Existing LIBOR Loans as defined in Section 10.20(b).
Existing LIBOR Loans shall continue as Loans bearing interest at the Eurodollar Rate until the end of the Interest Period (as defined in the Existing Credit Agreement) currently in effect and applicable to such Existing LIBOR Loans; provided, that prior to the end of the Interest Period (as defined in the Existing Credit Agreement) currently in effect and applicable to such Existing LIBOR Loans, the Borrower shall deliver to the Administrative Agent a Borrowing Request pursuant to Section 2.2 of this Agreement requesting a conversion of such Existing LIBOR Loans to Term Benchmark Loans (bearing interest at the Adjusted Term SOFR Rate) or ABR Loans, and failing delivery of such timely notice of such conversion shall be deemed to have selected a conversion of such Existing LIBOR Loans into Term Benchmark Loans bearing interest at the Adjusted Term SOFR Rate with an Interest Period of one month; provided further that on the Closing Date, such Existing LIBOR Loans shall be reallocated among the Lenders such that on the Closing Date, each Lender holds its Aggregate Exposure Percentage of each outstanding Existing LIBOR Loan.
Existing LIBOR Loans shall remain “LIBOR Loans” (without giving effect to the changes made herein as of the Third Amendment Effective Date) until the end of the current Interest Period for such Existing LIBOR Loans, at which time they shall automatically be converted in a cashless transaction to Term SOFR Loans having a one-month tenor unless (i) on or before 11:00 a.m. at least two (2) Business Days prior to the end of the applicable Interest Period for such Existing LIBOR Loans, the Borrower delivers a Loan Notice to the Administrative Agent indicating that such Existing LIBOR Loans shall be converted to a Term SOFR Loan having an Interest Period of an alternate duration and otherwise in accordance with the requirements set forth for such Loan Notice in Section 2.02(a), or (ii) such Existing LIBOR Loans are prepaid by the Borrower in accordance with the terms of this Agreement.
Examples of Existing LIBOR Loans in a sentence
For such activities approvedas part of the redevelopment program, the CRA shall provide technical program assistance as deemed appropriate by the Community Redevelopment Agency (CRA).
All renewals of Loans, including Existing LIBOR Loans, shall be at the Base Rate Option in accordance with Section 4.1.1.(ii).
Prior to being repaid or prepaid, the Existing LIBOR Loans shall bear interest, and interest shall be payable by Borrower, in accordance with the terms of the Agreement as existing prior to the Second Amendment Date, which terms shall be applicable solely to Existing LIBOR Loans, and shall cease to apply or have any further force and effect if there are no Existing LIBOR Loans outstanding.
Any such Existing LIBOR Loans shall continue to be governed by the relevant provisions of the Credit Agreement applicable to LIBOR Loans (as defined in the Existing Agreement) until the repayment of such Existing LIBOR Loans at the end of the then-current Interest Period applicable to such Existing LIBOR Loan or the conversion of such Existing LIBOR Loans in accordance with the terms of the Credit Agreement.
Each Lender hereby waives any compensation under Section 4.4 of the Existing Loan Agreement or the Amended Loan Agreement in connection with a Conversion of the Existing LIBOR Loans to a RFR Loan on the Amendment Effective Date pursuant to this Section 4.
More Definitions of Existing LIBOR Loans
Existing LIBOR Loans has the meaning specified in Section 2.06(d).
Existing LIBOR Loans means the Loans outstanding as of the Sixth Amendment Effective Date.
Existing LIBOR Loans shall continue as Loans bearing interest at the Eurodollar Rate (as defined in the Credit Agreement immediately prior to the Amendment Effective Date) until the end of the Interest Period currently in effect and applicable to such Existing LIBOR Loans; provided, that prior to the end of the Interest Period currently in effect and applicable to such Existing LIBOR Loans, the Borrower shall deliver to the Administrative Agent a Notice of Borrowing pursuant to Section 2.5 of the Credit Agreement (as amended hereby) requesting a conversion of such Existing LIBOR Loans to Term Benchmark Loans (bearing interest at Adjusted Term SOFR) or Base Rate Loans, and failing delivery of such timely notice of such conversion shall be deemed to have selected a conversion of such Existing LIBOR Loans into Term Benchmark Loans bearing interest at the Adjusted Term SOFR Rate with an Interest Period of one month.
