Exit Loans definition

Exit Loans means loans issued under the Exit Facility Credit Agreement.

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Exit Loans means the loans made to, and the other extensions of credit made for the benefit of, the Obligors under the Exit Facility.

Exit Loans has the meaning assigned in Section 10.15(a).

Examples of Exit Loans in a sentence

• Exit Loans shall be payable as and to the extent provided in Section 3.07.

• Purpose: The Exit Loans (other than the Incremental Proceeds, if any) shall be used solely to refinance the DIP Facility, with the Sale Proceeds subsequently used solely to pay recoveries to certain creditors as described in the Plan Term Sheet.

• Each of the Backstop Term Lenders is pleased to confirm its commitment to provide, and hereby commits to provide, severally but not jointly, to the Debtors the DIP Loans and the New Money Exit Loans.

• The Borrower shall use the proceeds of the Incremental Exit Loans for any purpose not prohibited by this Agreement.

• Exit Loans may be prepaid at any time without premium or penalty, in minimum amounts to be agreed.

• At all times prior to the occurrence of an Event of Default (as defined below), interest on the outstanding principal amount of all Exit Loans shall accrue at a rate per annum equal to LIBOR plus 7.50% per annum or Base Rate plus 6.50%, at the option of the Borrower.

• Default Interest During the continuance of an Event of Default, the Exit Loans will bear interest at an additional 2.00% per annum and any overdue amounts (including overdue interest and fees) will bear interest at the applicable non-default interest rate plus an additional 2.00% per annum.

• In full and final satisfaction, settlement, release, and discharge of each Allowed DIP Claim, on the Effective Date, each Holder of such Allowed DIP Claim shall receive either (i) its Pro Rata share of Exit Loans under the Exit Facility Credit Agreement, or (ii) such other treatment as to which the Debtors and the Holder of such Allowed DIP Claim will have agreed upon in writing, with the consent of the Required Consenting Noteholders and the Debtors.

• All conditions precedent to the consummation of the Reorganization Plan shall have been met (or the waiver thereof shall have been consented to by the Agent and the Surety) and the substantive consummation of the Reorganization Plan shall have occurred or shall be scheduled to occur but for the initial Exit Loans to be made on the Exit Facility Date.

• Interest on the outstanding principal amount of all Exit Loans shall accrue at a rate per annum equal to either (i) the Term SOFR Rate (subject to a floor of 4.00%), plus 7.50% or (ii) an Alternate Base Rate (subject to a floor of 5.00%), plus 6.50%.

More Definitions of Exit Loans

Exit Loans. “Term Facility Amount” means, at any time from and after the Exit Facility Conversion Date, an amount equal to the aggregate outstanding principal of all Term Loans at such time. Without limiting the payment priority set forth in the mandatory and voluntary prepayment provisions below, all proceeds of Collateral (as defined below) after the occurrence and during the continuance of an event of default shall be allocated, first, to pay all amounts outstanding under the Exit Revolving Facility (including, without limitation, interest, principal, fees, unreimbursed amounts drawn under Letters of Credit (as defined below) and cash-collateralization of undrawn Letters of Credit) and, second, to pay amounts outstanding under the Exit Term Facility. Swingline Facility: In connection with the Exit Revolving Facility, JPMCB (in such capacity, the “Swingline Lender”) will make available to the Borrower a swingline facility (the “Swingline Facility”) in U.S. dollars under which the Borrower may make short-term borrowings upon same-day notice ((so long as notice delivered by 3:00 pm New York City time) in a maximum amount at any time outstanding not to exceed $25,000,000 and in a minimum amount of $100,000 and integral increments of $10,000 in excess thereof, subject to customary notice requirements provided that no swingline loans shall be made if such swingline loan would cause the Total Revolving Outstandings to exceed the Revolving Loan Limit (as defined below). Except for purposes of calculating the commitment fee described below, any such swingline borrowings will reduce Availability (as defined below) under the Exit Revolving Facility on a dollar-for-dollar basis. Repayment of swingline loans must occur on or prior to the earlier of 15 business day after the making of such loan or the swingline maturity date. Upon notice from the Swingline Lender, the Revolving Lenders will be unconditionally obligated to purchase participations in any swingline loan, on a pro rata basis, based upon their commitments under the Exit Revolving Facility. If any Revolving Lender becomes a Defaulting Lender (as defined below), then the swingline exposure of such Defaulting Lender will automatically be reallocated among Revolving Lenders that are not Defaulting Lenders, on a pro rata basis in accordance with their Commitments under the Exit Revolving Facility, up to an amount such that the revolving credit exposure of each Revolving Lender that is not a Defaulting Lender does not exce...

Exit Loans. The Exit Revolving Credit Loans and the Exit Term Loan.

Exit Loans means Exit Loan #1 and Exit Loan #2.