinancing Loans of such Facility and (ix) the other terms and conditions of the Refinancing Commitments and Revolving Credit Refinancing Loans, which other terms and conditions shall not be favorable to the Revolver Agentlenders providing such Indebtedness than those set forth in the Loan Documents are with respect to the existing Lenders in respect of the Indebtedness being refinanced (other than covenants or other provisions applicable only to periods after the Latest Maturity Date in effect at the time of incurrence of such Refinancing Commitments and Refinancing Loans), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing AmendmentFacility Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Facility Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any Lender other than the applicable Refinancing Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to give effect to the provisions of this SectionSection 2.26, including any amendments necessary to treat the applicable Refinancing Commitments and Refinancing Loans as a new “Facility” of loans and/or commitments hereunder.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 1 contract
Refinancing Facilities. (a) At any time On one or more occasions after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender other bank, financial institution or other institutional lender or investor that agrees to provide any portion of Refinancing Term Loans or Refinancing Revolving Commitments pursuant to a Refinancing Facility Agreement in accordance with this Section 2.26 (each, a “Refinancing Lender”) (provided that the Administrative Agent and each Issuing Bank shall have consented (such consent not to be unreasonably withheld or delayed) to such Refinancing Lender’s making such Refinancing Term Loans or providing such Refinancing Revolving Commitments to the extent agreed such consent, if any, would be required under Section 9.04(b) for an assignment of Loans or Revolving Commitments, as applicable, to by such Lender or Additional Lender in its sole discretionRefinancing Lender), Credit Agreement Refinancing Indebtedness in respect of all or any portion of Term Loans or Revolving Loans (which, for the Term purposes of this Section, shall include Refinancing Revolving Loans) (or unused Revolving Commitments (which, Prepetition Subsidiary Debtfor purposes of this Section, shall include Refinancing Revolving Credit Loans and/or Revolving Credit Commitments Commitments)) then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments Agreement, in the form of Refinancing Term Loans, Refinancing Term Commitments, Refinancing Revolving Credit Loans Commitments or Refinancing Revolving Credit Commitments, respectively, in each case, Loans pursuant to a Refinancing AmendmentFacility Agreement; provided that notwithstanding anything to the contrary in this Section 2.26 or otherwise, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right borrowing and repayment (except for (A) payments of payment interest and of security with the other Loans fees at different rates on Refinancing Revolving Commitments (and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredrelated outstandings), (B) repayments required upon the maturity date of the Refinancing Revolving Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments (subject to clause (ii) will, to the extent permitted by the definition below)) of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders Loans with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Commitments after the date of obtaining any Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein Commitments shall be made on a pro rata basis with any then outstanding all other Revolving Credit Loans and Revolving Credit Commitments, except that (ii) the Borrower permanent repayment of Revolving Loans with respect to, and termination of, Refinancing Revolving Commitments after the date of obtaining any Refinancing Revolving Commitments shall be permitted to permanently repay and terminate commitments of any such Class made on a better than a pro rata basis as compared to any with all other Class with a later maturity date than such Class Revolving Commitments and (iviii) will, to the extent in the form assignments and participations of Refinancing Revolving Credit Loans or Commitments and Refinancing Revolving Credit Commitments Loans shall be governed by the same assignment and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those participation provisions applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. Loans.
(b) The effectiveness of any Refinancing Amendment Facility Agreement shall be subject toto the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agentof (i) customary legal opinions, as applicable, of reaffirmation agreements board resolutions and board resolutions, officers’ certificates and legal opinions consistent with those of the type delivered on the Closing Date. The Date other than changes to such legal opinions resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as and (ii) reaffirmation agreements and/or such amendments to the effectiveness Security Documents as may be reasonably requested by the Administrative Agent in order to ensure that such Credit Agreement Refinancing Indebtedness is provided with the benefit of each the applicable Loan Documents.
(c) Each issuance of Credit Agreement Refinancing Amendment. Indebtedness under Section 2.26(a) shall be in an aggregate principal amount that is (x) not less than $10,000,000 and (y) an integral multiple of $1,000,000 in excess thereof (provided that such amount may be less than $10,000,000, and not in an increment of $1,000,000, if such amount is equal to (1) the entire outstanding principal amount of Refinanced Debt that is in the form of Term Loans or (2) the entire outstanding principal amount of Refinanced Debt (or commitments) that is in the form of Revolving Commitments).
(d) Each of the parties hereto hereby agrees thatthat this Agreement and the other Loan Documents may be amended pursuant to a Refinancing Facility Agreement, upon without the effectiveness consent of any Refinancing Amendmentother Lenders, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicableii) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section.
(b) Section 2.26, including any amendments necessary to treat the applicable Loans and/or Commitments established under the Refinancing Facility Agreement as a new Class of Loans and/or Commitments hereunder, and the Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing Facility Agreement. This Section 2.18 2.26 shall supersede any provisions of in Section 10.01 2.18 or Section 9.02 to the contrarycontrary solely to the extent provided in this Section 2.26.
Appears in 1 contract
Sources: Credit Agreement (American Axle & Manufacturing Holdings Inc)
Refinancing Facilities. (ai) At The Borrowers may by written notice to the Administrative Agent elect to request the establishment of (i) one or more additional tranches or Classes of term loans under this Agreement (“Refinancing Term Loans”) or one or more series of debt securities (“Refinancing Notes”), which refinance, renew, replace, defease or refund (collectively, “Refinance”) one or more Classes of Term Loans under this Agreement or (ii) one or more additional revolving facilities under this Agreement providing for revolving commitments (“Refinancing Revolving Credit Commitments” and the revolving loans thereunder, “Refinancing Revolving Loans”) which Refinances one or more Classes of Revolving Credit Commitments (and Revolving Credit Loans thereunder) under this Agreement; provided that:
(1) no Default or Event of Default has occurred and is continuing or would result therefrom;
(2) the principal amount of such Refinancing Debt or Refinancing Revolving Credit Commitments may not exceed the aggregate principal amount of the Term Loans or Revolving Credit Commitments being Refinanced plus accrued and unpaid interest thereon, any time prepayment premiums applicable thereto and reasonable fees and expenses incurred in connection therewith;
(3) the final maturity date of such Refinancing Debt or Refinancing Revolving Credit Commitments shall not be earlier than the maturity date of the Term Loans (or, in the case of any unsecured or junior lien Refinancing Debt, no earlier than the date that is 91 days after the Closing Datelatest final maturity date of the Term Loans existing at the time of such refinancing or replacement) or Revolving Credit Commitments being Refinanced, and the Weighted Average Life to Maturity of such Refinancing Debt shall be no earlier than the then remaining Weighted Average Life to Maturity of each Class of Term Loans being refinanced;
(4) the other terms and conditions of such Refinancing Debt or Refinancing Revolving Credit Commitments (except as otherwise provided in clause (iii) above and with respect to pricing, interest rate margins, premiums, discounts, fees, rate floors and optional prepayment or redemption terms), taken as a whole shall (as reasonably determined by the Borrowers) be substantially similar to, or (taken as a whole) not materially less favorable to the Borrowers and their respective Subsidiaries than, the Borrower may obtainterms, from any Lender taken as a whole, applicable to Term Loans or any Additional Lender (Revolving Credit Commitments being Refinanced, except to the extent agreed such covenants and other terms apply solely to by such Lender any period after the latest final Term Loan Maturity Date or Additional Lender in its sole discretion), Revolving Credit Agreement Refinancing Indebtedness in respect of all or any portion Maturity Date of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement being Refinanced (which will be deemed to include or, in the case of any then outstanding Incremental unsecured or junior lien Refinancing Debt, after the date that is 91 days after such latest final Term Loans under any Incremental Facilities Loan Maturity Date or any Incremental Revolving Credit Maturity Date);
(5) the proceeds of such Refinancing Debt, Refinancing Revolving Credit Commitments then or Refinancing Revolving Loans shall be applied, concurrently or substantially concurrently with the incurrence thereof (in accordance with Section 4.4(b)(i)), solely to the repayment of the outstanding under this Agreement (amount of one or any more Classes of Term Loans or permanently reduce one or more Classes of Revolving Credit Loans outstanding pursuant thereto)Commitments and Revolving Credit Loans, as the case may be, being Refinanced thereby;
(6) or any then outstanding each Class of Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Commitments shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof (or such other amount necessary to repay or replace any Class of outstanding Term Loans or Refinancing Revolving Credit Commitments in the form of full);
(7) no Subsidiary that is not also a Subsidiary Guarantor may be a borrower or a guarantor with respect to such Refinancing Debt, Refinancing Revolving Credit Loans or Commitments and/or Refinancing Revolving Loans;
(8) Refinancing Debt, Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Commitments and/or Refinancing Amendment, together with any applicable Customary Intercreditor Agreement Revolving Loans may be unsecured or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to may only be secured by the extent secured, Collateral and may rank pari passu or junior in right of payment and of and/or security with the other remaining Revolving Credit Commitments, Revolving Credit Loans and Commitments hereunder (but for and/or Term Loans, so long as the avoidance holders of doubtany Refinancing Debt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Commitments and/or Refinancing Revolving Loans that are junior in right of payment and/or security are subject to an Acceptable Intercreditor Agreement;
(9) such Refinancing Debt or Refinancing Revolving Credit Commitments shall not be secured by any asset of the Borrowers and their respective Subsidiaries other than the Collateral;
(10) in the case of any Refinancing Revolving Credit Commitments, substantially concurrently with the effectiveness thereof, all the Revolving Credit Commitments then in effect shall be terminated, and all the Revolving Credit Loans then outstanding, together with all interest thereon, and all other amounts accrued for the benefit of the Revolving Credit Lenders, shall be repaid or paid (it being understood, however, that any Letters of Credit may continue to be outstanding hereunder), and the aggregate amount of such Refinancing Revolving Credit Commitments does not exceed the aggregate amount of the Revolving Credit Commitments so terminated; and
(11) any mandatory prepayment requirements, in the case of any Refinancing Term Loans, may provide that such Refinancing Term Loans may participate in the payment, borrowing, participation and commitment reduction provisions herein any mandatory prepayment on a pro rata basis with any then outstanding Revolving Credit Class of existing Term Loans, but may not provide for prepayment requirements that are more favorable to the Lenders holding such Refinancing Term Loans and Revolving Credit Commitmentsthan to the Lenders holding such Class of Term Loans.
(ii) Each such notice shall specify the date (each, except a “Refinancing Effective Date”) on which the applicable Borrower proposes that the Borrower shall Refinancing Debt be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to made or the extent in the form of Refinancing Revolving Credit Commitments shall become effective, which shall be a date not less than three (3) Business Days (or such shorter period as may be agreed to by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent.
(iii) The Borrowers may approach any Lender or any other Person that would be an Eligible Assignee of the applicable Class of Loans or Commitments pursuant to Section 12.9(b) to provide all or a portion of the Refinancing Term Loans or Refinancing Revolving Credit Commitments and unless (a “Refinancing Lender”); provided that any Lender offered or approached to provide all or a portion of the Required Refinancing Term Loans may elect or decline, in its sole discretion, to provide a Refinancing Term Loan or Refinancing Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver AgentCommitment, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Any Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitment made on any Refinancing Effective Date shall be designated a series (a “Refinancing Series”) of Refinancing Term Loans or Refinancing Revolving Credit Commitments for all purposes of this Agreement; provided that (i) any Refinancing Term Loans may, to the extent provided in the applicable Refinancing Amendment, be designated as an increase in any previously established Refinancing Series of Refinancing Term Loans made to the applicable Borrower and (ii) any Refinancing Revolving Credit Commitments may, to the extent provided in the applicable Refinancing Amendment, be designated as an increase in any previously established Refinancing Series of Refinancing Revolving Credit Commitments.
(iv) The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this Section 5.18 (including, for the avoidance of doubt, the payment of interest, fees, amortization or premium in respect of the Refinancing Term Loans and Refinancing Revolving Credit Commitments, as applicableand Refinancing Revolving Loans on the terms specified by the Borrowers) and hereby waive the requirements of this Agreement (including, but not limited to, Section 5.6 and Section 12.2) or any Indebtedness being replaced other Loan Document that may otherwise prohibit such Refinance or refinanced with such any other transaction contemplated by this Section 5.18. The Refinancing Term Loans and Refinancing Revolving Credit Agreement Refinancing Indebtedness Commitments shall be deemed permanently reduced established pursuant to an amendment to this Agreement among the applicable Borrower and satisfied the applicable Refinancing Lenders providing such Refinancing Term Loans or Refinancing Revolving Credit Commitments (a “Refinancing Amendment”) which shall be consistent with the provisions set forth in all respectsthis Section 5.18. Any The Refinancing Notes shall be established pursuant to documentation which shall be consistent with the provisions set forth in Section 5.18(a). Each Refinancing Amendment mayshall be binding on the Lenders, the Administrative Agent, the Credit Parties party thereto and the other parties hereto without the consent of any other Lenders, effect such Lender (except with respect to Refinancing Revolving Credit Commitments as provided above) and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this SectionSection 5.18, including in order to establish new tranches or sub-tranches in respect of the Refinancing Term Loans or Refinancing Revolving Credit Commitments and Refinancing Revolving Loans and such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in Section 4.3(a) (insofar as such schedule relates to payments due to Lenders, the Term Loans of which are Refinanced; provided that no such amendment shall reduce the pro rata share of any such payment that would have otherwise been payable to the Lenders, the Term Loans of which are not Refinanced). The Administrative Agent shall be permitted, and is hereby authorized, to enter into such Refinancing Amendments with the Borrowers to effect the foregoing. The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of conditions as may be required by the Refinancing Lenders providing such Refinancing Amendment.
(bv) This Section 2.18 If any Refinancing Revolving Credit Commitment is designated as an increase in any previously established Refinancing Revolving Credit Commitment, on the Refinancing Effective Date, subject to the satisfaction of the foregoing terms and conditions, each of the Refinancing Lenders with Refinancing Revolving Credit Commitments of such Refinancing Series shall supersede purchase from each of the other Lenders with Refinancing Revolving Credit Commitments of such Refinancing Series, at the principal amount thereof and in the applicable currencies, such interests in the Revolving Credit Loans under such Refinancing Revolving Credit Commitments outstanding immediately prior to such Refinancing as shall be necessary in order that, after giving effect to all such assignments and purchases, the Refinancing Revolving Loans of such Refinancing Series will be held by Refinancing Lenders thereunder ratably in accordance with the percentage of the total Refinancing Revolving Credit Commitments of all Refinancing Lenders represented by each such Refinancing Lender’s Refinancing Revolving Credit Commitment. After giving effect to any Refinancing Revolving Credit Commitments, all outstanding Swingline Loans and Letters of Credit shall be participated on a pro rata basis by all Lenders with a Revolving Credit Commitment in accordance with their revised Revolving Credit Commitment Percentages.
(vi) The Administrative Agent is authorized to enter into any Acceptable Intercreditor Agreement (and any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, such agreements) and to take all actions (and execute all documents) required (or otherwise deemed advisable by the Administrative Agent) in connection with the incurrence by any Credit Party of any Refinancing Debt, in order to permit such Refinancing Debt to be secured by a valid, perfected lien and the parties hereto acknowledge that any Acceptable Intercreditor Agreement will be binding upon them. Each Lender (i) hereby agrees that it will be bound by and will take no actions contrary to the provisions of Section 10.01 any Acceptable Intercreditor Agreement and (ii) hereby authorizes and instructs the Administrative Agent to enter into any Acceptable Intercreditor Agreement (and any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, such agreements) in connection with the incurrence by any Credit Party of any Refinancing Debt, in order to permit such Refinancing Debt to be secured by a valid, perfected lien and to subject the Liens on the Collateral securing the Secured Obligations to the contraryprovisions thereof.
(vii) Notwithstanding the terms of Sections 5.13, 5.18 and 5.19, in no event shall there be more than (i) two (2) tranches of revolving facilities in the aggregate in effect at any time (including the Revolving Credit Commitments, any Extended Revolving Credit Commitments and any Refinancing Revolving Credit Commitments) and (ii) four (4) tranches of term loans (including the Initial Term Loan, any Extended Term Loans, any Incremental Term Loans and any Refinancing Term Loans), in each case under this Agreement.
Appears in 1 contract
Refinancing Facilities. (a) At any time On one or more occasions after the Closing Date, the Borrower may obtain, from any Lender or any other bank, financial institution or other institutional lender or investor that agrees to provide any portion of Refinancing Term Loans or Other Revolving Commitments pursuant to a Refinancing Amendment in accordance with this Section 2.20 (each, an “Additional Refinancing Lender”) (provided that the Administrative Agent, the Swingline Lender and each Issuing Bank, if applicable, shall have consented (not to be unreasonably withheld or delayed) to such Lender’s or Additional Refinancing Lender’s providing such Refinancing Term Loans or Other Revolving Commitments to the extent agreed such consent, if any, would be required under Section 9.04 for an assignment of Revolving Commitments or Loans to by such Lender or Additional Lender in its sole discretionRefinancing Lender), Credit Agreement Refinancing Indebtedness in respect of all or any portion of any Class, as selected by the applicable Borrower in its sole discretion, of Term Loans, Prepetition Subsidiary Debt, Loans or Revolving Credit Loans and/or Revolving Credit (or unused Commitments in respect thereof) then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments Agreement, in the form of Refinancing Revolving Credit Loans or Term Loans, Refinancing Revolving Credit Term Commitments, respectivelyOther Revolving Commitments, in each caseor Other Revolving Loans (each, pursuant to a “Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementFacility”); provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, notwithstanding anything to the extent securedcontrary in this Section 2.20 or otherwise, rank pari passu or junior in right (1) the borrowing and repayment (except for (A) payments of payment interest and of security with the other Loans fees at different rates on Other Revolving Commitments (and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredrelated outstandings), (iiB) will, repayments required upon the maturity date of the Other Revolving Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments (subject to the extent permitted by the definition clause (3) below)) of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders Loans with respect thereto, (iii) will, to Other Revolving Commitments after the extent in the form date of Refinancing obtaining any Other Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein Commitments shall be made on a pro rata basis with any then outstanding all other Revolving Credit Commitments, (2) to the extent dealing with Swingline Loans and Letters of Credit which mature or expire after a maturity date when there exist Other Revolving Commitments with a longer maturity date, all Swingline Loans and Letters of Credit Commitmentsshall be participated on a pro rata basis by all Lenders with Commitments in accordance with their percentage of the Commitments in respect of Revolving Loans (without giving effect to changes thereto on an earlier maturity date with respect to Swingline Loans and Letters of Credit theretofore incurred or issued), (3) the permanent repayment of Revolving Loans with respect to, and termination of, Other Revolving Commitments after the date of obtaining any Other Revolving Commitments shall be made on a pro rata basis with all other Revolving Commitments in respect of Revolving Loans, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv4) will, to the extent in the form assignments and participations of Refinancing Other Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless Other Revolving Loans shall be governed by the Required Revolving Credit Lenders shall have consented thereto, have terms same assignment and conditions (other than interest rate margins and commitment fees) identical to those participation provisions applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. Loans.
(a) The effectiveness of any Refinancing Amendment shall be subject toto the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on and/or such amendments to the Closing Date. The Security Documents as may be reasonably requested by the Administrative Agent or Revolver Agent, as applicable, in order to ensure that such Credit Agreement Refinancing Indebtedness is provided with the benefit of the applicable Credit Documents.
(b) Each issuance of Credit Agreement Refinancing Indebtedness under Section 2.20(a) shall promptly notify each Lender as to the effectiveness be in an aggregate principal amount that is (x) not less than $10,000,000 and (y) an integral multiple of each Refinancing Amendment. $5,000,000 in excess thereof.
(c) Each of the parties hereto hereby agrees that, upon that this Agreement and the effectiveness of any other Credit Documents may be amended pursuant to a Refinancing Amendment, this Agreement shall be deemed amended without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto thereto, (including any amendments necessary ii) make such other changes to treat this Agreement and the Loans other Credit Documents consistent with the provisions and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicableintent of Section 9.02(d) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, (without the consent of any other Lenders, the Required Lenders called for therein) and (iii) effect such other amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section.
(b) Section 2.20, and the Required Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing Amendment. This Section 2.18 Section 2.20 shall supersede any provisions of Section 10.01 in Section 2.18 or 9.02 to the contrary.
Appears in 1 contract
Sources: Credit Agreement (Deluxe Corp)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect of (A) all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which for purposes of this clause (A) will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Term Loan Commitments) or and any then outstanding Refinancing Term Loans or (B) all or any then outstanding portion of the Revolving Loans (or unused Revolving Commitments or any Incremental Loans or unused Incremental Revolving Commitments or any unused Refinancing Revolving Credit Commitment of Refinancing Revolving Loans) under this Agreement, in the form of (x) Refinancing Term Loans or Refinancing Term Commitments or (y) Refinancing Revolving Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyas the case may be, in each case, case pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, will rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” will have such pricing, interest rate margins (including “MFN” provisions)premiums, rate floors, discounts, fees, premiums floors and optional prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretothereof, (iii) will(x) with respect to any Refinancing Revolving Loans or Refinancing Revolving Commitments, will have a maturity date that is not prior to the extent scheduled maturity date of Revolving Loans (or unused Revolving Commitments) being refinanced and (y) with respect to any Refinancing Term Loans or Refinancing Term Commitments, will have a maturity date that is not prior to the scheduled maturity date of, and will have a Weighted Average Life to Maturity that is not shorter than, the Term Loans being refinanced and (iv) will have other terms and conditions that are substantially identical to (or in the case of any Credit Agreement Refinancing Indebtedness in the form of notes, are on market terms or are substantially identical to), or (taken as a whole) are no more favorable to the investors providing such Credit Agreement Refinancing Revolving Credit Loans or Refinancing Revolving Credit CommitmentsIndebtedness than the Refinanced Debt; provided, participate in the paymentfurther, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to such Credit Agreement Refinancing Indebtedness may provide for any additional or different financial or other covenants or other provisions that are agreed between the Revolving Borrower and the Lenders thereof and applicable only during periods after the Latest Maturity Date that is in effect on the date such Credit Commitments and Revolving Credit Loans being refinancedAgreement Refinancing Indebtedness is issued, Incurred or obtained. The effectiveness of any Refinancing Amendment shall be subject toto the satisfaction on the date thereof of each of the conditions set forth in Section 6.1 and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agentof customary legal opinions, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing DateDate (other than changes to such legal opinions resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent). Each Tranche of Credit Agreement Refinancing Indebtedness Incurred under this Section 4.19 shall be in an aggregate principal amount that is (x) not less than $50,000,000 in the case of Refinancing Term Loans or $25,000,000 in the case of Refinancing Revolving Loans and (y) an integral multiple of $50,000,000 in excess thereof in the case of Refinancing Term Loans or $25,000,000 in excess thereof in the case of Refinancing Revolving Loans. Any Refinancing Amendment may provide for the issuance of Letters of Credit for the account of the Borrower, or the provision to the Borrower of Swingline Loans, pursuant to any Refinancing Revolving Commitments established thereby, in each case on terms substantially equivalent to the terms applicable to Letters of Credit and Swingline Loans under the Revolving Commitments and in each case with the consent of the applicable Issuing Lenders and Swingline Lenders. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred Incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Loans, Refinancing Revolving Credit Loan Commitments and/or Refinancing Term Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects). Any Refinancing 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. In addition, if so provided in the relevant Refinancing Amendment and with the consent of each Issuing Lender, participations in Letters of Credit expiring on or after the Revolving Termination Date shall be reallocated from Lenders holding Revolving Commitments to Lenders holding extended revolving commitments in accordance with the terms of such Refinancing Amendment; provided, however, that such participation interests shall, upon receipt thereof by the relevant Lenders holding Revolving Commitments, be deemed to be participation interests in respect of such Revolving Commitments and the terms of such participation interests (including, without limitation, the commission applicable thereto) shall be adjusted accordingly.
(b) This Section 2.18 4.19 shall supersede any provisions of in Section 10.01 4.8 or Section 11.1 to the contrary.
Appears in 1 contract
Sources: Credit Agreement (OPENLANE, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities Term Loan Commitments or any Incremental Revolving Credit Loan Commitments then outstanding under this Agreement (or any Incremental Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans in the form of Refinancing Term Loans or Refinancing Term Commitments or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments Loan Commitments, respectively, in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementagreement that is reasonably acceptable to the Administrative Agent; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, will rank pari passu or junior in right of payment and of security (to the extent secured) with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, thereto and (iii) will, no Event of Default would exist immediately after giving effect to the extent in the form funding of such Credit Agreement Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedIndebtedness. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans Loans, Refinancing Term Loan Commitments or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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. For the avoidance of doubt, no Credit Agreement Refinancing Indebtedness can be used to prepay or repay any Loans made on the Closing Date without the Applicable Prepayment Premium due thereon, if any.
(b) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 10.02 to the contrary.
Appears in 1 contract
Sources: Credit Agreement (Blend Labs, Inc.)
Refinancing Facilities. (a) At any The Borrower may, from time to time after the Closing Date, refinance or replace loans or commitments under the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include Facility, any then outstanding Incremental Term Loans under any Incremental Facilities Facility or any Incremental Revolving Credit Commitments then outstanding under this Agreement Facility with one or more new term loan facilities (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding each, a “Refinancing Term Loans or any then outstanding Facility”) and new revolving credit facilities (each, a “Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing AmendmentFacility”, together with any Refinancing Term Facility, the “Refinancing Facilities”) or with one or more additional series of senior unsecured notes or loans or senior secured notes or loans that will be secured by the Collateral on a pari passu basis with the Revolving Credit Facility, the Term Facility or applicable Customary Intercreditor Agreement Incremental Facility or other customary subordination agreementsecured notes or loans that are junior in right of security in the Collateral (any such notes or loans, “Refinancing Notes” and together with the Refinancing Facilities, “Refinancing Debt”) pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrower; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, such Refinancing Debt will rank pari passu or junior in right of payment and of security with as the other Loans Advances and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, any Refinancing Term Facility or Refinancing Notes shall not mature prior to the extent permitted by maturity date of, or have a shorter weighted average life than, or have mandatory prepayment provisions (other than related to change of control offers) that could result in prepayments of such Refinancing Debt prior to, the definition of “Credit Agreement Refinancing Indebtedness,” have loans under such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment Term Facility or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretoIncremental Term Facility being refinanced, (iii) will, any Refinancing Revolving Facility shall not mature (or require commitment reductions or amortization) prior to the extent in Maturity Date for the form of Refinancing Revolving Credit Loans Facility or the maturity date of the revolving commitments being replaced, (iv) such Refinancing Revolving Credit CommitmentsDebt will not be Guaranteed or issued by any Person that is not a Loan Party, participate in (v) the paymentother terms and conditions, borrowingtaken as a whole, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis Refinancing Debt (excluding pricing (as compared to any other Class with a later maturity date than such Class which no “most favored nation” clause shall apply) and (ivoptional prepayment or redemption terms) willare substantially similar to, or not materially less favorable to the extent in Borrower and its Restricted Subsidiaries, than, the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those conditions, taken as a whole, applicable to the loans or revolving commitments being refinanced or replaced (except for covenants or other provisions applicable only to periods after the latest maturity date of the Revolving Credit Commitments and Facility, the applicable Term Facility or applicable Incremental Facility), (vi) with respect to (1) Refinancing Notes secured by Collateral or (2) any Refinancing Term Facility secured by Liens on the Collateral that are junior in priority to the Liens on the Collateral securing the Term Facility or Revolving Credit Loans being refinanced. The effectiveness Facility, such agreements or Liens will be subject to an intercreditor agreement reasonably acceptable to the Administrative Agent and (vii) the aggregate principal amount of any Refinancing Amendment Facility or Refinancing Notes shall not be subject to, to greater than the extent reasonably requested by the Administrative Agent aggregate principal amount (or in committed amount) of the case of Revolving Credit Commitments Facility, the applicable Term Facility or applicable Incremental Facility being refinanced or replaced plus any fees, premiums, original issue discount and accrued interest associated therewith, and costs and expenses related thereto, and the Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent Facility or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent applicable Incremental Facility being refinanced or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall replaced will be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without substantially simultaneously with the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, to effect the provisions of this Sectionissuance thereof.
