Institutional Term Loan definition
Examples of Institutional Term Loan in a sentence
At such time as such funds are no longer subject to payment pursuant to Section 12.3.8 of the Rova I Turnkey Contract, such funds shall be applied to prepay the Tranche A Agreement Term Loan and the Tranche A Institutional Term Loan pursuant to Section 2.5(b) (ii) hereof.
Subject to the terms and conditions of this Agreement, each Institutional Lender severally commits to convert on the Tranche A Conversion Date its proportionate share of the Tranche A Institutional Construction Loan into a Tranche A Institutional Term Loan and to maintain the Tranche A Institutional Term Loan upon such conversion.
Upon the Tranche A Conversion Date, each Institutional Lender’s Tranche A Institutional Note will evidence such Institutional Lender’s Tranche A Institutional Term Loan.
Upon the Tranche B Conversion Date, each Institutional Lender’s Tranche B Institutional Note will evidence such Institutional Lender’s Tranche B Institutional Term Loan.
The Institutional Term Loan B shall be fully advanced on the Effective Date, and the Institutional Lenders shall have no obligation to make any additional advance under the Institutional Term Loan B after such date.
In connection with the Diversified Acquisition and the other transactions contemplated in the preceding paragraph, the Borrower has requested an Incremental Institutional Term Loan in the aggregate principal amount of $85,000,000 (the “April 2017 Incremental Increase”) in accordance with the terms and conditions of Section 2.14 of the Credit Agreement.
Each Institutional Lender shall have the option to accept its pro rata share of the prepayments required pursuant to this Section 2.5(b) (iii) to be applied to the Tranche A Institutional Term Loan; all such prepayments not accepted by the Institutional Lenders shall be applied to prepay the Tranche A Agreement Term Loans in the manner provided for in this Section 2.5(b) (iii).
Subject to the terms and conditions set forth herein, each Institutional Lender agrees to make and maintain a term loan up to the amount of its Institutional Term Loan B Commitment to the Borrower.
Payments made by Contractor pursuant to Section 12.3 of the Rova II Turnkey for failure of the Rova II Facility to meet performance guarantees, to be applied to prepay the Tranche B Agreement Term Loan and the Tranche B Institutional Term Loan pursuant to Section 2.5(b)(ii) hereof.
Subject to the terms and conditions of this Agreement, each Institutional Lender severally commits to convert on the Tranche B Conversion Date its proportionate share of the Tranche B Institutional Construction Loan into a Tranche B Institutional Term Loan and to maintain the Tranche B Institutional Term Loan upon such conversion.