Examples of Term B Loan Obligations in a sentence
Upon acceleration of the Term A Loans or on the Maturity Date, no direct or indirect payment by or on behalf of the Borrower in respect of the Term B Loan Obligations shall be made until the Term A Loan Obligations have been paid in full.
The Borrower shall give prompt written notice to each Holder of any fact known to the Borrower that would prohibit the making of any payment on or in respect of the Term B Loan Obligations, but failure to give such notice shall not affect the subordination of the Term B Loan Obligations to the Term A Loan Obligations provided in this Article XIV.
Amounts representing accrued interest which are added to the outstanding principal of the Term B Loans constitute Term B Loan Obligations hereunder and shall bear interest at the Term B Loan Rate in accordance with Section 3.1(b) and otherwise be treated as Term B Loans for purposes of this Agreement.
The Borrower covenants and agrees, and the Term B Lenders and any other holder of the Term B Loans (Term B Lenders and such holders being hereinafter referred to collectively as “Holder”) by its acceptance thereof likewise covenants and agrees, that the Term B Loan Obligations shall be subordinated in accordance with the provisions of this Article XIV to the prior payment in full of all Term A Loan Obligations.
All principal of and interest on the Notes, all Letter of Credit Obligations, and all other Obligations (including all Tranche A Obligations and Term B Loan Obligations) constitute "Senior Indebtedness" under the Senior Subordinated Indenture entitled to the benefits of the subordination provisions contained in the Senior Subordinated Notes.
The Loan Account shall also evidence: (i) accrued interest on the Term B Loans of such Lender to the Borrower, (ii) all other amounts due to the Lender in respect of such Term B Loans, and (iii) all payments made by the Borrower in respect of such Term B Loans including all interest payments and all PIK Interest added to the principal amount of the Term B Loan Obligations.
No voluntary prepayment shall be made in respect of or applied to the Term B Loan Obligations unless and until (A) the Borrower has terminated the Revolving Loan Commitment and (B) the Tranche A Obligations have been paid in full in cash.
Subject to the terms and conditions hereof, each Lender agrees that all of the Outstanding Term B Loan Obligations shall remain outstanding and shall be deemed to be a continuing Term B Loan.
If a proper proof of claim has not been filed in the form required in such Proceeding at least ten (10) days prior to the expiration of the time for filing thereof, the Administrative Agent shall have the right (but not the duty) to file an appropriate claim for and on behalf of the Term B Lenders with respect to any of the Term B Loan Obligations or any of the Collateral.
The failure to make a payment on account of principal of, or interest on, the Term B Loan Obligations by reason of any provision of this Article XIV shall not be construed as preventing the occurrence of a Default or an Event of Default hereunder.