(b) This Section 2.18 The Borrower shall supersede make any provisions of Section 10.01 request for Refinancing Debt pursuant to a written notice to the contraryAdministrative Agent specifying in reasonable detail the proposed terms thereof. Refinancing Debt may be provided, by any existing Lender (but no existing Lender will have an obligation to make any Refinancing Debt and may elect or decline, in its sole discretion, to provide such Refinancing Debt) or by any Additional Lender (each such existing Lender or Additional Lender providing such Refinancing Debt, a “Refinancing Lender”) provided that the Administrative Agent shall have consented (not to be unreasonably conditioned, withheld or delayed) to such Lender’s or Additional Lender’s providing such Refinancing Debt to the extent such consent, if any, would be required under Section 9,07 for an assignment to such Additional Lender.
Appears in 1 contract
Refinancing Facilities. The Borrower may, on one or more occasions, by written notice to the Administrative Agent, request the establishment hereunder of (ai) At any time after one or more additional Classes of revolving commitments (the Closing Date, “Refinancing Revolving Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Revolving Lender”) will make revolving loans to the Borrower may obtain(“Refinancing Revolving Loans”) and, from if applicable under such Class, acquire participations in the Letters of Credit and all the then existing Revolving Commitments will be refinanced in full or (ii) one or more additional Classes of term loan commitments (the “Refinancing Term Loan Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”) will make term loans to the Borrower (the “Refinancing Term Loans”). Each such notice shall specify (A) the date on which the Borrower proposes that the Refinancing Commitments shall be effective and (B) the amount of the Refinancing Commitments requested to be established (it being agreed that (x) any Lender approached to provide any Refinancing Commitment may elect or any Additional Lender (to the extent agreed to by such Lender or Additional Lender decline, in its sole discretion), Credit Agreement to provide such Refinancing Indebtedness in respect Commitment and (y) any Person that the Borrower proposes to be a Refinancing Lender must be an Eligible Assignee and, solely if such approval would be required under Section 10.6 for an assignment of all Loans or any portion Commitments of the applicable Class to such Refinancing Lender, must be approved by the Administrative Agent and, in the case of any proposed Refinancing Revolving Lender if such Lender is to acquire participations in the Letters of Credit, each Issuing Bank (each such approval not to be unreasonably withheld, conditioned or delayed)).
(a) The terms and conditions of any Refinancing Commitments and the Refinancing Loans to be made thereunder shall be as determined by the Borrower and the applicable Refinancing Lenders and set forth in the applicable Refinancing Facility Agreement; provided that an Issuing Bank shall not be required to issue, amend or extend any Letter of Credit under any Refinancing Revolving Commitments unless such Issuing Bank shall have consented to act in such capacity under the Refinancing Revolving Commitments; provided further that (i) the stated termination date applicable to the Refinancing Revolving Commitments of any Class and the Refinancing Term Loan Maturity Date of any Class shall not be earlier than the Maturity Date of the Class of Commitments or Loans being refinanced, (ii) in the case of any Refinancing Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed the weighted average life to include maturity of any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being refinanced (and, for purposes of determining the weighted average life to maturity of such Class of Term Loans being refinanced, the effects of any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, prepayments made prior to the extent secureddate of the determination shall be disregarded), it being understood that, subject to this clause (ii), the amortization schedule applicable to (and the effect thereon of any prepayments of) any Refinancing Term Loans shall be determined by the Borrower and the applicable Refinancing Lenders, (iii) any Refinancing Term Loans may participate in any mandatory prepayments hereunder on a pro rata basis (or on a basis that is less than pro rata) with the other Term Loans, but may not provide for mandatory prepayment requirements that are more favorable than those applicable to the other Term Loans, (iv) any Refinancing Commitments and Refinancing Loans made thereunder shall rank pari passu or junior in right of payment payment, and of security shall be secured by the Collateral on an equal and ratable basis, with the other Loans and Commitments hereunder hereunder, and shall be extensions of credit to the Borrower that are Guaranteed only by the Credit Parties, and (but v) except for the avoidance terms referred to above, to the extent the terms of doubtany Refinancing Commitments or Refinancing Loans (except with respect to Effective Yield and components thereof, fees, prepayment terms (including “no call” terms and other restrictions thereon) and premiums) are not consistent with those of the Class of Commitments or Loans being refinanced, such Credit differences shall be reasonably acceptable to the Administrative Agent (except for terms benefitting the Refinancing Lenders (A) where this Agreement is amended to include such beneficial terms for the benefit of all Lenders or (B) applicable only to periods after the latest Maturity Date in effect as of the date of establishment or incurrence of such Refinancing Indebtedness may be unsecuredCommitments or Refinancing Loans); provided further that clauses (i), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) willabove shall not apply if, at the time of the incurrence of such Refinancing Revolving Commitments or Refinancing Term Loans, as the case may be, and after giving effect to the extent application of the proceeds thereof, such Refinancing Revolving Commitments or Refinancing Term Loans shall be the sole Class of Commitments or Term Loans, as the case may be, outstanding under this Agreement. In the event any Refinancing Term Loans have the same terms as any existing Class of Term Loans then outstanding or any Incremental Term Loans or Extended/Modified Term Loans then substantially concurrently established (in each case, disregarding any differences in original issue discount or upfront fees if not affecting the fungibility thereof for US federal income tax purposes), such Refinancing Term Loans may, at the election of the Borrower, be treated as a single Class with such outstanding Term Loans or such Incremental Term Loans or Extended/Modified Term Loans, and the scheduled Installments set forth in Section 2.11 with respect to any such Class of Term Loans may be increased to reflect scheduled amortization of such Refinancing Term Loans.
(b) The Refinancing Commitments shall be effected pursuant to one or more Refinancing Facility Agreements executed and delivered by the Borrower, each Refinancing Lender providing such Refinancing Commitments, the Administrative Agent and, in the form case of Refinancing Revolving Credit Loans or Commitments, as applicable, each Issuing Bank; provided that no Refinancing Commitments shall become effective unless (i) the Borrower shall have delivered to the Administrative Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates, reaffirmation agreements and other documents as shall reasonably be requested (consistent in all material respects with the documents delivered under Section 3.1 on the Closing Date) by the Administrative Agent in connection therewith, (ii) in the case of any Refinancing Revolving Credit Commitments, participate substantially concurrently with the effectiveness thereof, all the Revolving Commitments then in effect shall be terminated and the Borrower shall make any prepayment or deposit required to be made under Section 2.13(e) as a result thereof and shall pay all interest on the amounts prepaid and all fees accrued on the Revolving Commitments (it being understood, however, that any Letters of Credit may continue to be outstanding under the Refinancing Revolving Commitments, in each case on terms agreed by each applicable Issuing Bank and specified in the paymentapplicable Refinancing Facility Agreement) and (iii) in the case of any Refinancing Term Loan Commitments, borrowing(A) substantially concurrently with the effectiveness thereof, participation the Borrower shall obtain Refinancing Term Loans thereunder and commitment reduction provisions herein shall repay or prepay then outstanding Term Borrowings of any Class in an aggregate principal amount equal to the aggregate amount of such Refinancing Term Loan Commitments (less the aggregate amount of accrued and unpaid interest with respect to such outstanding Term Borrowings, any original issue discount or upfront fees applicable to such Refinancing Term Loans and any reasonable fees, premium and expenses relating to such refinancing) and (B) any such prepayment of Term Borrowings of any Class shall be applied to reduce the subsequent Installments to be made pursuant to Section 2.11 with respect to Term Borrowings of such Class on a pro rata basis (in accordance with any then outstanding Revolving Credit Loans and Revolving Credit Commitmentsthe principal amounts of such Installments) and, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, a prepayment of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicableEurodollar Rate Term Borrowings, shall promptly notify each Lender as be subject to the effectiveness of each Refinancing AmendmentSection 2.17(c). Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Facility Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any Lender other than the applicable Refinancing Lenders, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent and the Borrower, to give effect to the provisions of this SectionSection 2.25, including any amendments necessary to treat the applicable Refinancing Commitments and Refinancing Loans as a new Class of Commitments and Loans hereunder (including for purposes of prepayments and voting (it being agreed that such new Class of Commitments and Loans may be included in the definitions of “Majority in Interest”, “Pro Rata Share” and “Requisite Lenders” and may be afforded class voting rights requiring the consent of Lenders under such Class in addition to any other consent of Lenders that might otherwise be required under Section 10.5) and to enable such new Class of Commitments and Loans to be extended under Section 2.24 or refinanced under this Section 2.25).
(bc) This Upon the effectiveness of a Refinancing Commitment of any Refinancing Lender, such Refinancing Lender shall be deemed to be a “Lender” (and a Lender in respect of Commitments and Loans of the applicable Class) hereunder, and henceforth shall be entitled to all the rights of, and benefits accruing to, Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder and shall be bound by all agreements, acknowledgements and other obligations of Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder and under the other Credit Documents.
(d) The Administrative Agent shall notify the Lenders promptly upon receipt by the Administrative Agent of any notice from the Borrower referred to in Section 2.18 shall supersede 2.25(a) and of the effectiveness of any provisions Refinancing Commitments, in each case advising the Lenders of Section 10.01 to the contrarydetails thereof.
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Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtainshall have the right to refinance, from any Lender or any Additional Lender renew and/or replace
(to i) [reserved], (ii) all of the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of Term Loans then outstanding and/or (iii) all or any portion of the Term Loans, Prepetition Subsidiary Debt, any Revolving Credit Loans and/or Revolving Credit Loan Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities in effect or any Incremental outstanding Revolving Credit Commitments then outstanding under this Agreement Loans (or including any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and Refinancing Revolving Loans) (clauses (i), (ii) and (iii) above, together, “Refinanced Debt”) with (x) (A) in the form case of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness clause (i) willor clause (ii) above, to one or more new term loan facilities established hereunder by adding one or more new term loan commitments (each such commitment, a “Refinancing Term Loan Commitment”, and the extent securedloans made thereunder, rank pari passu “Refinancing Term Loans”) and (B) in the case of clause (iii) above, one or junior in right of payment and of security with the other Loans and Commitments more new revolving credit facilities established hereunder by adding one or more new revolving credit commitments (but for the avoidance of doubteach such commitment, such a “Refinancing Revolving Credit
(b) Any Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted provided by the definition any Lender or any Augmenting Lender. Each Class of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower Indebtedness incurred under this Section 2.22 shall be permitted to permanently repay and terminate commitments of any such Class on a better in an aggregate principal amount that is (i) not less than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent $10,000,000 (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. in
(c) The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans Loans, Refinancing Term Loan Commitments or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects). Any Refinancing 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 and the Borrower, to effect the provisions of this Section. In addition, if so provided in the relevant Refinancing Amendment and with the consent of each Issuing Bank, participations in letters of credit issued under any Refinanced Debt shall be reallocated to the Lenders under the Credit Agreement Refinancing Indebtedness refinancing such Refinanced Debt accordance with the terms of such Refinancing Amendment.
(bd) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 2.11, 9.03 or 12.02 to the contrary.. Section
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Refinancing Facilities. (a) At any ▇▇▇▇ ▇▇▇, from time to time after the Closing Date, refinance or replace loans or commitments under the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include Facility, any then outstanding Incremental Term Loans under any Incremental Facilities Facility or any Incremental Revolving Credit Commitments then outstanding under this Agreement Facility with one or more new term loan facilities (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding each, a “Refinancing Term Loans or any then outstanding Facility”) and new revolving credit facilities (each, a “Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing AmendmentFacility”, together with any Refinancing Term Facility, the “Refinancing Facilities”) or with one or more additional series of senior unsecured notes or loans or senior secured notes or loans that will be secured by the Collateral on a pari passu basis with the Revolving Credit Facility, the Term Facility or applicable Customary Intercreditor Agreement Incremental Facility or other customary subordination agreementsecured notes or loans that are junior in right of security in the Collateral (any such notes or loans, “Refinancing Notes” and together with the Refinancing Facilities, “Refinancing Debt”) pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to ▇▇▇▇; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, such Refinancing Debt will rank pari passu or junior in right of payment and of security with as the other Loans Advances and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, any Refinancing Term Facility or Refinancing Notes shall not mature prior to the extent permitted by maturity date of, or have a shorter weighted average life than, or have mandatory prepayment provisions (other than related to change of control offers) that could result in prepayments of such Refinancing Debt prior to, the definition of “Credit Agreement Refinancing Indebtedness,” have loans under such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment Term Facility or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretoIncremental Term Facility being refinanced, (iii) willany Refinancing Revolving Facility shall not mature (or require commitment reductions or amortization) prior to the Maturity Date for the Revolving Credit Facility or the maturity date of the revolving commitments being replaced, (iv) such Refinancing Debt will not be Guaranteed or issued by any Person that is not a Loan Party, (v) the other terms and conditions, taken as a whole, of any such Refinancing Debt (excluding pricing (as to which no “most favored nation” clause shall apply) and optional prepayment or redemption terms) are substantially similar to, or not materially less favorable to ▇▇▇▇ and its Restricted Subsidiaries, than, the terms and conditions, taken as a whole, applicable to the loans or revolving commitments being refinanced or replaced (except for covenants or other provisions applicable only to periods after the latest maturity date of the Revolving Credit Facility, the applicable Term Facility or applicable Incremental Facility), (vi) with respect to (1) Refinancing Notes secured by Collateral or (2) any Refinancing Term Facility secured by Liens on the Collateral that are junior in priority to the Liens on the Collateral securing the Term Facility or Revolving Credit Facility, such agreements or Liens will be subject to an intercreditor agreement reasonably acceptable to the Administrative Agent and (vii) the aggregate principal amount of any Refinancing Facility or Refinancing Notes shall not be greater than the aggregate principal amount (or committed amount) of the Revolving Credit Facility, the applicable Term Facility or applicable Incremental Facility being refinanced or replaced plus any fees, premiums, original issue discount and accrued interest associated therewith, and costs and expenses related thereto, and the Revolving Credit Facility or applicable Incremental Facility being refinanced or replaced will be permanently reduced substantially simultaneously with the issuance thereof.
(b) ▇▇▇▇ shall make any request for Refinancing Debt pursuant to a written notice to the Administrative Agent specifying in reasonable detail the proposed terms thereof. Refinancing Debt may be provided, by any existing Lender (but no existing Lender will have an obligation to make any Refinancing Debt and may elect or decline, in its sole discretion, to provide such Refinancing Debt) or by any Additional Lender (each such existing Lender or Additional Lender providing such Refinancing Debt, a “Refinancing Lender”) provided that the Administrative Agent shall have consented (not to be unreasonably conditioned, withheld or delayed) to such Lender’s or Additional Lender’s providing such Refinancing Debt to the extent such consent, if any, would be required under Section 9.07 for an assignment to such Additional Lender.
(c) Commitments in the form respect of Refinancing Revolving Credit Loans or Facilities shall become Commitments under this Agreement pursuant to an amendment (a “Refinancing Revolving Credit CommitmentsAmendment”) to this Agreement and, participate in as appropriate, the paymentother Loan Documents, borrowingexecuted by the Borrowers, participation each Lender agreeing to provide such Commitment, if any, each Additional Lender, if any, and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedAdministrative Agent. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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 and ▇▇▇▇, to effect the provisions of this SectionSection 2.20. The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof (each, a “Refinancing Facility Closing Date”) of each of the conditions set forth in Section 3.02 (it being understood that all references to the date of making of an extension of credit or similar language in such Section 3.02 shall be deemed to refer to the effective date of such Refinancing Amendment) and such other conditions as the parties thereto shall agree.
(bd) Each class of Refinancing Debt incurred under this Section 2.20 shall be in an aggregate principal amount that is (x) not less than $50,000,000. Any Refinancing Amendment relating to a Refinancing Revolving Facility may provide for the issuance of Letters of Credit or the provision to the Revolving Credit Borrowers of Swing Line Advances, pursuant to any revolving credit facility established thereby, in each case on terms substantially equivalent to the terms applicable to Letters of Credit and Swing Line Advances under the Revolving Credit Commitments.
(e) This Section 2.18 2.20 shall supersede any provisions of in Section 10.01 9.01 to the contrary. Notwithstanding any other provision of any Loan Document, the Loan Documents may be amended by the Administrative Agent and the Loan Parties, if necessary, to provide for terms applicable to each Refinancing Amendment.
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Refinancing Facilities. (a) At any time after The Borrower may, on one or more occasions, by written notice to the Closing DateAdministrative Agent, request the establishment hereunder of (i) one or more additional Classes of revolving commitments (the “Refinancing Revolving Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Revolving Lender”) will make revolving loans to the Borrower may obtain(“Refinancing Revolving Loans”) and, from if applicable under such Class, acquire participations in the Letters of Credit and all the then existing Revolving Commitments will be refinanced in full or (ii) one or more additional Classes of term loan commitments (the “Refinancing Term Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”) will make term loans to the Borrower (the “Refinancing Term Loans”). Each such notice shall specify (A) the date on which the Borrower proposes that the Refinancing Revolving Commitments or the Refinancing Term Commitments, as applicable, shall be effective and (B) the amount of the Refinancing Revolving Commitments or the Refinancing Term Commitments, as applicable, requested to be established (it being agreed that (x) any Lender approached to provide any Refinancing Commitment may elect or any Additional Lender (to the extent agreed to by such Lender or Additional Lender decline, in its sole discretion), Credit Agreement to provide such Refinancing Indebtedness Commitment and (y) any Person that the Borrower proposes to be a Refinancing Lender, if such Person is not then a Lender, must be an Eligible Assignee and must be approved by the Administrative Agent and, in respect the case of all any proposed Refinancing Revolving Lender if such Lender is to acquire participations in the Letters of Credit, each Issuing Bank (each such approval not to be unreasonably withheld, conditioned or any portion delayed) solely if such approval would be required under Section 9.04(b) for an assignment of Loans or Commitments of the applicable Class to such Refinancing Lender).
(b) The terms and conditions of any Refinancing Commitments and the Refinancing Loans and other extensions of credit to be made thereunder shall be as determined by the Borrower and the applicable Refinancing Lenders and set forth in the applicable Refinancing Facility Agreement; provided that an Issuing Bank shall not be required to issue, amend or extend any Letter of Credit under any Refinancing Revolving Commitments unless such Issuing Bank shall have consented to act in such capacity under the Refinancing Revolving Commitments; provided further that (i) the stated termination date applicable to the Refinancing Revolving Commitments of any Class and the final scheduled maturity of the Refinancing Loans of any Class shall not be earlier than the Maturity Date applicable to the Class of Commitments or Loans being refinanced, (ii) in the case of any Refinancing Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed the weighted average life to include maturity of any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being refinanced, it being understood that, subject to this clause (ii), the amortization schedule applicable to (and the effect thereon of any prepayments of) any Refinancing Term Loans shall be determined by the Borrower and the applicable Refinancing Lenders, (iii) any Refinancing Term Loans may participate in any mandatory prepayments hereunder on a pro rata basis (or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in on a basis that is less than pro rata) with the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitmentsother Term Loans, respectively, in each case, pursuant to a Refinancing Amendment, together with any but may not provide for mandatory prepayment requirements that are more favorable than those applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent securedother Term Loans, (iv) any Refinancing Commitments and Refinancing Loans and other extensions of credit made thereunder shall rank pari passu or junior in right of payment payment, and of security shall be secured by the Collateral on an equal and ratable basis, with the other Loans and Commitments hereunder hereunder, and shall be extensions of credit to the Borrower that are Guaranteed only by the Loan Parties, and (but v) except for the avoidance terms referred to above and subject to paragraph (c) of doubtthis Section and except with respect to “effective yield” and components thereof, fees, prepayment terms (including any restrictions thereon), premiums, escrow provisions and except as otherwise permitted herein, to the extent the terms of the Refinancing Commitments or Refinancing Loans are not consistent with those of the Class of Commitments or Loans being refinanced, such Credit differences shall be reasonably acceptable to the Administrative Agent (except for terms benefitting the Refinancing Lenders (A) where this Agreement is amended to include such beneficial terms for the benefit of all Lenders or (B) applicable only to periods after the latest Maturity Date in effect as of the date of establishment or incurrence of such Refinancing Indebtedness Commitments or Refinancing Loans); provided further that the foregoing requirements shall not apply if, at the time of the establishment or incurrence of such Refinancing Revolving Commitments or Refinancing Term Loans, as the case may be, and after giving effect to the application of the proceeds thereof, such Refinancing Revolving Commitments or Refinancing Term Loans shall be the sole Class of Commitments or Term Loans, as the case may be, outstanding under this Agreement. In the event any Refinancing Term Loans have the same terms as any existing Class of Term Loans then outstanding or any Term Loans then substantially concurrently established pursuant to Section 2.20 or 2.21 or this Section 2.22 (in each case, disregarding any differences in original issue discount or upfront fees or scheduled amortization if not affecting, or is required to preserve, the fungibility thereof for U.S. federal income tax purposes), such Refinancing Term Loans may, at the election of the Borrower, be treated as a single Class with such outstanding Term Loans or such other Term Loans, and the scheduled amortization installments set forth in Section 2.09 with respect to any such Class of Term Loans may be unsecured)increased to reflect scheduled amortization of such Refinancing Term Loans.
(c) The Refinancing Commitments shall be effected pursuant to one or more Refinancing Facility Agreements executed and delivered by the Borrower, each Refinancing Lender providing such Refinancing Commitments, the Administrative Agent and, in the case of Refinancing Revolving Commitments, as applicable, each Issuing Bank; provided that no Refinancing Commitments shall become effective unless (i) the Borrower shall have delivered to the Administrative Agent such customary legal opinions, board resolutions, secretary’s certificates, officer’s certificates and other closing documents as shall reasonably be requested (consistent in all material respects with the documents delivered under Section 4.01 on the Effective Date) by the Administrative Agent in connection therewith, (ii) willin the case of any Refinancing Revolving Commitments, to substantially concurrently with the extent permitted by effectiveness thereof, all the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums Revolving Commitments then in effect shall be terminated and the Borrower shall make any prepayment or redemption provisions deposit required to be made under Section 2.10(b)(i) as a result thereof and shall pay all interest on the amounts prepaid and all fees accrued on the Revolving Commitments (it being understood, however, that any Letters of Credit may continue to be outstanding under the Refinancing Revolving Commitments, in each case on terms as may be agreed by each applicable Issuing Bank and specified in the Borrower applicable Refinancing Facility Agreement) and the Lenders or Additional Lenders with respect thereto, (iii) willin the case of any Refinancing Term Commitments, (A) substantially concurrently with the effectiveness thereof, the Borrower shall obtain Refinancing Term Loans thereunder and shall repay or prepay then outstanding Term Borrowings of any Class in an aggregate principal amount equal to the extent in aggregate amount of such Refinancing Term Commitments (less the form aggregate amount of accrued and unpaid interest with respect to such outstanding Term Borrowings, any original issue discount or upfront fees applicable to such Refinancing Revolving Credit Term Loans or Refinancing Revolving Credit Commitmentsand any reasonable fees, participate in premium and expenses relating to such refinancing) and (B) any such prepayment of Term Borrowings of any Class shall be applied to reduce the payment, borrowing, participation and commitment reduction provisions herein subsequent amortization installments to be made pursuant to Section 2.09 with respect to Term Borrowings of such Class on a pro rata basis (in accordance with any then outstanding Revolving Credit Loans and Revolving Credit Commitmentsthe principal amounts of such installments) and, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, a prepayment of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicableTerm SOFR Term Borrowings, shall promptly notify each Lender as be subject to the effectiveness of each Refinancing AmendmentSection 2.15. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Facility Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any Lender other than the applicable Refinancing Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent and the Borrower, to give effect to the provisions of this Section, including any amendments necessary to treat the applicable Refinancing Commitments and Refinancing Loans as a new Class of Commitments and/or Loans hereunder (including for purposes of prepayments and voting (it being agreed that such new Class of Commitments and Loans may be included in the definitions of “Majority in Interest” and “Required Lenders” and may be afforded class voting rights requiring the consent of Lenders under such Class in addition to any other consent of Lenders that might otherwise be required under Section 9.02)) or to reflect an increase in any existing Class of Commitments and/or Loans and any technical amendments relating thereto (including to enable such new Class of Commitments and/or Loans to be extended under Section 2.21 or refinanced under this Section 2.22). The Administrative Agent agrees that its consent to any amendment to this Agreement or any other Loan Document as contemplated above, or to the form or substance of any Refinancing Facility Agreement, will not be unreasonably withheld, delayed or conditioned.
(bd) This Upon the effectiveness of a Refinancing Commitment of any Refinancing Lender, such Refinancing Lender shall be deemed to be a “Lender” (and a Lender in respect of Commitments and Loans of the applicable Class) hereunder, and henceforth shall be entitled to all the rights of, and benefits accruing to, Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder and shall be bound by all agreements, acknowledgements and other obligations of Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder and under the other Loan Documents.
(e) The Administrative Agent shall notify the Lenders promptly upon receipt by the Administrative Agent of any notice from the Borrower referred to in Section 2.18 shall supersede 2.22(a) and of the effectiveness of any provisions Refinancing Commitments, in each case advising the Lenders of Section 10.01 to the contrarydetails thereof.
Appears in 1 contract
Sources: Credit Agreement (MediaAlpha, Inc.)
