Cashless Roll Sample Clauses
A Cashless Roll clause allows a borrower to extend or renew an existing loan without the need to make an immediate cash payment to settle the original loan. Instead, the outstanding principal and any accrued interest are rolled into a new loan or extended term, often with updated terms or interest rates. For example, in syndicated lending, this mechanism enables borrowers to avoid liquidity issues by converting maturing debt into a new obligation rather than repaying it in cash. The core function of this clause is to provide financial flexibility and ease cash flow constraints for borrowers, while ensuring lenders maintain their investment exposure.
POPULAR SAMPLE Copied 6 times
Cashless Roll. It is hereby agreed that upon the consummation of the Amendment and Restatement Date Refinancing, any Term Lender that holds term loans under the Original Credit Agreement immediately prior to the effectiveness of this Agreement (such term loans, the “Existing Term Loans”) and that has executed this Agreement as a Cashless Roll Term Lender (each, a “Cashless Roll Term Lender”) shall (i) have exchanged and converted all of the outstanding principal amount of its Existing Term Loans under the Original Credit Agreement plus the amount of all Amendment Payment Premium owed with respect to such Existing Term Loans for Term Loans hereunder, (ii) upon such exchange and conversion, be deemed to have funded Term Loans hereunder in an aggregate principal amount equal to the Existing Term Loans and Amendment Payment Premium so exchanged and converted (and satisfied its Commitment hereunder to so fund Term Loans in such amount), and (iii) upon such exchange and conversion, become a Term Lender hereunder with respect to such Term Loans deemed funded. Each Cashless Roll Term Lender hereby agrees that, on and as of the Amendment and Restatement Date, all of the outstanding principal amount of its Existing Term Loans shall be deemed to have been repaid in full and discharged, as if repaid in cash in immediately available funds, for all purposes of the Original Credit Agreement, without the need for further action (or further payment in cash or otherwise) by the Borrower or any other person.
Cashless Roll. Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange, continue or rollover all or a portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the applicable Borrowers, the Administrative Agent and such Lender, and any such exchange, continuation or rollover shall be deemed to comply with any requirement hereunder or under any other Loan Document that any payment be made “in Dollars” (or the relevant Available Currency), “in immediately available funds”, “in cash” or any other similar requirements.
Cashless Roll. Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange, continue or rollover all or a portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent and such Lender.
Cashless Roll o to exchange 100% of the outstanding principal amount of the Series C-1 Tranche B Term Loans held by such Lender into Series C-2 Tranche B Term Loans in a like principal amount on a dollar for dollar basis.
Cashless Roll. Notwithstanding anything to the contrary in this Agreement, any Incremental Facility otherwise permitted to be incurred pursuant to this Section 2.14 to refinance any Indebtedness of any Person (whether outstanding hereunder or under a separate agreement) may be incurred by causing the lenders of such Indebtedness to exchange, continue or rollover all or a portion of such Indebtedness into such Incremental Facility pursuant to a cashless settlement mechanism approved by the Borrower and the Administrative Agent.
Cashless Roll. 39 Section 1.09
Cashless Roll o to have 100% of the outstanding principal amount of the Series C-1 Tranche B Term Loans held by such Lender prepaid on the Amendment No. 7 Effective Date (as defined in Amendment No. 7) and purchase by assignment, on or promptly after the Amendment No. 7 Effective Date pursuant to procedures specified by the Administrative Agent, a like principal amount on a dollar for dollar basis of Series C-2 Tranche B Term Loans.
Cashless Roll. (a) Upon giving effect to the amendments to the Existing Credit Agreement effected pursuant to Section 3 hereof, each Cashless Option Lender’s Existing Term Loans that have been approved by the Borrower for prepayment by exchange for Second Incremental Term Loans (such Existing Term Loans, “Approved Exchange Loans”) shall be exchanged for Second Incremental Term Loans in the same aggregate principal amount as the outstanding principal amount of such Cashless Option Lender’s Approved Exchange Loans.
(b) Notwithstanding anything in the Existing Credit Agreement or the Credit Agreement to the contrary, the Administrative Agent and each New Term Loan Lender hereby acknowledge and agree that the cashless prepayment by the Borrower of Existing Term Loans held by each Cashless Option Lender through the issuance by the Borrower to such Cashless Option Lender of Second Incremental Term Loans in the same aggregate principal amount as the outstanding principal amount of such Cashless Option Lender’s Existing Term Loans that the Borrower has approved for prepayment by exchange for Second Incremental Term Loans shall conclusively be deemed to have been made in accordance with Existing Credit Agreement and the Credit Agreement, including without limitation the definition of “Rollover Indebtedness” and subsection 3.4(h) thereof.
Cashless Roll. 40 Section 1.10.Permitted Affiliate Parent; Affiliate Subsidiary. 40 Section 1.11.Divisions. 40
Cashless Roll. 80 ARTICLE II