Examples of Outstanding Term Loans in a sentence
If at any time the Aggregate Outstanding Term Loans exceed the Aggregate Term Commitment, then the Borrower shall within three (3) Business Days after notice from the Administrative Agent make a payment on the Term Loans in amount sufficient to eliminate such excess.
Borrower expressly consents to the foregoing arrangements and agrees that, to the extent permitted by applicable law, any Lender purchasing a portion of the Aggregate Revolving Outstanding Credit Exposure and or the Aggregate Outstanding Term Loans, and any Affiliate of such Lender, may exercise any and all rights of setoff, banker’s lien or counterclaim with respect to the participation as fully as if the Lender were the original owner of the Obligation purchased.
Any Lender may at any time sell to one or more entities (“Participants”) participating interests in any Outstanding Revolving Credit Exposure and/or Outstanding Term Loans owing to such Lender, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender under the Loan Documents.
For the avoidance of doubt, no additional notice is required for (i) the continuation of the Existing Outstanding Term Loans on the Closing Date or (ii) the conversion of the Existing Converted Loans on the Closing Date from Existing Revolving Credit Loans to Term Loans.
On the Closing Date, the Term Loan A Lenders shall make adjustments among themselves so that the Outstanding Term Loans A are consistent with their Term Loan A Commitment Percentages.
Subject to the terms and conditions hereof, and relying upon the representations and warranties herein specified, on the Closing Date, (a) the Existing Outstanding Term Loans shall continue as Term Loans hereunder, (b) the Existing Converted Loans shall be converted to Term Loans hereunder, and (c) the Existing Outstanding Term Loans and Existing Converted Loans shall be allocated to the Term Lenders in accordance with Section 12.15.
The failure of any Lender to continue Existing Outstanding Term Loans or convert Existing Converted Loans to Term Loans shall not relieve any other Lender of its obligations to continue Existing Outstanding Term Loans and convert Existing Converted Loans to Term Loans on the Closing Date; nor shall it impose any additional liability on any other Lender hereunder.
The obligations of each Lender to continue Existing Outstanding Term Loans and convert Existing Converted Loans to Term Loans on the Closing Date shall equal such Lender’s Ratable Share of the Closing Date Term Loans; provided that no Lender’s Closing Date Term Loans shall exceed its Term Loan Commitment.
With respect to each Class of Term Lender, the percentage set forth on Schedule 1.1 hereto as such Term Lender’s percentage of the Term Commitment of such Class, as the same may be changed from time to time in accordance with the terms of this Agreement, or if the Term Commitments of such Class have been terminated or reduced to zero, such Term Lender’s percentage of all Outstanding Term Loans of such Class.
The First Incremental Term Loans funded on the Amendment No. 1 Effective Date shall be funded as Term Loans in the form of Eurodollar Rate Loans and shall have an initial Interest Period that ends on the same date as the Interest Period applicable to the Outstanding Term Loans.