Refinancing Facilities. (a) At any time after Upon written notice to the Closing DateAdministrative Agent (which shall promptly notify the Lenders), the Borrower may obtainfrom time to time elect to refinance any Class of Term Loans or Commitments under the Revolving Credit Facility, from in whole or in part, with one or more new term loan facilities (each, a “Refinancing Term Facility”) or new revolving credit facilities (each, a “Refinancing Revolving Facility”; the Refinancing Term Facilities and the Refinancing Revolving Facilities are collectively referred to as “Refinancing Facilities”), respectively, under this Agreement with the consent of the Borrower, the Administrative Agent (not to be unreasonably withheld, delayed or conditioned) and the institutions providing such Refinancing Term Facility or Refinancing Revolving Facility or, in the case of any Lender series of Term Loans, with one or any Additional Lender (more series of unsecured notes or loans or senior secured notes that will be secured by the Collateral on a pari passu basis with the Facilities or second lien secured notes or loans, which will be subject to customary intercreditor arrangements reasonably satisfactory to the extent agreed Administrative Agent (any such notes or loans, “Refinancing Notes”); provided that (i) any Refinancing Term Facility or Refinancing Notes do not mature, or have a weighted average life to maturity, earlier than the final maturity, or the weighted average life, of the Class of Term Loans being refinanced, (ii) any Refinancing Notes are not subject to any amortization prior to final maturity and are not subject to mandatory redemption or prepayment (except customary asset sales or change of control provisions); (iii) any Refinancing Revolving Facility does not mature prior to the maturity date of the Revolving Credit Commitments being refinanced, (iv) the other terms and conditions of such Refinancing Term Facility, Refinancing Revolving Facility or Refinancing Notes (excluding pricing and optional prepayment or redemption terms) are substantially identical to, or (when taken as a whole) less favorable to the investors providing such Refinancing Term Facility, Refinancing Revolving Facility or Refinancing Notes, as applicable, than those applicable to the Term Loans or the Revolving Credit Commitments being refinanced (each as determined by such Lender the Borrower in good faith) (except for covenants or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion other provisions applicable only to periods after the latest final maturity date of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or and the Revolving Credit Commitments then existing at the time of such refinancing), (v) the proceeds of such Refinancing Facilities or Refinancing Notes shall be applied, substantially concurrently with the incurrence thereof, to the pro rata prepayment of outstanding loans (and, in the case of the Revolving Credit Facility, pro rata commitment reductions) under this Agreement (which will be deemed to include any then outstanding Incremental the applicable Class of Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement being so refinanced, (or any Revolving Credit Loans outstanding pursuant thereto)vi) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu any such Refinancing Facility or junior in right Refinancing Notes shall not be secured by any lien on any asset that does not also secure the Facilities and (vii) Refinancing Facilities and Refinancing Notes may not be guaranteed by any person other than a Subsidiary Guarantor. Each such notice shall specify the date (each, a “Refinancing Effective Date”) on which the Borrower proposes that the Refinancing Facility shall be made or the Refinancing Notes shall be issued, which shall be a date not less than three (3) Business Days after the date on which such notice is delivered to the Administrative Agent.
(b) The Borrower may approach any Lender or any other Person to provide all or a portion of payment the (x) Refinancing Facilities (a “Refinancing Facility Lender”), subject to the approval of the Administrative Agent, the L/C Issuer and the Swing Line Lender (which approvals shall not be unreasonably withheld and shall only be necessary to the extent required under Section 10.06 for assignments thereto), so long as such Person would be an Eligible Assignee of security with Term Loans or Revolving Credit Loans, as applicable, or (y) Refinancing Notes (a “Refinancing Note Holder”); provided that any
(c) The Administrative Agent and the other Loans and Commitments hereunder Lenders hereby consent to the transactions contemplated by this Section 2.17 (but including, for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition payment of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discountsinterest, fees, premiums amortization or premium in respect of the Refinancing Facilities and prepayment Refinancing Notes on the terms specified by the Borrower) and hereby waive the requirements of this Agreement or redemption provisions and terms as any other Loan Document that may otherwise prohibit any transaction contemplated by this Section 2.17. The Refinancing Facilities shall be agreed by established pursuant to an amendment to this Agreement among the Borrower and the Refinancing Facility Lenders or Additional Lenders providing such Refinancing Facilities (a “Refinancing Amendment”) which shall be consistent with respect thereto, (iii) will, the provisions set forth in this Section 2.17. The Refinancing Notes shall be established pursuant to an indenture which shall be consistent with the provisions set forth in this Section 2.17. Notwithstanding anything to the extent contrary contained in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit CommitmentsSection 10.01, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any each Refinancing Amendment shall be subject tobinding on the Lenders, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit LoansAgent, the Revolver Agent), receipt by Loan Parties party thereto and the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the other parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such Lender and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section.
Section 2.17, including in order to establish new tranches or sub-tranches in respect of the Refinancing Facilities and such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in Section 2.07(a) (b) This Section 2.18 insofar as such schedule relates to payments due to Lenders of the Term Loans which are being refinanced with the proceeds of a Refinancing Term Facility; provided that no such amendment shall supersede reduce the pro rata share of any provisions of Section 10.01 such payment that would have otherwise been payable to the contrary.Lenders, the Term Loans of which are not refinanced with the proceeds of a Refinancing Term Facility). The Administrative Agent shall be permitted, and is hereby authorized, to enter into such amendments with the Borrower to effect the foregoing. ARTICLE III
Appears in 1 contract
Sources: Credit Agreement (Integra Lifesciences Holdings Corp)
Refinancing Facilities. (a) At any time after The Borrower may, on one or more occasions, by written notice to the Closing DateAdministrative Agent, establish (i) a new Class of revolving commitments (the “Refinancing Revolving Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Revolving Lender”) will make revolving loans to the Borrower may obtain(“Refinancing Revolving Loans”) and acquire participations in the Letters of Credit or (ii) one or more additional Classes of term loan commitments (the “Refinancing Term Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”) will make term loans to the Borrower (the “Refinancing Term Loans”). Each such notice shall specify (A) the date on which the Borrower proposes that the Refinancing Revolving Commitments or the Refinancing Term Commitments, from as applicable, shall be effective, (B) the amount of the Refinancing Revolving Commitments or Refinancing Term Commitments, as applicable, requested to be established and (C) the identity of each Person proposed to become a Refinancing Lender in connection therewith (it being agreed that (x) any Lender approached to provide any Refinancing Revolving Commitment or any Additional Lender (to the extent agreed to by such Lender Refinancing Term Commitment may elect or Additional Lender decline, in its sole discretion), Credit Agreement to provide such Refinancing Indebtedness in respect Revolving Commitment or Refinancing Term Commitment and (y) any Person that the Borrower proposes to be a Refinancing Lender must be an Eligible Assignee and, if such approval would then be required under Section 9.04 for an assignment to such Person of all a Commitment or any portion Loan of the Term Loansapplicable Class, Prepetition Subsidiary Debtmust be approved by the Administrative Agent and each Issuing Bank (each such approval not to be unreasonably withheld, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities delayed or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant theretoconditioned)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness ).
(i) will, The terms and conditions of any Refinancing Revolving Commitment and Loans and other extensions of credit to be made thereunder shall be as determined by the extent secured, Borrower and the applicable Refinancing Revolving Lenders; provided that (A) no Refinancing Revolving Maturity Date shall be earlier than the Revolving Maturity Date and (B) Refinancing Revolving Commitments and Refinancing Revolving Loans and other extensions of credit thereunder shall rank pari passu or junior equal in right of payment and of security with the other Commitments and Loans hereunder, shall be unsecured, and shall be extensions of credit to the Borrower that are Guaranteed by the other Loan Parties.
(ii) The terms and conditions of any Refinancing Term Commitments hereunder and the Refinancing Term Loans to be made thereunder shall be as determined by the Borrower and the applicable Refinancing Term Lenders and set forth in the applicable Refinancing Facility Agreement; provided that (A) no Refinancing Term Maturity Date shall be earlier than the Maturity Date of the Class of Term Loans being refinanced, (B) the Weighted Average Life to Maturity of any Refinancing Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Class of Term Loans being refinanced (it being understood that, subject to this clause (B), the amortization schedule applicable to any Refinancing Term Loans shall be determined by the Borrower and the applicable Refinancing Term Lenders), (C) any Refinancing Term Loans may participate in any mandatory prepayment under Section 2.11 on a pro rata basis (or on less than pro rata basis, but not on a greater than pro rata basis) with the other Term Loans, if any, (D) any Refinancing Term Commitments and Refinancing Term Loans thereunder shall rank equal in right of payment, shall be unsecured, and shall be extensions of credit to the Borrower that are Guaranteed by the other Loan Parties, (E) except for the terms referred to above, except for any of the following that are only applicable to periods after the latest Maturity Date in effect at the time of effectiveness of the applicable Refinancing Facility Agreement, the terms of such Refinancing Term Loans (excluding, for the avoidance of doubt, interest rates (including through fixed interest rates), interest margins, rate floors, fees, funding discounts, original issue discounts, amortization, maturity and prepayment or redemption premiums and terms) (when taken as a whole) are not materially more restrictive on the Borrower and the Restricted Subsidiaries than those under the Loan Documents (when taken as a whole) (provided, however, that such terms shall not be deemed to be “materially more restrictive” solely as a result of the inclusion in any Refinancing Facility Agreement of a restrictive covenant not previously provided for in this Agreement so long as the Administrative Agent shall be given prompt written notice thereof and this Agreement is amended to include such restrictive covenant for the benefit of all Lenders), it being understood that a certificate of an Authorized Officer of the Borrower delivered to the Administrative Agent at least five Business Days prior to the effectiveness of the applicable Refinancing Facility Agreement, together with a reasonably detailed description of the material terms and conditions of such Refinancing Term Loans or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms satisfy the foregoing requirement shall be conclusive evidence that such terms satisfy the foregoing requirement unless the Administrative Agent notifies the Borrower within such five Business Day period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees), and (F) the terms of any such Refinancing Term Loans shall not require any mandatory repayment, redemption, repurchase or defeasance (other than change of control, asset sale or casualty or condemnation event offers or mandatory prepayments and customary acceleration any time after an event of default and excess cash flow sweeps on market terms at the time of incurrence of such Refinancing Term Loans) that could result in prepayments or redemptions of such Refinancing Term Loans prior to the latest Maturity Date in effect at the time of effectiveness of the applicable Refinancing Facility Agreement. In the event any Refinancing Term Loans have the same terms as any Existing Class of Term Loans then outstanding (disregarding any differences in original issue discount or upfront fees), such Refinancing Term Loans may, at the election of the Borrower, be treated as a single Class with such outstanding Term Loans.
(c) The Refinancing Commitments shall be effected pursuant to one or more Refinancing Facility Agreements executed and delivered by the Borrower, each Refinancing Lender providing such Refinancing Commitment, the Administrative Agent and, in the case of Refinancing Revolving Commitments, each Issuing Bank; provided that no Refinancing Commitments shall become effective unless (i) in the case of any Refinancing Revolving Commitments, substantially concurrently with the effectiveness thereof, all the Revolving Commitments then in effect shall be terminated, and all the Revolving Loans then outstanding, together with all interest thereon, and all other amounts accrued for the benefit of the Revolving Lenders, shall be repaid or paid (it being understood, however, that any Letters of Credit Agreement may continue to be outstanding hereunder), and the aggregate amount of such Refinancing Indebtedness may be unsecuredRevolving Commitments does not exceed the sum of the unused portion of the Aggregate Revolving Commitment plus the Aggregate Revolving Exposure at such time (except by an amount equal to accrued and unpaid interest with respect to the Revolving Loans, commitment and Letter of Credit participation fees accrued and unpaid with respect to the Revolving Commitments and fees (including upfront fees and original issue discount), premiums and expenses relating to such refinancing), (ii) willin the case of any Refinancing Term Commitments, substantially concurrently with the effectiveness thereof, the Borrower shall obtain Refinancing Term Loans thereunder and shall repay or prepay then outstanding Term Borrowings of any Class in an aggregate principal amount equal to the extent permitted by aggregate amount of such Refinancing Term Commitments (less the definition aggregate amount of “Credit Agreement Refinancing Indebtedness,” have accrued and unpaid interest with respect to such pricing, interest rate margins outstanding Term Borrowings and any fees (including “MFN” provisionsupfront fees and original issue discount), rate floors, discounts, fees, premiums and expenses relating to such refinancing) (and any such prepayment or redemption provisions of Eurocurrency Term Borrowings shall be subject to Section 2.16) and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, have delivered to the extent Administrative Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates and other documents as shall reasonably be requested (consistent in all material respects with the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless documents delivered on the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment feesEffective Date under Section 4.01) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent connection with those delivered on the Closing Dateany such transaction. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing AmendmentFacility Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Facility Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any Lender other than the applicable Refinancing 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 and the Borrower, to give effect to the provisions of this Section.
, including any amendments necessary to treat the applicable Refinancing Commitments and Refinancing Loans as a new Class of Commitments and/or Loans hereunder (bincluding for purposes of prepayments and voting (it being agreed that such new Class of Commitments and/or Loans may be afforded class voting rights requiring the consent of Lenders under such Class in addition to any other consent of Lenders that might otherwise be required under Section 9.02) This and to enable such new Class of Commitments and/or Loans to be extended under Section 2.18 shall supersede 2.22 or refinanced under this Section). The Administrative Agent agrees that its consent to any provisions of Section 10.01 amendment to this Agreement or any other Loan Document as contemplated above, or to the contraryform and substance of any Refinancing Facility Agreement, will not be unreasonably withheld, delayed or conditioned.
Appears in 1 contract
Refinancing Facilities. (a) At any The Borrowers may from time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to time by written notice to the extent agreed Administrative Agent elect to by such Lender request the establishment of one or Additional Lender in its sole discretionmore additional Tranches of Term Loans under this Agreement (“Refinancing Term Loans”) or one or more series of debt securities (“Refinancing Notes”), Credit Agreement Refinancing Indebtedness in respect of which refinance, renew, replace, defease or refund all or any portion of one or more Tranches of Term Loans (including any Incremental Term Loans or Extended Term Loans) under this Agreement selected by Borrower Agent; provided that such Refinancing Term Loans and/or Refinancing Notes may not be in an amount greater than the aggregate principal amount of the Term Loans being refinanced, renewed, replaced, defeased or refunded plus unpaid accrued interest and premium (if any) thereon and upfront fees, original issue discount, underwriting discounts, fees, commissions and expenses incurred in connection with the Refinancing Term Loans and/or Refinancing Notes; provided that such aggregate principal amount may also be increased to the extent such additional amount is capable of being incurred at such time pursuant to subsection 2.4 or 8.2 (and subsection 8.3 to the extent secured) and such excess incurrence shall for all purposes hereof be an incurrence under the relevant subclauses of subsection 2.4 or 8.2 (and subsection 8.3 to the extent secured). Each such notice shall specify the date (each, a “Refinancing Effective Date”) on which the Borrowers propose that the Refinancing Term Loans shall be made or the Refinancing Notes shall be issued, which shall be a date not less than three (3) Business Days after the date on which such notice is delivered to the Administrative Agent; provided that:
(i) the weighted average life to maturity of such Refinancing Term Loans and/or Refinancing Notes shall not be shorter than the remaining weighted average life to maturity of the Term Loans being refinanced and the Refinancing Term Loans and/or Refinancing Notes shall not have a final maturity before the Maturity Date applicable to the Term Loans being refinanced;
(ii) such Refinancing Term Loans and/or Refinancing Notes shall have pricing (including interest rates, fees and premiums), amortization, optional prepayment, mandatory prepayment and redemption terms as may be agreed to by the Parent and the relevant Refinancing Term Loan Lenders (as defined below) and/or Refinancing Note Holders (as defined below); provided that with respect to Refinancing Term Loans or Refinancing Notes that are secured by Liens on the Collateral ranking on an equal priority basis (but without regard to the control of remedies) with the Liens on the Collateral securing the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding no holders of such Refinancing Term Loans or Refinancing Notes shall be permitted to share any mandatory prepayment or redemption on a more than ratable basis with the Term Loans;
(iii) such Refinancing Term Loans and/or Refinancing Notes shall not be guaranteed by any Person other than a Borrower or a Subsidiary Guarantor;
(iv) in the case of any such Refinancing Term Loans and/or Refinancing Notes that are secured such Refinancing Term Loans and/or Refinancing Notes are secured only by assets comprising Collateral, and not secured by any property or assets of a Borrower or any of its Subsidiaries other than the Collateral;
(v) all other terms applicable to such Refinancing Term Loans and/or Refinancing Notes (excluding pricing and optional prepayment or redemptions terms) shall either, at the option of the Borrower Agent, (I) be consistent with market terms and conditions (taken as a whole) at the time of incurrence or effectiveness (as determined by the Borrower Agent in good faith), (II) be substantially identical to those applicable to the then outstanding Term Loans, or (III) (taken as a whole) be otherwise not materially more favorable to the Refinancing Revolving Credit Loans or Term Loan Lenders and/or Refinancing Revolving Credit Commitments in Note Holders than those applicable to the form then outstanding Term Loans, except to the extent such covenants and other terms apply solely to any period after the Latest Maturity Date at the time of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitmentssuch refinancing, respectivelyexcept where the Lenders also receive the benefit of such more favorable terms), in each case, pursuant to a case as determined by the Borrower Agent in good faith; provided that Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Term Loans and/or Refinancing Indebtedness (i) will, to the extent secured, Notes may rank pari passu or junior in right of payment and of and/or security with the remaining Term Loans or may be unsecured so long as the holders of any Refinancing Term Loans and/or Refinancing Notes that are subordinated in right of payment and/or security are subject to the Junior Lien Intercreditor Agreement (provided that a certificate of a Responsible Officer of Borrower Agent delivered to the Administrative Agent in good faith at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that Borrower Agent has determined in good faith that such terms and conditions satisfy the requirement set out in this clause (v), shall be conclusive evidence that such terms and conditions (other than the terms and conditions of the Junior Lien Intercreditor Agreement referred to in this clause (v), satisfy such requirement unless the Administrative Agent provides notice to Borrower Agent of an objection during such five Business Day period (including a reasonable description of the basis upon which it objects))).
(b) The Borrowers may approach any Lender or any other Borrower Agent that would be an Eligible Assignee of Term Loans to provide all or a portion of the Refinancing Term Loans (a “Refinancing Term Loan Lender”) or Refinancing Notes (a “Refinancing Note Holder”); provided that any Lender offered or approached to provide all or a portion of the Refinancing Term Loans and/or Refinancing Notes may elect or decline, in its sole discretion, to provide a Refinancing Term Loan or purchase Refinancing Notes. Any Refinancing Term Loans made on any Refinancing Effective Date shall be designated a series of Refinancing Term Loans for all purposes of this Agreement; provided that any Refinancing Term Loans may, to the extent provided in the applicable Refinancing Term Loan Amendment and Commitments hereunder subject to the restrictions set forth in clause (but a) above, be designated as an increase in any previously established Tranche of Term Loans made to the Borrowers.
(c) The Administrative Agent and the Lenders hereby consent to the transactions contemplated by subsection 4.26(a) (including, for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition payment of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discountsinterest, fees, premiums amortization or premium in respect of the Refinancing Term Loans and prepayment Refinancing Notes on the terms specified by Borrower Agent) and hereby waive the requirements of this Agreement or redemption provisions and terms as any other Loan Document that may otherwise prohibit any transaction contemplated by subsection 4.26(a). The Refinancing Term Loans shall be agreed by established pursuant to an amendment to this Agreement among the Borrower Borrowers, the Administrative Agent and the Refinancing Term Loan Lenders or Additional Lenders with respect thereto, providing such Refinancing Term Loans (iii) will, to the extent in the form of a “Refinancing Revolving Credit Loans or Term Loan Amendment”). The Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower Notes shall be permitted established pursuant to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class an indenture which shall be consistent with a later maturity date than such Class and (iv) will, to the extent provisions set forth in the form of subsection 4.26(a). Each Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Term Loan Amendment shall be subject tobinding on the Lenders, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit LoansAgent, the Revolver Agent), receipt by Loan Parties party thereto and the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the other parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such Lender and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate in the reasonable opinion of the Administrative Agent and Borrower Agent, to effect the provisions of this Section.
subsection 4.26, including in order to establish new Tranches or sub-Tranches in respect of the Refinancing Term Loans and such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in subsection 2.2 (b) This Section 2.18 insofar as such schedule relates to payments due to Lenders the Term Loans of which are refinanced with the proceeds of Refinancing Term Loans; provided that no such amendment shall supersede reduce the pro rata share of any provisions of Section 10.01 such payment that would have otherwise been payable to the contraryLenders, the Term Loans of which are not refinanced with the proceeds of Refinancing Term Loans). The Administrative Agent shall be permitted, and each is hereby authorized, to enter into such amendments with the Borrowers to effect the foregoing.
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Refinancing Facilities. (a) At any time after and from time to time, subject to the Closing Dateterms and conditions set forth herein and subject to the satisfaction or waiver of the Refinancing/Extension Condition, the Borrower may obtainmay, from any Lender or any Additional Lender (by notice to the extent agreed Administrative Agent (whereupon the Administrative Agent shall promptly deliver a copy to by such Lender or Additional Lender in its sole discretioneach of the Lenders), Credit Agreement request to add one or more tranches of Term A Loans (the “Refinancing Indebtedness in respect of all Term Loans”) or any portion of one or more additional revolving credit facility tranches (the “Refinancing Revolving Facilities”; together with the Refinancing Term Loans, Prepetition Subsidiary Debtthe “Refinancing Facilities”); provided that the principal amount of such Refinancing Revolving Facilities or Refinancing Term Loans, as applicable, does not exceed the principal amount of the Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Facility or Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitmentsso refinanced except by an amount equal to unpaid accrued interest and premium thereon plus other reasonable amounts paid, respectivelyand fees and expenses reasonably incurred, in each case, pursuant connection with such refinancing. Refinancing Facilities may be secured on a pari passu or junior lien basis to a the remaining Obligations or unsecured.
(b) The Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness Facilities are subject to the following terms and conditions:
(i) willeach Refinancing Facility will not be Guaranteed by any Person other than the Guarantors hereunder and, to the extent secured, rank pari passu or junior in right of payment and of security with will not be secured by any assets other than the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), Collateral;
(ii) will, no existing Lender will be required to the extent permitted by the definition of “Credit Agreement participate in any such Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, Facility without its consent;
(iii) willall representations and warranties set forth in Article V shall be true and correct in all material respects on and as of the date of the incurrence of the Refinancing Facilities except any representations and warranties which expressly relate to a given date or period shall only be required to be true and correct in all material respects as of the respective date or for the respective period, as the case may be; provided that in connection with any Limited Condition Acquisition, (A) the Lenders providing such Refinancing Facilities may elect to waive the requirement to make the representations and warranties set forth in Article V as required by the foregoing and (B) such representations and warranties will be subject to customary “SunGard” and “certain funds” conditionality;
(iv) no Default would exist after giving effect thereto; provided that in the case of a Limited Condition Acquisition, such Default may be tested in accordance with 1.08 of the Nexstar Credit Agreement if an LCA Election has been made by the Nexstar Borrower;
(v) the maturity date of any Refinancing Term Loans shall be no earlier than the Maturity Date of the FirstSecond Amendment Effective Date Term Loans and the Weighted Average Life to Maturity of such Refinancing Term Loans shall be not shorter than the Weighted Average Life to Maturity of the FirstSecond Amendment Effective Date Term Loans;
(vi) [Reserved];
(vii) in the case of a Refinancing Revolving Facility, (A) the maturity date of such Refinancing Revolving Facility shall be no earlier than the Maturity Date of the Revolving Credit Facility, (B) such Refinancing Revolving Facility shall require no scheduled amortization or mandatory commitment reduction prior to the extent in Maturity Date of the form of Revolving Credit Facility, (C) the Refinancing Revolving Facility shall be on substantially the same terms and pursuant to substantially the same documentation applicable to the Revolving Credit Loans or Facility, and (D) borrowings and repayments under the Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein Facility shall be made on a pro rata basis with any then outstanding the Revolving Credit Loans and Revolving Credit CommitmentsFacility;
(viii) the interest rate margins, except that prepayment premiums, call protection, the Borrower shall be permitted to permanently repay and terminate commitments maturity date of any such Class on a better than a pro rata basis Refinancing Term Loans (subject to clause (v) above) and (subject to clauses (v) and (vii) above, as compared appropriate) amortization schedule applicable to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Term Loans or Refinancing Revolving Credit Commitments Facilities shall be determined by the Borrower and unless the Required Revolving Credit Lenders lenders thereunder;
(ix) [Reserved];
(x) any Refinancing Term Loans, for purposes of mandatory prepayments, shall have consented thereto, have be treated no more favorably than the FirstSecond Amendment Effective Date Term Loans;
(xi) (A) the terms and conditions of such Refinancing Term Loans and Refinancing Revolving Facility (other excluding pricing, call protection and optional prepayment or redemption terms) reflect market terms on the date of incurrence as reasonably determined by the Borrower, (B) such Refinancing Term Loans or Refinancing Revolving Facility shall be subject to an Intercreditor Agreement (if applicable) and (C) such Refinancing Term Loans or Refinancing Revolving Facility shall not contain covenants (including financial maintenance covenants), taken as a whole, that are materially tighter than interest rate margins and commitment fees(or in addition to) identical to those contained in this Agreement (except for covenants applicable only to the Revolving Credit Commitments period after the Maturity Date of the FirstSecond Amendment Effective Date Term Loans); and
(xii) each Refinancing Facility shall be in an integral multiple of $1,000,000 and Revolving Credit Loans being refinanced. The effectiveness be in an aggregate principal amount that is not less than (A) $5,000,000 in the case of any Refinancing Amendment Term Loans or (B) $2,000,000 in the case of any Refinancing Revolving Facilities; provided that such amount may be less than the applicable minimum amount if such amount represents all the remaining availability hereunder as set forth above.
