Existing LIBOR Advances. Notwithstanding anything to the contrary in this Amendment or the Credit Agreement, (i) each Eurodollar Rate Advance (as defined in the Existing Credit Agreement) outstanding immediately prior to the Amendment Effective Date (each, an “Existing LIBOR Advance”) shall continue to accrue interest based on the Eurodollar Rate (as defined in the Existing Credit Agreement) applicable to such Existing LIBOR Advance until the last day of the Interest Period (as defined in the Existing Credit Agreement) applicable to such Existing LIBOR Advance in effect immediately prior to the Amendment Effective Date (such last day, with respect to any Existing LIBOR Advance, a “LIBOR Termination Date”), and thereafter shall be a Term Benchmark Advance or an Alternate Base Rate Advance as determined in accordance with the Credit Agreement and (ii) the terms of the Existing Credit Agreement in respect of the calculation, payment and administration of each Existing LIBOR Advance shall remain in effect from and after the date hereof until the LIBOR Termination Date applicable to such Existing LIBOR Advance solely for purposes of making, and the administration of, fee and interest payments on such Existing LIBOR Advance.
Existing LIBOR Advances. As of the date of this Amendment Agreement, the Persons who were Lenders immediately prior to the date of this Amendment Agreement (the “Existing Lenders”) made LIBOR Advances to the Borrower in the aggregate principal amount of US$51,000,000 (the “Existing LIBOR Advances”). The LIBOR Period in respect of such Existing LIBOR Advances ends on October 9, 2019 (the “Existing LIBOR Maturity Date”). The parties acknowledge that an interest in the Existing LIBOR Advances may not be acquired by any Person who became a Lender on the date of this Amendment Agreement (the “New Lenders”) prior to the Existing LIBOR Maturity Date and that the Existing LIBOR Advances will need to be retained by the Existing Lenders. Accordingly, in order to give effect to the Applicable Percentage of Lenders in respect to the Credit to the extent possible on the date of this Amendment Agreement, the parties agree as follows:
(a) the Agent will disproportionately allocate (as it may determine in its reasonable discretion) any Advances to be made to the Borrower from and after the date of this Amendment Agreement and until the Existing LIBOR Maturity Date to the New Lenders so as to permit them to have outstanding Advances as close as possible to their respective Applicable Percentages, having regard to the Existing Lenders’ interest in the Existing LIBOR Advances and, accordingly, the respective pro rata share of each of the Lenders in the outstanding Advances may not correspond to their respective Applicable Percentages; and
(b) when Advances and repayments are made under the Credit after the date of this Amendment Agreement (including any rollover or conversion of the Existing LIBOR Advances on the Existing LIBOR Maturity Date), the Agent will be entitled to allocate and reallocate Advances and payments as it may determine, and the adjusting payments that need to be made amongst Lenders, in order to ensure that their respective pro rata interests in outstanding Advances equal as closely as possible their respective Applicable Percentages.
Existing LIBOR Advances. Notwithstanding anything to the contrary in the Existing Loan Agreement, the Loan Agreement or this Amendment, any LIBOR Advances (as defined in the Existing Loan Agreement) outstanding as of the First Amendment Effective Date shall continue to the end of the applicable Interest Period for such LIBOR Advances and the provisions of the Existing Loan Agreement applicable thereto shall continue and remain in effect (notwithstanding the election of the Administrative Agent and the Borrower to trigger an Early Opt-In Election and the occurrence of the First Amendment Effective Date) until the end of the applicable Interest Period for such LIBOR Advances, after which such provisions shall have no further force or effect; provided that, for the avoidance of doubt, at any time from and after the First Amendment Effective Date, the Borrower shall not be permitted to request an Advance of, conversion to or continuation of any LIBOR Advances.
