Specified Refinancing Debt Clause Samples
The 'Specified Refinancing Debt' clause defines and governs the terms under which existing debt obligations can be replaced or refinanced with new debt. Typically, this clause outlines the types of debt instruments that qualify as refinancing, the conditions that must be met for the refinancing to occur, and any limitations on the amount or terms of the new debt. For example, it may specify that only debt with similar or better terms, or that does not increase the overall risk to the lender, is permitted. The core function of this clause is to provide flexibility for the borrower to manage or restructure their debt while protecting the interests of the lender by ensuring that any new debt does not adversely affect their position.
Specified Refinancing Debt. (a) The Borrower may, from time to time after the Closing Date, add one or more new term loan facilities and new revolving credit facilities to the Facilities (“Specified Refinancing Debt”; and the commitments in respect of such new term facilities, the “Specified Refinancing Term Commitment” and the commitments in respect of such new revolving credit facilities, the “Specified Refinancing Revolving Credit Commitment”) pursuant to procedures reasonably specified by any Person that is not an Affiliate of the Borrower appointed by the Borrower, after consultation with the Administrative Agent, as agent under such Specified Refinancing Debt (such Person (who may be the Administrative Agent, if it so agrees), the “Specified Refinancing Agent”) and reasonably acceptable to the Borrower, to refinance (i) all or any portion of any Term Loan Tranches then outstanding under this Agreement and (ii) all or any portion of any Revolving Tranches then in effect under this Agreement, in each case pursuant to a Refinancing Amendment; provided that such Specified Refinancing Debt: (i) will rank pari passu in right of payment as the other Loans and Commitments hereunder; (ii) will not have obligors other than the Loan Parties or entities who shall have become Loan Parties (it being understood that the roles of such obligors as Borrower or guarantors with respect to such obligations may be interchanged); (iii) will be (x) unsecured or (y) secured by the Collateral on a first lien “equal and ratable” basis with the Liens securing the Obligations or on a “junior” basis to the Liens securing the Obligations (in each case pursuant to intercreditor arrangements reasonably satisfactory to the Specified Refinancing Agent and, if the Specified Refinancing Agent is not the Administrative Agent, the Administrative Agent); (iv) will have such pricing and optional prepayment terms as may be agreed by the Borrower and the applicable Lenders thereof; (v)
Specified Refinancing Debt. (a) The Borrower may, from time to time, and subject to the consent of the Agent, add one or more new term loan facilities to this Agreement (“Specified Refinancing Debt”) pursuant to procedures reasonably specified by the Agent and reasonably acceptable to the Borrower, to refinance all or any portion of the Tranche B Loans, Tranche B2 Loans, Term Advances or Term 2 Advances then outstanding under this Agreement pursuant to a Refinancing Amendment; provided that such Specified Refinancing Debt: (i) shall rank pari passu in right of payment with the other Advances and Commitments hereunder; (ii) shall not be guaranteed by any Person that is not a Guarantor; (iii) shall be unsecured or secured by the Collateral on an equal and ratable basis with the Obligations (or on a second-lien basis pursuant to intercreditor arrangements reasonably satisfactory to the Agent); (iv) shall have such pricing and optional prepayment terms as may be agreed by the Borrower and the applicable lenders thereof; (v)
Specified Refinancing Debt. (a) The Borrowers may from time to time, add one or more new term loan facilities and new revolving credit facilities to the Credit Facilities (“Specified Refinancing Debt”) pursuant to procedures reasonably specified by the Administrative Agent and reasonably
Specified Refinancing Debt. On the Amendment No. 5 Effective Date and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof: (i) each Additional Lender severally agrees to make to the Borrower on the Amendment No. 5 Effective Date one or more 2024 Term B-2 Loans denominated in Dollars in an aggregate amount equal to such Additional Lender’s Additional 2024 Term B-2 Loan Commitment; (ii) each Consenting Lender severally agrees to convert up to all of its outstanding 2024 Term Loans (or such lesser amount as may be notified to such Lender by the Administrative Agent prior to the Amendment No. 5 Effective Date) into a like principal amount of 2024 Term B-2 Loans; (iii) the 2024 Term B-2 Loans made by each Additional Lender and the conversion of each Consenting Lender’s 2024 Term Loans to 2024 Term B-2 Loans on the Amendment No. 5 Effective Date shall be deemed to be incurred pursuant to a single Term Borrowing of 2024 Term B-2 