(c) Each notice from the Borrower pursuant to this Section shall set forth the requested amount and proposed terms of the relevant Refinancing Term Loans and/or Refinancing Revolving Facilities. Any additional bank, financial institution, existing Lender or other Person that elects to provide the applicable Refinancing Facility shall be subject to, an Eligible Assignee that is reasonably satisfactory to the extent reasonably requested by Borrower and the Administrative Agent (any such bank, financial institution, existing Lender or in the case of Revolving Credit Commitments and Revolving Credit Loansother Person being called an “Additional Lender”) and, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicableif not already a Lender, shall promptly notify each become a Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, under this Agreement shall be deemed amended pursuant to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.an
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Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender new lender (provided that if Administrative Agent would have consent rights with respect to such new lender under Section 11.04 herein were such new lender to take an assignment of Loans or Commitments hereunder, then such new lender shall be reasonably acceptable to the extent agreed Administrative Agent (in consultation with Borrower) (such acceptance not to be unreasonably withheld or delayed) and provided further that any Refinancing Loans and Refinancing Commitments held by the Sponsors or their Affiliates shall be subject to the same restrictions as applicable to Sponsor Permitted Assignees pursuant to the terms of Section 11.04) (each such Lender or new lender being an “Additional Lender in its sole discretionLender”), Credit Agreement (x) Refinancing Indebtedness Term Commitments and/or Refinancing Term Loans in respect of all or any portion of the (1) any Term Loan Commitments, Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans Commitments and/or Revolving Credit Commitments Loans then outstanding under this Agreement and (which will be deemed to include 2) any then outstanding Incremental Term Credit Agreement Refinancing Indebtedness and (y) Refinancing Revolving Commitments and/or Refinancing Revolving Loans under any Incremental Facilities in respect of all or any Incremental portion of any Revolving Credit Commitments and/or Revolving Loans then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyAgreement, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness Loans and Refinancing Commitments:
(i) will, to the extent secured, shall rank pari passu or junior in right of payment and of security with the other Initial Term Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), Initial Revolving Commitments,
(ii) willin the case of Refinancing Term Loans, shall have a maturity date no earlier than the Initial Term Loan Maturity Date and a Weighted Average Life to Maturity no shorter than the extent permitted by Weighted Average Life to Maturity of the definition Initial Term Loans;
(iii) in the case of “Credit Agreement Refinancing Indebtedness,” Revolving Loans, shall mature no earlier than, and require no scheduled amortization or differing mandatory commitment reduction prior to, the applicable Revolving Maturity Date of the Class of Revolving Commitments being refinanced;
(iv) shall have such pricing, interest rate margins (including “MFN” provisions)margins, discounts, premiums, interest rate floors, discounts, fees, premiums and prepayment or redemption provisions (subject to clauses (ii) and terms as may be agreed (iii) above) amortization schedule determined by the Borrower and the Lenders or Additional Lenders with respect thereto, Lenders;
(iiiv) will, to the extent in the form case of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, shall participate in the payment, borrowing, participation and commitment reduction provisions herein herein, (A) in the case of US Dollar Revolving Loans and US Dollar Revolving Commitments, on a pro rata basis with any all then outstanding US Dollar Revolving Credit Loans and US Dollar Revolving Credit Commitments and (B) in the case of Multicurrency Revolving Loans and Multicurrency Revolving Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to with any all then outstanding Multicurrency Revolving Loans and Multicurrency Revolving Commitments (except, in each case, for (x) payments of interest and fees at different rates on Refinancing Revolving Commitments (and related outstandings) (y) repayments required upon the final scheduled maturity date of the Refinancing Revolving Commitments and any other Class of Revolving Commitments and (z) repayment made in connection with a later maturity date permanent repayment in full and termination in full of Revolving Commitments);
(vi) shall not benefit from any guarantees or collateral that do not ratably benefit the other Term Loans and Revolving Loans, respectively;
(vii) other than such with respect to Refinancing Revolving Commitments and Refinancing Revolving Loans in the form of US Dollar Revolving Commitments and US Dollar Revolving Loans (which for the avoidance of doubt shall be incurred and available only in Dollars), may be incurred in Dollars or any Alternative Currency;
(viii) in the case of Refinancing Term Loans, may participate on (I) a pro rata basis, less than pro rata basis or greater than pro rata basis in any voluntary prepayments of any Class of Term Loans hereunder and (ivII) willa pro rata basis or less than pro rata basis (but not on a greater than pro rata basis (except for prepayments pursuant to Section 2.10(d)(ii))) in any mandatory prepayments of any Class of Term Loans hereunder; and
(ix) have such other terms as shall be determined by Borrower; provided that (x) with respect to Refinancing Term Loans, to the extent such terms or provisions (other than any terms or provisions applicable only to periods after the Initial Term Loan Maturity Date) are not consistent with the Initial Term Loans (other than as set forth in this Section 2.21(a)), they shall be reasonably satisfactory to the Administrative Agent (it being understood that, at Borrower’s election, to the extent any term or provision is added for the benefit of the Additional Lenders, no consent shall be required from the Administrative Agent to the extent that such term or provision is also added (or the features of such term are provided) for the benefit of the Lenders of the Initial Term Loans) and (y) with respect to Refinancing Revolving Commitments, to the extent such terms or provisions (other than any terms or provisions applicable only to periods after the Revolving Maturity Date) are not consistent with the Initial Revolving Commitments (other than as set forth in this Section 2.21(a)), they shall be reasonably satisfactory to the Administrative Agent (it being understood that, at Borrower’s election, to the extent any term or provision is added for the benefit of the Additional Lenders, no consent shall be required from the Administrative Agent to the extent that such term or provision is also added (or the features of such term are provided) for the benefit of the Lenders of the Initial Revolving Commitments). Notwithstanding anything to the contrary in Section 11.02, the Administrative Agent is expressly permitted, without the consent of any Lenders or the Issuing Bank, to amend the Loan Documents (including Section 2.09) to the extent necessary or appropriate in the reasonable discretion of the Administrative Agent to give effect to any Refinancing Term Commitment or Refinancing Revolving Commitments pursuant to this Section 2.21 (which may be in the form of Refinancing Revolving Credit an amendment and restatement), including to provide to the Lenders of any Class of Loans or Commitments hereunder the benefit of any term or provision that is added under any Refinancing Revolving Credit Commitments and unless Amendment for the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to benefit of the Revolving Credit Commitments and Revolving Credit Loans being refinancedAdditional Lenders. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ ' certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness Loans and Refinancing Commitments incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicableLoans) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness Loans and Refinancing Commitments shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 2.21 shall supersede any provisions of in Section 10.01 2.14 or Section 11.02 to the contrary.
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Refinancing Facilities. (a) At Upon at least ten Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Lenders) and subject to the terms and conditions of this Section 2.23, at any time after the Closing Effective Date, the Borrower may obtainsolicit the existing Lenders or prospective lenders determined by the Borrower to provide one or more new unsecured term facilities (each, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement a “Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Facility”) or any then outstanding Refinancing Term Loans or any then outstanding new unsecured revolving credit facilities (each a “Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing AmendmentFacility” and, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; providedRefinancing Term Facility, that such Credit Agreement collectively, the “Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredFacilities”), or with one or more additional series of senior unsecured notes or loans (ii) willand such notes or loans, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisionsNotes”), rate floorsin each case to refinance one or more Classes of Loans and/or Commitments hereunder, discounts, fees, premiums and prepayment or redemption provisions and all on terms as may be agreed by the Borrower and the Lenders lender(s) or Additional Lenders with respect thereto, purchaser(s) providing the applicable Refinancing Facility or Refinancing Notes; provided that:
(i) no Event of Default exists or would exist after giving effect to the incurrence or issuance of such Refinancing Facility or Refinancing Notes;
(ii) [reserved];
(iii) will, any Refinancing Term Facility or Refinancing Notes will not mature prior to the extent in stated maturity date of, or have a shorter weighted average life than, Loans under the form of Refinancing Revolving Credit Loans Classes being refinanced (without giving effect to prepayments) (or Refinancing if later, one year after the final stated expiration date applicable to the then existing Revolving Credit Commitments), participate in the paymentor, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared respect to any Refinancing Notes, have mandatory prepayment provisions (other Class with a later maturity date than related to customary asset sale, similar events and change of control offers) that would result in mandatory prepayment of such Class and Refinancing Notes prior to, the Loans under the Classes being refinanced,
(iv) will, any Refinancing Revolving Facility does not expire prior to the extent in expiration date of the form revolving Commitments being refinanced,
(v) the aggregate principal amount of any Refinancing Revolving Credit Loans Facility or Refinancing Revolving Credit Commitments Notes shall not be greater than the aggregate principal amount of the Classes being refinanced or replaced, plus any fees, premiums, original issue discount and unless the Required Revolving Credit Lenders shall have consented accrued interest associated therewith and costs and expenses related thereto, have terms and conditions such Classes being refinanced or replaced will be permanently reduced concurrently with the issuance thereof,
(vi) any Refinancing Facility or Refinancing Notes shall not be guaranteed by any Person other than interest rate margins the Guarantors under the Classes being refinanced or replaced, and
(vii) the covenants and commitment fees) identical to those applicable to events of default of such Refinancing Facility or Refinancing Notes, if not consistent with the terms of the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment Facility, shall be subject to, reasonably satisfactory to the extent reasonably requested by the Administrative Agent (it being understood that covenants and events of default not materially more restrictive to the Borrower, when taken as a whole, than the terms of the initial Revolving Loans, and any more-restrictive covenants and events of default if (1) Lenders under the Revolving Credit Facility also receive the benefit of such more restrictive terms or (2) any such provisions apply after the expiration date of the Revolving Credit Facility, are in each case reasonably satisfactory to the Administrative Agent);
(b) Existing Lenders may, but shall not be obligated to without their prior written consent, provide a commitment, purchase any notes and/or make any loans pursuant to any Refinancing Facility or Refinancing Notes, and nothing contained herein constitutes, or shall be deemed to constitute, a commitment with respect to any Refinancing Facility or Refinancing Notes. The proceeds of any Refinancing Facility or Refinancing Notes will be applied, substantially concurrently with the incurrence thereof, to the pro rata payment of outstanding Loans of the Classes being so refinanced.
(c) The notice from the Borrower to the Administrative Agent delivered pursuant to Section 2.23(a) shall set forth the requested amount and proposed terms of the Refinancing Facilities or Refinancing Notes, which proposed terms shall not be inconsistent with the requirements of Section 2.23(a). Refinancing Facilities and Refinancing Notes (or any portion thereof) may be provided by any existing Lender specified by the Borrower or by any other bank or financial institution (any such bank or other financial institution, a “Refinancing Lender”), provided that in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by a Refinancing Facility the Administrative Agent shall have consented (which consent shall not be unreasonably withheld or Revolver Agentdelayed) to such Lender’s or Refinancing Lender’s, as applicablethe case may be, providing such Refinancing Facilities if such consent would be required under Section 9.04 for an assignment of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent Loans to such Lender or Revolver AgentRefinancing Lender, as applicablethe case may be.
(d) Refinancing Facilities shall become effective, and commitments thereunder shall promptly notify become Commitments under this Agreement pursuant to an amendment (a “Refinancing Facility Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Lender as agreeing to the effectiveness of provide such Refinancing Facility, if any, each Refinancing AmendmentLender, if any, and the Administrative Agent. Each of the parties hereto hereby agrees that, upon the effectiveness of any A Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Facility Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other any Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this SectionSection 2.23.
(be) This If any Refinancing Facilities are added in accordance with this Section 2.18 2.23, the Borrower, in consultation with the Administrative Agent, shall determine the effective date (the “Refinancing Effective Date”) and the final allocation of such Refinancing Facilities. The Administrative Agent shall promptly notify the Lenders of the final allocation of such Refinancing Facilities and the Refinancing Effective Date.
(f) On the Refinancing Effective Date, each Lender or Refinancing Lender which is providing a portion of a Refinancing Facility (i) shall become a Lender for all purposes of this Agreement and the other Loan Documents and (ii) shall have a commitment under such Refinancing Facility which shall become a Commitment hereunder.
(g) Upon each establishment of a Refinancing Revolving Facility with respect to a Class of revolving commitments (which may include the Revolving Credit Facility and/or any Incremental Revolving Facilities) pursuant to this Section 2.23, (i) each Lender under such Class being refinanced immediately prior to the effectiveness of such Refinancing Facility (each a “Revolving Refinanced Lender”) will automatically and without further act be deemed to have assigned to each existing Lender, if any, and each Refinancing Lender, if any, in each case providing a portion of such Refinancing Facility (each a “Revolving Refinancing Lender”), and each such Revolving Refinancing Lender will automatically and without further act be deemed to have assumed, a portion of such Revolving Refinanced Lender’s participation interests hereunder in outstanding Letters of Credit (if any) such that, after giving effect to the effectiveness of such Refinancing Facility and each such deemed assignment and assumption of participation interests, the percentage of the aggregate outstanding participation interests hereunder in Letters of Credit held by each Revolving Refinanced Lender and Revolving Refinancing Lender will equal such Lender’s pro-rata share of the combined Commitments under the Class being so refinanced and such Refinancing Facility and (ii) if, on the date of effectiveness of such Refinancing Facility, there are any Loans outstanding of the Class being so refinanced, the Administrative Agent and the Borrower shall take those steps which they deem, by mutual agreement, necessary and appropriate to result in each Revolving Refinanced Lender and Revolving Refinancing Lender having a pro-rata share of the outstanding Loans based on each such Lender’s pro-rata share of the combined Commitments under the Class being so refinanced and such Refinancing Facility immediately after giving effect to such Refinancing Facility. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro-rata borrowing and pro-rata payment requirements contained elsewhere in this Agreement shall not apply to any transaction that may be effected pursuant to the immediately preceding sentence.
(h) The provisions of this Section 2.23 shall supersede any provisions provision of Section 10.01 2.19 or 9.02 to the contrary.
Appears in 1 contract
Sources: Credit Agreement (Huntington Ingalls Industries, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, obtain from any existing Lender or any Additional Lender (other Person reasonably satisfactory to the extent agreed to by Borrower (any such existing Lender or other Person being called an “Additional Lender in its sole discretion), Credit Agreement Refinancing Lender”) Refinancing Indebtedness in respect of (a) all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which for purposes of this clause (a) will be deemed to include any then outstanding Incremental Other Term Loans under any Incremental Facilities constituting Term Loans) or (b) for the Borrower, all or any Incremental portion of the Revolving Credit Commitments then outstanding (including the corresponding portion of the Revolving Credit Loans) under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)which for purposes of this clause (b) or will be deemed to include any then outstanding Refinancing Term Loans or any then outstanding Refinancing Other Revolving Credit Loans or Refinancing Commitments (including the corresponding portion of the Other Revolving Credit Commitments Loans)), in the form of Refinancing Revolving Credit Other Term Loans or Refinancing Revolving Credit Commitments, respectivelyOther Term Commitments in the case of clauses (a) and (b), in each case, case pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, such Refinancing Indebtedness shall rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, to the extent permitted by the definition of “Credit Agreement such Refinancing Indebtedness,” Indebtedness shall have such pricing, interest rate margins (including “MFN” provisions), rate floors, discountsinterest, fees, premiums and optional prepayment or and redemption provisions and terms as may be agreed by the Borrower and the Additional Refinancing Lenders or Additional Lenders with respect theretothereof, (iii) willsuch Refinancing Indebtedness shall only be secured by assets consisting of Collateral, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) willthe affirmative and negative covenants (but not the financial maintenance covenants) and events of default (other than, for the avoidance of doubt, maturity, fees, discounts, interest rate, redemption terms and redemption premiums) of Refinancing Indebtedness, if not consistent with the terms of the Loans, shall not be materially more restrictive to the extent in Loan Parties when taken as a whole (as reasonably determined by the form Borrower) than the terms of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject torefinanced (or, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Refinancing Indebtedness that refinances the Term Loans, or the Revolver AgentLoans under an Incremental Term Facility, in their entirety, shall be consistent with “market” terms at the time of incurrence), receipt by (v) such Refinancing Indebtedness satisfies the requirements set forth in the definition of “Refinancing Indebtedness”, (vi) if such Refinancing Indebtedness is secured on a junior basis to the Term Loans or the debt being refinanced is subject to an intercreditor agreement, the Administrative Agent or Revolver Agent, as applicable, acting on behalf of reaffirmation agreements the holders of such Indebtedness shall have become party to an intercreditor agreement reasonably satisfactory to the Borrower and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as and (vii) no Restricted Subsidiary is a Guarantor with respect to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement such Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit unless such Restricted Subsidiary is a Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.Party which 99 US-DOCS\117476656.1136335661.3
Appears in 1 contract
Sources: Credit Agreement (Tutor Perini Corp)
Refinancing Facilities. (a) At any time after the Closing Date, the The Borrower may obtain, from any Lender or any Additional Lender (by written notice to the extent agreed Administrative Agent elect to by such Lender request the establishment of one or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect more additional Tranches of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (“Refinancing Term Loans”) or an increase in the Seller Note or one or more series of debt securities (such increase in the Seller Note or such debt securities, “Refinancing Notes”), which will be deemed to include Refinance, or are in exchange for, in whole or in part, one or more Tranches of Term Loans (including any then outstanding Incremental Term Loans, Extended Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding existing Refinancing Term Loans) under this Agreement and any accrued and unpaid interest and a reasonable premium thereon plus other reasonable amounts paid, and fees and expenses reasonably incurred (including any original issue discount and upfront fees) in connection with the Refinancing Term Loans and/or Refinancing Notes. Each such notice shall specify the date (each, a “Refinancing Effective Date”) on which the Borrower proposes that the Refinancing Term Loans shall be made or the Refinancing Notes shall be issued, which shall be a date not less than three Business Days after the date on which such notice is delivered to the Administrative Agent; provided that:
(i) the Weighted Average Life to Maturity of such Refinancing Term Loans and/or Refinancing Notes shall not be shorter than the remaining Weighted Average Life to Maturity of the Term Loans being refinanced and the Refinancing Term Loans and/or Refinancing Notes shall not have a final maturity before the Maturity Date applicable to the Term Loans being refinanced;
(ii) such Refinancing Term Loans and/or Refinancing Notes shall have pricing (including interest rates, fees and premiums), amortization, optional prepayment, mandatory prepayment and redemption terms as may be agreed to by the Borrower and the relevant Refinancing Term Loan Lenders (as defined below) and/or Refinancing Note Holders (as defined below);
(iii) such Refinancing Term Loans and/or Refinancing Notes shall not be guaranteed by any Person other than the Loan Parties;
(iv) in the case of any such Refinancing Term Loans and/or Refinancing Notes that are secured, such Refinancing Term Loans and/or Refinancing Notes are secured by only assets comprising Collateral, and not secured by any property or assets of the Borrower or any Revolving Credit of its Subsidiaries other than the Collateral;
(v) all other terms and conditions of such Refinancing Term Loans outstanding pursuant thereto)and/or Refinancing Notes (other than with respect to pricing, premiums, fees, rate floors and optional or mandatory prepayment or redemption terms) shall be, in the reasonable and good faith determination of the Borrower, no more restrictive (when taken as a whole) to the Borrower and its Subsidiaries than the terms and conditions applicable to the Term Loans being refinanced (when taken as a whole) (except for covenants or any then outstanding other provisions applicable only to periods after the Maturity Date) (provided that an Officer’s Certificate of the Borrower delivered to the Administrative Agent in good faith at least five Business Days prior to the incurrence of such Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Notes, as applicable, together with a reasonably detailed description of the material terms and conditions of such Refinancing Term Loans or Refinancing Revolving Credit Commitments Notes or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirement set out in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitmentsforegoing clause (i), respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, shall be conclusive evidence that such Credit Agreement Refinancing Indebtedness (i) will, terms and conditions satisfy such requirement unless the Administrative Agent provides notice to the extent secured, Borrower of an objection during such five Business Day period (including a reasonable description of the basis upon which it objects)); provided that Refinancing Term Loans and/or Refinancing Notes may rank pari passu equal or junior in right of payment and of and/or security with the remaining Term Loans or may be unsecured so long as, in the case of Refinancing Term Loans or Refinancing Notes that are secured by a Lien on the Collateral, such Refinancing Term Loans or Refinancing Notes are subject to a Customary Intercreditor Agreement (provided that an Officer’s Certificate of the Borrower delivered to the Administrative Agent in good faith at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirement set out in the foregoing clause (v), shall be conclusive evidence that such terms and conditions satisfy such requirement unless the Administrative Agent provides notice to the Borrower of an objection during such five Business Day period (including a reasonable description of the basis upon which it objects)).
(b) The Borrower may approach any Lender or any other Person (with respect to Refinancing Term Loans that would be an Eligible Assignee of Term Loans) to provide all or a portion of the Refinancing Term Loans (a “Refinancing Term Loan Lender”) or Refinancing Notes (a “Refinancing Note Holder”). Any Refinancing Term Loans made on any Refinancing Effective Date shall be designated a Tranche (a “Refinancing Term Loan Tranche”) of Refinancing Term Loans for all purposes of this Agreement; provided that any Refinancing Term Loans may, to the extent provided in the applicable Refinancing Term Loan Amendment (as defined below), be designated as an increase in any previously established Refinancing Term Loan Tranche of Refinancing Term Loans made to the Borrower.
(c) The Administrative Agent and Commitments hereunder the Lenders hereby consent to the transactions contemplated by Section 2.20(a) (but including, for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition payment of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discountsinterest, fees, premiums amortization or premium in respect of the Refinancing Term Loans and prepayment or redemption provisions and Refinancing Notes on the terms as may be agreed specified by the Borrower Borrower) and hereby waive the requirements of this Agreement or any other Loan Document that may otherwise prohibit any transaction contemplated by Section 2.20(a). The Refinancing Term Loans shall be established pursuant to an amendment to this Agreement among the Borrower, the Administrative Agent and the Refinancing Term Loan Lenders or Additional Lenders with respect thereto, providing such Refinancing Term Loans (iiia “Refinancing Term Loan Amendment”) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower which shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class consistent with a later maturity date than such Class and (iv) will, to the extent provisions set forth in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedSection 2.20(a). The effectiveness of any Refinancing Notes (excluding the Seller Note) shall be established pursuant to an indenture which shall be consistent with the provisions set forth in Section 2.20(a). Each Refinancing Term Loan Amendment shall be subject tobinding on the Lenders, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit LoansAgent, the Revolver Agent), receipt by Loan Parties party thereto and the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the other parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such Lender and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of Section 2.20, including in order to establish new Tranches or sub-Tranches in respect of the Refinancing Term Loans and such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in Section 2.06(a) (insofar as such schedule relates to payments due to Lenders the Term Loans of which are refinanced with the proceeds of Refinancing Term Loans; provided that no such amendment shall reduce the pro rata share of any such payment that would have otherwise been payable to the Lenders the Term Loans of which are not refinanced with the proceeds of Refinancing Term Loans). The Administrative Agent shall be permitted, and each is hereby authorized, to enter into such amendments with the Borrower to effect the foregoing. Notwithstanding the foregoing, no Refinancing Term Loan Amendment shall become effective under this SectionSection 2.20 unless (i) on the date of such effectiveness, no Default or Event of Default shall have occurred and be continuing, (ii) all representations and warranties made by the Loan Parties in the Loan Documents shall be true and correct in all material respects (provided that any representations and warranties already qualified by materiality or material adverse effect shall be true and correct in all respects), and (iii) except as otherwise specified in the applicable Incremental Term Loan Assumption Agreement, the Administrative Agent shall have received legal opinions, board resolutions and other closing certificates reasonably requested by the Administrative Agent and consistent with those delivered on the Effective Date under Section 4.01.
(bd) This Section 2.18 2.20 shall supersede any provisions of in Section 10.01 2.15 or 9.02 to the contrary.
Appears in 1 contract
Refinancing Facilities. (a) At any time after The Borrower may, on one or more occasions, by written notice to the Closing DateAdministrative Agent, establish (i) a new Class of revolving commitments (the “Refinancing Revolving Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Revolving Lender”) will make revolving loans to the Borrower may obtain(“Refinancing Revolving Loans”) and acquire participations in the Letters of Credit or (ii) one or more additional Classes of term loan commitments (the “Refinancing Term Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”) will make term loans to the Borrower (the “Refinancing Term Loans”). Each such notice shall specify (A) the date on which the Borrower proposes that the Refinancing Revolving Commitments or the Refinancing Term Commitments, from as applicable, shall be effective, (B) the amount of the Refinancing Revolving 94 Commitments or Refinancing Term Commitments, as applicable, requested to be established and (C) the identity of each Person proposed to become a Refinancing Lender in connection therewith (it being agreed that (x) any Lender approached to provide any Refinancing Revolving Commitment or any Additional Lender (to the extent agreed to by such Lender Refinancing Term Commitment may elect or Additional Lender decline, in its sole discretion), Credit Agreement to provide such Refinancing Indebtedness in respect Revolving Commitment or Refinancing Term Commitment and (y) any Person that the Borrower proposes to be a Refinancing Lender must be an Eligible Assignee and, if such approval would then be required under Section 9.04 for an assignment to such Person of all a Commitment or any portion Loan of the Term Loansapplicable Class, Prepetition Subsidiary Debtmust be approved by the Administrative Agent and each Issuing Bank (each such approval not to be unreasonably withheld, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities delayed or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant theretoconditioned)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness ).
(i) will, The terms and conditions of any Refinancing Revolving Commitment and Loans and other extensions of credit to be made thereunder shall be as determined by the extent secured, Borrower and the applicable Refinancing Revolving Lenders; provided that (A) no Refinancing Revolving Maturity Date shall be earlier than the Revolving Maturity Date and (B) Refinancing Revolving Commitments and Refinancing Revolving Loans and other extensions of credit thereunder shall rank pari passu or junior equal in right of payment and of security with the other Commitments and Loans hereunder, shall be unsecured, and shall be extensions of credit to the Borrower that are Guaranteed by the other Loan Parties.
