PNC Term Loan definition
Examples of PNC Term Loan in a sentence
In connection with the execution of the PNC Term Loan Agreement, GPM will execute a guaranty with respect to the PNC Term Debt.
As a condition of the PNC Line and the PNC Term Loan, the Company is required to maintain certain levels of net worth, working capital and other financial ratios; to limit the amount of capital expenditures it may incur without PNC Bank’s approval; and to restrict the payment of dividends.
Interest on borrowings under the PNC Line and the PNC Term Loan is based on short-term market rates, which may be further adjusted based upon the Company maintaining certain financial ratios.
The Lender shall ------------------------------------------ have received (i) evidence satisfactory to it that all principal, interest thereon and all commitment and other fees payable under, and in respect of, the PNC Term Loan and the Existing Chase Term Loan, respectively, shall have been repaid or paid, as the case may be, in full and (ii) true and correct copies of each of the Issuing Bank Letter of Credit Termination and the Confirming Bank Letter of Credit Termination.
The consent provided herein will expire without any further action by any Person on the sooner of the maturity date of the obligations under the PNC Term Loan Agreement (after giving effect to any extensions permitted thereunder as in effect on the date hereof) and the repayment in full of the obligations under the PNC Term Loan Agreement.
The terms of each of the PNC Term Loan Documents and Affiliate Loan Documents shall be satisfactory to the Administrative Agent and the Lenders, and the Borrower shall have delivered copies of each of the PNC Term Loan Documents and Affiliate Loan Documents to the Administrative Agent, certified by a Responsible Officer of the Borrower as being true, correct and complete.
This Agreement ----------------------------------------------- shall become effective upon disbursement of the Chase Term Loan by Chase, payment, termination and cancellation of the PNC Term Loan, Chemical Term Loan and Silicon Letter of Credit, and related agreements, and entering into the Security Agreement, Bayer Mortgage and Intercreditor Agreement as referred to in the recitals to this Agreement.
Immediately after the Closing, the Partnership will have good and valid record and beneficial title to such Contributed Interests, free and clear of any Liens, except for restrictions on transfer under applicable federal and state securities laws, as provided in OpCo’s Organizational Documents, as provided in the Credit Agreement and as provided in the PNC Term Loan Agreement (as defined in the Contribution Agreement).
The remaining $5.1 million represents the PNC Term Loan outstanding balance that bears a variable interest rate.
In connection with the assignment and assumption of the PNC Term Debt, the Partnership will execute the PNC Term Loan Agreement in substantially the form attached hereto as Exhibit A.