New Term Loans Clause Samples
The "New Term Loans" clause defines the terms and conditions under which additional term loans may be made available to the borrower during the life of a credit agreement. Typically, this clause outlines the process for requesting new loans, the approval requirements from existing lenders, and the terms that will apply to these new borrowings, such as interest rates, maturity dates, and repayment schedules. By establishing a clear framework for obtaining additional financing, this clause provides flexibility for the borrower to access further capital as needed while ensuring that lenders retain control over the terms and risk exposure associated with new loans.
New Term Loans. (a) Subject to the terms and conditions set forth herein (i) each Continuing Term Lender agrees to continue all (or, at the Lead Arranger’s election, part) of its Existing Term Loans as a New Term Loan on the date requested by the US Borrower to be the First Amendment Effective Date (which date shall not be later than May 13, 2011) in a principal amount up to the amount of such Continuing Term Lender’s New Term Loan Commitment (as defined below) and (ii) each Additional Term Lender agrees to make a New Term Loan on such date to the US Borrower in a principal amount equal to such Additional Term Lender’s New Term Loan Commitment. For purposes hereof, a Person may become a party to the Credit Agreement as amended hereby and a New Term Lender as of the First Amendment Effective Date by executing and delivering to the Administrative Agent, on or prior to the First Amendment Effective Date, a Lender Addendum in its capacity as a New Term Lender. The US Borrower shall give notice to the Administrative Agent of the proposed First Amendment Effective Date not later than one Business Day prior thereto, and the Administrative Agent shall notify each Term Lender and each Additional Term Lender thereof. For the avoidance of doubt, the Existing Term Loans of a Continuing Term Lender must be continued in whole and may not be continued in part unless approved by ▇.▇. ▇▇▇▇▇▇ Securities LLC (the “Lead Arranger”).
(b) Each Additional Term Lender will make its New Term Loan on the First Amendment Effective Date by making available to the Administrative Agent, in the manner contemplated by Section 2.2 of the Credit Agreement, an amount equal to its New Term Loan Commitment. Each Existing Term Loan continued by a Continuing Term Lender as a New Term Loan as contemplated herein is referred to herein as a “Continued Term Loan”. The “New Term Loan Commitment” (i) of any Continuing Term Lender will be the amount of its Existing Term Loans as set forth in the Register as of the First Amendment Effective Date or, if less, as allocated to it by the Administrative Agent and notified to it on or prior to the First Amendment Effective Date, which shall be continued as an equal amount of New Term Loans, and (ii) of any Additional Term Lender will be such amount (not exceeding any commitment offered by such Additional Term Lender) allocated to it by the Administrative Agent and notified to it on or prior to the First Amendment Effective Date. The commitments of the Additional Term Lenders...
New Term Loans. With the written consent of Administrative Agent, Borrowers’ Agent may from time to time, by written notice to Administrative Agent, request at any time during the Loan Increase Period, on the terms and subject to the conditions contained in this Agreement, commitments to make term loans (x) to the Domestic Borrowers, on a joint and several basis, in Dollars and/or (y) to the Offshore Borrower in an Offshore Currency, which term loans shall be made as one or more additional tranches of New Term Loans hereunder; provided that (1) after giving effect to the aggregate principal amount of the New Term Loan Commitments pursuant to this subsection 2.1A(vi) and the Dollar Equivalent amount thereof on the date of effectiveness, the Total Utilization of Incremental Loan Commitments shall not exceed $400,000,000, (2) no Event of Default or Potential Event of Default shall have occurred and be continuing or shall occur as a result from the incurrence of such New Term Loans, (3) after giving effect to the to the incurrence of such New Term Loans pursuant to this subsection 2.1A(vi), Borrowers shall be in pro forma compliance with the financial covenants set forth in subsection 7.6, (4) the proceeds of such New Term Loans are applied to Permitted Applications of Incremental Loan Proceeds, (5) the final stated maturity of the New Term Loans shall be no earlier than the Revolving Loan Commitment Termination Date, (6) such New Term Loans shall have no mandatory amortization prior to the Revolving Loan Commitment Termination Date, (7) each such request shall be for a minimum additional principal amount of at least $40,000,000 (or the Offshore Currency Equivalent thereof, as applicable), (8) prior to the date of effectiveness of such New Term Loan Commitments, each Lender shall have received written notice from the Administrative Agent of the aggregate principal amount of such New Term Loans, and (9) Borrowers shall, and shall cause their respective Subsidiaries to, execute and deliver such documents and instruments and take such other actions as may be reasonably requested by Administrative Agent in connection with the New Term Loan Commitments and the incurrence of the New Term Loans. Any request under this subsection 2.1A(vi) shall be submitted by Borrower’s Agent to Administrative Agent (and Administrative Agent shall forward copies to each Lender), specify the proposed effective date and amount of such New Term Loan Commitment (which date and amount shall be reasonably...
New Term Loans. Notwithstanding anything to the contrary herein or in any other Loan Document, this Agreement and the other Loan Documents may be amended with the written consent of only the Administrative Agent and the Borrower to the extent necessary in order to evidence and implement any Series of New Term Loans pursuant to Section 2.22.