(i) The terms and conditions of any Refinancing Term Commitments hereunder and the Refinancing Term Loans to be made thereunder shall be as determined by the Borrower and the applicable Refinancing Term Lenders and set forth in the applicable Refinancing Facility Agreement; provided that (A) no Refinancing Term Maturity Date shall be earlier than the Maturity Date of the Class of Term Loans being refinanced, (B) the Weighted Average Life to Maturity of any Refinancing Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Class of Term Loans being refinanced (it being understood that, subject to this clause (B), the amortization schedule applicable to any Refinancing Term Loans shall be determined by the Borrower and the applicable Refinancing Term Lenders), (C) any Refinancing Term Loans may participate in any mandatory prepayment under Section 2.11 on a pro rata basis (or on less than pro rata basis, but not on a greater than pro rata basis) with the other Term Loans, if any, (D) any Refinancing Term Commitments and Refinancing Term Loans thereunder shall rank equal in right of payment, shall be unsecured, and shall be extensions of credit to the Borrower that are Guaranteed by the other Loan Parties, (E) except for the terms referred to above, except for any of the following that are only applicable to periods after the latest Maturity Date in effect at the time of effectiveness of the applicable Refinancing Facility Agreement, the terms of such Refinancing Term Loans (excluding, for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredinterest rates (including through fixed interest rates), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, fees, funding discounts, feesoriginal issue discounts, premiums amortization, maturity and prepayment or redemption provisions premiums and terms terms) (when taken as may be agreed by a whole) are not materially more restrictive on the Borrower and the Lenders or Additional Lenders with respect theretoRestricted Subsidiaries than those under the Loan Documents (when taken as a whole) (provided, (iii) willhowever, that such terms shall not be deemed to be “materially more restrictive” solely as a result of the extent inclusion in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by Facility Agreement of a restrictive covenant not previously provided for in this Agreement so long as the Administrative Agent (or in shall be given prompt written notice thereof and this Agreement is amended to include such restrictive covenant for the case benefit of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agentall Lenders), receipt by it being understood that a certificate of an Authorized Officer of the Borrower delivered to the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as at least five Business Days prior to the effectiveness of each the applicable Refinancing Amendment. Each Facility Agreement, together with a reasonably detailed description of the parties hereto hereby agrees thatmaterial terms and conditions of such Refinancing Term Loans or drafts of the documentation relating thereto, upon stating that the effectiveness of any Refinancing Amendment, this Agreement Borrower has determined in good faith that such terms satisfy the foregoing requirement shall be deemed amended to conclusive evidence that such terms satisfy the extent foregoing requirement unless the Administrative Agent notifies the Borrower within such five Business Day period that it disagrees with such 95 determination (but only to the extent) necessary to reflect the existence and terms including a reasonable description of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loansbasis upon which it disagrees), Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.and
Appears in 1 contract
Sources: First Amendment (Costar Group, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the The Borrower may obtainfrom time to time, from any Lender request (x) one or any Additional Lender (more new term loan facilities to the extent agreed to by such Lender or Additional Lender in its sole discretion), credit facilities under this Credit Agreement (the “Specified Refinancing Indebtedness in respect of Term Loans”) to refinance all or any portion of the any Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Credit Agreement and/or (which will be deemed y) one or more new revolving facilities to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding the credit facilities under this Credit Agreement to refinance all or a portion of any class of Revolving Loans (or any the “Specified Refinancing Revolving Credit Loans outstanding pursuant thereto)Loans”) or Revolving Commitments (the “Specified Refinancing Revolving Commitments” and together with any then outstanding Specified Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelythe “Specified Refinancing Facilities”), in each case, case pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementprocedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrower; provided, provided that such Credit Agreement Specified Refinancing Indebtedness Facilities: (i) will, to the extent secured, will rank pari passu or junior in right of payment and of security with as the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), hereunder; (ii) will, to will not have obligors or contingent obligors that were not obligors or contingent obligors in respect of the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, Obligations; (iii) will, will be (A) unsecured or (B) secured by the Collateral on a pari passu or junior basis with the Obligations pursuant to an Acceptable Intercreditor Agreement that is reasonably satisfactory to the extent in Administrative Agent and the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and Borrower; (iv) will, will have a maturity date that is not prior to the extent in Maturity Date of, and will have a weighted average life to maturity that is not shorter than the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented theretoweighted average life to maturity of, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans and/or Term Loans being refinanced, as applicable; (v) any Specified Refinancing Term Loan or Specified Refinancing Revolving Loan shall share ratably in any prepayments of the Loans pursuant to Section 2.05(b) (or otherwise provide for more favorable prepayment treatment for the then outstanding Loans other than the Specified Refinancing Term Loans); (vi) subject to clause (v)
(b) The Borrower shall make any request for Specified Refinancing Facilities pursuant to a written notice to the Administrative Agent specifying in reasonable detail the proposed terms thereof. Any proposed Specified Refinancing Facilities may be provided by existing Lenders (it being understood that existing Lenders are not required to provide such proposed Specified Refinancing Facilities) or Eligible Assignees in such respective amounts as the Borrower may elect.
(c) The effectiveness of any Refinancing Amendment shall be subject toto the satisfaction (or waiver in accordance with Section 11.01) on the date thereof of each of the conditions set forth in clause (a) above and Section 5.02, and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agentof legal opinions, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent and/or reaffirmation agreements, including any supplements or amendments to the Credit Documents providing for such Specified Refinancing Facilities to be secured thereby, generally consistent, where applicable, with those delivered on the Closing DateFirst Amendment Effective Date (other than changes to such legal opinions resulting from a Change in Law, change in fact or change to counsel’s form of opinion reasonably satisfactory to the Administrative Agent). The Lenders hereby authorize the Administrative Agent to enter into amendments to this Credit Agreement and the other Credit Documents with the Borrower as may be necessary or desirable in order to establish any Specified Refinancing Facilities and to make such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the establishment of such Specified Refinancing Facilities, in each case on terms consistent with and/or to effect the provisions of this Section 2.17, it being understood and agreed that no Lender shall be required to consent to such amendment.
(d) Each class of Specified Refinancing Facilities incurred under this Section 2.17 shall be in an aggregate principal amount that is (i) not less than $25,000,000, or $5,000,000 increments in excess thereof or (ii) the amount required to refinance all of the applicable class of Loans and/or Commitments.
(e) The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each Notwithstanding anything to the contrary in Section 11.01, each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Credit Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Specified Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.Facilities
Appears in 1 contract
Refinancing Facilities. (a) At any time On one or more occasions after the Closing Amendment No. 1 Effective Date, the Borrower may obtain, from any Lender or any other bank, financial institution or other institutional lender or investor (other than an Ineligible Institution) that agrees to provide any portion of Refinancing Term Loans or Other Revolving Commitments pursuant to a Refinancing Amendment in accordance with this Section 2.28 (each, an “Additional Lender Refinancing Lender”) (provided that the Administrative Agent shall have consented (not to be unreasonably withheld or delayed) to such Lender’s or Additional Refinancing Lender’s providing such Refinancing Term Loans or Other Revolving Commitments to the extent agreed such consent, if any, would be required under Section 10.6(c) for an assignment of Revolving Commitments or Loans to by such Lender or Additional Lender in its sole discretionRefinancing Lender), Credit Agreement Refinancing Indebtedness in respect of all or any portion of any Class, as selected by the Borrower in its sole discretion, of Term Loans, Prepetition Subsidiary Debt, Loans or Revolving Credit Loans and/or Revolving Credit (or unused Commitments in respect thereof) then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments Agreement, in the form of Refinancing Revolving Credit Loans or Term Loans, Refinancing Revolving Credit Term Commitments, respectivelyOther Revolving Commitments, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementOther Revolving Loans; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, notwithstanding anything to the extent securedcontrary in this Section 2.28 or otherwise, rank pari passu or junior in right (1) the borrowing and repayment (except for (A) payments of payment interest and of security with the other Loans fees at different rates on Other Revolving Commitments (and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredrelated outstandings), (iiB) will, repayments required upon the maturity date of the Other Revolving Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments (subject to the extent permitted by the definition clause (3) below)) of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders Loans with respect thereto, (iii) will, to Other Revolving Commitments after the extent in the form date of Refinancing obtaining any Other Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein Commitments shall be made on a pro rata basis with all other Revolving Commitments, (2) [reserved], (3) the permanent repayment of Revolving Loans with respect to, and termination of, Other Revolving Commitments after the date of obtaining any then outstanding Other Revolving Credit Loans and Commitments shall be made on a pro rata basis with all other Revolving Credit CommitmentsCommitments in respect of Revolving Loans, except that the Borrower Company shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv4) will, to the extent in the form assignments and participations of Refinancing Other Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless Other Revolving Loans shall be governed by the Required Revolving Credit Lenders shall have consented thereto, have terms same assignment and conditions (other than interest rate margins and commitment fees) identical to those participation provisions applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 1 contract
Sources: Credit Agreement (Taboola.com Ltd.)
Refinancing Facilities. (a) At any time after The Borrower may, on one or more occasions, by written notice to the Closing DateAdministrative Agent, establish (i) a new Class of revolving commitments (the “Refinancing Revolving Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Revolving Lender”) will make revolving loans to the Borrower may obtain(“Refinancing Revolving Loans”) and acquire participations in the Letters of Credit or (ii) one or more additional Classes of term loan commitments (the “Refinancing Term Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”) will make term loans to the Borrower (the “Refinancing Term Loans”). Each such notice shall specify (A) the date on which the Borrower proposes that the Refinancing Revolving Commitments or the Refinancing Term Commitments, from as applicable, shall be effective, (B) the amount of the Refinancing Revolving Commitments or Refinancing Term Commitments, as applicable, requested to be established and (C) the identity of each Person proposed to become a Refinancing Lender in connection therewith (it being agreed that (x) any Lender approached to provide any Refinancing Revolving Commitment or any Additional Lender (to the extent agreed to by such Lender Refinancing Term Commitment may elect or Additional Lender decline, in its sole discretion, to provide such Refinancing Revolving Commitment or Refinancing Term Commitment and (y) any Person that the Borrower proposes to be a Refinancing Lender must be an Eligible Assignee and, if such approval would then be required under Section 9.04 for an assignment to such Person of a Commitment or Loan of the applicable Class, must be approved by the Administrative Agent and each Issuing Bank (each such approval not to be unreasonably withheld, delayed or conditioned).
(i) The terms and conditions of any Refinancing Revolving Commitment and Loans and other extensions of credit to be made thereunder shall be as determined by the Borrower and the applicable Refinancing Revolving Lenders; provided that (A) no Refinancing Revolving Maturity Date shall be earlier than the Revolving Maturity Date and (B) Refinancing Revolving Commitments and Refinancing Revolving Loans and other extensions of credit thereunder shall rank equal in right of payment, and shall be secured by the Collateral on an equal priority basis, with the other Commitments and Loans hereunder, and shall be extensions of credit to the Borrower that are Guaranteed by the other Loan Parties.
(i) The terms and conditions of any Refinancing Term Commitments and the Refinancing Term Loans to be made thereunder shall be as determined by the Borrower and the applicable Refinancing Term Lenders and set forth in the applicable Refinancing Facility Agreement; provided that (A) no Refinancing Term Maturity Date shall be earlier than the Maturity Date of the Class of Term Loans being refinanced, (B) the Weighted Average Life to Maturity of any Refinancing Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Class of Term Loans being refinanced (it being understood that, subject to this clause (B), Credit Agreement the amortization schedule applicable to any Refinancing Indebtedness Term Loans shall be determined by the Borrower and the applicable Refinancing Term Lenders), (C) any Refinancing Term Loans may participate in respect of all any mandatory prepayment under Section 2.11 on a pro rata basis (or any portion of on less than pro rata basis, but not on a greater than pro rata basis) with the other Term Loans, Prepetition Subsidiary Debtif any, Revolving Credit Loans and/or Revolving Credit (D) any Refinancing Term Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding and Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, thereunder shall rank pari passu or junior equal in right of payment payment, and of security shall be secured by the Collateral on an equal priority basis, with the other Commitments and Loans hereunder, and Commitments hereunder shall be extensions of credit to the Borrower that are Guaranteed by the other Loan Parties, (but E) except for the terms referred to above, except for any of the following that are only applicable to periods after the latest Maturity Date in effect at the time of effectiveness of the applicable Refinancing Facility Agreement, the terms of such Refinancing Term Loans (excluding, for the avoidance of doubt, interest rates (including through fixed interest rates), interest margins, rate floors, fees, funding discounts, original issue discounts, amortization, maturity and prepayment or redemption premiums and terms) (when taken as a whole) are not materially more restrictive on the Borrower and the Restricted Subsidiaries than those under the Loan Documents (when taken as a whole) (provided, however, that such terms shall not be deemed to be “materially more restrictive” solely as a result of the inclusion in any Refinancing Facility Agreement of a Previously Absent Financial Maintenance Covenant or other restrictive covenant not previously provided for in this Agreement so long as the Administrative Agent shall be given prompt written notice thereof and this Agreement is amended to include such Previously Absent Financial Maintenance Covenant or other restrictive covenant for the benefit of all Lenders), it being understood that a certificate of an Authorized Officer of the Borrower delivered to the Administrative Agent at least five Business Days prior to the effectiveness of the applicable Refinancing Facility Agreement, together with a reasonably detailed description of the material terms and conditions of such Refinancing Term Loans or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms satisfy the foregoing requirement shall be conclusive evidence that such terms satisfy the foregoing requirement unless the Administrative Agent notifies the Borrower within such five Business Day period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees), and (F) the terms of any such Refinancing Term Loans shall not require any mandatory repayment, redemption, repurchase or defeasance (other than change of control, asset sale or casualty or condemnation event offers or mandatory prepayments and customary acceleration any time after an event of default and excess cash flow sweeps on market terms at the time of incurrence of such Refinancing Term Loans) that could result in prepayments or redemptions of such Refinancing Term Loans prior to the latest Maturity Date in effect at the time of effectiveness of the applicable Refinancing Facility Agreement. In the event any Refinancing Term Loans have the same terms as any Existing Class of Term Loans then outstanding (disregarding any differences in original issue discount or upfront fees), such Refinancing Term Loans may, at the election of the Borrower, be treated as a single Class with such outstanding Term Loans.
(c) The Refinancing Commitments shall be effected pursuant to one or more Refinancing Facility Agreements executed and delivered by the Borrower, each Refinancing Lender providing such Refinancing Commitment, the Administrative Agent and, in the case of Refinancing Revolving Commitments, each Issuing Bank; provided that no Refinancing Commitments shall become effective unless (i) in the case of any Refinancing Revolving Commitments, substantially concurrently with the effectiveness thereof, all the Revolving Commitments then in effect shall be terminated, and all the Revolving Loans then outstanding, together with all interest thereon, and all other amounts accrued for the benefit of the Revolving Lenders, shall be repaid or paid (it being understood, however, that any Letters of Credit Agreement may continue to be outstanding hereunder), and the aggregate amount of such Refinancing Indebtedness may be unsecuredRevolving Commitments does not exceed the sum of the unused portion of the Aggregate Revolving Commitment plus the Aggregate Revolving Exposure at such time (except by an amount equal to accrued and unpaid interest with respect to the Revolving Loans, commitment and Letter of Credit participation fees accrued and unpaid with respect to the Revolving Commitments and fees (including upfront fees and original issue discount), premiums and expenses relating to such refinancing), (ii) willin the case of any Refinancing Term Commitments, substantially concurrently with the effectiveness thereof, the Borrower shall obtain Refinancing Term Loans thereunder and shall repay or prepay then outstanding Term Borrowings of any Class in an aggregate principal amount equal to the extent permitted by aggregate amount of such Refinancing Term Commitments (less the definition aggregate amount of “Credit Agreement Refinancing Indebtedness,” have accrued and unpaid interest with respect to such pricing, interest rate margins outstanding Term Borrowings and any fees (including “MFN” provisionsupfront fees and original issue discount), rate floors, discounts, fees, premiums and expenses relating to such refinancing) (and any such prepayment or redemption provisions of Eurocurrency Term Borrowings shall be subject to Section 2.16) and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, have delivered to the extent Administrative Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates and other documents as shall reasonably be requested (consistent in all material respects with the form documents delivered on the Restatement Effective Date under Section 3 of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment feesRestatement Agreement) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent connection with those delivered on the Closing Dateany such transaction. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing AmendmentFacility Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Facility Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any Lender other than the applicable Refinancing 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 and the Borrower, to give effect to the provisions of this Section.
, including any amendments necessary to treat the applicable Refinancing Commitments and Refinancing Loans as a new Class of Commitments and/or Loans hereunder (bincluding for purposes of prepayments and voting (it being agreed that such new Class of Commitments and/or Loans may be afforded class voting rights requiring the consent of Lenders under such Class in addition to any other consent of Lenders that might otherwise be required under Section 9.02) This and to enable such new Class of Commitments and/or Loans to be extended under Section 2.18 shall supersede 2.22 or refinanced under this Section). The Administrative Agent agrees that its consent to any provisions of Section 10.01 amendment to this Agreement or any other Loan Document as contemplated above, or to the contraryform and substance of any Refinancing Facility Agreement, will not be unreasonably withheld, delayed or conditioned.
Appears in 1 contract
Sources: Credit Agreement (Costar Group Inc)
Refinancing Facilities. (a) At any time after This Amendment is a Refinancing Facility Agreement referred to in the Closing Credit Agreement in connection with the establishment of Refinancing Revolving Commitments and Refinancing Term Loan Commitments pursuant to Section 2.13 of the Credit Agreement.
(b) The aggregate amount of the Refinancing Revolving Commitments effected by this Amendment is $1,750,000,000 and the aggregate amount of the Refinancing Term Loan Commitments effected by this Amendment (the “Refinancing Term Loan A Commitments”) is $250,000,000. The amount of each Refinancing Lender’s Refinancing Commitments is set forth in Schedule I to this Amendment. The Refinancing Term Loans under the Refinancing Term Loan A Commitments (the “Refinancing Term Loan A Loans”) shall be a separate Class of Term Loans from the Initial Term Loans and the Incremental Term B Loans. Notice of borrowing of Refinancing Revolving Loans under Refinancing Revolving Commitments effected by this Amendment and of Refinancing Term Loan A Loans effected by this Amendment shall be made in accordance with Sections 3.01 and 5.05 of the Credit Agreement.
(c) The Company hereby promises to pay to the Administrative Agent for the account of each Refinancing Term Loan Lender the unpaid principal amount of the Refinancing Term Loan A Loans outstanding on the maturity date in respect of such Refinancing Term Loan A Loans specified in Section 3(d)(v) of this Amendment. Prior thereto, the Refinancing Term Loan A Loans shall mature and be payable on each Quarterly Date, each such payment to be in an amount equal to 1.25% of the Borrower may obtainoriginal principal amount of all Refinancing Term Loan A Loans.
(d) For all purposes under this Amendment and the Credit Agreement and notwithstanding anything to the contrary in the Credit Agreement, from any Lender or any Additional Lender (solely to the extent agreed applicable or used in reference to by such Lender any Refinancing Revolving Commitments and Refinancing Revolving Loans effected pursuant to this Amendment and to the Refinancing Term Loan A Commitments and the Refinancing Term Loan A Loans:
(i) Each of the lenders that is listed under the caption “US$ LENDERS” on the signature pages to this Amendment and each lender or Additional Lender in its sole discretion), financial institution that becomes a “US$ Lender” after the Amendment Effective Date pursuant to Section 12.06 of the Credit Agreement Refinancing Indebtedness in respect of all or any portion shall be, individually, together with its successors, a “US$ Lender” and, collectively, together with their respective successors, the “US$ Lenders”.
(ii) Each of the Term Loanslenders that is listed under the caption “US$-CANADIAN LENDERS” on the signature pages to this Amendment and each lender or financial institution that becomes a “US$-Canadian Lender” after the Amendment Effective Date pursuant to Section 12.06 of the Credit Agreement shall be, Prepetition Subsidiary Debtindividually, together with its successors, a “US$-Canadian Lender” and, collectively, together with their respective successors, the “US$-Canadian Lenders”.
(iii) Each of the lenders that is listed under the caption “MULTI-CURRENCY LENDERS” on the signature pages to this Amendment and each lender or financial institution that becomes a “Multi-Currency Lender” after the Amendment Effective Date pursuant to Section 12.06 of the Credit Agreement shall be individually, together with its successors, a “Multi-Currency Lender” and, collectively, together with their respective successors, the “Multi-Currency Lenders”.
(iv) Each of the lenders that is listed under the caption “CANADIAN LENDERS” on the signature pages to this Amendment and each lender or financial institution that becomes a “Canadian Lender” after the date hereof pursuant to Section 12.06 of the Credit Agreement shall be individually, together with its successors, a “Canadian Lender” and, collectively, together with their respective successors, the “Canadian Lenders”.
(v) The Commitment Termination Date with respect to the Refinancing Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under effected by this Agreement (which will be deemed Amendment and the maturity date with respect to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding the Refinancing Term Loan A Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyeffected by this Amendment, in each casecase is June 4, pursuant 2023.
(vi) All references to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Schedule I to the Credit Agreement Refinancing Indebtedness shall be deemed references to Schedule I to this Amendment.
(ivii) will, All references to the extent secured, rank pari passu or junior “Level 4” in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,Applicable Leverage Ratio” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted deemed to permanently repay be references to “Level 3” as set forth in Sections 3(d)(viii) and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent3(d)(ix), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements this Amendment.
(viii) The Applicable Commitment Fee Rate in respect of the Refinancing Revolving Commitments shall be, at any time, the percentage per annum set forth in the schedule below opposite the Pricing Level in effect at such time: Greater than or equal to 4.50 to 1.00 Less than 4.50 to 1.00 and board resolutionsgreater than or equal to 3.50 to 1.00 Less than 3.50 to 1.00 For purposes of the foregoing, officers’ certificates the “Pricing Level” in effect at any time shall be the level (any of ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇ or Level 3) indicated in the schedule set forth in Section 3(d)(ix) of this Amendment corresponding to the Applicable Leverage Ratio in effect at such time.
(ix) The Applicable Margin in respect of Refinancing Loans effected by this Amendment shall be the rate for the respective Type of Loan set forth opposite the level (any of ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇ or Level 3) indicated in the schedule set forth below corresponding to the Applicable Leverage Ratio in effect at such time: Greater than or equal to 4.50 to 1.00 0.75% 1.75% 1.75% 1.75% Less than 4.50 to 1.00 and legal opinions consistent with those delivered greater than or equal to 3.50 to 1.00 0.50% 1.50% 1.50% 1.50% Less than 3.50 to 1.00 0.25% 1.25% 1.25% 1.25% ; provided that (i) during an Adjusted Financial Covenant Period, each Applicable Margin in the schedule above shall be increased by 0.50% and (ii) for Incremental Term Loans, such per annum rates as shall be agreed to by the Company and the applicable Incremental Term Lenders as shown in the applicable Incremental Term Loan Activation Notice. As of the Amendment Effective Date, the Applicable Margin in respect of Refinancing Loans is determined based on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as level corresponding to the effectiveness of each Refinancing Amendment. Each Applicable Leverage Ratio in effect as at the end of the parties hereto hereby agrees thatmost recent fiscal quarter of the Parent in respect of which financial statements have been delivered by the Parent pursuant to either Section 9.01(1) or 9.01(2) of the Credit Agreement.
(x) The definitions of “Commitments”, upon “Facility” and “Term Loans” in the effectiveness Credit Agreement each shall be deemed to include a reference to Refinancing Term Loans; the definition of any “Term Lenders” shall be deemed to include a reference to Refinancing Amendment, this Term Lenders; the reference to “the then Initial Term Loan Maturity Date” in clause (ii) of Section 2.01(c)(ii) of the Credit Agreement shall be deemed amended to be a reference to “the extent latest of the then Initial Term Loan Maturity Date and the maturity date then applicable to any Class of Refinancing Term Loans”; the reference to “the remaining Weighted Average Life to Maturity of the Initial Term Loans” in clause (but only to the extentiii) necessary to reflect the existence and terms of Section 2.01(c)(ii) of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including shall be deemed to be a reference to “the remaining Weighted Average Life to Maturity of the Initial Term Loans or any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, as applicable”; Section 2.06 of the Credit Agreement shall be deemed also to apply to Refinancing Revolving Credit Term Loans and each reference therein to “Incremental Term Loans” shall be deemed to be a reference to “Incremental Term Loans or Refinancing Revolving Credit Loan Commitments, as applicable) Term Loans”; and any Indebtedness being replaced or refinanced with such Section 5.02 of the Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced also to apply to Refinancing Term Lenders and satisfied in all respects. Any Refinancing Amendment mayTerm Loans and each reference therein to “Incremental Term Loans” or “Incremental Term Lenders” shall be deemed to be a reference to “Incremental Term Loans or Refinancing Term Loans” and “Incremental Term Lenders or Refinancing Term Lenders”, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, to effect the provisions of this Sectionrespectively.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 1 contract
Sources: Credit Agreement (Iron Mountain Inc)
Refinancing Facilities. (a) At any time after the Closing Date, the The Borrower may obtain, from any Lender or any Additional Lender (by written notice to the extent agreed Administrative Agent elect to by such Lender request the establishment of one or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect more additional Tranches of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (“Refinancing Term Loans”) or one or more series of loans or debt securities (“Refinancing Debt”), which will be deemed to include refinance, renew, replace, defease or refund one or more Tranches of Term Loans (including any then outstanding Incremental Term Loans, Extended Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding other Refinancing Term Loans) under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding existing Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementDebt; provided, that such Credit Agreement Refinancing Indebtedness Term Loans and/or Refinancing Debt may not be in an amount greater than the aggregate principal amount of the Term Loans or Refinancing Debt being refinanced, renewed, replaced, defeased or refunded plus unpaid accrued interest and premium (iif any) willthereon and upfront fees, underwriting discounts, fees, commissions and expenses incurred in connection with the Refinancing Term Loans and/or Refinancing Debt; provided, further, that such aggregate principal amount may also be increased to the extent such additional amount is capable of being incurred at such time pursuant to Section 6.01 (and Section 6.02 to the extent secured) and such excess incurrence shall for all purposes hereof be an incurrence under the relevant subclauses of Section 6.01 (and Section 6.02 to the extent secured). Each such notice shall specify the date (each, a “Refinancing Effective Date”) on which the Borrower proposes that the Refinancing Term Loans shall be made or the Refinancing Debt shall be issued, which shall be a date not less than three (3) Business Days after the date on which such notice is delivered to the Administrative Agent; provided that:
(i) the Weighted Average Life to Maturity of such Refinancing Term Loans and/or Refinancing Debt shall not be shorter than the remaining Weighted Average Life to Maturity of the Term Loans or Refinancing Debt being refinanced (without giving effect to any prepayments of originally scheduled amortization of such Term Loans or Refinancing Debt being refinanced) and the Refinancing Term Loans and/or Refinancing Debt shall not have a final maturity before the Maturity Date applicable to the Term Loans being refinanced;
(ii) such Refinancing Term Loans and/or Refinancing Debt shall have pricing (including interest rates, fees and premiums), amortization, optional prepayment and redemption terms, and mandatory prepayment and redemptions upon the occurrence of an event of default or pursuant to customary change of control (in the case of notes) or asset sale prepayments or offers, in each case as to not conflict with the corresponding provisions of this Agreement, and as may be agreed to by the Borrower and the relevant Refinancing Term Loan Lenders (as defined below) and/or Refinancing Debt Holders (as defined below);
(iii) such Refinancing Term Loans and/or Refinancing Debt shall not be guaranteed by any Person other than the Borrower or a Guarantor;
(iv) in the case of any such Refinancing Term Loans and/or Refinancing Debt that are secured (a) such Refinancing Term Loans and/or Refinancing Debt are secured by only assets comprising Collateral (as defined in the Security Documents), and not secured by any property or assets of the Borrower or any of its Subsidiaries other than the Collateral (as defined in the Security Documents);
(v) all other terms applicable to such Refinancing Term Loans and/or Refinancing Debt (excluding pricing and optional prepayment or redemptions terms) shall (I) be substantially identical to, or (taken as a whole) be otherwise not more favorable to the Refinancing Term Loan Lenders and/or Refinancing Debt Holders than those applicable to the Term Loans or Refinancing Debt being refinanced (except to the extent such covenants and other terms apply solely to any period after the Maturity Date of the Term Loans being refinanced) or (II) reflect current market terms and conditions when taken as a whole at the time of incurrence or issuance (as reasonably determined by the Borrower); provided, that Refinancing Term Loans and/or Refinancing Debt may rank pari passu or junior in right of payment and of and/or security with the remaining Term Loans, so long as the holders of any Refinancing Term Loans and/or Refinancing Debt are subject to the applicable Intercreditor Agreements (and the Lenders direct and authorize the Agents to enter into any such Intercreditor Agreement on their behalf), or are unsecured; provided, further, that a certificate of a Responsible Officer of the Borrower delivered to the Administrative Agent in good faith at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirement set out in the foregoing clause (v), shall be conclusive evidence that such terms and conditions satisfy such requirement unless the Administrative Agent provides notice to the Borrower of an objection during such five Business Day period (including a reasonable description of the basis upon which it objects).
