New Term Loan definition
Examples of New Term Loan in a sentence
Each New Term Loan Lender hereby agrees, severally and not jointly, on the terms and conditions set forth herein and in the Amended Credit Agreement, to make a New Term Loan under the Amended Credit Agreement on the Amendment Effective Date, in accordance with Section 2.14(c) of the Credit Agreement, in an aggregate principal amount set forth opposite its name under the heading “New Term Loan Commitment” on Annex C hereto.
Each Borrowing of New Term Loans under this Agreement shall be made by the Lenders pro rata on the basis of their then-applicable New Term Loan Commitments.
Immediately upon the Payoff, for all purposes under the Amended Credit Agreement, (a) the New Term Loans shall constitute Initial Term Loans and cease to be New Term Loans, (b) each New Term Loan Lender shall constitute an Initial Term Loan Lender and cease to be a New Term Loan Lender and (c) any Lender (other than a New Term Loan Lender) that had an Existing Term Loan shall cease to be a Lender or an Initial Term Loan Lender.
Subject to Section 5.2(f), with respect to each such prepayment, the Borrower will, not later than the date specified in Section 5.2(a) for making such prepayment, give the Administrative Agent written notice which shall include a calculation of the amount of such prepayment to be applied to each Class of Term Loans requesting that the Administrative Agent provide notice of such prepayment to each Initial Term Loan Lender, New Term Loan Lender, or Extended Term Loan Lender, as applicable.