Term Loan B Facility. The final maturity of the Term Loan B Facility will occur on the 42-month anniversary of the Closing Date (the “Term Loan B Maturity Date”).
Term Loan B Facility. Each Term Loan B Lender severally, but not jointly, agrees to lend to the Borrowers in a single Borrowing on the Closing Date such Term Loan B Lender's Commitment Percentage of the Term Loan B Commitment. If all or any portion of the Term Loan B Principal Debt is paid or prepaid, then the amount so repaid may not be reborrowed.
Term Loan B Facility. Subject to and in reliance upon the terms, conditions, representations, and warranties in the Loan Documents, each Term Loan B Lender severally, but not jointly, agrees to lend to Borrower in a single Borrowing on the Closing Date an amount up to such Lender's Commitment Percentage of the Term Loan B Commitment. If all or a portion of the Term Loan B Principal Debt is paid or prepaid, then the amount so paid or prepaid may not be reborrowed.
Term Loan B Facility. Each Lender, severally and not jointly, agrees to lend to Borrower, in a single advance on the Amendment Date, its Pro Rata Share of the Term Loan B Commitment; provided all conditions precedent set forth in Subsections 7.1 and 7.2 are satisfied or waived by Administrative Agent as provided herein. Amounts borrowed under this Subsection 1.1(B) that are repaid or prepaid may not be reborrowed.
Term Loan B Facility. (a) Upon and subject to the terms and conditions hereof, each Lender agrees to make available, from time to time, until the applicable Term Loan Commitment Termination Date, for Borrower's use and upon the request of Borrower therefor to Agent, its Pro Rata Share of advances (each, a "Term Loan B ----------- Advance") to finance Eligible Acquisitions. The amount of Term Loan B Advances made to finance any Eligible Acquisition shall equal fifty percent (50%) of the amount of the purchase price financed hereunder; provided, however, that if the -------- ------- full amount of Term Loan A has been advanced hereunder or there is at such time no further availability for funding under the Term Loan A Commitment, the amount of Term Loan B Advances made to finance any Eligible Acquisition may equal up to one hundred percent (100%) of the purchase price being financed hereunder. The aggregate amount of each Lender's Term Loan B Advances shall not at any time exceed its separate Term Loan B Commitment. The obligations of each Lender hereunder shall be several and not joint. Each Term Loan B Advance shall be secured by all of the Collateral. Each Lender's Term Loan B Commitment shall be permanently reduced by the amount of each Term Loan B Advance made by it hereunder, and Borrower may not reborrow any amount repaid with respect to any Term Loan B Advance.
Term Loan B Facility. In January 2019, to fund the purchase price of the Xxxx Xxxxxxxx acquisition, the Company entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A and other lenders party to the Credit Agreement (the "Term Lenders"). The Credit Agreement provides for a Term Loan B facility (the “Term Loan Facility”) in an aggregate principal of $480,000,000, which was issued less $9,600,000 in original issue discount and other transaction fees. Such principal amount may be increased pursuant to incremental facilities in the form of additional tranches of term loans or new commitments, up to a maximum incremental amount of $225,000,000, or an unlimited amount subject to compliance with a first lien net leverage ratio of 2.25 to 1.00. The Term Loan Facility is due in January 2026. As of December 31, 2020 and 2019, the Company had $441,600,000 and $446,400,000, respectively, outstanding under the Term Loan Facility, of which $4,800,000 is reflected in current liabilities. The amount outstanding as of December 31, 2020 was offset by unamortized debt issuance costs of $13,450,000, of which $2,861,000 was reflected in the short-term portion of the facility, and $10,589,000 was reflected in the long-term portion of the facility in the accompanying consolidated balance sheet. Total interest and amortization expense recognized during the year ended December 31, 2020 and 2019 was $25,622,000 and $31,707,000, respectively. Loans under the Term Loan Facility are subject to interest at a rate per annum equal to either, at the Company's option, the LIBOR rate or the base rate, plus 4.50% or 3.50%, respectively. As of December 31, 2020, the interest rate under the Term Loan Facility was 6.65%. The Company utilizes an interest rate hedge in order to mitigate the risk of interest rate fluctuations on this facility. See Note 19 for further information on this hedging contract. Principal payments of $1,200,000 are due quarterly, however the Company has the option to prepay any outstanding loan balance in whole or in part without premium or penalty. In addition, the Term Loan Facility requires the payment of excess cash flows under certain circumstances. As of December 31, 2020, the Company was not required to make such payments. Loans outstanding under this facility are guaranteed by the Company's domestic subsidiaries. The loans and guaranties are secured by substantially all the assets of the Company and guarantors. The Credit Agreement contains a cross-default pr...
Term Loan B Facility. The following new Section 2.1.4 is hereby added to the Credit Agreement:
Term Loan B Facility. Upon the Effective Date in accordance with section 2.1 as amended, the aggregate sum of $20,000,000 of the Revolving Loans then outstanding shall be restructured and become Term Loan B with respect to each Lender based upon their respective Term Loan B Commitment, for which respective Notes shall be executed and delivered by Borrower to each Lender. Term Loan B shall be excluded from the calculation of the Leverage Ratio (Senior Debt) set forth in Section 6.27.4, but it shall be included in the calculation of the Leverage Ratio (Total Debt) set forth in Section 6.27.2. Further, the principal of Term Loan B shall be excluded from the calculation of the Fixed Charge Coverage Ratio set forth in Section 6.27.1 through August 31, 2005, but shall be included thereafter to the extent it has not been fully paid. The Term Loan B shall be payable as follows: accrued and unpaid interest shall be payable on each Payment Date, commencing August 31, 2004; and principal shall be payable in full on August 31, 2005. Interest shall accrue at a rate equal to the Eurodollar Base Rate plus three hundred twenty-five (325) basis points until November 30, 2004; whereupon, the interest rate shall increase to eighteen percent (18%) per annum fixed, and further increase by three hundred (300) basis points on the last day of each fiscal quarter thereafter, commencing February 28, 2005, until the Term Loan B has been fully paid.”
Term Loan B Facility. Each Term Loan B Lender, severally and not jointly, has lent to Borrower its Pro Rata Share of the Term Loan B. Amounts of the Term Loan B that are repaid or prepaid may not be reborrowed.
Term Loan B Facility. Subject to the terms of this Agreement, the Lenders make available to the Borrowers a term loan facility in an aggregate amount equal to the Total Term Loan B Facility Commitments.