(b) The Borrower may approach any Lender or any other Person that would be an Eligible Assignee of Term Loans to provide all or a portion of the Refinancing Term Loans (a “Refinancing Term Loan Lender”) or any Person to provide all or a portion of the Refinancing Debt (a “Refinancing Debt Holder”); provided that any Lender offered or approached to provide all or a portion of the Refinancing Term Loans and/or Refinancing Debt may elect or decline, in its sole discretion, to provide a Refinancing Term Loan or purchase Refinancing Debt. Any Refinancing Term Loans made on any Refinancing Effective Date shall be designated a series (a “Refinancing Term Loan Series”) of Refinancing Term Loans for all purposes of this Agreement; provided that any Refinancing Term Loans may, to the extent provided in the applicable Refinancing Term Loan Amendment, be designated as an increase in any previously established Refinancing Term Loan Series of Refinancing Term Loans made to the Borrower.
(c) The Administrative Agent and Commitments hereunder the Lenders hereby consent to the transactions contemplated by Section 2.19(a) (but including, for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition payment of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discountsinterest, fees, premiums amortization or premium in respect of the Refinancing Term Loans and prepayment Refinancing Debt on the terms specified by the Borrower) and hereby waive the requirements of this Agreement or redemption provisions and terms as any other Loan Document that may otherwise prohibit any transaction contemplated by Section 2.19(a). The Refinancing Term Loans shall be agreed by established pursuant to an amendment to this Agreement among the Borrower and the Refinancing Term Loan Lenders or Additional Lenders with respect thereto, providing such Refinancing Term Loans (iiia “Refinancing Term Loan Amendment”) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower which shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class consistent with a later maturity date than such Class and (iv) will, to the extent provisions set forth in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedSection 2.19(a). The effectiveness of any Refinancing Debt shall be established pursuant to a Refinancing Debt Agreement which shall be consistent with the provisions set forth in Section 2.19(a). Each Refinancing Term Loan Amendment shall be subject tobinding on the Lenders, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit LoansAgent, the Revolver Agent), receipt by Loan Parties party thereto and the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the other parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such Lender and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section.
Section 2.19, including in order to establish new Tranches or sub-Tranches in respect of the Refinancing Term Loans and such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in Section 2.09(b) (b) This Section 2.18 insofar as such schedule relates to payments due to Lenders the Term Loans of which are refinanced with the proceeds of Refinancing Term Loans; provided that no such amendment shall supersede reduce the pro rata share of any provisions of Section 10.01 such payment that would have otherwise been payable to the contraryLenders, the Term Loans of which are not refinanced with the proceeds of Refinancing Term Loans). The Administrative Agent shall be permitted, and each is hereby authorized, to enter into such amendments with the Borrower to effect the foregoing.
Appears in 1 contract
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower or any Guarantor may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities Term Loan Commitments or any Incremental Revolving Credit Loan Commitments then outstanding under this Agreement (or any Incremental Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans in the form of Refinancing Term Loans or Refinancing Term Commitments or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretothereto and either, at the option of the Borrower, (A) reflect market terms and conditions (taken as a whole) at the time of incurrence, issuance or effectiveness (as determined by the Borrower in good faith) or are reasonably satisfactory to the Administrative Agent (except for covenants or other provisions applicable only to periods after the applicable Latest Maturity Date) or (B) if not substantially consistent with the terms of the corresponding Refinanced Debt, are not materially more restrictive to Holdings and its Subsidiaries (when taken as a whole) than the terms and conditions of this Agreement (when taken as a whole) (except for covenants or other provisions applicable only to periods after the applicable Latest Maturity Date) (it being understood that (A) to the extent that any financial maintenance covenant is added for the benefit of any such Indebtedness, the terms and conditions of such Indebtedness will be deemed not to be more restrictive than the terms and conditions of this Agreement if such financial maintenance covenant is also added for the benefit of this Agreement and (B) no consent shall be required from the Administrative Agent for terms or conditions that are not market terms or are more restrictive than this Agreement if such terms are added to this Agreement) and (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedClass. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans Loans, Refinancing Term Commitments or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any Lenders other Lendersthan any Lenders providing such Credit Agreement Refinancing Indebtedness, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, to effect the provisions of this Section. For the avoidance of doubt, the satisfaction of, or consent by, the Administrative Agent shall not be required to the extent that such Administrative Agent is removed or replaced in connection with such Refinancing Amendment (in accordance with the terms of hereof).
(b) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 10.02 to the contrary.
Appears in 1 contract
Sources: First Lien Credit Agreement (Allvue Systems Holdings, Inc.)
Refinancing Facilities. (a) At The Borrower may by written notice to the Administrative Agent elect to request the establishment of (i) one or more additional tranches or Classes of term loans under this Agreement (“Refinancing Term Loans”) or one or more series of debt securities (“Refinancing Notes”), which refinance, renew, replace, defease or refund (collectively, “Refinance”) one or more Classes of Term Loans under this Agreement or (ii) one or more additional revolving facilities under this Agreement providing for revolving commitments (“Refinancing Revolving Credit Commitments” and the revolving loans thereunder, “Refinancing Revolving Loans”) which Refinances one or more Classes of Revolving Credit Commitments (and Revolving Credit Loans thereunder) under this Agreement; provided that:
(i) no Default or Event of Default has occurred and is continuing or would result therefrom;
(ii) the principal amount of such Refinancing Debt or Refinancing Revolving Credit Commitments may not exceed the aggregate principal amount of the Term Loans or Revolving Credit Commitments being Refinanced plus accrued and unpaid interest thereon, any time prepayment premiums applicable thereto and reasonable fees and expenses incurred in connection therewith;
(iii) the final maturity date of such Refinancing Debt or Refinancing Revolving Credit Commitments shall not be earlier than the maturity date of the Term Loans (or, in the case of any unsecured or junior lien Refinancing Debt, no earlier than the date that is 91 days after the Closing Datelatest final maturity date of the Term Loans existing at the time of such refinancing or replacement) or Revolving Credit Commitments being Refinanced, and the Weighted Average Life to Maturity of such Refinancing Debt shall be no earlier than the then remaining Weighted Average Life to Maturity of each Class of Term Loans being refinanced;
(iv) the other terms and conditions of such Refinancing Debt or Refinancing Revolving Credit Commitments (except as otherwise provided in clause (iii) above and with respect to pricing, interest rate margins, premiums, discounts, fees, rate floors and optional prepayment or redemption terms), taken as a whole shall (as reasonably determined by the Borrower) be substantially similar to, or (taken as a whole) not materially less favorable to the Borrower and its Subsidiaries than, the Borrower may obtainterms, from any Lender taken as a whole, applicable to Term Loans or any Additional Lender (Revolving Credit Commitments being Refinanced, except to the extent agreed such covenants and other terms apply solely to by such Lender any period after the latest final Term Loan Maturity Date or Additional Lender in its sole discretion), Revolving Credit Agreement Refinancing Indebtedness in respect of all or any portion Maturity Date of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement being Refinanced (which will be deemed to include or, in the case of any then outstanding Incremental unsecured or junior lien Refinancing Debt, after the date that is 91 days after such latest final Term Loans under any Incremental Facilities Loan Maturity Date or any Incremental Revolving Credit Maturity Date);
(v) the proceeds of such Refinancing Debt, Refinancing Revolving Credit Commitments then or Refinancing Revolving Loans shall be applied, concurrently or substantially concurrently with the incurrence thereof (in accordance with Section 4.4(b)(i)), solely to the repayment of the outstanding under this Agreement (amount of one or any more Classes of Term Loans or permanently reduce one or more Classes of Revolving Credit Loans outstanding pursuant thereto)Commitments and Revolving Credit Loans, as the case may be, being Refinanced thereby;
(vi) or any then outstanding each Class of Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Commitments shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof (or such other amount necessary to repay or replace any Class of outstanding Term Loans or Refinancing Revolving Credit Commitments in the form of full);
(vii) no Subsidiary that is not also a Subsidiary Guarantor may be a borrower or a guarantor with respect to such Refinancing Debt, Refinancing Revolving Credit Loans or Commitments and/or Refinancing Revolving Loans;
(viii) Refinancing Debt, Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Commitments and/or Refinancing Amendment, together with any applicable Customary Intercreditor Agreement Revolving Loans may be unsecured or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to may only be secured by the extent secured, Collateral and may rank pari passu or junior in right of payment and of and/or security with the other remaining Revolving Credit Commitments, Revolving Credit Loans and and/or Term Loans, so long as the holders of any Refinancing Debt, Refinancing Revolving Credit Commitments hereunder and/or Refinancing Revolving Loans that are junior in right of payment and/or security are subject to an Acceptable Intercreditor Agreement;
(but for the avoidance ix) such Refinancing Debt or Refinancing Revolving Credit Commitments shall not be secured by any asset of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and its Subsidiaries other than the Lenders or Additional Lenders with respect thereto, Collateral;
(iiix) will, to the extent in the form case of Refinancing Revolving Credit Loans or any Refinancing Revolving Credit Commitments, substantially concurrently with the effectiveness thereof, all the Revolving Credit Commitments then in effect shall be terminated, and all the Revolving Credit Loans then outstanding, together with all interest thereon, and all other amounts accrued for the benefit of the Revolving Credit Lenders, shall be repaid or paid (it being understood, however, that any Letters of Credit may continue to be outstanding hereunder), and the aggregate amount of such Refinancing Revolving Credit Commitments does not exceed the aggregate amount of the Revolving Credit Commitments so terminated; and
(xi) any mandatory prepayment requirements, in the case of any Refinancing Term Loans, may provide that such Refinancing Term Loans may participate in the payment, borrowing, participation and commitment reduction provisions herein any mandatory prepayment on a pro rata basis with any then outstanding Revolving Credit Class of existing Term Loans, but may not provide for prepayment requirements that are more favorable to the Lenders holding such Refinancing Term Loans and Revolving Credit Commitmentsthan to the Lenders holding such Class of Term Loans.
(b) Each such notice shall specify the date (each, except a “Refinancing Effective Date”) on which the Borrower proposes that the Borrower shall Refinancing Debt be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to made or the extent in the form of Refinancing Revolving Credit Commitments shall become effective, which shall be a date not less than three (3) Business Days (or such shorter period as may be agreed to by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent.
(c) The Borrower may approach any Lender or any other Person that would be an Eligible Assignee of the applicable Class of Loans or Commitments pursuant to Section 12.9(b) to provide all or a portion of the Refinancing Term Loans or Refinancing Revolving Credit Commitments and unless (a “Refinancing Lender”); provided that any Lender offered or approached to provide all or a portion of the Required Revolving Credit Lenders shall have consented theretoRefinancing Term Loans may elect or decline, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject toin its sole discretion, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as provide a Refinancing Term Loans, Loan. Any Refinancing Revolving Credit Term Loans or Refinancing Revolving Credit Loan Commitment made on any Refinancing Effective Date shall be designated a series (a “Refinancing Series”) of Refinancing Term Loans or Refinancing Revolving Credit Commitments for all purposes of this Agreement; provided that (i) any Refinancing Term Loans may, to the extent provided in the applicable Refinancing Amendment, be designated as an increase in any previously established Refinancing Series of Refinancing Term Loans made to the Borrower and (ii) any Refinancing Revolving Credit Commitments may, to the extent provided in the applicable Refinancing Amendment, be designated as an increase in any previously established Refinancing Series of Refinancing Revolving Credit Commitments.
(d) The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this Section 5.16 (including, for the avoidance of doubt, the payment of interest, fees, amortization or premium in respect of the Refinancing Term Loans and Refinancing Revolving Credit Commitments, as applicableand Refinancing Revolving Loans on the terms specified by the Borrower) and hereby waive the requirements of this Agreement (including, but not limited to, Section 5.6 and Section 12.2) or any Indebtedness being replaced other Loan Document that may otherwise prohibit such Refinance or refinanced with such any other transaction contemplated by this Section 5.16. The Refinancing Term Loans and Refinancing Revolving Credit Agreement Refinancing Indebtedness Commitments shall be deemed permanently reduced established pursuant to an amendment to this Agreement among the Borrower and satisfied the applicable Refinancing Lenders providing such Refinancing Term Loans or Refinancing Revolving Credit Commitments (a “Refinancing Amendment”) which shall be consistent with the provisions set forth in all respectsthis Section 5.16. Any The Refinancing Notes shall be established pursuant to documentation which shall be consistent with the provisions set forth in Section 5.16(a). Each Refinancing Amendment mayshall be binding on the Lenders, the Administrative Agent, the Credit Parties party thereto and the other parties hereto without the consent of any other Lenders, effect such Lender (except with respect to Refinancing Revolving Credit Commitments as provided above) and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this SectionSection 5.16, including in order to establish new tranches or sub-tranches in respect of the Refinancing Term Loans or Refinancing Revolving Credit Commitments and Refinancing Revolving Loans and such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in Section 4.3(a) (insofar as such schedule relates to payments due to Lenders, the Term Loans of which are Refinanced; provided that no such amendment shall reduce the pro rata share of any such payment that would have otherwise been payable to the Lenders, the Term Loans of which are not Refinanced). The Administrative Agent shall be permitted, and is hereby authorized, to enter into such Refinancing Amendments with the Borrower to effect the foregoing. The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of conditions as may be required by the Refinancing Lenders providing such Refinancing Amendment.
(be) This Section 2.18 If any Refinancing Revolving Credit Commitment is designated as an increase in any previously established Refinancing Revolving Credit Commitment, on the Refinancing Effective Date, subject to the satisfaction of the foregoing terms and conditions, each of the Refinancing Lenders with Refinancing Revolving Credit Commitments of such Refinancing Series shall supersede purchase from each of the other Lenders with Refinancing Revolving Credit Commitments of such Refinancing Series, at the principal amount thereof and in the applicable currencies, such interests in the Revolving Credit Loans under such Refinancing Revolving Credit Commitments outstanding immediately prior to such Refinancing as shall be necessary in order that, after giving effect to all such assignments and purchases, the Refinancing Revolving Loans of such Refinancing Series will be held by Refinancing Lenders thereunder ratably in accordance with the percentage of the total Refinancing Revolving Credit Commitments of all Refinancing Lenders represented by each such Refinancing Lender’s Refinancing Revolving Credit Commitment. After giving effect to any Refinancing Revolving Credit Commitments, all outstanding Swingline Loans and Letters of Credit shall be participated on a pro rata basis by all Lenders with a Revolving Credit Commitment in accordance with their revised Revolving Credit Commitment Percentages.
(f) The Administrative Agent is authorized to enter into any Acceptable Intercreditor Agreement (and any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, such agreements) and to take all actions (and execute all documents) required (or otherwise deemed advisable by the Administrative Agent) in connection with the incurrence by any Credit Party of any Refinancing Debt, in order to permit such Refinancing Debt to be secured by a valid, perfected lien and the parties hereto acknowledge that any Acceptable Intercreditor Agreement will be binding upon them. Each Lender (i) hereby agrees that it will be bound by and will take no actions contrary to the provisions of Section 10.01 any Acceptable Intercreditor Agreement and (ii) hereby authorizes and instructs the Administrative Agent to enter into any Acceptable Intercreditor Agreement (and any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, such agreements) in connection with the incurrence by any Credit Party of any Refinancing Debt, in order to permit such Refinancing Debt to be secured by a valid, perfected lien and to subject the Liens on the Collateral securing the Secured Obligations to the contraryprovisions thereof.
(g) Notwithstanding the terms of Sections 5.13, 5.16 and 5.17, in no event shall there be more than (i) four (4) tranches of revolving facilities in the aggregate in effect at any time (including the Revolving Credit Commitments, any Extended Revolving Credit Commitments and any Refinancing Revolving Credit Commitments) and (ii) six (6) tranches of term loans (including the Initial Term B-2 Loan, any Extended Term Loans, any Incremental Term Loans and any Refinancing Term Loans), in each case under this Agreement.
Appears in 1 contract
Sources: Credit Agreement (Switch, Inc.)
Refinancing Facilities. (a) At any time after the Closing RestatementThird Amendment Effective Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect of (A) all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which for purposes of this clause (A) will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Term Loan Commitments) or and any then outstanding Refinancing Term Loans or (B) all or any then outstanding portion of the Revolving Loans (or unused Revolving Commitments or any Incremental Loans or unused Incremental Revolving Commitments or any unused Refinancing Revolving Credit Commitment of Refinancing Revolving Loans) under this Agreement, in the form of (x) Refinancing Term Loans or Refinancing Term Commitments or (y) Refinancing Revolving Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelyas the case may be, in each case, case pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, will rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” will have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums pricing and optional prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect theretothereof, (iii) will(x) with respect to any Refinancing Revolving Loans or Refinancing Revolving Commitments, will have a maturity date that is not prior to the extent maturity date of Revolving Loans (or unused Revolving Commitments) being refinanced and (y) with respect to any Refinancing Term Loans or Refinancing Term Commitments, will have a maturity date that is not prior to the maturity date of, and will have a Weighted Average Life to Maturity that is not shorter than, the Term Loans being refinanced, (iv) will have such pricing, premiums, optional prepayment terms and financial covenants as may be agreed by the Borrower and the Lenders thereof and (v) will have other terms and conditions that are substantially identical to (or in the case of any Credit Agreement Refinancing NotesIndebtedness in the form of notes, are on market terms or are substantially identical to), or (taken as a whole) are no more favorable to the investors providing such Credit Agreement Refinancing Revolving Credit Loans or Refinancing Revolving Credit CommitmentsIndebtedness than the Refinanced Debt; provided, participate in the paymentfurther, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to such Credit Agreement Refinancing Indebtedness may provide for any additional or different financial or other covenants or other provisions that are agreed between the Revolving Borrower and the Lenders thereof and applicable only during periods after the Latest Maturity Date that is in effect on the date such Credit Commitments and Revolving Credit Loans being refinancedAgreement Refinancing Indebtedness is issued, Incurred or obtained. The effectiveness of any Refinancing Amendment shall be subject toto the satisfaction on the date thereof of each of the conditions set forth in Section 6.1 and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agentof legal opinions, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent RestatementThird Amendment Effective Date (other than changes to such legal opinions resulting from a change in law, change in fact or Revolver Agent, as applicable, shall promptly notify each Lender as change to counsel’s form of opinion reasonably satisfactory to the effectiveness of each Refinancing AmendmentAdministrative Agent). Each Tranche of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto Incurred under this Section 4.19 shall be in an aggregate principal amount that is (including any amendments necessary to treat x) not less than $100,000,000 in the case of Refinancing Term Loans or $50,000,000 in the case of Refinancing Revolving Loans and Commitments subject thereto as (y) an integral multiple of $50,000,000 in excess thereof in the case of Refinancing Term Loans, Loans or $25,000,000 in excess thereof in the case of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respectsLoans. Any Refinancing Amendment maymay provide for the issuance of Letters of Credit for the account of the Borrower, without or the provision to the Borrower of Swingline Loans, pursuant to any Refinancing Revolving Commitments established thereby, in each case on terms substantially equivalent to the terms applicable to Letters of Credit and Swingline Loans under the Revolving Commitments and in each case with the consent of any other Lenders, effect such amendments to this Agreement the applicable issuing lenders and the other Loan Documents as may be necessary or appropriate, to effect the provisions of this Sectionswingline lenders.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 1 contract
Sources: Third Amendment Agreement (KAR Auction Services, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender on a pro rata basis (based on the aggregate outstanding principal amount of the Term Loans or any Additional Lender (Revolving Commitments then outstanding) or, to the extent agreed declined by an existing Lender after having five (5) Business Days to by respond after written notice from the Agent (which shall be redeemed rejected if not received at the end of such Lender or Additional Lender in its sole discretionfive (5) Business Days period), Credit Agreement any new lender (provided that if Administrative Agent would have consent rights with respect to such new lender under Section 11.04 herein were such new lender to take an assignment of Loans or Commitments hereunder, then such new lender shall be reasonably acceptable to the Administrative Agent (in consultation with the Borrower) (such acceptance not to be unreasonably withheld or delayed); provided, however, that, notwithstanding anything to the contrary, no new lender shall be a Loan Party or an Affiliate of a Loan Party) (each such new lender being an “Additional Lender”) Refinancing Indebtedness Term Loans, Refinancing Term Loan Commitments, Refinancing Revolving Loans or Refinancing Revolving Loan Commitments in exchange for, or to extend, renew, replace or refinance, in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Loans or Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then then-outstanding Incremental New Term Loans under any Incremental Facilities New Term Loan Commitments or any Incremental then-outstanding New Revolving Credit Commitments then outstanding under this Agreement (or Commitments) and any Revolving Credit Loans outstanding pursuant thereto)) or any then then-outstanding Refinancing Term Loans in the form of Refinancing Term Loans or Refinancing Term Commitments or any then then-outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, Loan Commitments in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement intercreditor agreement or other customary subordination agreementagreement (“Refinanced Debt”); provided, that such Credit Agreement Refinancing Indebtedness (i) willsuch extending, renewing or refinancing Indebtedness shall be unsecured or, to the extent secured, shall rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) such Indebtedness shall not mature or have scheduled amortization or payments of principal prior to the date that is 91 days after the Final Maturity Date at the time such Indebtedness is incurred, (iii) such Indebtedness does not have a Weighted Average Life to Maturity equal to or less than that of the Refinanced Debt and does not have mandatory prepayment or redemption provisions (other than customary asset sale, similar events and change of control offers) that would result in a mandatory prepayment or redemption of such Indebtedness prior to the date that is 91 days after the Final Maturity Date at the time such Indebtedness is incurred, (iv) such Refinanced Debt shall be repaid, defeased or satisfied and discharged, and all accrued interest, fees and premiums (if any) in connection therewith shall be paid, on the date that such Indebtedness is issued, incurred or obtained, (v) (x) such Indebtedness, to the extent secured, shall be secured only by the Collateral, or be guaranteed by any person other than the Guarantors under the outstanding Loans, (y) if such Indebtedness being refinanced is unsecured, such Refinanced Debt shall be unsecured, and (z) if such Indebtedness being refinanced is subordinated with respect to the Obligations, such Refinanced Debt shall be subordinated at least to the same extent as such Indebtedness being refinanced, (vi) the liens securing such Indebtedness shall not be of higher priority than the lien securing the applicable Refinanced Debt, (vii) the other terms of such Indebtedness (other than pricing, interest rate margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions) shall be substantially similar to, or (taken as a whole) no more favorable to the lenders providing such Indebtedness than those applicable to the Loans or Revolving Commitments being refinanced or replaced (except for covenants and other provisions applicable only to the periods after the Final Maturity Date), (vii) such Indebtedness will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” clauses (i) to (vi), have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, thereof and (iiiviii) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then all then-outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness Refinanced Debt incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicableLoans) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness Refinanced Debt shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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.
(b) This Section 2.18 Section 2.21 shall supersede any provisions of Section 10.01 in Section 11.02 to the contrary.
Appears in 1 contract
Sources: Credit Agreement (Inotiv, Inc.)
Refinancing Facilities. (a) At any time On one or more occasions after the Closing Date, the applicable Borrower may obtain, from any Lender or any other bank, financial institution or other institutional lender or investor (other than an Ineligible Institution) that agrees to provide any portion of Refinancing Term Loans or Other Revolving Commitments pursuant to a Refinancing Amendment in accordance with this Section 2.28 (each, an “Additional Refinancing Lender”) (provided that the Administrative Agent, the Swingline Lender and each Issuing Bank, if applicable, shall have consented (not to be unreasonably withheld or delayed) to such Lender’s or Additional Refinancing Lender’s providing such Refinancing Term Loans or Other Revolving Commitments to the extent agreed such consent, if any, would be required under Section 10.6(c) for an assignment of Revolving Commitments or Loans to by such Lender or Additional Lender in its sole discretionRefinancing Lender), Credit Agreement Refinancing Indebtedness in respect of all or any portion of any Class, as selected by the applicable Borrower in its sole discretion, of Term Loans, Prepetition Subsidiary Debt, Loans or Revolving Credit Loans and/or Revolving Credit (or unused Commitments in respect thereof) then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments Agreement, in the form of Refinancing Revolving Credit Loans or Term Loans, Refinancing Revolving Credit Term Commitments, respectivelyOther Revolving Commitments, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementOther Revolving Loans; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, notwithstanding anything to the extent securedcontrary in this Section 2.28 or otherwise, rank pari passu or junior in right (1) the borrowing and repayment (except for (A) payments of payment interest and of security with the other Loans fees at different rates on Other Revolving Commitments (and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredrelated outstandings), (iiB) will, repayments required upon the maturity date of the Other Revolving Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments (subject to the extent permitted by the definition clause (3) below)) of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders Loans with respect thereto, (iii) will, to Other Revolving Commitments after the extent in the form date of Refinancing obtaining any Other Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein Commitments shall be made on a pro rata basis with any then outstanding all other Revolving Credit Commitments, (2) all Swingline Loans and Letters of Credit shall be participated on a pro rata basis by all Lenders with Commitments in accordance with their percentage of the Commitments in respect of Revolving Credit CommitmentsLoans, (3) the permanent repayment of Revolving Loans with respect to, and termination of, Other Revolving Commitments after the date of obtaining any Other Revolving Commitments shall be made on a pro rata basis with all other Revolving Commitments in respect of Revolving Loans, except that the Borrower Company shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv4) will, to the extent in the form assignments and participations of Refinancing Other Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless Other Revolving Loans shall be governed by the Required Revolving Credit Lenders shall have consented thereto, have terms same assignment and conditions (other than interest rate margins and commitment fees) identical to those participation provisions applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. Loans.
(b) The effectiveness of any Refinancing Amendment shall be subject toto the satisfaction on the date thereof of each of the conditions set forth in Section 5.3 and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on and/or such amendments to the Closing Date. The Security Documents as may be reasonably requested by the Administrative Agent or Revolver Agent, as applicable, in order to ensure that such Credit Agreement Refinancing Indebtedness is provided with the benefit of the applicable Loan Documents.
(c) Each issuance of Credit Agreement Refinancing Indebtedness under Section 2.28(a) shall promptly notify each Lender as to the effectiveness be in an aggregate principal amount that is (x) not less than $10,000,000 and (y) an integral multiple of each Refinancing Amendment. $1,000,000 in excess thereof.
(d) Each of the parties hereto hereby agrees that, upon that this Agreement and the effectiveness of any other Loan Documents may be amended pursuant to a Refinancing Amendment, this Agreement shall be deemed amended without the consent of any other Lenders, to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and make such other changes to this Agreement and the other Loan Documents consistent with the provisions and intent of the third paragraph of Section 10.1 (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, the Required Lenders called for therein) and effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Company, to effect the provisions of this SectionSection 2.28, and the Required Lenders hereby expressly authorize the Administrative Agent to enter into any such Refinancing Amendment.
(be) This Section 2.18 Section 2.28 shall supersede any provisions of Section 10.01 in Sections 2.17 or 10.1 to the contrary.
Appears in 1 contract
Sources: Credit Agreement (Rapid7, Inc.)
Refinancing Facilities. (a) At any time after the Initial Closing Date, the Borrower Borrowers may obtain, from any Lender or any Additional Lender new lender (provided that if Administrative Agent would have consent rights with respect to such new lender under Section 10.06 herein were such new lender to take an assignment of Loans or Commitments hereunder, then such new lender shall be reasonably acceptable to the extent agreed Administrative Agent (in consultation with the Borrowers) (such acceptance not to by be unreasonably withheld or delayed) and provided further that any such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness held or to be held or loaned by the Sponsor or its Affiliates shall be subject to the same restrictions as applicable to Sponsor Permitted Assignees (or Debt Fund Affiliates, as they case may be) pursuant to the terms of Section 10.06) (each such new lender being an “Additional Lender”), Permitted Equal Priority Refinancing Debt in the form of loans (and corresponding commitments) in respect of all or any portion of the Term Loans (“Refinanced Term Loans, Prepetition Subsidiary ”) (such Permitted Equal Priority Refinancing Debt, “Refinancing Term Loans”) or Revolving Credit Loans and/or (“Refinanced Revolving Credit Commitments Loans”) (such Permitted Equal Priority Refinancing Debt, “Refinancing Revolving Credit Loans” and the corresponding commitments, the “Refinancing Revolving Credit Commitments”) then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) Term Commitment Increase or any then outstanding Refinancing Revolving Credit Loans under any Revolving Credit Commitment Increase) and any then outstanding Refinanced Term Loans in the form of Refinanced Term Loans or Refinanced Term Commitments or any then outstanding Refinancing Refinanced Revolving Credit Loans in the form of Refinanced Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing refinanced Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Permitted Equal Priority Refinancing Indebtedness Debt in the form of loans (and corresponding commitments) (i) will, to the extent secured, rank shall be pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” and “Permitted Equal Priority Refinancing Debt”, have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower Borrowers and the Lenders or Additional Lenders with respect thereto, thereof and (iii) will, to the extent in the form of Refinancing Revolving Credit Loans or (and corresponding Refinancing Revolving Credit Commitments), participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any all then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Initial Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Permitted Equal Priority Refinancing Indebtedness Debt in the form of loans (and corresponding commitments) incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Loans (and corresponding Refinancing Revolving Credit Commitments, as applicable)) and any Indebtedness Refinanced Term Loans or Refinanced Revolving Credit Loans (and the corresponding refinanced Revolving Credit Commitments) being replaced or refinanced with such Credit Agreement Permitted Equal Priority Refinancing Indebtedness Debt in the form of loans (and corresponding commitments) shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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 SectionSection 2.18.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 1 contract
Sources: Senior Secured First Lien Credit Agreement (Project Angel Parent, LLC)
Refinancing Facilities. (a) At any time after The Borrower may, on one or more occasions, by written notice to the Closing DateAdministrative Agent, request the establishment hereunder of (i) one or more additional Classes of revolving commitments (the “Refinancing Revolving Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Revolving Lender”) will make revolving loans to the Borrower may obtain(“Refinancing Revolving Loans”) and, from if applicable under such Class, acquire participations in the Letters of Credit and all the then existing Revolving Commitments will be refinanced in full or (ii) one or more additional Classes of term loan commitments (the “Refinancing Term Loan Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”) will make term loans to the Borrower (the “Refinancing Term Loans”). Each such notice shall specify (A) the date on which the Borrower proposes that the Refinancing Commitments shall be effective and (B) the amount of the Refinancing Commitments requested to be established (it being agreed that (x) any Lender approached to provide any Refinancing Commitment may elect or any Additional Lender (to the extent agreed to by such Lender or Additional Lender decline, in its sole discretion), Credit Agreement to provide such Refinancing Indebtedness in respect Commitment and (y) any Person that the Borrower proposes to be a Refinancing Lender must be an Eligible Assignee and, solely if such approval would be required under Section 10.6 for an assignment of all Loans or any portion Commitments of the applicable Class to such Refinancing Lender, must be approved by the Administrative Agent and, in the case of any proposed Refinancing Revolving Lender if such Lender is to acquire participations in the Letters of Credit, each Issuing Bank (each such approval not to be unreasonably withheld, conditioned or delayed)).
(b) The terms and conditions of any Refinancing Commitments and the Refinancing Loans to be made thereunder shall be as determined by the Borrower and the applicable Refinancing Lenders and set forth in the applicable Refinancing Facility Agreement; provided that an Issuing Bank shall not be required to issue, amend or extend any Letter of Credit under any Refinancing Revolving Commitments unless such Issuing Bank shall have consented to act in such capacity under the Refinancing Revolving Commitments; provided further that (i) the stated termination date applicable to the Refinancing Revolving Commitments of any Class and the Refinancing Term Loan Maturity Date of any Class shall not be earlier than the Maturity Date of the Class of Commitments or Loans being refinanced, (ii) in the case of any Refinancing Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed the weighted average life to include maturity of any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or shall be no shorter than the remaining weighted average life to maturity of the Class of Term Loans being refinanced (and, for purposes of determining the weighted average life to maturity of such Class of Term Loans being refinanced, the effects of any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, prepayments made prior to the extent secureddate of the determination shall be disregarded), it being understood that, subject to this clause (ii), the amortization schedule applicable to (and the effect thereon of any prepayments of) any Refinancing Term Loans shall be determined by the Borrower and the applicable Refinancing Lenders, (iii) any Refinancing Term Loans may participate in any mandatory prepayments hereunder on a pro rata basis (or on a basis that is less than pro rata) with the other Term Loans, but may not provide for mandatory prepayment requirements that are more favorable than those applicable to the other Term Loans, (iv) any Refinancing Commitments and Refinancing Loans made thereunder shall rank pari passu or junior in right of payment payment, and of security shall be secured by the Collateral on an equal and ratable basis, with the other Loans and Commitments hereunder hereunder, and shall be extensions of credit to the Borrower that are Guaranteed only by the Credit Parties, and (but v) except for the avoidance terms referred to above, to the extent the terms of doubtany Refinancing Commitments or Refinancing Loans (except with respect to Effective Yield and components thereof, fees, prepayment terms (including “no call” terms and other restrictions thereon) and premiums) are not consistent with those of the Class of Commitments or Loans being refinanced, such Credit differences shall be reasonably acceptable to the Administrative Agent (except for terms benefitting the Refinancing Lenders (A) where this Agreement is amended to include such beneficial terms for the benefit of all Lenders or (B) applicable only to periods after the latest Maturity Date in effect as of the date of establishment or incurrence of such Refinancing Indebtedness may be unsecuredCommitments or Refinancing Loans); provided further that clauses (i), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) willabove shall not apply if, at the time of the incurrence of such Refinancing Revolving Commitments or Refinancing Term Loans, as the case may be, and after giving effect to the extent application of the proceeds thereof, such Refinancing Revolving Commitments or Refinancing Term Loans shall be the sole Class of Commitments or Term Loans, as the case may be, outstanding under this Agreement. In the event any Refinancing Term Loans have the same terms as any existing Class of Term Loans then outstanding or any Incremental Term Loans or Extended/Modified Term Loans then substantially concurrently established (in each case, disregarding any differences in original issue discount or upfront fees if not affecting the fungibility thereof for US federal income tax purposes), such Refinancing Term Loans may, at the election of the Borrower, be treated as a single Class with such outstanding Term Loans or such Incremental Term Loans or Extended/Modified Term Loans, and the scheduled Installments set forth in Section 2.11 with respect to any such Class of Term Loans may be increased to reflect scheduled amortization of such Refinancing Term Loans.
(c) The Refinancing Commitments shall be effected pursuant to one or more Refinancing Facility Agreements executed and delivered by the Borrower, each Refinancing Lender providing such Refinancing Commitments, the Administrative Agent and, in the form case of Refinancing Revolving Credit Loans or Commitments, as applicable, each Issuing Bank; provided that no Refinancing Commitments shall become effective unless (i) the Borrower shall have delivered to the Administrative Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates, reaffirmation agreements and other documents as shall reasonably be requested (consistent in all material respects with the documents delivered under Section 3.1 on the Closing Date) by the Administrative Agent in connection therewith, (ii) in the case of any Refinancing Revolving Credit Commitments, participate substantially concurrently with the effectiveness thereof, all the Revolving Commitments then in effect shall be terminated and the Borrower shall make any prepayment or deposit required to be made under Section 2.13(e) as a result thereof and shall pay all interest on the amounts prepaid and all fees accrued on the Revolving Commitments (it being understood, however, that any Letters of Credit may continue to be outstanding under the Refinancing Revolving Commitments, in each case on terms agreed by each applicable Issuing Bank and specified in the paymentapplicable Refinancing Facility Agreement) and (iii) in the case of any Refinancing Term Loan Commitments, borrowing(A) substantially concurrently with the effectiveness thereof, participation the Borrower shall obtain Refinancing Term Loans thereunder and commitment reduction provisions herein shall repay or prepay then outstanding Term Borrowings of any Class in an aggregate principal amount equal to the aggregate amount of such Refinancing Term Loan Commitments (less the aggregate amount of accrued and unpaid interest with respect to such outstanding Term Borrowings, any original issue discount or upfront fees applicable to such Refinancing Term Loans and any reasonable fees, premium and expenses relating to such refinancing) and (B) any such prepayment of Term Borrowings of any Class shall be applied to reduce the subsequent Installments to be made pursuant to Section 2.11 with respect to Term Borrowings of such Class on a pro rata basis (in accordance with any then outstanding Revolving Credit Loans and Revolving Credit Commitmentsthe principal amounts of such Installments) and, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, a prepayment of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicableEurodollar Rate Term Borrowings, shall promptly notify each Lender as be subject to the effectiveness of each Refinancing AmendmentSection 2.17(c). Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Facility Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any Lender other than the applicable Refinancing Lenders, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent and the Borrower, to give effect to the provisions of this SectionSection 2.25, including any amendments necessary to treat the applicable Refinancing Commitments and Refinancing Loans as a new Class of Commitments and Loans hereunder (including for purposes of prepayments and voting (it being agreed that such new Class of Commitments and Loans may be included in the definitions of “Majority in Interest”, “Pro Rata Share” and “Requisite Lenders” and may be afforded class voting rights requiring the consent of Lenders under such Class in addition to any other consent of Lenders that might otherwise be required under Section 10.5) and to enable such new Class of Commitments and Loans to be extended under Section 2.24 or refinanced under this Section 2.25).
(bd) This Upon the effectiveness of a Refinancing Commitment of any Refinancing Lender, such Refinancing Lender shall be deemed to be a “Lender” (and a Lender in respect of Commitments and Loans of the applicable Class) hereunder, and henceforth shall be entitled to all the rights of, and benefits accruing to, Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder and shall be bound by all agreements, acknowledgements and other obligations of Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder and under the other Credit Documents.
(e) The Administrative Agent shall notify the Lenders promptly upon receipt by the Administrative Agent of any notice from the Borrower referred to in Section 2.18 shall supersede 2.25(a) and of the effectiveness of any provisions Refinancing Commitments, in each case advising the Lenders of Section 10.01 to the contrarydetails thereof.
Appears in 1 contract
Refinancing Facilities. The Facilities Documentation will permit the Borrower to refinance loans under the Term Facilities and any Incremental Term Facility or commitments under the Revolving Credit Facility from time to time, in whole or in part, with (a) At any time after one or more new term facilities (each, a “Refinancing Facility”) under the Closing DateFacilities Documentation with the consent of the Borrower, the Borrower may obtainAdministrative Agent (not to be unreasonably withheld, from any Lender delayed or any Additional Lender conditioned) and the entities providing Refinancing Facility, (b) other than in the case of the Revolving Credit Facility, one or more series of senior unsecured notes or loans, (c) other than in the case of the Revolving Credit Facility, one or more series of senior secured notes or loans that will be secured by the Collateral on a pari passu basis with the Credit Facilities, or (d) other than in the case of the Revolving Credit Facility, one or more series of junior lien senior secured notes or loans that will be secured on a subordinated basis to the extent agreed to by such Lender or Additional Lender in its sole discretion)Credit Facilities, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed subject to include customary intercreditor and/or subordination arrangements reasonably satisfactory to the Administrative Agent and the Borrower (any then outstanding Incremental such notes or loans, “Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant theretoRefinancing Notes”)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectivelysubject, in each case, pursuant solely to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness the following terms and conditions: (i) willany such Refinancing Facility or Term Refinancing Notes shall not mature prior to the maturity date of, or have a shorter weighted average life to maturity than, the loans under the applicable Credit Facility or Incremental Facility being refinanced; (ii) any Refinancing Facility or Term Refinancing Notes shall not be guaranteed by any person that is not a Guarantor (as defined below); and (iii) to the extent secured, rank pari passu any Refinancing Facility or junior in right of payment and of security with Term Refinancing Notes shall not be secured by any assets that do not constitute Collateral; (iv) the other Loans terms and Commitments hereunder conditions of such Refinancing Facility or Term Refinancing Notes (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums excluding pricing and optional prepayment or redemption provisions and terms terms) shall be substantially identical to, or not materially more favorable (taken as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iiia whole) will, to the extent in the form of lenders providing such Refinancing Revolving Credit Loans Facility or Term Refinancing Revolving Credit CommitmentsNotes, participate in the paymentas applicable, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans Facility or Incremental Facility being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, refinanced are to the extent reasonably requested by Lenders (except for covenants or other provisions applicable only to periods after the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each latest final maturity date of the parties hereto hereby agrees that, upon Term Facilities or Incremental Facility existing at the effectiveness time of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Sectionrefinancing).
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 1 contract
Sources: Joinder Agreement to Commitment Letter (PMC Sierra Inc)
Refinancing Facilities. (a) At Upon at least ten Business Days’ prior notice to the Administrative Agent (which shall promptly notify the Lenders) and subject to the terms and conditions of this Section 2.23, at any time after the Closing Effective Date, the Borrower may obtainsolicit the existing Lenders or prospective lenders determined by the Borrower to provide one or more new unsecured term facilities (each, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement a “Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)Facility”) or any then outstanding Refinancing Term Loans or any then outstanding new unsecured revolving credit facilities (each a “Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing AmendmentFacility” and, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; providedRefinancing Term Facility, that such Credit Agreement collectively, the “Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right of payment and of security with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredFacilities”), or with one or more additional series of senior unsecured notes or loans (ii) willand such notes or loans, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisionsNotes”), rate floorsin each case to refinance one or more Classes of Loans and/or Commitments hereunder, discounts, fees, premiums and prepayment or redemption provisions and all on terms as may be agreed by the Borrower and the Lenders lender(s) or Additional Lenders with respect thereto, purchaser(s) providing the applicable Refinancing Facility or Refinancing Notes; provided that:
(i) no Event of Default exists or would exist after giving effect to the incurrence or issuance of such Refinancing Facility or Refinancing Notes;
(ii) [reserved];
(iii) will, any Refinancing Term Facility or Refinancing Notes will not mature prior to the extent in stated maturity date of, or have a shorter weighted average life than, Loans under the form of Refinancing Revolving Credit Loans Classes being refinanced (without giving effect to prepayments) (or Refinancing if later, one year after the final stated expiration date applicable to the then existing Revolving Credit Commitments), participate in the paymentor, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared respect to any Refinancing Notes, have mandatory prepayment provisions (other Class with a later maturity date than related to customary asset sale, similar events and change of control offers) that would result in mandatory prepayment of such Class and Refinancing Notes prior to, the Loans under the Classes being refinanced,
(iv) will, any Refinancing Revolving Facility does not expire prior to the extent in expiration date of the form revolving Commitments being refinanced,
(v) the aggregate principal amount of any Refinancing Revolving Credit Loans Facility or Refinancing Revolving Credit Commitments Notes shall not be greater than the aggregate principal amount of the Classes being refinanced or replaced, plus any fees, premiums, original issue discount and unless the Required Revolving Credit Lenders shall have consented accrued interest associated therewith and costs and expenses related thereto, have terms and conditions such Classes being refinanced or replaced will be permanently reduced concurrently with the issuance thereof,
(vi) any Refinancing Facility or Refinancing Notes shall not be guaranteed by any Person other than interest rate margins the Guarantors under the Classes being refinanced or replaced, and
(vii) the covenants and commitment fees) identical to those applicable to events of default of such Refinancing Facility or Refinancing Notes, if not consistent with the terms of the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment Facility, shall be subject to, reasonably satisfactory to the extent reasonably requested by the Administrative Agent (it being understood that covenants and events of default not materially more restrictive to the Borrower, when taken as a whole, than the terms of the initial Revolving Loans, and any more-restrictive covenants and events of default if (1) Lenders under the Revolving Credit Facility also receive the benefit of such more restrictive terms or (2) any such provisions apply after the expiration date of the Revolving Credit Facility, are in each case reasonably satisfactory to the Administrative Agent);
(b) Existing Lenders may, but shall not be obligated to without their prior written consent, provide a commitment, purchase any notes and/or make any loans pursuant to any Refinancing Facility or Refinancing Notes, and nothing contained herein constitutes, or shall be deemed to constitute, a commitment with respect to any Refinancing Facility or Refinancing Notes. The proceeds of any Refinancing Facility or Refinancing Notes will be applied, substantially concurrently with the incurrence thereof, to the pro rata payment of outstanding Loans of the Classes being so refinanced.
(c) The notice from the Borrower to the Administrative Agent delivered pursuant to Section 2.23(a) shall set forth the requested amount and proposed terms of the Refinancing Facilities or Refinancing Notes, which proposed terms shall not be inconsistent with the requirements of Section 2.23(a). Refinancing Facilities and Refinancing Notes (or any portion thereof) may be provided by any existing Lender specified by the Borrower or by any other bank or financial institution (any such bank or other financial institution, a “Refinancing Lender”), provided that in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by a Refinancing Facility the Administrative Agent shall have consented (which consent shall not be unreasonably withheld or Revolver Agentdelayed) to such Lender’s or Refinancing Lender’s, as applicablethe case may be, providing such Refinancing Facilities if such consent would be required under Section 9.04 for an assignment of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent Loans to such Lender or Revolver AgentRefinancing Lender, as applicablethe case may be.
(d) Refinancing Facilities shall become effective, and commitments thereunder shall promptly notify become Commitments under this Agreement pursuant to an amendment (a “Refinancing Facility Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Lender as agreeing to the effectiveness of provide such Refinancing Facility, if any, each Refinancing AmendmentLender, if any, and the Administrative Agent. Each of the parties hereto hereby agrees that, upon the effectiveness of any A Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Facility Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other any Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this SectionSection 2.23.
(be) This If any Refinancing Facilities are added in accordance with this Section 2.18 2.23, the Borrower, in consultation with the Administrative Agent, shall determine the effective date (the “Refinancing Effective Date”) and the final allocation of such Refinancing Facilities. The Administrative Agent shall promptly notify the Lenders of the final allocation of such Refinancing Facilities and the Refinancing Effective Date.
(f) On the Refinancing Effective Date, each Lender or Refinancing Lender which is providing a portion of a Refinancing Facility (i) shall become a Lender for all purposes of this Agreement and the other Loan Documents and (ii) shall have a commitment under such Refinancing Facility which shall become a Commitment hereunder.
(g) Upon each establishment of a Refinancing Revolving Facility with respect to a Class of revolving commitments (which may include the Revolving Credit Facility) pursuant to this Section 2.23, (i) each Lender under such Class being refinanced immediately prior to the effectiveness of such Refinancing Facility (each a “Revolving Refinanced Lender”) will automatically and without further act be deemed to have assigned to each existing Lender, if any, and each Refinancing Lender, if any, in each case providing a portion of such Refinancing Facility (each a “Revolving Refinancing Lender”), and each such Revolving Refinancing Lender will automatically and without further act be deemed to have assumed, a portion of such Revolving Refinanced Lender’s participation interests hereunder in outstanding Letters of Credit (if any) such that, after giving effect to the effectiveness of such Refinancing Facility and each such deemed assignment and assumption of participation interests, the percentage of the aggregate outstanding participation interests hereunder in Letters of Credit held by each Revolving Refinanced Lender and Revolving Refinancing Lender will equal such ▇▇▇▇▇▇’s pro-rata share of the combined Commitments under the Class being so refinanced and such Refinancing Facility and (ii) if, on the date of effectiveness of such Refinancing Facility, there are any Loans outstanding of the Class being so refinanced, the Administrative Agent and the Borrower shall take those steps which they deem, by mutual agreement, necessary and appropriate to result in each Revolving Refinanced Lender and Revolving Refinancing Lender having a pro-rata share of the outstanding Loans based on each such Lender’s pro-rata share of the combined Commitments under the Class being so refinanced and such Refinancing Facility immediately after giving effect to such Refinancing Facility. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro-rata borrowing and pro-rata payment requirements contained elsewhere in this Agreement shall not apply to any transaction that may be effected pursuant to the immediately preceding sentence.
(h) The provisions of this Section 2.23 shall supersede any provisions provision of Section 10.01 2.19 or 9.02 to the contrary.
Appears in 1 contract
Sources: Credit Agreement (Huntington Ingalls Industries, Inc.)
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtain, from any Lender or any Additional Lender (to the extent agreed to by such Lender or Additional Lender in its sole discretion)Lender, Credit Agreement Refinancing Indebtedness in respect of all or any portion of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities Term Loan Commitments or any Incremental Revolving Credit Loan Commitments then outstanding under this Agreement (or any Incremental Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans in the form of Refinancing Term Loans or Refinancing Term Commitments or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments Loan Commitments, respectively, in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreementagreement that is reasonably acceptable to the Administrative Agent; provided, provided that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, will rank pari passu or junior in right of payment and of security (to the extent secured) with the other Loans and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecured)hereunder, (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions)margins, rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, thereto and (iii) will, no Event of Default would exist immediately after giving effect to the extent in the form funding of such Credit Agreement Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinancedIndebtedness. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions and/or reaffirmation agreements consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing 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, to effect the provisions of this Section.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.116 US-DOCS\133960081.2
Appears in 1 contract
Sources: Credit Agreement (Blend Labs, Inc.)
Refinancing Facilities. (a) At any time after The Borrower may, on one or more occasions, by written notice to the Closing DateAdministrative Agent, request the establishment hereunder of one or more additional Classes of term loan commitments (the “Refinancing Term Loan Commitments”) pursuant to which each Person providing such a commitment (a “Refinancing Term Lender”) will make term loans to the Borrower may obtain, from (the “Refinancing Term Loans”). Each such notice shall specify (A) the date on which the Borrower proposes that the Refinancing Term Loan Commitments shall be effective and (B) the amount of the Refinancing Term Loan Commitments requested to be established (it being agreed that (x) any Lender approached to provide any Refinancing Term Loan Commitment may elect or any Additional Lender (to the extent agreed to by such Lender or Additional Lender decline, in its sole discretion, to provide such Refinancing Term Loan Commitment and (y) any Person that the Borrower proposes to be a Refinancing Term Lender must be an Eligible Assignee and, solely if such approval would be required under Section 10.6 for an assignment of Loans or Commitments of the applicable Class to such Refinancing Term Lender, must be approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed)).
(b) The terms and conditions of any Refinancing Term Loan Commitments and the Refinancing Term Loans to be made thereunder shall be as determined by the Borrower and the applicable Refinancing Lenders and set forth in the applicable Refinancing Facility Agreement; provided that (i) the Refinancing Term Loan Maturity Date of any Class shall not be earlier than the Maturity Date of the Class of Commitments or Loans being refinanced, (ii) the weighted average life to maturity of any Refinancing Term Loans shall be no shorter than the remaining weighted average life to maturity of the Class of Loans being refinanced (and, for purposes of determining the weighted average life to maturity of such Class of Loans being refinanced, the effects of any prepayments made prior to the date of the determination shall be disregarded), Credit Agreement it being understood that, subject to this clause (ii), the amortization schedule applicable to (and the effect thereon of any prepayments of) any Refinancing Indebtedness Term Loans shall be determined by the Borrower and the applicable Refinancing Lenders, (iii) any Refinancing Term Loans may participate in respect of all any mandatory prepayments hereunder on a pro rata basis (or any portion of on a basis that is less than pro rata) with the other Loans, but may not provide for mandatory prepayment requirements that are more favorable than those applicable to the other Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit (iv) any Refinancing Term Loan Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding and Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Refinancing Amendment, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, made thereunder shall rank pari passu or junior in right of payment payment, and of security shall be secured by the Collateral on an equal and ratable basis, with the other Loans and Commitments hereunder hereunder, and shall be extensions of credit to the Borrower that are Guaranteed only by the Credit Parties, and (but v) except for the avoidance terms referred to above, the terms of doubtany Refinancing Term Loan Commitments or Refinancing Term Loans (except with respect to Effective Yield and components thereof, such Credit Agreement Refinancing fees, prepayment terms (including “no call” terms and other restrictions thereon) and premiums) shall satisfy the Specified Permitted Indebtedness may be unsecuredDocumentation Requirements; provided further that clauses (i), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) willabove shall not apply if, at the time of the incurrence of such Refinancing Term Loans and after giving effect to the extent in application of the form proceeds thereof, such Refinancing Term Loans shall be the sole Class of Commitments or Loans, as the case may be, outstanding under this Agreement. In the event any Refinancing Revolving Credit Term Loans have the same terms as any existing Class of Loans then outstanding or any Incremental Term Loans or Extended/Modified Term Loans then substantially concurrently established (in each case, disregarding any differences in original issue discount or upfront fees if not affecting the fungibility thereof for US federal income tax purposes), such Refinancing Revolving Credit CommitmentsTerm Loans may, participate at the election of the Borrower, be treated as a single Class with such outstanding Loans or such Incremental Term Loans or Extended/Modified Term Loans, and the scheduled Installments set forth in Section 2.11 with respect to any such Class of Loans may be increased to reflect scheduled amortization of such Refinancing Term Loans.
