SCIL Loan definition

SCIL Loan means a subordinated collateralized institutional loan, secured by a second lien on all or substantially all of the Collateral in the principal amount of $45,000,000, payable in a single installment on its maturity date, and having a maturity date of not earlier than June 29, 2011.
View Source
SCIL Loan has the meaning assigned to it in Section 1.1(a)(i).
View Source
SCIL Loan means, as the context may require, at any time, the aggregate amount of SCIL Loan Advances outstanding to any Borrower or to all Borrowers.
View Source

Examples of SCIL Loan in a sentence

  • In addition, the SCIL Agent shall be directed by Borrower to fund all net proceeds of the SCIL Loan to the Trustee in respect of the Refinancing on the Closing Date and shall be satisfied that the First Lien Lenders have been directed by Borrower to fund the remaining portion of the Refinancing Proceeds to the Trustee on the Closing Date.

  • Nothing in this Section 1.17 or elsewhere in this Agreement or the other Loan Documents shall be deemed to require Applicable Agent to advance funds on behalf of any Lender or to relieve any Lender from its obligation to fulfill its Revolving Loan Commitment or its SCIL Loan Commitment hereunder, as the case may be, or to prejudice any rights that the applicable Borrower may have against any Lender as a result of any default by any Lender hereunder.

  • This Section 9.1(g) may not be amended without the prior written consent of each Granting SCIL Lender, all or any of whose SCIL Loan are being funded by an SPC at the time of such amendment.

  • If, in connection with any SCIL Loan Commitment Increase, any interest rate for any portion of the SCIL Loan is increased, a reciprocal increase in the relevant interest rate for the entire SCIL Loan under this Agreement shall be required to occur from and after the effective date of such SCIL Loan Commitment Increase.

  • In addition, the Agent shall be satisfied that the SCIL Lenders have agreed to advance all net proceeds of the SCIL Loan to the Trustee in respect of the Refinancing on the Effective Date and that Borrower has directed Agent to disburse a portion of the Term Loan to fund the remaining Refinancing Proceeds to the Trustee on the Effective Date.

  • Disclosure Schedule (1.4) contains a description of Borrower’s sources and uses of funds as of the Closing Date, including SCIL Loan to be made or incurred on that date, and a funds flow memorandum detailing how funds from each source are to be transferred to particular uses.

  • If all Lenders having Term Loan B Commitments elect to forego prepayment or if such prepayments are in excess of the aggregate accrued interest and outstanding principal amount of Term Loan B, any such foregone prepayments or excess amounts shall be applied to the Revolving Loan and the SCIL Loan and outstanding Advances in the order set forth in clauses seventh, eighth, ninth and tenth of this Section 1.3(c).

  • The SCIL Loan shall be evidenced by promissory notes substantially in the form of Exhibit 1.1(a) (each a “SCIL Note” and collectively the “SCIL Notes”), and, except as provided in Section 1.12, Borrower shall execute and deliver each SCIL Note to the applicable SCIL Lender.

  • Each SCIL Lender hereby authorizes the SCIL Agent, without any further consent from or agreement of such SCIL Lender, to execute on behalf of such SCIL Lender such amendments to this Agreement and/or the other Loan Documents as may be necessary to implement each such Qualifying SCIL Loan Commitment Increase.

  • Borrower shall utilize the proceeds of the SCIL Loan for the Refinancing and any related transaction costs, fees and expenses, for the financing of Borrower’s ordinary working capital and general corporate needs and for any other purpose not prohibited hereunder, subject to the terms and conditions set forth herein.