Second Lien Credit Facility Sample Clauses

A Second Lien Credit Facility is a type of loan arrangement where the lender's security interest in the borrower's collateral is subordinate to that of a first lien lender. In practice, this means that if the borrower defaults, the first lien lender is paid out from the collateral before the second lien lender receives any proceeds. Second lien facilities are often used to provide additional financing to a borrower who already has a primary loan secured by the same assets. The core function of this clause is to enable borrowers to access more capital while clearly establishing the order of repayment and risk among multiple lenders.
Second Lien Credit Facility. The Second Lien Loan Documents required by the terms of the Second Lien Credit Agreement to be executed on the Closing Date shall have been duly executed and delivered by each Loan Party party thereto, and shall be in full force and effect, and prior to or substantially simultaneously with the initial Borrowings on the Closing Date, the Borrower shall have received at least $625.0 million in gross cash proceeds from the incurrence of the Initial Second Lien Borrowing.
View SourceView Similar (3)
Second Lien Credit Facility. The Agent shall have received a copy of a forbearance agreement (the “Second Lien Forbearance Agreement”) executed and delivered by the Second Lien Agent and the Second Lien Noteholders whose consent is required pursuant to the Second Lien Note Purchase Agreement, which Second Lien Forbearance Agreement shall be in form and substance satisfactory to the Agent and the Required Lenders.
View SourceView Similar (2)
Second Lien Credit Facility. The Administrative Agent shall have received a duly executed copy of the Second Lien Credit Agreement and all ancillary documents relating thereto. The "Closing Date" under, and as defined in the Second Lien Credit Agreement, shall have occurred and the Borrower shall have received proceeds of loans under the Second Lien Facility of at least $100,000,000.
View Source
Second Lien Credit Facility. The Second-Lien Credit Facility shall be available to the Borrower as a division of the Existing Credit Facility at the Effective Time, shall be non-revolving and any amount of the Second-Lien Credit Facility repaid prior to the Second-Lien Credit Facility Maturity Date shall permanently reduce the amount of the Second-Lien Credit Facility. On the Second-Lien Credit Facility Maturity Date all Second-Lien Credit Facility Obligations due and owing to the Second-Lien Credit Facility Lenders, including principal, interest and other amounts owing to the Second-Lien Credit Facility Lenders, shall become due and shall be payable and be paid in their entirety.
View Source
Second Lien Credit Facility. (a) Each Second-Lien Credit Facility Lender severally agrees, from and after the Effective Time, and subject to the terms and conditions of this Agreement, to provide the Second-Lien Credit Facility in favour of the Borrower and make Accommodations available to the Borrower under the Second-Lien Credit Facility in an amount not to exceed its Second-Lien Credit Facility Individual Commitment Amount. (b) No Second-Lien Credit Facility Lender shall be responsible for the Second-Lien Credit Facility Individual Commitment Amount of any other Second-Lien Credit Facility Lender or be liable for, and its Second-Lien Credit Facility Individual Commitment Amount shall not be increased, reduced or otherwise affected by, any failure of another Second-Lien Credit Facility Lender to make its proportionate share of a Second-Lien Credit Facility Advance available hereunder. The obligation of each Second-Lien Credit Facility Lender to make its Second-Lien Credit Facility Individual Commitment Amount available to the Borrower is a several obligation of that Second-Lien Credit Facility Lender to the Borrower and such obligation is not a joint or joint and several obligation with any other Second-Lien Credit Facility Lender.
View Source
Second Lien Credit Facility. The Second Lien Credit Facility (a) shall be (i) in form and substance satisfactory to the Lenders and (ii) in a principal amount approximately equal to $85,000,000 and (b) the conditions precedent to funding thereof shall have been satisfied or waived.
View Source
Second Lien Credit Facility. Subject to the Second-Lien Credit Facility Lenders’ right to refuse to fund pursuant to 2A.4(b), the Second-Lien Credit Facility shall be available to the Borrower by one or more Drawdowns occurring before the Second-Lien Credit Facility Maturity Date. The Second-Lien Credit Facility shall be non-revolving. Any amount of the Second-Lien Credit Facility repaid prior to the Second-Lien Credit Facility Maturity Date shall permanently reduce the amount of the Second-Lien Credit Facility. Commencing on the first Business Day of October and thereafter on the first Business Day of each successive Quarter, the Second-Lien Credit Facility Commitment Amount shall be permanently reduced and each Second-Lien Credit Facility Lender's Second-Lien Credit Facility Individual Commitment Amount shall be reduced pro-rata in the amount of $3,000,000. Where required, the Borrower shall make principal payments on the Second-Lien Credit Facility in order to ensure the Second-Lien Credit Facility Principal Amount is equal to or less than the Second-Lien Credit Facility Commitment Amount, as reduced pursuant to the foregoing sentence. On the Second-Lien Credit Facility Maturity Date all Second-Lien Credit Facility Obligations owing to the Second-Lien Credit Facility Lenders, including principal, interest and other amounts owing to the Second-Lien Credit Facility Lenders and the Agent in respect of the Second-Lien Credit Facility, shall become due and shall be payable and be paid in their entirety.
View Source

Related to Second Lien Credit Facility

  • Revolving Credit Facility (a) The Revolving Credit Lenders grant to the Borrower a revolving credit facility (the “Revolving Credit Facility”) pursuant to which, and upon the terms and subject to the conditions herein set forth: (i) each Revolving Credit Lender severally agrees to make Revolving Credit Ratable Loans to the Borrower in accordance with Section 2.2; (ii) each Revolving Credit Lender may, in its sole discretion, make bids to make Competitive Bid Loans to the Borrower in accordance with Section 2.3; and (iii) the Swing Line Lender agrees to make Swing Line Advances to the Borrower in accordance with Section 2.19. (b) The Revolving Credit Facility shall be subject to the following limitations: (i) In no event shall the sum of (i) the aggregate principal amount of all outstanding Revolving Credit Advances (including Revolving Credit Ratable Advances, Competitive Bid Advances and Swing Line Advances) plus (ii) the Facility Letter of Credit Obligations exceed the Aggregate Revolving Credit Commitment. (ii) In no event shall the outstanding principal amount of all outstanding Competitive Bid Advances exceed the Competitive Bid Sublimit. (iii) In no event shall the outstanding principal amount of all outstanding Swing Line Advances exceed the Swing Line Commitment. (c) Subject to the terms hereof, the Revolving Credit Facility is available from the date hereof to the Revolving Credit Facility Termination Date and, upon the Revolving Credit Facility Termination Date, the Revolving Credit Commitments to lend hereunder shall expire. The Revolving Credit Commitment of a Revolving Credit Declining Lender shall expire on its Revolving Credit Declining Lender’s Termination Date unless prior thereto such Revolving Credit Declining Lender elects, with the approval of the Borrower and the Administrative Agent, to extend its Revolving Credit Commitment to the Revolving Credit Facility Termination Date, which election and approval shall be evidenced by a written instrument in a form reasonably acceptable to and executed by such Revolving Credit Declining Lender, the Borrower, the Company and the Administrative Agent. Upon the execution and delivery of such written instrument, such Revolving Credit Lender shall cease to be a Revolving Credit Declining Lender. (d) Any outstanding Revolving Credit Advances and all other unpaid Revolving Credit Obligations shall be paid in full by the Borrower on the Revolving Credit Facility Termination Date (except to the extent that, pursuant to Article IV, Facility Letters of Credit are permitted to have an expiration date later than the Revolving Credit Facility Termination Date). All outstanding Revolving Credit Loans held by, and all other unpaid Revolving Credit Obligations payable to, a Revolving Credit Declining Lender shall be paid in full by the Borrower on its Revolving Credit Declining Lender’s Termination Date.

