Existing Tranche A definition
Examples of Existing Tranche A in a sentence
Notwithstanding the foregoing, subject to the consent of the Borrower and the Administrative Agent, each Existing Tranche A Term Loan Lender may elect to continue its Existing Tranche A Term Loan as a Fifth Restatement Effective Date Tranche A Term Loan under this Agreement by indicating such an election on a Term Loan Lender Addendum delivered to the Administrative Agent on or prior to the Fifth Restatement Effective Date.
The Borrower will not be required to make any payments to Converting Tranche A Term Lenders and Converting Revolving Lenders under Section 2.16 of the Credit Agreement in connection with the conversion of their Existing Tranche A Term Loans into New Tranche A Term Loans and Existing Revolving Loans into New Revolving Loans, respectively.
For purposes of the foregoing, such Interest Periods shall be assigned (i) to the Additional Tranche A Term Loans of each Additional Tranche A Term Lender in the same proportion that such Interest Periods applied to the Existing Tranche A Term Loans on the Amendment Effective Date and (ii) to the Additional Revolving Loans of each Additional Revolving Lender in the same proportion that such Interest Periods applied to the Existing Revolving Loans on the Amendment Effective Date.
The Borrowers have requested an increase to the Maximum Loan Amount to two hundred and forty six million five hundred and thirty three thousand seven hundred and sixty three dollars 87/100 (USD246,533,763.87) to be split into (i) Existing Tranche A, Existing Tranche B and Existing Tranche C to assist the Borrowers to finance the Existing Vessels and (ii) the New Tranche which shall be advanced to Borrower B, in order to assist Owner C to finance the New Vessels (the "Request").
The proceeds of the Existing Tranche A Loan and the Existing Tranche B Loan were used for the purposes set forth in the Existing Credit Agreement.
The Borrower hereby further agrees and acknowledges that as of the Effective Date, such Existing Tranche A Term Loans that are assumed hereunder shall for all purposes hereunder constitute and be referred to as Tranche A Term Loans and Loans hereunder, without constituting a novation, but in all cases subject to the terms and conditions applicable to Tranche A Term Loans and Loans hereunder.
Borrower hereby further agrees to pay interest on the unpaid principal amount of the Loans from time to time outstanding from the applicable Borrowing Date (as defined in the Existing Credit Agreement), in the case of Existing Tranche A Loans, and the applicable Borrowing Date, in the case of Additional Tranche A Loans and the Tranche B Loans, until payment in full thereof at the rates per annum, and on the dates, set forth in Section 2.8.
Each Loan shall be subject to a new Interest Period beginning on the Closing Date, and all accrued and unpaid interest (at the applicable non-default rate) on the Existing Tranche A Term Loans, Existing Revolving Loans and Existing Tranche B Term Loans under the Existing Credit Agreement and on outstanding Hedge Termination Payments to the Closing Date shall be paid in full in cash by the Borrower on the Closing Date.
The Revolving Credit Loan deemed made by each Existing Tranche A Term Lender on the First Amendment Effective Date shall be deemed requested in accordance with Section 2.5 for all purposes of this Agreement.
The proceeds of the Tranche A Loans will be used by the U.S. Borrower to finance a portion of the Existing Tranche A Loan Refinancing, the Existing Tranche B Loan Prepayment, to pay fees and expenses in connection therewith and for other general corporate purposes of the U.S. Borrower and its Subsidiaries.