New Term Loans. (b) The Revolving Credit Commitment shall terminate at 5:00 p.m. (New York City time) on the Revolving Credit Maturity Date.
New Term Loans. (a) Subject to the terms and conditions set forth herein, on the Amendment No. 2 Effective Date, each New Term Lender agrees to fund a New Term Loan in a principal amount not to exceed such New Term Lender’s New Term Commitment as set forth on the Refinancing Term Loan Allocation Schedule.
(b) The aggregate principal amount of the New Term Loans shall be $350,000,000.
(c) The New Term Loans will be used to refinance the Initial Term Loans and, together with cash on hand, pay fees and expenses related to the Amendment.
(d) The final maturity date of the New Term Loans shall be March 24, 2024 and the New Term Loans shall not be subject to amortization before such date.
(e) The Applicable Rate for the New Term Loans shall be 2.25% per annum for Eurodollar Rate Loans and 1.25% per annum for Base Rate Loans.
(f) If the Borrower (A) makes a voluntary prepayment of any New Term Loans pursuant to Section 2.05(a) of the Amended Credit Agreement in connection with a Repricing Transaction, (B) makes a prepayment of any New Term Loans pursuant to Section 2.05(b)(iii)(A) of the Amended Credit Agreement in connection with a Repricing Transaction, or (C) replaces a Lender pursuant to Section 3.07(a) of the Amended Credit Agreement for failing to consent to any departure, waiver, amendment or modification constituting a Repricing Transaction, in each case prior to the six month anniversary of the Amendment No. 2 Effective Date, the Borrower shall pay to the Administrative Agent, for the ratable account of the applicable New Term Lenders, a prepayment premium in an amount equal to 1.0% of the principal amount prepaid (or, in the case of clause (C) above, an amount equal to 1.0% of the principal amount of New Term Loans repaid or required to be assigned in connection with such replacement).
(g) Subject to the terms and conditions set forth herein, on the Amendment No. 2 Effective Date, each Continuing Term Lender agrees to convert all (or such lesser amount as the Amendment No. 2 Arrangers may allocate) of its Original Term Loans into Converted Term Loans. Without limiting the generality of the foregoing, each Continuing Term Lender shall have a commitment to acquire New Term Loans in the amount of Original Term Loans then held by such Continuing Term Lender. Each party hereto acknowledges and agrees that notwithstanding any such conversion, each such Continuing Term Lender shall be entitled to receive payment on the Amendment No. 2 Effective Date of the unpaid fees (if any...
New Term Loans. Subject to the terms and conditions set forth herein, each New Term Lender severally agrees to make a single loan to the Borrower on the [First Incremental Commitments Amendment Effective Date]difr [Funding Date]difa in an amount not to exceed such New Term Lender’s Applicable Percentage of the New Term Facility. The New Term Borrowing shall consist of New Term Loans made simultaneously by the New Term Lenders in accordance with their respective Applicable Percentages of the New Term Facility. Amounts borrowed under this Section 2.01(c) and repaid or prepaid may not be reborrowed. New Term Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.
New Term Loans. Subject to the terms and conditions hereof, each Lender (including any Continuing Lender solely to the extent that its Term Loan Commitment with respect to any Class exceeds its converted Term Loans of such Class) severally agrees to make, on the Restatement Date:
(A) a U.S. Tranche A Term Loan to the U.S. Borrower in an amount equal to such Lender’s U.S. Tranche A Term Loan Commitment;
(B) a Foreign Tranche A Term Loan to the Foreign Borrower in an amount equal to such Lender’s Foreign Tranche A Term Loan Commitment;
(C) a U.S. Tranche B Term Loan to the U.S. Borrower in an amount equal to such Lender’s U.S. Tranche B Term Loan Commitment; and
(D) a Foreign Tranche B Term Loan to the Foreign Borrower in an amount equal to such Lender’s Foreign Tranche B Term Loan Commitment.
New Term Loans. Prior to the incurrence of any New Term Loans, Holdings and the Borrowers shall have satisfied (or caused to be satisfied) all of the applicable conditions set forth in Section 2.25 and the relevant Joinder Agreement.
New Term Loans. The principal amount of New Term Loans of each Term Lender shall be repaid as provided in the amendment to this Agreement in respect of such New Term Loans as contemplated by Section 2.14, subject to the requirements of Section 2.14 (which installments shall, to the extent applicable, be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Sections 2.05 and 2.06, or be increased as a result of any increase in the amount of New Term Loans pursuant to Section 2.14 (such increased scheduled installments to be calculated in the same manner (and on the same basis) as the schedule set forth in the amendment to this Agreement in respect of such New Term Loans as contemplated by Section 2.14 for the initial incurrence of such New Term Loans)). To the extent not previously paid, each New Term Loan shall be due and payable on the Maturity Date applicable to such New Term Loans.
New Term Loans. Subject to the terms and conditions set forth herein, each Tranche B-1 Lender severally agrees to exchange Initial Loans for Tranche B-1 Loans and/or make Tranche B-1 Loans to the Borrower in a single borrowing on the Effective Date. Pursuant to Section 3.2 of the Credit Agreement, the Tranche B-1 Loans shall constitute a separate Class of Loans and shall have the following terms: