Refinancing of Term Loans Clause Samples
The "Refinancing of Term Loans" clause outlines the conditions and procedures under which existing term loans can be replaced or repaid with new financing arrangements. Typically, this clause specifies the requirements for obtaining lender consent, the terms that must be met by the new loan, and any limitations on the amount or timing of refinancing. For example, it may allow a borrower to secure a new loan with better interest rates or different repayment terms, provided certain criteria are satisfied. The core function of this clause is to provide flexibility for borrowers to manage their debt more efficiently while protecting lenders' interests by setting boundaries on how and when refinancing can occur.
Refinancing of Term Loans. Notwithstanding anything in this Section 2.01 or elsewhere in this Agreement to the contrary, this Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Term B Loans (as defined below) to permit the refinancing, replacement or modification of all (but not less than all) outstanding Term B Loans ("Refinanced Term B Loans") with a replacement term loan tranche hereunder ("Replacement Term B Loans"), provided that (i) the aggregate principal amount of such Replacement Term B Loans shall not exceed the aggregate principal amount of such Refinanced Term B Loans, (ii) the Applicable Margin for such Replacement Term B Loans shall not be higher than the Applicable Margin for such Refinanced Term B Loans, (iii) the weighted average life to maturity of such Replacement Term B Loans shall not be shorter than the weighted average life to maturity of such Refinanced Term B Loans at the time of such refinancing, (iv) the Majority Revolver Lenders have consented in writing to such Replacement Term B Loans prior to the issuance thereof, (v) the Administrative Agent shall have received not less than 30 days prior written notice thereof (or such lesser period as agreed to by the Administrative Agent) and (vi) all other terms applicable to such Replacement Term B Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Term B Loans than, those applicable to such Refinanced Term B Loans, except to the extent necessary to provide for covenants and other terms applicable to any period after the latest final maturity of the Term B Loans in effect immediately prior to such refinancing. The election by any Lender to provide or participate in the Replacement Term B Loans shall not obligate any other Lender to so provide or participate. The Borrower shall repay to any Lender who elects not to provide or participate in any Replacement Term B Loans the outstanding Term B Loans held by such Lender (plus any accrued and unpaid interest or other amounts due in connection therewith) prior to or simultaneously with any refinancing, replacement or modification of outstanding Term B Loans hereunder.
Refinancing of Term Loans. Borrower shall use its best efforts to refinance and repay in full the Term Loans that are outstanding on the Third Amendment Effective Date no later than March 12, 2010. Any prepayment pursuant to this Section 6.20 shall be made in accordance with Section 2.4(a)(ii) (to the extent applicable to prepayments pursuant to this Section 6.20) and applied as set forth in Section 2.4(a)(iii); provided, however, that notwithstanding anything in this Agreement to the contrary, so long as the refinancing contemplated by this Section 6.20 results in a full prepayment of the Term Loans, no Prepayment Premium and no Make Whole Amount as set forth in Section 2.4(d) will be due or payable with respect to such prepayment. For the avoidance of doubt, any partial prepayment of Term Loans (except in connection with the PIPE Transaction described in the Third Amendment) will be subject to the Prepayment Premium contemplated by Section 2.4(a)(ii). The Term Lenders will not be permitted to refuse such repayment in full.”
Refinancing of Term Loans. On the Third Restatement Effective Date, each 2013 Term Loan Lender hereby severally agrees to make 2013 Term Loans to the Borrower in dollars and in a principal amount set forth opposite its name in Schedule 3 hereto, all as provided in the Third Restated Credit Agreement (the “Term Loan Refinancing”). The proceeds of all 2013 Term Loans made on the Third Restatement Effective Date shall be used, together with certain cash on hand, to refinance and replace in full all of the Existing Non-Extended Term Loans and New Term Loans.
Refinancing of Term Loans. Subject to the satisfaction of the conditions set forth in Section 2 and effective as of the Second Amendment Effective Date:
(a) the outstanding Refinanced Term Loans shall, pursuant to Section 10.08(e) of the Loan Agreement, be repaid, on behalf of the Borrower by payment from the Replacement Lenders of an amount equal to the outstanding principal amount of such Refinanced Term Loans, and the Borrower shall have paid the accrued and unpaid interest thereon, and all of the Existing Lenders’ existing Refinanced Term Loans shall be refinanced by new Class B Term Loans held by the Replacement Lenders in an amount equal to the aggregate principal amount of all existing Refinanced Term Loans; and
(b) each Replacement Lender shall make the Replacement Term Loans required to be made by it hereunder on the Second Amendment Effective Date by wire transfer of immediately available funds to the Administrative Agent or as otherwise agreed by such Replacement Lender, the Administrative Agent and the Borrower, and in any event in such manner and such times as required by the Loan Agreement for the Borrower to timely prepay the Refinanced Term Loans (in an amount equal to the Replacement Term Loans) on such date.