Senior Loan Commitment definition
Examples of Senior Loan Commitment in a sentence
Each party’s obligations under this Section 4.2 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Senior Lender, the termination of the Senior Loan Commitment, and the repayment, satisfaction or discharge of all obligations under any Financing Document.
In connection with any syndication of all or a portion of the Senior Loan Commitments and/or the Interim Loan Commitments, the rights and obligations of each of the Lenders hereunder may be assigned, in whole or in part, as provided above, and upon such assignment, such Lender shall be relieved and novated hereunder from the obligations of such Lender with respect to any portion of its Senior Loan Commitment or Interim Loan Commitment that has been assigned as provided above.
The obligation of Borrower to repay the Loans made by a Bank and to pay interest thereon at the rates provided herein shall, upon the written request of such Bank, be evidenced by promissory notes in the form of Exhibit B-1 (individually, a "Note" and, collectively, the "Notes") payable to the order of such requesting Bank and in the principal amount of such Bank's Senior Loan Commitment or outstanding Loan balance, as the case may be.
Notwithstanding anything that may be construed to the contrary in this Agreement, the aggregate principal amount of all Loans made by the Banks shall not exceed $154,500,000 (such amount, the "Total Senior Loan Commitment").
Subject to the terms and conditions set forth in this Agreement and in reliance upon the representations and warranties of Borrower set forth herein, each Bank severally agrees to advance to Borrower on the Closing Date such loans as Borrower may request pursuant to this Section 2.1.1 (individually, a "Loan" and, collectively, the "Loans"), in an aggregate principal amount which does not exceed such Bank's Senior Loan Commitment.
Subject to Section 2.1 and the satisfaction of the conditions in Section 6.2, on the Senior Loan Borrowing Date, each Senior Lender shall make a Senior Loan in the amount of its Senior Loan Commitment by wire transfer of immediately available funds to the Administrative Agent, not later than 1:00 p.m., New York City time, and the Administrative Agent shall transfer the amounts so received to the P1 Construction Account as set forth in Section 2.1(c).
All sums so expended, together with interest on such total amount at the Default Rate (but in no event shall the rate exceed the maximum lawful rate), shall be repaid by Borrower to Administrative Agent, as the case may be, on demand and shall be secured by the Credit Documents, notwithstanding that such expenditures may, together with amounts advanced under this Agreement, exceed the aggregate amount of the Total Senior Loan Commitment.
Create, incur or suffer to exist any Debt of Borrower, the Guarantors and the Non-Guarantors, other than Permitted Debt in an aggregate amount (other than the Loans) not to exceed at any time 8% of the aggregate of (a) the amount of the Total Senior Loan Commitment and (b) if applicable, the Lease Financing.
The Lender may grant participations in all or any part of the Note(s) or the Senior Loan Commitment in an aggregate amount of not less than $500,000 to any Eligible Assignee.
The registration of assignment or transfer of all or part of the Senior Loan Commitment and the Senior Loan shall be recorded by the Agent on the Register only upon the receipt by the Agent of a properly executed and delivered assignment and assumption agreement pursuant to Section 10.2A.