Common use of Additional Tranches Clause in Contracts

Additional Tranches. After the Closing Date, so long as no Event of Default exists and subject to the terms of this Agreement, with the prior written consent of Agent and all Lenders in their sole discretion, the Revolving Loan Commitment may be increased upon the written request of Borrower Representative (which such request shall state the aggregate amount of the Additional Tranche requested and shall be made at least ten (10) Business Days prior to the proposed effective date of such Additional Tranche) to Agent to activate an Additional Tranche (it being understood that each Additional Tranche shall be in an aggregate amount equal to $5,000,000 and Borrower shall be entitled to request no more than two (2) Additional Tranches during the term of this Agreement); provided, however, that Agent and Lenders shall have no obligation whatsoever to consent to any requested activation of an Additional Tranche and the written consent of Agent and all Lenders shall be required in order to activate an Additional Tranche. Upon activating an Additional Tranche, each Lender’s Revolving Loan Commitment Amount shall increase by a proportionate amount so as to maintain the same Pro Rata Share of the Revolving Loan Commitment as such Lender held immediately prior to such activation.

Additional Tranches. After the later to occur of (a) the end of the Lockbox Post-Closing Period or (b) the Borrowing Base Audit Completion Date, so long as no Default or Event of Default exists and subject to the terms of this Agreement, with the prior written consent of Agent and all Lenders in their sole discretion, the Revolving Loan Commitment may be increased upon the written request of Borrower Representative (which such request shall state the aggregate amount of the Additional Tranche requested and shall be made at least ten sixty (1060) Business Days days prior to the proposed effective date of such Additional Tranche) to Agent to activate an Additional Tranche (it being understood that each Additional Tranche shall be in an aggregate amount equal to $5,000,000 and Borrower shall be entitled to request no more than two (2) Additional Tranches during the term of this Agreement)Tranche; provided, however, that Agent and Lenders shall have no obligation whatsoever to consent to any requested activation of an Additional Tranche and the written consent of Agent and all Lenders shall be required in order to activate an Additional Tranche. Upon activating an Additional Tranche, each Lender’s Revolving Loan Commitment Amount commitment shall increase by a proportionate amount so as to maintain the same Pro Rata Share of the Revolving Loan Commitment as such Lender held immediately prior to such activation.