Senior Facilities Clause Samples
The 'Senior Facilities' clause defines the terms and conditions governing the primary, higher-priority loans or credit lines extended to a borrower, typically ranking above other forms of debt in terms of repayment priority. This clause outlines the specific types of senior debt provided, such as revolving credit or term loans, and details the rights, obligations, and repayment order associated with these facilities. By clearly establishing the hierarchy and protections for senior lenders, the clause ensures that their claims are prioritized in the event of default or liquidation, thereby reducing their risk and facilitating access to essential financing for the borrower.
Senior Facilities. Senior secured term loans in an aggregate outstanding principal amount of $297.8 million (the “Term Facility” and the loans thereunder, the “Term Loans”), subject to any reductions prior to the Effective Date (as defined below) as a result of prepayments by the Borrower (including any amortization payments).
Senior Facilities. In connection with the Founding Transactions, on March 22, 2013, MHGE Holdings, our wholly owned subsidiary, together with the Company, entered into the Senior Facilities, which is governed by a first lien credit agreement with Credit Suisse AG, as administrative agent and the other agents and lenders party thereto, that provides senior secured financing of up to $1,050,000, consisting of: • term loan facility in an aggregate principal amount of $810,000 with a maturity of six years; and • revolving credit facility in an aggregate principal amount of up to $240,000 with a maturity of five years, including both a letter of credit sub-facility and a swingline loan sub-facility. On December 31, 2013 the Company prepaid 10% of the $810,000 term loan facility outstanding under its First Lien Credit Agreement against remaining installments thereunder in reverse order of maturity. This $81,000 prepayment is in addition to the Company’s scheduled quarterly repayment of $2,025 that was paid on the same date. On March 24, 2014, the Company made a voluntary principal payment of $35,000 and refinanced the Term Loan facility in the aggregate principal of $687,925. The revised terms reduce the LIBOR floor from 1.25% to 1.0% and the applicable LIBOR margin from 7.75% to 4.75%. The maturity date did not change but quarterly principal payments were reduced from $2,025 to $1,720, maintaining the amortization rate at 1⁄4 of 1% of the refinanced principal amount. The reduction in the rate and the $35,000 principal payment will result in annual cash interest savings of $25,734. The interest rate on the borrowings under the Senior Facilities is based on LIBOR or Prime, plus an applicable margin. The interest rate at March 31, 2014 was 5.75% for the term loan facility and there were no borrowings outstanding under the revolving credit facility. The term loan facility and the revolving credit facility were issued at a discount of 3% and 2%, respectively. Debt issuance costs and the discount are amortized to interest expense over the term of the respective facility. The amount of amortization included in interest expense for the quarter ended March 31,2014 and March 23, 2013 to March 31, 2013 (Successor) was $2,497 and $348, respectively. There was no amortization expense recorded in the Predecessor periods in 2013. The term loan facility requires quarterly amortization payments totaling 1% per annum of the original principal amount of the facility, with the balance payable on the...
Senior Facilities. The Company has provided the Purchasers with true and correct copies of the credit agreements referred to in the definition of Senior Facilities as in effect on the Closing Date. As of the Closing Date there will be no default or breach of any of the terms of the Senior Facilities.
Senior Facilities. The period from and including the Signing Date to and including the date immediately prior to the First Repayment Date under the Senior Facilities.