  • Credit Facility (a) Upon the terms and subject to the conditions hereof, from time to time prior to the Facility Termination Date: (i) Borrower may request Advances in an aggregate principal amount at any one time outstanding not to exceed the lesser of the Aggregate Commitment and the Borrowing Base (such lesser amount, the “Borrowing Limit”); and (ii) upon receipt of a copy of each Borrowing Notice, (A) each Unaffiliated Committed Lender severally agrees to fund a Loan in an amount equal to its Percentage of the requested Advance specified in such Borrowing Notice, and (B) each Co-Agent belonging to a Conduit Group shall determine whether its Conduit, if any, will fund a Loan in an amount equal to its Conduit Group’s Percentage of the requested Advance specified in such Borrowing Notice. In the event that a Co-Agent elects not to have its Conduit make any such Loan to Borrower, the applicable Co-Agent shall promptly notify the Funding Agent (who shall promptly notify the Borrower) and, unless Borrower cancels its Borrowing Notice as to all Lenders, (1) each Unaffiliated Committed Lender severally agrees to fund a Loan in an amount equal to its Percentage of the requested Advance, (2) each of such Conduit’s Committed Lenders severally agrees to fund a Loan in an amount equal to its Pro Rata Share of its Conduit Group’s Percentage of such Loan and (3) each other Conduit shall fund a Loan in an amount equal to its Percentage of the required Advance, provided that (x) at no time may the aggregate principal amount of any Conduit Group’s Loans outstanding, exceed the lesser of (x) the aggregate amount of such Conduit’s Committed Lenders’ Commitments, and (y) such Conduit Group’s Percentage of the Borrowing Base (such lesser amount, such Conduit Group’s “Allocation Limit”), and (y) at no time may the aggregate principal amount of any Unaffiliated Committed Lender’s Loans outstanding exceed the lesser of (x) such Unaffiliated Committed Lender’s Commitment and (y) its Percentage of the Borrowing Base (such lesser amount, such Unaffiliated Committed Lender’s “Allocation Limit”). Each Advance shall be made ratably amongst the Conduit Groups and the Unaffiliated Committed Lenders, collectively, in accordance with their respective Percentages. Each of the Advances, and all other Obligations of Borrower, shall be secured by the Collateral as provided in Article XIII. Subject to Sections 1.6(d) and (e), it is the intent of the Conduits, but not the Committed Lenders, to fund all Advances by the issuance of Commercial Paper. Borrower shall not make a request for more than six (6) Advances during any calendar month, and no more than six (6) Advances shall occur, during any calendar month. No more than two (2) Advances shall occur, during any calendar week. (b) Borrower may, upon at least 10 Business Days’ notice to the Funding Agent (who shall promptly provide such notice to the Co-Agents), terminate in whole or reduce in part, ratably among the Committed Lenders in accordance with their respective Commitments, the unused portion of the Aggregate Commitment; provided that each partial reduction of the Aggregate Commitment shall be in an amount equal to $20,000,000 (or a larger integral multiple of $1,000,000 if in excess thereof) and shall reduce the Commitments of the Committed Lenders ratably in accordance with their respective Commitments.

  • The Revolving Credit Facility On the terms and conditions set forth in the MLA and this Supplement, CoBank agrees to make loans to the Company during the period set forth below in an aggregate principal amount not to exceed, at any one time outstanding, the lesser of $25,000,000.00 (the “Commitment”), or the “Borrowing Base” (as calculated pursuant to the Borrowing Base Report attached hereto as Exhibit A). Within the limits of the Commitment, the Company may borrow, repay and reborrow.

  • Termination of Revolving Credit Facility The Revolving Credit Facility and the Revolving Credit Commitments shall terminate on the Revolving Credit Maturity Date.

  • The Credit Facility 2.1 The Revolving Credit Facility Each Lender severally agrees, on the terms and conditions set forth herein, to make loans to the Borrower (each such loan, a “Revolving Loan”) from time to time on any Business Day during the period from the Closing Date to the Revolving Termination Date, in an aggregate amount not to exceed at any time outstanding, together with the principal amount of Term Loans outstanding in favor of such Lender at such time, the amount set forth next to such Lender’s name on Schedule 1 (such amount together with the Lender’s Pro Rata Share of the Term Commitment, as the same may be reduced under Section 2.10 or as a result of one or more assignments under Section 10.8, the Lender’s “Commitment”); provided, however, that, after giving effect to any Borrowing of Revolving Loans, the Effective Amount of all outstanding Revolving Loans shall not at any time exceed the combined Commitments; and provided further that the Effective Amount of the Revolving Loans, together with all Term Loans outstanding at such time, of any Lender shall not at any time exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.1, prepay under Section 3.3 and reborrow under this Section 2.1.