Replacement Financing Sample Clauses
The Replacement Financing clause defines the terms under which a party may obtain new financing to replace existing debt or credit arrangements. Typically, this clause outlines the conditions that must be met for replacement financing to be permitted, such as maintaining similar terms or ensuring the new lender meets certain qualifications. Its core practical function is to provide flexibility for the borrower to restructure or refinance debt without breaching the agreement, thereby addressing the need for adaptability in changing financial circumstances.
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Replacement Financing. (a) The Borrower may, subject to the terms hereof, at any time or from time to time after the Effective Date, enter into an amendment (a “Refinancing Amendment”) to effect a refinancing or replacement of all or any portion of the Term Loans or all or any portion of the Revolving Credit Loans (or unused Revolving Credit Commitments). Each such refinancing or replacement may, at the Borrower’s option, be in the form of a new senior secured revolving credit facility, one or more series of senior secured loans or notes (each of which may be secured by the Collateral on a pari passu or junior basis to the Obligations), or with one or more series of unsecured loans or notes (collectively, the “Replacement Financing”); provided that (i) the commitments under any replacement revolving credit facility shall be documented under this Agreement and shall be utilized ratably with the remaining Revolving Credit Commitments (if any), (ii) the aggregate principal amount of such Replacement Financing shall not exceed the aggregate principal amount of such refinanced facilities, plus accrued interest, expenses, fees and premiums, plus amounts permitted to be incurred as Incremental Facilities (and for the avoidance of doubt any amount issued pursuant to the immediately preceding clause shall reduce availability under the Incremental Facilities on a dollar-for-dollar basis and be subject to the limitations applicable to such Incremental Facilities), (iii) any Replacement Financing (1) that is secured does not mature prior to, or have a weighted average life to maturity shorter than, the loans or commitments being refinanced and (2) that is unsecured does not mature prior to the date that is the 91st day following the maturity date of the loans or commitments being refinanced and the terms of such Indebtedness do not provide for any mandatory redemption (other than customary asset sale or event of loss, change of control mandatory offers to purchase and customary acceleration rights after an event of default) prior to the date that is the 91st day following the maturity date of the loans or notes being refinanced, (iv) any Replacement Financing in the form of pari passu first lien term loans shall be subject to the MFN Condition as if it were an Incremental Term Facility, (v) to the extent such Replacement Financing is secured, it shall be secured only by the Collateral and on a pari passu or junior basis with the Collateral, (vi) to the extent such Replacement Financing is s...
Replacement Financing. During the Forbearance Period, the Borrower shall use best efforts to secure debt and/or equity financing in an amount sufficient to pay in full the Obligations prior to August 15, 1999.
Replacement Financing. The Company shall take commercially reasonable efforts to obtain financing sufficient to repay the Indebtedness in full upon the expiration of the Forbearance Period. On or before the 30th day of each month, the Company shall provide or cause to be provided to the Bank a report on its efforts and progress in obtaining such replacement financing. The Company shall provide or cause to be provided to the Bank copies of all loan proposals, term sheets or offers within five days of the receipt by the Company or its investment bank.
Replacement Financing. At least sixty (60) days prior to the Revolving Credit Maturity Date, Borrower shall have received the written approval of the New Jersey Board of Public Utilities regarding Borrower’s entry into long-term debt financing to refinance, in whole, this Revolving Credit.
Replacement Financing. The Company shall take commercially reasonable efforts to obtain funds sufficient to repay the Indebtedness in full upon the expiration of the Forbearance Period. On or before the 30th day of each month, the Company shall provide or cause to be provided to the Bank a report on its efforts and progress in obtaining such funds, which report must be in form an substance satisfactory to the Bank in is sole discretion. The Company shall provide or cause to be provided to the Bank copies of all loan proposals, term sheets or offers within five days of the receipt by the Company or its investment bank. On or before November 15, 2016, the Company shall provide or cause to be provided to the Bank a letter signed by a controlling majority of the Board of Directors of the Company affirming that the Board of Directors has directed the management of the Company to seek out alternatives that will enable the Company to repay the Indebtedness in full upon the expiration of the Forbearance Period, which letter must be in substance and detail satisfactory to the Bank in all respects.
Replacement Financing. The Borrower shall use best efforts to secure debt and/or equity financing in an amount sufficient to pay in full the Obligations prior to the Amended Maturity Date. The Borrower shall provide to the Bank such written reports as the Bank may from time to time request regarding the status of the Borrower's efforts to secure replacement financing.
Replacement Financing. The Borrower will incur debt (whether from a private placement, refinancing in the bank loan market or otherwise), issue equity or otherwise effect transactions in amounts sufficient to prepay the Term Loan in its entirety pursuant to Section 2.7(b) as promptly as practicable after the date hereof.
Replacement Financing. 4.1 Rushmore and Vann ▇▇▇ll have the right and option to replace the loan with a "Reasonably Equivalent Loan" as defined below.
Replacement Financing. This Agreement shall be a continuing agreement, shall be binding upon and shall inure to the benefit of the parties hereto from time to time and their respective successors and assigns, shall be irrevocable and shall remain in full force and effect until all indebtedness and other obligations under the Lending Agreements shall have been satisfied or paid in full in cash and the Lending Agreements shall have been irrevocably terminated, but shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any amount paid by or on behalf of Borrower with regard to the indebtedness and other obligations under the respective Lending Agreements is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Borrower, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee, custodian, or similar officer, for Borrower or any substantial part of its property, or otherwise, all as though such payments had not been made. This Agreement does not create, and shall not be construed as creating, any rights enforceable by Borrower or any other person not a party to this Agreement. In the event Borrower's obligations to the Lenders are to be refinanced in full by an institutional lender it will, at the request of such other Lender or refinancer, enter into an intercreditor agreement with such refinancer substantially in the form hereof.
Replacement Financing. Borrower shall use commercially reasonable efforts to obtain other financing, which financing shall be used to repay the Obligations hereunder, reduce the aggregate amount of Loans outstanding pursuant to this Agreement and replace the financing available under the Credit Documents; provided that the Borrower shall not be required to use the proceeds of other financing obtained for other purposes to repay the Obligations hereunder, reduce the aggregate amount of Loans outstanding pursuant to this Agreement or replace the financing available under the Credit Documents.