Existing Term Lenders definition
Examples of Existing Term Lenders in a sentence
On the Closing Date, the Existing Term Lenders made Existing Term Loans to the Borrower pursuant to Section 2.01(a) of this Agreement as in effect on the Closing Date.
Each of the parties hereto acknowledges and agrees that (x) this Amendment constitutes a Refinancing Amendment with respect to the establishment of the Repriced Term Loans provided by the Consenting Existing Term Lenders and (y) the Repriced Term Loans provided by the Consenting Existing Term Lenders and the Replacement Term Lenders constitute Repriced Term Loans incurred in accordance with Section 2.18 of the Credit Agreement.
Simultaneously with the effectiveness of this Agreement, the Revolving Commitments of each of the Revolving Lenders and the Existing Term Loans of the Existing Term Lenders, in each case, as existing immediately prior to the Effective Date, shall be reallocated among the Lenders of the applicable Class so that the Revolving Commitments and Term Loans are held by the Lenders of the applicable Class as set forth on Schedule I attached hereto.
The proceeds of the Advances shall be available, and the Borrower hereby agrees that it shall use such proceeds, solely to repay all principal and accrued interest to the Existing Revolving Credit Lenders and the Existing Term Lenders under the Existing Credit Agreement, to pay certain fees and expenses contemplated by the Loan Documents and for other general corporate purposes of the Borrower and its Subsidiaries not otherwise prohibited under the terms of the Loan Documents.
The proceeds of the Additional Term Loans will be used by the Company to, among other things, refinance in full the outstanding principal amount of the Existing Term Loans of Existing Term Lenders, if any, who do not execute and deliver this Amendment (the “Non-Consenting Term Lenders”).