Existing Credit Facility definition
Examples of Existing Credit Facility in a sentence
Evidence that each “Lender” under the Existing Credit Agreement shall have, as of the Effective Date, received payment in full of all accrued and unpaid interest, facility fees and letter of credit participation fees owing to such Lender under the Existing Credit Facility and the Borrowings and other adjustments to the Loans described in Section 2.02(e) shall have occurred.
The Administrative Agent shall have received a certificate, signed by an Authorized Officer of APA, stating that APA or its Subsidiaries have terminated in full and reduced to zero all Commitments under, and as defined in, the Existing Credit Facility.
Borrowers may only use the Advances (1) to repay Indebtedness on the Closing Date in accordance with payoff letters received by the Administrative Agent, including, without limitation, with respect to the Existing Credit Facility; (2) to pay fees and Expenses relating to the transactions contemplated by the Loan Documents; and (3) for general corporate purposes and working capital needs allowed under this Agreement.
The proceeds of the Initial Term Loans shall be used to (a) refinance the Existing Credit Facility (including, without limitation, to cash collateralize the existing letters of credit thereunder, as applicable) and other existing indebtedness of the Loan Parties in the principal amount of up to $3,340,777.46, (b) pay certain accounts payable which are due and owing and (c) pay fees and expenses in connection with the transactions contemplated hereby and for other general corporate purposes.
Each Letter of Credit (as defined in the Existing Credit Facility) issued under the Existing Credit Facility, outstanding as of the Effective Date, and specified on Schedule 2.4(o) (each an “Existing Letter of Credit”) is hereby deemed to be a Letter of Credit (i) issued for the account of the Additional Borrower identified in Schedule 2.4(o) as the “obligor” therefor as of the Effective Date and (ii) outstanding under this Agreement as of the Effective Date.