Repayment of Loans; Amortization of Term Loans; Evidence of Debt. (a) Each Borrower hereby unconditionally promises to pay (i) on the Revolving Maturity Date to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan made by such Revolving Lender to such Borrower, (ii) on the Refinancing Term Maturity Date to the Administrative Agent for the account of each Refinancing Term Lender the then unpaid principal amount of each Refinancing Term Loan made by such Refinancing Term Lender to such Borrower, (iii) on the Delayed Draw Term Maturity Date to the Administrative Agent for the account of each Delayed Draw Term Lender the then unpaid principal amount of each Delayed Draw Term Loan made by such Delayed Draw Term Lender to such Borrower and (iv) on the Revolving Maturity Date to the Swingline Lender the then unpaid principal amount of each Swingline Loan made to such Borrower. (b) The Company shall repay Refinancing Term Loans on the first day of each Fiscal Quarter, beginning with the first day of the first Fiscal Quarter commencing at least three months after the Effective Date and ending with the last such day to occur prior to the Refinancing Term Maturity Date, in an aggregate principal amount for each such date equal to 2.50% of the aggregate principal amount of the Refinancing Term Loans outstanding on the Effective Date (as such amount may be adjusted pursuant to paragraph (d) of this Section). (c) The Company shall repay Delayed Draw Term Loans on the first day of each of Fiscal Quarter, beginning with the first day of the first Fiscal Quarter commencing at least three months after the Delayed Draw Term Funding Date and ending with the last such day to occur prior to the Delayed Draw Term Maturity Date, in an aggregate principal amount for each such date equal to 2.50% of the aggregate principal amount of the Delayed Draw Term Loans outstanding on the Delayed Draw Term Funding Date (as such amount may be adjusted pursuant to paragraph (d) of this Section). (d) Any prepayment of a Term Borrowing of any Class shall be applied to reduce the subsequent scheduled repayments of the Term Borrowings of such Class to be made pursuant to this Section in the manner specified by the Company in the notice of prepayment relating thereto (or, if no such manner is specified in such notice, in direct order of maturity). Prior to any repayment of any Term Borrowings of any Class under this Section, the Company shall select the Borrowing or Borrowings of the applicable Class to be repaid and shall notify the Administrative Agent by telephone (promptly confirmed in writing) of such selection not later than 11:00 a.m., Local Time, three Business Days before the scheduled date of such repayment. Each repayment of a Term Borrowing shall be applied ratably to the Loans included in the repaid Term Borrowing. Repayments of Term Borrowings shall be accompanied by accrued interest on the amounts repaid. (e) The records maintained by the Administrative Agent and the Lenders shall (in the case of the Lenders, to the extent they are not inconsistent with the records maintained by the Administrative Agent pursuant to Section 10.04(b)(iv)) be, in the absence of manifest error, prima facie evidence of the existence and amounts of the obligations of the Borrowers in respect of the Loans, LC Disbursements, interest and fees due or accrued hereunder; provided that the failure of the Administrative Agent or any Lender to maintain such records or any error therein shall not in any manner affect the obligation of the Borrowers to pay any amounts due hereunder in accordance with the terms of this Agreement. (f) Any Lender may request that Loans of any Class made by it be evidenced by a promissory note. In such event, each applicable Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender and its registered assigns and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such form payable to the payee named therein and its registered assigns.
Appears in 2 contracts
Samples: Credit Agreement (Westinghouse Air Brake Technologies Corp), Credit Agreement (Westinghouse Air Brake Technologies Corp)
Repayment of Loans; Amortization of Term Loans; Evidence of Debt. (a) Each Borrower hereby unconditionally promises to pay (i) on the Revolving Maturity Date to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan made by such Revolving Lender to such Borrower, (ii) on the Refinancing Term Maturity Date to the Administrative Agent for the account of each Refinancing Term Lender the then unpaid principal amount of each Refinancing Term Loan made by such Refinancing Term Lender to such Borrower, (iii) on the Delayed Draw Term Maturity Date to the Administrative Agent for the account of each Delayed Draw Term Lender the then unpaid principal amount of each Delayed Draw Term Loan made by such Delayed Draw Term Lender to such Borrower and (iv) on the Revolving Maturity Date to the Swingline Lender the then unpaid principal amount of each Swingline Loan made to such Borrower.
(b) The Company shall repay Refinancing Term Loans on the first day of each Fiscal Quarter, beginning with the first day of the first Fiscal Quarter commencing at least three months after the Effective Date and ending with the last such day to occur prior to the Refinancing Term Maturity Date, in an aggregate principal amount for each such date equal to 2.50% of the aggregate principal amount of the Refinancing Term Loans outstanding on the Effective Date (as such amount may be adjusted pursuant to paragraph (d) of this Section).
(c) The Company shall repay Delayed Draw Term Loans on the first day of each of Fiscal Quarter, beginning with the first day of the first Fiscal Quarter commencing at least three months after the Delayed Draw Term Funding Date and ending with the last such day to occur prior to the Delayed Draw Term Maturity Date, in an aggregate principal amount for each such date equal to 2.50% of the aggregate principal amount of the Delayed Draw Term Loans outstanding on the Delayed Draw Term Funding Date (as such amount may be adjusted pursuant to paragraph (d) of this Section).