Existing LIBOR Loans the LIBOR Loans outstanding as of the First Amendment Effective Date.
Existing LIBOR Loans shall continue to accrue interest based on the LIBO Rate (as defined in the Existing Credit Agreement) until the last day of the Interest Period (as defined in the Existing Credit Agreement) applicable to each such Existing LIBOR Loan, and thereafter, such Existing LIBOR Loan shall be automatically converted to a SOFR Loan, and (ii) the terms of the Existing Credit Agreement in respect of administration of Loans that bear interest based on the LIBO Rate (as defined in the Existing Credit Agreement), solely with respect to Existing LIBOR Loans, shall remain in effect from and after the Effective Date until the last day of the Interest Period (as defined in the Existing Credit Agreement) applicable to each such Existing LIBOR Loan, solely for purposes of administering the Existing LIBOR Loans; provided, that notwithstanding the foregoing, the Applicable Rate with respect to any Existing LIBOR Loans shall be calculated by increasing the “Margin PIK Component” of the Applicable Rate otherwise applicable in respect of such Existing LIBOR Loans under the Existing Credit Agreement by three percent (3.0%) per annum during the period from the Third Amendment Effective Date through the last day of the Interest Period applicable to each such Existing LIBOR Loan.
Existing LIBOR Loans shall, at the end of the Interest Period applicable thereto, automatically be converted into Loans bearing interest based upon Term SOFR with a one month Interest Period. Any such Existing LIBOR Loans shall continue to be governed by the relevant provisions of the Credit Agreement applicable to Eurodollar Loans denominated in Dollars until the earlier of (x) the repayment of such Loans and (y) the conversion of such Existing LIBOR Loans to Term SOFR Loans pursuant to this clause (b). SECTION 3.
Existing LIBOR Loans. [Term Benchmark Loans] [Base Rate Loans] Maturity Date of Maturing Existing LIBOR Loan Principal Amount of New [Term Benchmark Loan] [Base Rate Loan] $ Principal Amount of Maturing Existing LIBOR Loan $ Interest Period of New [Term Benchmark Loan] [Base Rate Loan] months Portion Thereof to be converted $ Base Rate Loans Base Rate Loan Principal Amount of Base Rate Loan to be converted $ Principal Amount of New Base Rate Loan $ Portion Thereof to be converted $ No Default or Event of Default has occurred and is continuing nor will arise as a result of the extension of credit hereby requested and the undersigned hereby confirms the truth and accuracy of the representations and warranties set forth in Article 10 of the Credit Agreement except to the extent any such representation and warranty expressly relates solely to an earlier date. The Borrower acknowledges that the Lenders are under no obligation to extend credit to the Borrower by way of converting all or a portion of an outstanding Existing LIBOR Loan into a new Existing LIBOR Loan if such outstanding Existing LIBOR Loan matures on or after the Effective Date. All capitalized terms defined in the Credit Agreement and used herein shall have the meaning ascribed thereto in the Credit Agreement. DATED the day of , 20 . GATOS SILVER, INC. Per: Name: Title: 111 SCHEDULE I CORPORATE STRUCTURE GATOS SILVER, INC. See Schedule 8(a) of the Disclosure Certificate SCHEDULE J APPLICABLE MARGIN Level Leverage Ratio Term Benchmark Loan, Existing LIBOR Loan interest rate margin Base Rate Loan interest rate margin I <1.00x 3.00% per annum 2.00% per annum II ≥ 1.00x <2.00x 3.25% per annum 2.25% per annum III ≥ 2.00x <2.50x 3.50% per annum 2.50% per annum IV ≥2.50x 4.00% per annum 3.00% per annum 113 SCHEDULE K QUALIFIED AFFILIATE INSTRUMENT OF ADHESION TO: BANK OF MONTREAL, CHICAGO BRANCH, as Administrative Agent AND TO: THE OTHER PARTIES TO THE CREDIT AGREEMENT REFERRED TO BELOW Reference is made to the Credit Agreement dated as of July 12, 2021 (the “Credit Agreement”) between Gatos Silver, Inc., as borrower, the Lenders named therein and Bank of Montreal, Chicago Branch as administrative agent of the Lenders (in that capacity, the “Administrative Agent”). Terms defined in the Credit Agreement are used herein as therein defined.