Loans on the Amendment No. 5 Effective Date; (iv) on the Amendment No. 5 Effective Date, the Borrower shall prepay in full the 2024 Term Loans by (i) paying or causing to be paid to the Administrative Agent immediately available funds in an aggregate amount equal to the excess of (1) the 2024 Term Loan Prepayment Amount (as defined below), over (2) the 2024 Additional Replacement Term B-2 Loan Funding Amount (as defined below) (such excess, the “Cash Prepayment Amount”) and (ii) hereby directing the Administrative Agent to apply the gross cash proceeds of the 2024 Term B-2 Loans (the amount of such gross cash proceeds, the “2024 Additional Replacement Term B-2 Loan Funding Amount”), along with the Cash Prepayment Amount to prepay in full the 2024 Term Loans. The term “2024 Term Loan Prepayment Amount” shall mean the sum of (I) the aggregate principal amount of the 2024 Term Loans
Specified Refinancing Debt. (a) The Borrower may, from time to time after the Closing Date, and subject to the consent of the Administrative Agent (which consent shall not be unreasonably withheld, delayed or conditioned), add one or more new term loan facilities and new revolving credit facilities to the Facilities (“Specified Refinancing Debt”; and the commitments in respect of such new term facilities, the “Specified Refinancing Term Commitment” and the commitments in respect of such new revolving credit facilities, the “Specified Refinancing Revolving Credit Commitment”) pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrower, to refinance
Specified Refinancing Debt. (a) The Borrowers may on a joint and several basis, from time to time after the Closing Date, and subject to the consent of the Administrative Agent (which consent shall not be unreasonably withheld, delayed or conditioned), add one or more new term loan facilities and new revolving credit facilities to the Facilities (“Specified Refinancing Debt”; and the commitments in respect of such new term facilities, the “Specified Refinancing Term Commitment” and the commitments in respect of such new revolving credit facilities, the “Specified Refinancing Revolving Credit Commitment”) pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrowers, to refinance (i) all or any portion of any Term Loan Tranches then outstanding under this Agreement and (ii) all or any portion of any Revolving Credit Tranches then in effect under this Agreement, in each case pursuant to a Refinancing Amendment; provided that such Specified Refinancing Debt: (i) will
Specified Refinancing Debt. (a) The Borrower may, from time to time after the Closing Date, add one or more new term loan facilities and new revolving credit facilities to the Facilities (“Specified Refinancing Debt”; and the commitments in respect of such new term facilities, the “Specified Refinancing Term Commitment”; and such new term facilities, “Specified Refinancing Term Facilities”; and the commitments in respect of such new revolving credit facilities, the “Specified Refinancing Revolving Credit Commitment”) pursuant to procedures reasonably specified by any Person appointed by the Borrower, as agent under such Specified Refinancing Debt (such Person (who may be the Administrative Agent, if it so agrees), the “Specified Refinancing Agent”) and reasonably acceptable to the Borrower, to refinance (including by extending the maturity):
Specified Refinancing Debt. 118117 Section 2.19 Permitted Debt Exchanges ........................................................................... 119118 ARTICLE III. Taxes, Increased Costs Protection and Illegality......................................................... 120119 Section 3.01 Taxes ............................................................................................................ 120119 Section 3.02 [Reserved] .................................................................................................... 123122 Section 3.03 Illegality ....................................................................................................... 123122 Section 3.04
Specified Refinancing Debt. The Refinancing Term Loans, Refinancing Revolving Commitments and Refinancing Revolving Loans will be incurred as “Specified Refinancing Debt” pursuant to Section 2.24 of the Credit Agreement and this Amendment constitutes the “Refinancing Amendment” in respect thereof. The terms of the Refinancing Term Loans, Refinancing Revolving Commitments and Refinancing Revolving Loans will be as set forth herein and in the Restated Credit Agreement and shall, except as set forth herein and in the Restated Credit Agreement, have the same terms as the Term Loans, Revolving Credit Commitments and Revolving Loans outstanding under the Credit Agreement immediately prior to the Second Amendment Date.
Specified Refinancing Debt of the Credit Agreement is hereby amended by inserting the phrase “ Pro Rata Tranche B2 Term Share,” immediately after the phrase “Pro Rata Tranche B1 Term Share,” in clause (b) thereof.
(r) Section 3.07