New Tranche B Loan definition
Examples of New Tranche B Loan in a sentence
Not later than 1:00 P.M., Chicago time, on the New Tranche B Term Loan Borrowing Date, each Tranche B Term Loan Lender that has a New Tranche B Loan Commitment shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the New Tranche B Term Loan to be made by such Lender on such date.
The New Tranche B Lenders hereby authorize and direct the Collateral Agent to request such withdrawal under the Tranche B Interest Reserve Account Control Agreement (New Tranche B Loan) and to pay such interest.
Subject to the terms and conditions set forth herein, each Tranche B Lender with a Tranche B Commitment hereunder agrees to make a New Tranche B Loan to the Borrower on the Eighth Amendment Effective Date in a principal amount equal to its Tranche B Commitment listed on Schedule 1-B attached hereto, which amount shall be made available to the Administrative Agent in immediately available funds in accordance with Appendix 2 to the Credit Agreement and the Credit Agreement (as amended hereby).
The failure of any Tranche B Lender to make any New Tranche B Loan shall not in itself relieve any other Tranche B Lender of its obligation to lend hereunder (it being understood, however, that no Tranche B Lender shall be responsible for the failure of any other Tranche B Lender to make any New Tranche B Loan required to be made by such other Tranche B Lender).
After giving effect to the borrowing of the New Tranche B Loan on the Closing Date, the Borrower will be Solvent.
It is the intention of the parties hereto and thereto that the security interest and lien created hereby shall be a separate security interest and lien from that created by the Utility Stock Pledge Agreement (65%)-- - -New Tranche B Loan, and that the security interest and lien created hereby shall be equal in priority to that created by the Utility Stock Pledge Agreement (65%)-- - -New Tranche B Loan.
For the avoidance of doubt, the aggregate principal amount of the Continued Tranche B Loan and the New Tranche B Loan outstanding on the Escrow Release Date (after giving effect to the release of funds from the Tranche B Escrow Account on the Escrow Release Date, but without giving effect to any pay-in-kind interest pursuant to Section 2.5(g)) shall be $420,000,000 and $300,000,000, respectively.
Anything to the contrary in this Agreement notwithstanding, all proceeds of the Tranche B Escrow Account (including all substitutions and replacements therefor) shall be applied solely to the New Tranche B Loan ratably among the New Tranche B Lenders according to the respective outstanding principal amounts of the New Tranche B Loan held by the New Tranche B Lenders, and shall not be shared with the Continued Tranche B Lenders on account of the Continued Tranche B Loan.
For purposes of calculating the funding fee payable pursuant to Paragraph 4 of the Escrow Agreement, such funding fee shall be calculated as if an Interest Period in respect of the New Tranche B Loan began on the Closing Date and ended on the first Business Day to occur on or after the date which is 91 days after the Closing Date.
The Borrower shall have duly authorized, executed and delivered a Note for the Continued Tranche B Loan and the New Tranche B Loan (as applicable) of such Lender.