Term Banks definition
Examples of Term Banks in a sentence
The Agent shall have received such additional approvals, opinions, or documents as the Agent, the Required Revolving Banks or the Required Term Banks may reasonably request.
Borrower shall pay to the Agent, for the ratable benefit of the Term Banks, in immediately available funds, an amount equal to the Adjusted Existing Accrued Interest on the thirtieth (30th) day after the Closing Date.
Except as otherwise provided herein, each Completed Loan Request shall be in a minimum amount of (i) in the case of a Revolving Credit Loan, $2,000,000 or an integral multiple of $100,000 in excess thereof and (ii) in the case of an Incremental Term Loan, the amount of such Incremental Term Loan Facility of all Term Banks participating in such Increase on the proposed Drawdown Date.
Any Bank that does not approve any consent, waiver or amendment that (i) requires the approval of all Banks, all Banks of one of the Facilities or all affected Banks in accordance with the terms of §28 and (ii) has been approved by the Required Banks, the Required Revolving Credit Banks or the Required Term Banks, as applicable.
If the Borrower or any Obligated Party shall fail to perform any covenant or agreement in accordance with the terms of the Loan Documents, the Agent may, at the direction of either the Required Revolving Banks or the Required Term Banks, perform or attempt to perform such covenant or agreement on behalf of the Borrower.
At any time, with respect to any Incremental Term Loan Facility, Term Banks holding at least 51% of such Incremental Term Loan Facility on such date.
The portion of any Incremental Term Loan Facility held by any Delinquent Bank shall be disregarded in determining Required Term Banks at any time.
The Borrower shall give the Administrative Agent irrevocable notice (which notice shall on the Closing Date be deemed to have been submitted by the Borrower for ABR Loans in the full amount of the Term Commitments of all the Banks, and the Borrower shall have been deemed to have made the representations and warranties contained in the Notice of Borrowing) requesting that the Term Banks make the Term Loans on the Closing Date and specifying the amount to be borrowed.
Unless any applicable condition of Article V has not been satisfied, the proceeds of such Borrowing or Borrowings will then be made available to the Borrower by the Administrative Agent by wire transfer in accordance with written instructions provided to the Administrative Agent by the Borrower with the aggregate of the amounts made available to the Administrative Agent by the Term Banks and/or the relevant Incremental Term Banks, as applicable, and in like funds as received by the Administrative Agent.
The Agent shall have the same rights and powers hereunder as any other Bank and may exercise the same as though it were not the Agent; and the Term "Banks" shall include the Agent in its individual capacity.