(d) Any prepayment of a Term Borrowing of any Class shall be applied to reduce the subsequent scheduled repayments of the Term Borrowings of such Class to be made pursuant to this Section in the manner specified by the Company in the notice of prepayment relating thereto (or, if no such manner is specified in such notice, in direct order of maturity). Prior to any repayment of any Term Borrowings of any Class under this Section, the Company shall select the Borrowing or Borrowings of the applicable Class to be repaid and shall notify the Administrative Agent by telephone (promptly confirmed in writing) of such selection not later than 11:00 a.m., Local Time, three Business Days before the scheduled date of such repayment. Each repayment of a Term Borrowing shall be applied ratably to the Loans included in the repaid Term Borrowing. Repayments of Term Borrowings shall be accompanied by accrued interest on the amounts repaid.[[3851767]]
(e) The records maintained by the Administrative Agent and the Lenders shall (in the case of the Lenders, to the extent they are not inconsistent with the records maintained by the Administrative Agent pursuant to Section 10.04(b)(iv)) be, in the absence of manifest error, prima facie evidence of the existence and amounts of the obligations of the Borrowers in respect of the Loans, LC Disbursements, interest and fees due or accrued hereunder; provided that the failure of the Administrative Agent or any Lender to maintain such records or any error therein shall not in any manner affect the obligation of the Borrowers to pay any amounts due hereunder in accordance with the terms of this Agreement.
(f) Any Lender may request that Loans of any Class made by it be evidenced by a promissory note. In such event, each applicable Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender and its registered assigns and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such form payable to the payee named therein and its registered assigns.
Appears in 1 contract
Samples: Credit Agreement (Westinghouse Air Brake Technologies Corp)
Repayment of Loans; Amortization of Term Loans; Evidence of Debt. (a) Each Borrower hereby unconditionally promises to pay (i) on the Revolving Maturity Date to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan made by such Revolving Lender to such Borrower, (ii) on the Refinancing Term Maturity Date to the Administrative Agent for the account of each Refinancing Term Lender the then unpaid principal amount of each Refinancing Term Loan made by such Refinancing Term Lender to such Borrower, (iii) on the Delayed Draw Term Maturity Date to the Administrative Agent for the account of each Delayed Draw Term Lender the then unpaid principal amount of each Delayed Draw Term Loan made by such Delayed Draw Term Lender to such Borrower and (iviii) on the Revolving Maturity Date to the Swingline Lender the then unpaid principal amount of each Swingline Loan made to such Borrower.
(b) The Company shall repay Refinancing Term Loans on the first last day of each Fiscal QuarterQuarter (or, beginning if such day is not a Business Day, on the next following Business Day), commencing with the first day of the first Fiscal Quarter commencing at least three months after the Effective Date August 31, 2022 and ending with the last such day to occur prior to the Refinancing Term Maturity Date, in an aggregate principal amount for each such date equal to 2.501.25% of the aggregate principal amount of the Refinancing Term Loans outstanding on the Effective Date (as such amount may be adjusted pursuant to paragraph (dc) of this Section).
(c) The Company shall repay Delayed Draw Term Loans on the first day of each of Fiscal Quarter, beginning with the first day of the first Fiscal Quarter commencing at least three months after the Delayed Draw Term Funding Date and ending with the last such day to occur prior to the Delayed Draw Term Maturity Date, in an aggregate principal amount for each such date equal to 2.50% of the aggregate principal amount of the Delayed Draw Term Loans outstanding on the Delayed Draw Term Funding Date (as such amount may be adjusted pursuant to paragraph (d) of this Section).
(d) Any prepayment of a Term Borrowing of any Class shall be applied to reduce the subsequent scheduled repayments of the Term Borrowings of such Class to be made pursuant to this Section in the manner specified by the Company in the notice of prepayment relating thereto (or, if no such manner is specified in such notice, in direct order of maturity). Prior to any repayment of any Term Borrowings of any Class under this Section, the Company shall may select the Borrowing or Borrowings of the applicable Class to be repaid and shall may notify the Administrative Agent by telephone (promptly confirmed in writing) of such selection not later than 11:00 a.m., Local TimeNew York City time, three Business Days before the scheduled date of such repayment, provided, that in absence of such notice, the amount of such repayment shall be applied first to the then outstanding Term Loans that are ABR Loans, then to the outstanding Term Loans that are RFR Loans and then to the then outstanding Term Loans that are Term Benchmark Loans. Each repayment of a Term Borrowing shall be applied ratably to the Loans included in the repaid Term Borrowing. Repayments of Term Borrowings shall be accompanied by accrued interest on the amounts repaid.
(ed) The records maintained by the Administrative Agent and the Lenders shall (in the case of the Lenders, to the extent they are not inconsistent with the records maintained by the Administrative Agent pursuant to Section 10.04(b)(iv)) be, in the absence of manifest error, prima facie evidence of the existence and amounts of the obligations of the Borrowers in respect of the Loans, LC Disbursements, interest and fees due or accrued hereunder; provided that the failure of the Administrative Agent or any Lender to maintain such records or any error therein shall not in any manner affect the obligation of the Borrowers to pay any amounts due hereunder in accordance with the terms of this Agreement.
(fe) Any Lender may request that Loans of any Class made by it be evidenced by a promissory note. In such event, each applicable Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender and its registered permitted assigns and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such form payable to the payee named therein and its registered permitted assigns.
Appears in 1 contract