(c) The Refinancing Term Loan Commitments shall be effected pursuant to one or more Refinancing Facility Agreements executed and delivered by the paymentBorrower, borrowingeach Refinancing Lender providing such Refinancing Term Loan Commitments and the Administrative Agent; provided that no Refinancing Term Loan Commitments shall become effective unless (i) the Borrower shall have delivered to the Administrative Agent such legal opinions, participation board resolutions, secretary’s certificates, officer’s certificates, reaffirmation agreements and commitment reduction provisions herein other documents as shall reasonably be requested (consistent in all material respects with the documents delivered under Section 3.1 on the Closing Date) by the Administrative Agent in connection therewith and (ii) (A) substantially concurrently with the effectiveness thereof, the Borrower shall obtain Refinancing Term Loans thereunder and shall repay or prepay then outstanding Borrowings of any Class in an aggregate principal amount equal to the aggregate amount of such Refinancing Term Loan Commitments (less the aggregate amount of accrued and unpaid interest with respect to such outstanding Borrowings, any original issue discount or upfront fees applicable to such Refinancing Term Loans and any reasonable fees, premium and expenses relating to such refinancing) and (B) any such prepayment of Borrowings of any Class shall be applied to reduce the subsequent Installments to be made pursuant to Section 2.11 with respect to Borrowings of such Class on a pro rata basis (in accordance with any then outstanding Revolving Credit Loans and Revolving Credit Commitmentsthe principal amounts of such Installments) and, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agent, as applicable, a prepayment of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicableEurodollar RateSOFR Borrowings, shall promptly notify each Lender as be subject to the effectiveness of each Refinancing AmendmentSection 2.17(c). Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Facility Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any Lender other than the applicable Refinancing Lenders, effect such amendments to this Agreement and the other Loan Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent and the Borrower, to give effect to the provisions of this SectionSection 2.25, including any amendments necessary to treat the applicable Refinancing Term Loan Commitments and Refinancing Term Loans as a new Class of Commitments and Loans hereunder (including for purposes of prepayments and voting (it being agreed that such new Class of Commitments and Loans may be included in the definitions of “Majority in Interest”, “Pro Rata Share” and “Requisite Lenders” and may be afforded class voting rights requiring the consent of Lenders under such Class in addition to any other consent of Lenders that might otherwise be required under Section 10.5) and to enable such new Class of Commitments and Loans to be extended under Section 2.24 or refinanced under this Section 2.25).
(bd) This Upon the effectiveness of a Refinancing Term Loan Commitment of any Refinancing Lender, such Refinancing Lender shall be deemed to be a “Lender” (and a Lender in respect of Commitments and Loans of the applicable Class) hereunder, and henceforth shall be entitled to all the rights of, and benefits accruing to, Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder and shall be bound by all agreements, acknowledgements and other obligations of Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder and under the other Credit Documents.
(e) The Administrative Agent shall notify the Lenders promptly upon receipt by the Administrative Agent of any notice from the Borrower referred to in Section 2.18 shall supersede 2.25(a) and of the effectiveness of any provisions Refinancing Term Loan Commitments, in each case advising the Lenders of Section 10.01 to the contrarydetails thereof.
Appears in 1 contract
Refinancing Facilities. (a) At any time after the Closing Date, the Borrower may obtainshall have the right to refinance, from any Lender or any Additional Lender renew and/or replace
(to i) all of the extent agreed to by such Lender or Additional Lender in its sole discretion), Credit Agreement Refinancing Indebtedness in respect Term A Loans then outstanding,
(ii) all of the Term B Loans then outstanding and/or
(iii) all or any portion of the Term Loans, Prepetition Subsidiary Debt, any Revolving Credit Loans and/or Revolving Credit Loan Commitments then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities in effect or any Incremental outstanding Revolving Credit Commitments then outstanding under this Agreement Loans (or including any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and Refinancing Revolving Loans) (clauses (i), (ii) and (iii) above, together, “Refinanced Debt”) with (x) (A) in the case of clause (i) or clause (ii) above, one or more new term loan facilities established hereunder by adding one or more new term loan commitments (each such commitment, a “Refinancing Term Loan Commitment”, and the loans made thereunder, “Refinancing Term Loans”) and (B) in the case of clause (iii) above, one or more new revolving credit facilities established hereunder by adding one or more new revolving credit commitments (each such commitment, a “Refinancing Revolving Credit Commitment”, and the loans made thereunder, “Refinancing Revolving Loans”) or (y) other Indebtedness in the form of one or more series of notes or loans (such other notes or loans, “Other Permitted Refinancing Revolving Debt”, and clauses (x) and (y) above, together, “Credit Loans or Agreement Refinancing Revolving Credit Commitments, respectively, in each caseIndebtedness”), pursuant to a Refinancing Amendment, together with provided that:
(iv) any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank that ranks pari passu or junior in right of payment and security will be subject to the Pari Passu Intercreditor Agreement or the Junior Lien Intercreditor Agreement, as applicable;
(v) no Refinancing Term Loans or Other Permitted Refinancing Debt will have a maturity date that is prior to the latest maturity date applicable to the Refinanced Debt being refinanced thereby, nor a shorter Weighted Average Life to Maturity than, the Refinanced Debt being refinanced thereby;
(vi) no Refinancing Revolving Loans will have a maturity date (nor will the revolving credit facility in respect thereof require commitment reductions) prior to the maturity date of security with the other Loans and Commitments hereunder Refinanced Debt being refinanced thereby;
(but for the avoidance of doubt, vii) such Credit Agreement Refinancing Indebtedness may be unsecuredwill have such pricing (including interest, fees and premiums), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums optional prepayment and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, lenders thereof;
(iiiviii) will, to any Credit Agreement Refinancing Indebtedness that is secured shall not be secured by assets other than Collateral;
(ix) any Credit Agreement Refinancing Indebtedness that is guaranteed shall not be guaranteed by any Person other than the extent in the form of Subsidiary Guarantors;
(x) such Credit Agreement Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to the extent in the form of Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments and unless the Required Revolving Credit Lenders shall have consented thereto, Indebtedness will have terms and conditions (other than interest rate margins and commitment feesthose described in clauses (ii) through (vi) of this proviso) that are substantially identical to, or (taken as a whole) no more favorable (as reasonably determined by the Borrower) to the lenders providing such Credit Agreement Refinancing Indebtedness than, those applicable to the Revolving Refinanced Debt being refinanced thereby (except for covenants or other provisions applicable only to periods after the latest Maturity Date at the time such Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness Agreement Refinancing Indebtedness is incurred);
(xi) the aggregate principal amount of any Credit Agreement Refinancing Amendment Indebtedness shall be subject tonot exceed the aggregate principal amount of the Refinanced Debt being refinanced thereby, plus any interest, premiums, fees and expenses, or to the extent reasonably requested otherwise permitted under this Agreement; and
(xii) no Refinancing Term Loans shall share more favorably than ratably in any mandatory prepayments hereunder.
(b) Any Credit Agreement Refinancing Indebtedness may be provided by the Administrative Agent any Lender or any Augmenting Lender. Each Class of Credit Agreement Refinancing Indebtedness incurred under this Section 2.22 shall be in an aggregate principal amount that is (i) not less than $10,000,000 (or in integral multiples of $5,000,000 in excess thereof) in the case of Revolving Credit Refinancing Term Loans and Refinancing Term Loan Commitments and Revolving Credit Loans, the Revolver Agent(ii) not less than $5,000,000 (or in integral multiples of $1,000,000 in excess thereof), receipt by in each case, or such other amount of the Administrative Agent or Revolver Agent, as applicable, total outstanding amount of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. Refinanced Debt.
(c) The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans Loans, Refinancing Term Loan Commitments or Refinancing Revolving Credit Loan Commitments, as applicable) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects). Any Refinancing 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 and the Borrower, to effect the provisions of this Section. In addition, if so provided in the relevant Refinancing Amendment and with the consent of each Issuing Bank, participations in letters of credit issued under any Refinanced Debt shall be reallocated to the Lenders under the Credit Agreement Refinancing Indebtedness refinancing such Refinanced Debt accordance with the terms of such Refinancing Amendment.
(bd) This Section 2.18 2.22 shall supersede any provisions of in Section 10.01 2.11, 9.03 or 12.02 to the contrary.
Appears in 1 contract
Refinancing Facilities. (a) At any time On one or more occasions after the Closing Date, the Borrower may obtain, from any Lender or any other bank, financial institution or other institutional lender or investor that agrees to provide any portion of Refinancing Commitments pursuant to a Refinancing Amendment in accordance with this Section 2.15 (each, an “Additional Refinancing Lender”) (provided that Administrative Agent and each Lender shall have consented (such consent not to be unreasonably withheld or delayed unless a Default or Event of Default has occurred and is continuing) to such Lender’s or Additional Refinancing Lender’s providing such Refinancing Commitments to the extent agreed such consent, if any, would be required under Section 11.06 for an assignment of Loans or Commitments, as applicable, to by such Lender or Additional Lender in its sole discretionRefinancing Lender), Credit Agreement Refinancing Indebtedness in respect of all or any portion of Loans (which, for the Term purposes of this Section, shall include Refinancing Loans) (or unused Commitments (which, Prepetition Subsidiary Debtfor purposes of this Section, Revolving Credit Loans and/or Revolving Credit Commitments shall include Refinancing Commitments)) then outstanding under this Agreement (which will be deemed to include any then outstanding Incremental Term Loans under any Incremental Facilities or any Incremental Revolving Credit Commitments then outstanding under this Agreement (or any Revolving Credit Loans outstanding pursuant thereto)) or any then outstanding Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments Agreement, in the form of Refinancing Revolving Credit Loans Commitments or Refinancing Revolving Credit Commitments, respectively, in each case, Loans pursuant to a Refinancing Amendment; provided that notwithstanding anything to the contrary in this Section 2.15 or otherwise, together with any applicable Customary Intercreditor Agreement or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to the extent secured, rank pari passu or junior in right borrowing and repayment (except for (A) payments of payment interest and of security with the other Loans fees at different rates on Refinancing Commitments (and Commitments hereunder (but for the avoidance of doubt, such Credit Agreement Refinancing Indebtedness may be unsecuredrelated outstandings), (iiB) will, repayments required upon the maturity date of the Refinancing Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments (subject to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, clause (iii) will, below)) of Loans with respect to Refinancing Commitments after the extent in the form date of obtaining any Refinancing Revolving Credit Loans or Refinancing Revolving Credit Commitments, participate in the payment, borrowing, participation and commitment reduction provisions herein Commitments shall be made on a pro rata basis with any then outstanding Revolving Credit Loans and Revolving Credit all other Commitments, except that (ii) the Borrower permanent repayment of Loans with respect to, and termination of, Refinancing Commitments after the date of obtaining any Refinancing Commitments shall be permitted to permanently repay and terminate commitments of any such Class made on a better than a pro rata basis as compared with all other Commitments, (iii) assignments and participations of Refinancing Commitments and Refinancing Loans shall be governed by the same assignment and participation provisions applicable to any other Class with a later maturity date than such Class Commitments and Loans, (iv) willthe Refinancing Loans may have different amortization payments and maturity dates than the other Loans and the Refinancing Commitments may have longer (but not shorter) availability periods than the Availability Period; provided that the final maturity date and weighted average life to maturity of such Refinancing Loans shall not be prior to or shorter than that applicable to the Loans being refinanced thereby, (v) all other terms applicable to such Refinancing Loans and Refinancing Commitments (other than provisions relating to original issue discount, upfront fees and interest rates, which shall be as agreed between the Borrower and the Refinancing Lenders providing such Refinancing Loans and Refinancing Commitments) shall be identical to the terms applicable to the Loans and Commitments, respectively, being refinanced thereby (except to the extent such covenants and other terms (A) apply solely to any period after the latest stated final maturity of the Loans in effect on the Refinancing Effective Date immediately prior to the borrowing of such Refinancing Loans and the incurrence of such Refinancing Commitments or (B) are otherwise added for the benefit of the other Lenders hereunder), (vi) the proceeds of Refinancing Loans and the Refinancing Commitments shall be applied, substantially concurrently with the incurrence thereof, to the extent in refinancing of the form outstanding Loans and Commitments so refinanced, and (vii) the principal amount of Refinancing Revolving Credit Loans and the Refinancing Commitments does not exceed the principal amount of Loans and Commitments, respectively, being refinanced thereby except by an amount equal to unpaid accrued interest and premium thereon plus other amounts owing or Refinancing Revolving Credit unpaid related to such Loans and Commitments being refinanced and unless the Required Revolving Credit Lenders shall have consented theretofees and expenses incurred in connection with such refinancing (including, have terms underwriting, commitment, syndication and conditions similar fees).
(other than interest rate margins and commitment feesb) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject toto the satisfaction on the date thereof of each of the conditions set forth in Section 4.02 and, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver Agentof (i) customary legal opinions, as applicable, of reaffirmation agreements board resolutions and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Date other than changes to such legal opinion resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory to Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as and (ii) reaffirmation agreements and/or such amendments to the effectiveness Collateral Documents as may be reasonably requested by Administrative Agent in order to ensure that such Refinancing Indebtedness is provided with the benefit of each the applicable Loan Documents.
(c) Each issuance of Refinancing Amendment. Indebtedness under Section 2.15(a) shall be in an aggregate principal amount that is (x) not less than U.S.$5,000,000 and (y) an integral multiple of U.S.$1,000,000 in excess thereof.
(d) Each of the parties hereto hereby agrees that, upon that this Agreement and the effectiveness of any other Loan Documents may be amended pursuant to a Refinancing Amendment, this Agreement shall be deemed amended without the consent of any other Lenders, to the extent (but only to the extent) necessary to (i) reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto and (including any amendments necessary to treat the Loans and Commitments subject thereto as Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitments, as applicableii) and any Indebtedness being replaced or refinanced with such Credit Agreement Refinancing Indebtedness shall be deemed permanently reduced and satisfied in all respects. Any Refinancing Amendment may, without the consent of any other Lenders, effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of Administrative Agent and the Borrower, to effect the provisions of this SectionSection 2.15, including any amendments necessary to treat the applicable Loans and/or Commitments established under the Refinancing Amendment as a new class of Loans and/or Commitments hereunder, and the Lenders hereby expressly authorize Administrative Agent to enter into any such Refinancing Amendment.
(b) This Section 2.18 shall supersede any provisions of Section 10.01 to the contrary.
Appears in 1 contract
Sources: Credit and Guaranty Agreement (Atlantica Sustainable Infrastructure PLC)
Refinancing Facilities. (ai) At The Borrowers may by written notice to the Administrative Agent elect to request the establishment of (i) one or more additional tranches or Classes of term loans under this Agreement (“Refinancing Term Loans”) or one or more series of debt securities (“Refinancing Notes”), which refinance, renew, replace, defease or refund (collectively, “Refinance”) one or more Classes of Term Loans under this Agreement or (ii) one or more additional revolving facilities under this Agreement providing for revolving commitments (“Refinancing Revolving Credit Commitments” and the revolving loans thereunder, “Refinancing Revolving Loans”) which Refinances one or more Classes of Revolving Credit Commitments (and Revolving Credit Loans thereunder) under this Agreement; provided that:
(1) no Default or Event of Default has occurred and is continuing or would result therefrom;
(2) the principal amount of such Refinancing Debt or Refinancing Revolving Credit Commitments may not exceed the aggregate principal amount of the Term Loans or Revolving Credit Commitments being Refinanced plus accrued and unpaid interest thereon, any time prepayment premiums applicable thereto and reasonable fees and expenses incurred in connection therewith;
(3) the final maturity date of such Refinancing Debt or Refinancing Revolving Credit Commitments shall not be earlier than the maturity date of the Term Loans (or, in the case of any unsecured or junior lien Refinancing Debt, no earlier than the date that is 91 days after the Closing Datelatest final maturity date of the Term Loans existing at the time of such refinancing or replacement) or Revolving Credit Commitments being Refinanced, and the Weighted Average Life to Maturity of such Refinancing Debt shall be no earlier than the then remaining Weighted Average Life to Maturity of each Class of Term Loans being refinanced;
(4) the other terms and conditions of such Refinancing Debt or Refinancing Revolving Credit Commitments (except as otherwise provided in clause (iii) above and with respect to pricing, interest rate margins, premiums, discounts, fees, rate floors and optional prepayment or redemption terms), taken as a whole shall (as reasonably determined by the Borrowers) be substantially similar to, or (taken as a whole) not materially less favorable to the Borrowers and their respective Subsidiaries than, the Borrower may obtainterms, from any Lender taken as a whole, applicable to Term Loans or any Additional Lender (Revolving Credit Commitments being Refinanced, except to the extent agreed such covenants and other terms apply solely to by such Lender any period after the latest final Term Loan Maturity Date or Additional Lender in its sole discretion), Revolving Credit Agreement Refinancing Indebtedness in respect of all or any portion Maturity Date of the Term Loans, Prepetition Subsidiary Debt, Revolving Credit Loans and/or Revolving Credit Commitments then outstanding under this Agreement being Refinanced (which will be deemed to include or, in the case of any then outstanding Incremental unsecured or junior lien Refinancing Debt, after the date that is 91 days after such latest final Term Loans under any Incremental Facilities Loan Maturity Date or any Incremental Revolving Credit Maturity Date);
(5) the proceeds of such Refinancing Debt, Refinancing Revolving Credit Commitments then or Refinancing Revolving Loans shall be applied, concurrently or substantially concurrently with the incurrence thereof (in accordance with Section 4.4(b)(i)), solely to the repayment of the outstanding under this Agreement (amount of one or any more Classes of Term Loans or permanently reduce one or more Classes of Revolving Credit Loans outstanding pursuant thereto)Commitments and Revolving Credit Loans, as the case may be, being Refinanced thereby;
(6) or any then outstanding each Class of Refinancing Term Loans or any then outstanding Refinancing Revolving Credit Commitments shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in 165457743_4174358596_2 excess thereof (or such other amount necessary to repay or replace any Class of outstanding Term Loans or Refinancing Revolving Credit Commitments in the form of full);
(7) no Subsidiary that is not also a Subsidiary Guarantor may be a borrower or a guarantor with respect to such Refinancing Debt, Refinancing Revolving Credit Loans or Commitments and/or Refinancing Revolving Loans;
(8) Refinancing Debt, Refinancing Revolving Credit Commitments, respectively, in each case, pursuant to a Commitments and/or Refinancing Amendment, together with any applicable Customary Intercreditor Agreement Revolving Loans may be unsecured or other customary subordination agreement; provided, that such Credit Agreement Refinancing Indebtedness (i) will, to may only be secured by the extent secured, Collateral and may rank pari passu or junior in right of payment and of and/or security with the other remaining Revolving Credit Commitments, Revolving Credit Loans and Commitments hereunder (but for and/or Term Loans, so long as the avoidance holders of doubtany Refinancing Debt, such Credit Agreement Refinancing Indebtedness may be unsecured), (ii) will, to the extent permitted by the definition of “Credit Agreement Refinancing Indebtedness,” have such pricing, interest rate margins (including “MFN” provisions), rate floors, discounts, fees, premiums and prepayment or redemption provisions and terms as may be agreed by the Borrower and the Lenders or Additional Lenders with respect thereto, (iii) will, to the extent in the form of Refinancing Revolving Credit Commitments and/or Refinancing Revolving Loans that are junior in right of payment and/or security are subject to an Acceptable Intercreditor Agreement;
(9) such Refinancing Debt or Refinancing Revolving Credit Commitments shall not be secured by any asset of the Borrowers and their respective Subsidiaries other than the Collateral;
(10) in the case of any Refinancing Revolving Credit Commitments, substantially concurrently with the effectiveness thereof, all the Revolving Credit Commitments then in effect shall be terminated, and all the Revolving Credit Loans then outstanding, together with all interest thereon, and all other amounts accrued for the benefit of the Revolving Credit Lenders, shall be repaid or paid (it being understood, however, that any Letters of Credit may continue to be outstanding hereunder), and the aggregate amount of such Refinancing Revolving Credit Commitments does not exceed the aggregate amount of the Revolving Credit Commitments so terminated; and
(11) any mandatory prepayment requirements, in the case of any Refinancing Term Loans, may provide that such Refinancing Term Loans may participate in the payment, borrowing, participation and commitment reduction provisions herein any mandatory prepayment on a pro rata basis with any then outstanding Revolving Credit Class of existing Term Loans, but may not provide for prepayment requirements that are more favorable to the Lenders holding such Refinancing Term Loans and Revolving Credit Commitmentsthan to the Lenders holding such Class of Term Loans.
(ii) Each such notice shall specify the date (each, except a “Refinancing Effective Date”) on which the applicable Borrower proposes that the Borrower shall Refinancing Debt be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (iv) will, to made or the extent in the form of Refinancing Revolving Credit Commitments shall become effective, which shall be a date not less than three (3) Business Days (or such shorter period as may be agreed to by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent.
(iii) The Borrowers may approach any Lender or any other Person that would be an Eligible Assignee of the applicable Class of Loans or Commitments pursuant to Section 12.9(b) to provide all or a portion of the Refinancing Term Loans or Refinancing Revolving Credit Commitments and unless (a “Refinancing Lender”); provided that any Lender offered or approached to provide all or a portion of the Required Refinancing Term Loans may elect or decline, in its sole discretion, to provide a Refinancing Term Loan or Refinancing Revolving Credit Lenders shall have consented thereto, have terms and conditions (other than interest rate margins and commitment fees) identical to those applicable to the Revolving Credit Commitments and Revolving Credit Loans being refinanced. The effectiveness of any Refinancing Amendment shall be subject to, to the extent reasonably requested by the Administrative Agent (or in the case of Revolving Credit Commitments and Revolving Credit Loans, the Revolver Agent), receipt by the Administrative Agent or Revolver AgentCommitment, as applicable, of reaffirmation agreements and board resolutions, officers’ certificates and legal opinions consistent with those delivered on the Closing Date. The Administrative Agent or Revolver Agent, as applicable, shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Any Refinancing Term Loans, Refinancing Revolving Credit Loans or Refinancing Revolving Credit Loan Commitment made on any Refinancing Effective Date shall be designated a series (a “Refinancing Series”) of Refinancing Term Loans or Refinancing Revolving Credit Commitments for all purposes of this Agreement; provided that (i) any Refinancing Term Loans may, to the extent provided in the applicable Refinancing Amendment, be designated as an increase in any previously established Refinancing Series of Refinancing Term Loans made to the applicable Borrower and (ii) any Refinancing Revolving Credit Commitments may, to the extent provided in the applicable Refinancing Amendment, be designated as an increase in any previously established Refinancing Series of Refinancing Revolving Credit Commitments.
(iv) The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this Section 5.18 (including, for the avoidance of doubt, the payment of interest, fees, amortization or premium in respect of the Refinancing Term Loans and Refinancing Revolving Credit Commitments, as applicableand Refinancing Revolving Loans on the terms specified by the Borrowers) and hereby waive the requirements of this Agreement (including, but not limited to, Section 5.6 and Section 12.2) or any Indebtedness being replaced other Loan Document that 165457743_4174358596_2 may otherwise prohibit such Refinance or refinanced with such any other transaction contemplated by this Section 5.18. The Refinancing Term Loans and Refinancing Revolving Credit Agreement Refinancing Indebtedness Commitments shall be deemed permanently reduced established pursuant to an amendment to this Agreement among the applicable Borrower and satisfied the applicable Refinancing Lenders providing such Refinancing Term Loans or Refinancing Revolving Credit Commitments (a “Refinancing Amendment”) which shall be consistent with the provisions set forth in all respectsthis Section 5.18. Any The Refinancing Notes shall be established pursuant to documentation which shall be consistent with the provisions set forth in Section 5.18(a). Each Refinancing Amendment mayshall be binding on the Lenders, the Administrative Agent, the Credit Parties party thereto and the other parties hereto without the consent of any other Lenders, effect such Lender (except with respect to Refinancing Revolving Credit Commitments as provided above) and the Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan Documents as may be necessary or appropriateappropriate in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this SectionSection 5.18, including in order to establish new tranches or sub-tranches in respect of the Refinancing Term Loans or Refinancing Revolving Credit Commitments and Refinancing Revolving Loans and such technical amendments as may be necessary or appropriate in connection therewith and to adjust the amortization schedule in Section 4.3(a) (insofar as such schedule relates to payments due to Lenders, the Term Loans of which are Refinanced; provided that no such amendment shall reduce the pro rata share of any such payment that would have otherwise been payable to the Lenders, the Term Loans of which are not Refinanced). The Administrative Agent shall be permitted, and is hereby authorized, to enter into such Refinancing Amendments with the Borrowers to effect the foregoing. The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of conditions as may be required by the Refinancing Lenders providing such Refinancing Amendment.
(bv) This Section 2.18 If any Refinancing Revolving Credit Commitment is designated as an increase in any previously established Refinancing Revolving Credit Commitment, on the Refinancing Effective Date, subject to the satisfaction of the foregoing terms and conditions, each of the Refinancing Lenders with Refinancing Revolving Credit Commitments of such Refinancing Series shall supersede purchase from each of the other Lenders with Refinancing Revolving Credit Commitments of such Refinancing Series, at the principal amount thereof and in the applicable currencies, such interests in the Revolving Credit Loans under such Refinancing Revolving Credit Commitments outstanding immediately prior to such Refinancing as shall be necessary in order that, after giving effect to all such assignments and purchases, the Refinancing Revolving Loans of such Refinancing Series will be held by Refinancing Lenders thereunder ratably in accordance with the percentage of the total Refinancing Revolving Credit Commitments of all Refinancing Lenders represented by each such Refinancing ▇▇▇▇▇▇’s Refinancing Revolving Credit Commitment. After giving effect to any Refinancing Revolving Credit Commitments, all outstanding Swingline Loans and Letters of Credit shall be participated on a pro rata basis by all Lenders with a Revolving Credit Commitment in accordance with their revised Revolving Credit Commitment Percentages.
(vi) The Administrative Agent is authorized to enter into any Acceptable Intercreditor Agreement (and any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, such agreements) and to take all actions (and execute all documents) required (or otherwise deemed advisable by the Administrative Agent) in connection with the incurrence by any Credit Party of any Refinancing Debt, in order to permit such Refinancing Debt to be secured by a valid, perfected lien and the parties hereto acknowledge that any Acceptable Intercreditor Agreement will be binding upon them. Each Lender (i) hereby agrees that it will be bound by and will take no actions contrary to the provisions of Section 10.01 any Acceptable Intercreditor Agreement and (ii) hereby authorizes and instructs the Administrative Agent to enter into any Acceptable Intercreditor Agreement (and any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, such agreements) in connection with the incurrence by any Credit Party of any Refinancing Debt, in order to permit such Refinancing Debt to be secured by a valid, perfected lien and to subject the Liens on the Collateral securing the Secured Obligations to the contraryprovisions thereof.
(vii) Notwithstanding the terms of Sections 5.13, 5.18 and 5.19, in no event shall there be more than (i) two (2) tranches of revolving facilities in the aggregate in effect at any time (including the Revolving Credit Commitments, any Extended Revolving Credit Commitments and any Refinancing Revolving Credit Commitments) and (ii) four (4) tranches of term loans (including the Initial Term Loan, any Extended Term Loans, any Incremental Term Loans and any Refinancing Term Loans), in each case under this Agreement. 165457743_4174358596_2
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