Senior Bridge Loans definition
Examples of Senior Bridge Loans in a sentence
The proceeds of the Term Loans, together with the Equity Investment, the Senior Bridge Loans and Senior Subordinated Bridge Loans, shall be used solely to pay the cash consideration for the Merger, to repay the Existing Debt, to pay Transaction Expenses and for general corporate purposes (including any purposes permitted by this Agreement).
Change of Control: In the event of a Change of Control (to be defined, but no more restrictive than as set forth in the Existing Bank Credit Agreement), each Bridge Lender will have the right to require Silgan, and Silgan must offer, to prepay the outstanding principal amount of the Senior Bridge Loans at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon to the date of prepayment.
Availability: The Bridge Lenders will make the Senior Bridge Loans on the Closing Date in a single drawing.
In the event of a Change of Control (to be defined in a manner consistent with the Existing Credit Agreement), each Bridge Lender will have the right to require the Borrowers, and the Borrowers must offer, to prepay at par the outstanding principal amount of the Senior Bridge Loans plus accrued and unpaid interest thereon to the date of prepayment.
Prior to making any such offer, Silgan will, within 30 days of the Change of Control, repay all obligations under the Senior Credit Facilities or obtain any required consent of the Senior Lenders under the Senior Credit Facilities to make such prepayment of the Senior Bridge Loans.
Conversion into Rollover Loans: If the Senior Bridge Loans have not been previously prepaid in full for cash on or prior to the Senior Rollover Date, the principal amount of the Senior Bridge Loans outstanding on the Senior Rollover Date may, subject to the conditions precedent set forth in Annex II-B, be converted into unsecured, senior rollover loans with a maturity of eight years from the Closing Date and otherwise having the terms set forth in Annex II-B (the “Senior Rollover Loans”).
The Senior Bridge Documentation will contain representations and warranties relating to the Parent and its subsidiaries substantially similar to those contained in the Existing Credit Agreement, with such changes as are appropriate to reflect the bridge loan nature of the Senior Bridge Loans (and in any event such representations and warranties shall be no more restrictive to the Parent and its subsidiaries than those set forth in the Existing Credit Agreement).
The Senior Bridge Loans may be prepaid at par prior to the Bridge Loan Maturity Date, in whole or in part (without premium or penalty), upon written notice, at the option of the Borrowers, at any time, together with accrued interest to the prepayment date and break funding payments, if applicable.
Any Senior Bridge Loans not converted into Senior Rollover Loans shall be repaid in full on the Senior Rollover Date.
The Senior Extended Term Loans will be governed by the Senior Bridge Documentation and, except as set forth below, shall have the same terms as the Senior Bridge Loans.