Exchanged Loans definition
Examples of Exchanged Loans in a sentence
Each Additional Term Lender will make its New Term Loans that cannot be made pursuant to an exchange for Exchanged Loans of such Lender by transferring the amount thereof to the Administrative Agent on the Amendment Effective Date in the manner contemplated by Section 2.06 of the Credit Agreement.
Subject to the terms and conditions set forth herein and, with respect to the Exchanged Loans, the Note Purchase Agreement, each Initial Lender, severally and not jointly, agrees to make Loans to the Borrower, in Dollars, on the Closing Date in an amount equal to the Commitment of such Initial Lender to make such Loans and as provided further in Section 2.3 below.
This Agreement and any provisions thereof, and the rights and obligations of each Party hereunder, shall not be assigned by any Party without prior written consent of the Borrower and the holders of at least a majority of the Exchanged Loans (the “Requisite Participating Lenders”); provided, that the rights of any Participating Lender can be assigned without any other Party’s consent to a permitted transferee of any of such Participating Lender’s Second Lien Loans or Warrants.
Subject to the terms and conditions set forth herein, each Rollover Lender severally agrees to exchange its Exchanged Loans for a like principal amount of Loans on the Restatement Effective Date.
No Loans conveyed to the Depositor by the Issuer directly in connection with a Renewed Loan Replacement will constitute Exchanged Loans and no Loans reassigned to the Depositor by the Issuer in connection with a Renewed Loan Repurchase will constitute Released Loans.
The exchange of Exchanged Loans for Refinancing Loans and the repayment of Existing Loans (other than the Exchanged Loans) with the proceeds of the Additional Loans contemplated hereby collectively constitute a voluntary prepayment of the Existing Loans by the Borrower pursuant to Section 2.5 of the Credit Agreement and shall be subject to the provisions of Section 2.5 of the Credit Agreement.
Each Exchanging Term Lender that executes a counterpart hereof and returns such counterpart to the Administrative Agent prior to 5:00 p.m., New York time, on February 12, 2020, shall be entitled to a consent fee (collectively, the “Consent Fees”) payable upon the Third Amendment Effective Date equal to 0.25% of the sum of its Exchanged Loans, in each case, as calculated on the Third Amendment Effective Date.
On the First Amendment Effective Date, the Borrower shall apply the proceeds of the Refinancing Loans (if any), together with cash on hand, to prepay in full the principal amount of all Existing Loans, other than Exchanged Loans.
Except as expressly set forth herein, nothing herein contained shall be construed as a substitution or novation of the Loans outstanding under the Existing Credit Agreement (other than the Exchanged Loans and the Prepaid Loans), which shall remain outstanding under the Existing Credit Agreement, as amended hereby, after the Effective Date.
This Agreement shall not extinguish the Loans outstanding under the Existing Credit Agreement; provided that the Exchanged Loans and the Prepaid Loans shall cease to be outstanding under the Existing Credit Agreement and the Exchanged Loans shall become Priority Loans that are outstanding under the New Priority Lien Credit Agreement.