New Debt Financing. In addition to the Initial Bridge Facility, Aspect, Esenjay and Frontier are negotiating with commercial banks and other independent third parties for a secured, revolving credit facility in amounts projected to finance certain exploration and 3-D seismic costs, leasehold acquisition and development of oil and gas properties, and for general corporate purposes (the "New Debt"). It is contemplated that such New Debt may be in addition to the Initial Bridge Facility and will be used in part to provide working capital for Esenjay prior to the Closing Date. Aspect, Esenjay and Frontier agree to work in conjunction with one another in order to secure an appropriate commitment or commitments for such New Debt; provided, however, that no party shall be required to advance any amounts to any other party in connection with such efforts to secure an appropriate commitment or commitments. No agreement with respect to the New Debt shall be entered into without the mutual agreement of the parties hereto. The New Debt may be structured to include the Initial Bridge Facility, in which case any advances under the Bridge Financing Agreement shall be repaid, and the commitments of Aspect under the Bridge Financing Agreement terminated, if and only if the New Debt has terms at least as favorable to Frontier as those under the Bridge Financing Agreement and is sufficient in amount to cover the working capital expenses of Frontier and Esenjay through the Closing Date. It is, however, agreed to by each party hereto that a commitment for the New Debt is not a condition precedent to funding of the Bridge Financing Agreement or to Closing.
New Debt Financing. If Borrower or its constituent member(s) or the direct or indirect members of such constituent member(s) desires to obtain additional or replacement debt financing, which is in any way related to the Property, whether in the form of refinancing or restructuring of all or part of any existing debt financing or by obtaining additional debt financing (whether secured or unsecured) for any purpose (collectively, “New Debt Financing”), Borrower shall notify Xxxxxx of its intent to seek such New Debt Financing. Within ten (10) days of receiving such notification from Borrower, Xxxxxx (or its Affiliates) shall have the right (but without any obligation to do so) to submit to Borrower a term sheet, which shall contain all of the material terms for the proposed New Debt Financing (the “Xxxxxx Offer”). Borrower shall not obtain New Debt Financing offered by a third party lender unless such New Debt Financing proposed by such third party lender (the “Third Party Offer”) taken as a whole is materially better in terms of proceeds, rate and structure than the Xxxxxx Offer, in which case Borrower shall notify Xxxxxx of such Third Party Offer and Xxxxxx (or its Affiliates) shall have the right (but without any obligation to do so), within five (5) Business Days of receipt of such notice from Borrower, to propose New Debt Financing which, taken as a whole, is on terms at least as favorable as those contained in the Third Party Offer. In such event, Borrower shall consummate such transaction with Xxxxxx and not with the third party lender. Notwithstanding anything to the contrary, Xxxxxx shall not be required to approve any New Debt Financing that would result in no Net Profits or that would result in New Debt Financing less than 75% loan to value (based on the Property’s stabilized value) in Xxxxxx’x reasonable determination. In the event the parties dispute the stabilized value of the Property, each party will obtain an appraisal from a third party appraiser. In the event the appraisers cannot agree, the appraisers will select a third appraiser whose valuation of the Property (assuming stabilization) shall be deemed the value of the Property for purposes of determining the loan to value ratio.
New Debt Financing. At the Closing, the Company shall use its commercially reasonable efforts to enter into the New Debt Financing (including, without limitation, by executing and delivering definitive agreements relating thereto). The Net Proceeds, if any, shall be used by the Company in the following order of priority:
New Debt Financing. The Company shall have secured an amount of new debt financing which, when combined with the funds received from the Purchasers for their purchase of securities hereunder, is sufficient to fund the Repurchase and the expenses incurred or reimbursed by the Company in connection with the Repurchase and Purchasers’ purchase of securities hereunder (the “New Debt Financing”).
New Debt Financing. Any such amendment shall not require the consent of any Creditor and shall be effective and binding on all Parties upon the execution thereof by the Debtors, Third Party Security Providers, each Senior Unsecured Security Provider, each Second Lien Creditor Representative, each Senior Unsecured Representative, each Senior Secured Notes Trustee, each Senior Agent and the Security Agent.
New Debt Financing. Xxxxxx shall use its best efforts to obtain New Debt Financing satisfactory to DS&P and Acquisition in their sole discretion.
New Debt Financing. At the Time of Closing, the Credit Facility being established and a Credit Agreement having been entered into among Franco-Nevada and the applicable financial institutions;
New Debt Financing a copy of the New Debt Financing Designation Certificate (as defined in the Intercreditor Agreement) to be delivered in respect of the Additional Facility.
New Debt Financing
