Common use of Loans and Borrowings under the Existing Credit Agreement Clause in Contracts

Loans and Borrowings under the Existing Credit Agreement. On the Effective Date (or as soon as practicable with respect to (iii)): (i) the Borrower shall pay all accrued and unpaid commitment fees, break funding fees under Section 5.02 and all other fees that are outstanding under the Existing Credit Agreement for the account of each “Lender” under the Existing Credit Agreement; (ii) each “ABR Loan” and “Eurodollar Loan” outstanding under the Existing Credit Agreement shall be deemed to be repaid with the proceeds of a new ABR Loan or Eurodollar Loan, as applicable, under this Agreement; (iii) the Administrative Agent shall use reasonable efforts to cause such “Lender” under the Existing Credit Agreement to deliver to the Borrower as soon as practicable after the Effective Date the Note issued by the Borrower to it under the Existing Credit Agreement, marked “canceled” or otherwise similarly defaced; (iv) any letters of credit outstanding under the Existing Credit Agreement shall be deemed issued under this Agreement; and (v) the Existing Credit Agreement and the commitments thereunder shall be superceded by this Agreement and such commitments shall terminate. It is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence repayment of any such obligations and liabilities and that this Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the obligations of the Borrower outstanding thereunder.

Appears in 4 contracts

Samples: Fifth Amendment to Third Amended and Restated Credit Agreement (HighPoint Resources Corp), Fifth Amendment to Third Amended and Restated Credit Agreement (Bill Barrett Corp), Credit Agreement (Bill Barrett Corp)

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Loans and Borrowings under the Existing Credit Agreement. On the Effective Closing Date (or as soon as practicable with respect to (iii)): (i) the Borrower shall pay all accrued and unpaid commitment fees, break funding fees under Section 5.02 5.05 and all other fees that are outstanding under the Existing Credit Agreement for the account of each “Lender” under the Existing Credit Agreement; (ii) each “ABR Base Rate Loan” and “Eurodollar Loan” outstanding under the Existing Credit Agreement shall be deemed to be repaid amended and restated with the proceeds of a new ABR Base Rate Loan or Eurodollar Loan, as applicable, and continued as existing Loans under this AgreementAgreement and not as a novation; (iii) the Administrative Agent shall use reasonable efforts to cause such each “Lender” under the Existing Credit Agreement to deliver to the Borrower as soon as practicable after the Effective Closing Date the Note issued by the Borrower to it under the Existing Credit Agreement, marked “canceled” or otherwise similarly defaced; (iv) any letters of credit outstanding under the Existing Credit Agreement shall be deemed issued under this Agreement; and (v) the Existing Credit Agreement and the commitments thereunder shall be superceded by this Agreement and such commitments shall terminate. It is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence repayment of any such obligations and liabilities and that this Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the obligations of the Borrower outstanding thereunder.

Appears in 2 contracts

Samples: Credit Agreement, Credit Agreement (Black Stone Minerals, L.P.)

Loans and Borrowings under the Existing Credit Agreement. On the Effective Date (or as soon as practicable with respect to (iii)): (i) the Borrower shall pay all accrued and unpaid commitment fees, break funding fees under Section 5.02 and all other fees that are outstanding under the Existing Credit Agreement for the account of each “Lender” under the Existing Credit Agreement; (ii) each “ABR Loan” and “Eurodollar Loan” outstanding under the Existing Credit Agreement shall be deemed to be repaid with the proceeds of a new ABR Revolving Credit Loan or Eurodollar Revolving Credit Loan, as applicable, under this Agreement; (iii) the Administrative Agent shall use reasonable efforts to cause such “Lender” under the Existing Credit Agreement to deliver to the Borrower as soon as practicable after the Effective Date the Note issued by the Borrower to it under the Existing Credit Agreement, marked “canceled” or otherwise similarly defaced; (iv) any letters of credit outstanding under the Existing Credit Agreement shall be deemed issued under this Agreement; and (v) the Existing Credit Agreement and the commitments thereunder shall be superceded by this Agreement and such commitments shall terminate. It is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence repayment of any such obligations and liabilities and that this Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the obligations of the Borrower outstanding thereunder.

