Term C Borrowing means a borrowing consisting of Term C Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by each of the Term C Lenders pursuant to Section 2.01(d).
The Borrower shall use the proceeds of the Term C Borrowing on the Agreement Effective Date to (a) Refinance Indebtedness of the Company and (b) to pay costs and expenses of the transactions contemplated by this Agreement.
Each Term C Lender shall, before 1:00 p.m. on the date of the Term C Borrowing, make available to the Administrative Agent at the Administrative Agents office specified in Schedule VII, in same day or immediately available funds, such Lenders ratable share of such Borrowing based on such Lenders Term C Commitment.
After giving effect to the Term C Borrowing on the Agreement Effective Date, and all conversions of Term C Loans from one Type to the other, and all continuations of Term C Loans as the same Type, there shall be not more than five (5) Interest Periods in effect in respect of the Term C Facility.
The Term C Borrowing shall consist of Term C Loans made simultaneously by the Term C Lenders ratably according to their Term C Commitments.
No Default or Event of Default exists (and the Borrower is in compliance with Section 7.12 of the Credit Agreement after giving effect to the Term C Borrowing on the Agreement Effective Date).