Refinancing Term Facility Clause Samples
The Refinancing Term Facility clause establishes the terms under which existing debt can be replaced with new financing, typically through a new loan or credit facility. This clause outlines the conditions, procedures, and limitations for refinancing, such as the types of debt eligible for refinancing and any requirements for lender consent or documentation. Its core practical function is to provide flexibility for the borrower to manage or improve their debt structure, often to secure better terms or extend maturities, thereby addressing the need for adaptable financial arrangements.
Refinancing Term Facility. (a) Each Tranche B-6 Term Lender severally commits to provide its respective Tranche B-6 Term Loan Commitment as set forth in Schedule A in Exhibit C annexed hereto, and to make its Tranche B-6 Term Loans subject to the conditions set forth herein including the following terms and conditions:
Refinancing Term Facility. (a) Subject to the terms and conditions set forth herein, the 2021 Refinancing Term Facility Lender agrees to make a Refinancing Term Loan in Dollars to the Borrower on the Effective Date in an aggregate principal amount not to exceed its 2021 Refinancing Term Loan Commitment (such Refinancing Term Loan, the “2021 Refinancing Term Loan”). The Administrative Agent and the Borrower hereby agree that the initial Interest Period for the 2021 Refinancing Term Loan will end on March 31, 2021 (it being understood that the Adjusted Eurocurrency Rate applicable to such initial Interest Period will be calculated based on the next longest Interest Period referred to in the definition of “Interest Period”). Unless previously terminated, on the Effective Date (after giving effect to the funding of the 2021 Refinancing Term Loan to be made on such date), the 2021 Refinancing Term Loan Commitment shall terminate.
(b) With effect from the Effective Date, the 2021 Refinancing Term Loan incurred under Section 2(a) of this Agreement shall constitute a single Class of Term Loans and shall be the “Term B-1 Loan” for all purposes of the Credit Agreement and the other Loan Documents, and the 2021 Refinancing Term Facility Lender shall be a “Lender” with an outstanding “Term B-1 Loan” for all purposes, and with all the rights and remedies of a Lender, under the Credit Agreement and the other Loan Documents. The 2021 Refinancing Term Loan shall be a new tranche of Term Loans having the terms set forth in the Credit Agreement for the “Term B-1 Loans”.
(c) This Agreement represents the Borrower’s request for the 2021 Refinancing Term Loan Commitment to be provided on the terms set forth herein on the Effective Date and for the 2021 Refinancing Term Loan to be made hereunder to be funded on the Effective Date.
Refinancing Term Facility. On the Second Amendment Effective Date and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof:
(i) the Additional Term B-1 ▇▇▇▇▇▇ agrees to make to the Borrower on the Second Amendment Effective Date one or more Term B-1 Loans denominated in Dollars in an aggregate amount equal to the sum of the Additional Term B-1 Lender’s Additional Term B-1 Loan Commitment;
(ii) each Second Amendment Cashless Consenting Lender severally agrees to convert up to all of its outstanding Existing Term B Loans (or such lesser amount as may be notified to such Lender by the Administrative Agent prior to the Second Amendment Effective Date) into a like principal amount of Term B-1 Loans;
(iii) the Term B-1 Loans made by the Additional Term B-1 Lender and the conversion of each Second Amendment Cashless Consenting Lender’s Existing Term B Loans to Term B-1 Loans on the Second Amendment Effective Date shall be deemed to be incurred pursuant to a single Term Borrowing of Term B-1 Loans on the Second Amendment Effective Date; and
(iv) immediately upon the occurrence of the Second Amendment Effective Date, the Administrative Agent will record the Term B-1 Loans made by each Refinancing Term B-1 Lender in the Register.
Refinancing Term Facility. (a) Upon written notice to the Administrative Agent (which shall promptly notify the Lenders), the Company may from time to time elect to refinance any Class of Term Loans, in whole or in part, with one or more new term loan facilities (each, a “Refinancing Term 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, in the case of 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 being refinanced) term loans, in each case, if 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 notes or loans, “Refinancing Equivalent Debt”); provided that (i) except 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) the other terms and conditions of such Refinancing Term 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 or Refinancing Equivalent Debt, as applicable, than those applicable to the Term Loans or Incremental Term 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 Equivalent Debt other than the Company and/or the Guarantors, as applicable, (iv) the proceeds of any Refinancing Term 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, (v) to the extent secured, any such Refinancing Term Facility or Refinancing Equivalent Debt shall not be secured by any lien on any asset...
Refinancing Term Facility. Subject to the occurrence of the Amendment No. 9