Appears in 1 contract

Samples: Credit Agreement (Whittier Energy Corp)

Loans and Borrowings under the Existing Credit Agreement. On the Effective Date (or as soon as practicable with respect to (iii)): (i) the Borrower shall pay all accrued and unpaid commitment fees, break funding fees under Section 5.02 and all other fees that are outstanding under the Existing Credit Agreement for the account of each “Lender” under the Existing Credit Agreement; (ii) each “ABR Loan” and “Eurodollar Loan” outstanding under the Existing Credit Agreement shall be deemed to be repaid with the proceeds of a new ABR Loan or Eurodollar Loan, as applicable, under this Agreement; (iii) the Administrative Agent shall use reasonable efforts to cause such “Lender” under the Existing Credit Agreement to deliver to the Borrower as soon as practicable after the Effective Date the Note issued by the Borrower to it under the Existing Credit Agreement, marked “canceled” or otherwise similarly defaced; (iv) any letters of credit outstanding under the Existing Credit Agreement Agreement, as set forth in Schedule 2.02, shall be deemed issued under this Agreement; and (v) the Existing Credit Agreement and the commitments thereunder shall be superceded superseded by this Agreement and such commitments shall terminate. It is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence repayment of any such obligations and liabilities and that this Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the obligations of the Borrower outstanding thereunderthereunder and that any Loan Document and/or security interests securing the Indebtedness under the Existing Credit Agreement shall continue in full force and effect to secure the Indebtedness hereunder.

Appears in 1 contract

Samples: Credit Agreement (HighPoint Resources Corp)

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Loans and Borrowings under the Existing Credit Agreement. On the Effective Date (or as soon as practicable with respect to (iiiiv)): (i) the Borrower shall pay all accrued and unpaid commitment fees, break funding fees under Section 5.02 and all other fees that are outstanding under the Existing Credit Agreement for the account of each "Lender" under the Existing Credit Agreement; (ii) each "ABR Loan" and "Eurodollar Loan" outstanding under the Existing Credit Agreement shall be deemed to be repaid with the proceeds of a new ABR Loan or Eurodollar Loan, as applicable, under this Agreement; (iii) the Administrative Agent shall use reasonable efforts to cause such "Lender" under the Existing Credit Agreement to deliver to the Borrower as soon as practicable after the Effective Date the Note issued by the Borrower to it under the Existing Credit Agreement, marked "canceled" or otherwise similarly defaced; (iv) any letters of credit outstanding under the Existing Credit Agreement shall be deemed issued under this Agreement; and (viv) the Existing Credit Agreement and the commitments thereunder shall be superceded by this Agreement and such commitments shall terminate. It is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence repayment of any such obligations and liabilities and that this Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the obligations of the Borrower outstanding thereunder.

Appears in 1 contract

Samples: Credit Agreement (Bill Barrett Corp)

Loans and Borrowings under the Existing Credit Agreement. On the Effective Date (or as soon as practicable with respect to (iii)): (i) the Borrower shall pay all accrued and unpaid commitment fees, break funding fees under Section 5.02 and all other fees that are outstanding under the Existing Credit Agreement for the account of each “Lender” under the Existing Credit Agreement; (ii) each “ABR Loan” and “Eurodollar Loan” outstanding under the Existing Credit Agreement shall be deemed to be repaid amended and restated with the proceeds of a new ABR Loan or Eurodollar Loan, as applicable, and continued as existing Loans under this AgreementAgreement and not as a novation; (iii) the Administrative Agent shall use reasonable efforts to cause such each “Lender” under the Existing Credit Agreement to deliver to the Borrower as soon as practicable after the Effective Date the Note issued by the Borrower to it under the Existing Credit Agreement, marked “canceled” or otherwise similarly defaced; (iv) any letters of credit outstanding under the Existing Credit Agreement shall be deemed issued under this Agreement; and (v) the Existing Credit Agreement and the commitments thereunder shall be superceded by this Agreement and such commitments shall terminate. It is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities existing under the Existing Credit Agreement or evidence repayment of any such obligations and liabilities and that this Agreement amend and restate in its entirety the Existing Credit Agreement and re-evidence the obligations of the Borrower outstanding thereunder.

Appears in 1 contract

Samples: Credit Agreement (Linn Energy, LLC)

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