Examples of Local Term Loans in a sentence
In a single borrowing, on the Closing Date, each Lender that has a Local Term Loan Commitment (referred to as a “Local Term Loan Lender”), agrees that it will severally make loans (relative to such Lender, its “Local Term Loans”) to the Borrower equal to such Lender’s Local Term Loan Percentage of the aggregate amount of the borrowing of the Local Term Loans requested by the Borrower to be made on such day.
All proceeds of the Project Loans (except to the extent consisting of proceeds of the Local Term Loans or of proceeds of the Term B Funded Facility used to consummate the Refinancing, repay the Refinanced Debt, to fund the Interest Escrow Account, and to pay fees and expenses incurred in connection with the Credit Facilities on the Closing Date, and other than Revolving Loans that are not Project Cost Revolving Loans) shall be deposited into the Project Loans Proceeds Sub-Account.
All proceeds of the Non-Casino Loans (except to the extent consisting of proceeds of the Local Term Loans or of proceeds of the Term B Funded Facility used to consummate the Refinancing, repay the Refinanced Debt, to fund the Interest Escrow Account, and to pay fees and expenses incurred in connection with the Credit Facilities on the Closing Date, and other than Revolving Loans that are not Project Cost Revolving Loans) shall be deposited into the Non-Casino Loans Proceeds Sub-Account.
Not later than 5:00 p.m. (Eastern time) on each Recalculation Date, the Administrative Agent shall (i) determine the aggregate amount of the Dollar Equivalent of the principal amounts of the Local Term Loans and Swing Line Loans denominated in HK Dollars then outstanding and (ii) notify the Lenders and the Borrower of the results of such determination.
Subject to the provisions of subsections 2.6 and 2.7, each Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to (i) the Base Rate, (ii) in the case of Revolving Loans (but not including Swing Line Loans) or Term B Loans, the Adjusted Eurodollar Rate, or (iii) in the case of Local Term Loans only, the HIBOR Rate.
No Local Term Loan Lender shall be permitted or required to make any Local Term Loan if, after giving effect thereto, the aggregate outstanding principal amount of all Local Term Loans of such Local Term Loan Lender would exceed such Lender’s Local Term Loan Percentage of the then existing Local Term Loan Commitment Amount.
Notwithstanding the foregoing, upon instruction of the Administrative Agent, Local Term Loans made on the Closing Date will instead be made available to the Disbursement Agent not later than 12:00 noon (Macau time) by direct deposit of such Loans by the Local Term Lenders into the Local Currency Loans Account on behalf of the Administrative Agent.
Each Lender’s Local Term Loan Commitment shall expire following the making of the Local Term Loans on the Closing Date.
No amounts paid or prepaid with respect to Local Term Loans may be reborrowed.
All proceeds of the Local Term Loans shall be deposited into the Local Currency Loans Account.