Increase in Revolving Commitments. In addition to any increases to the aggregate Revolving Commitments pursuant to Section 2.14 hereof, in the event that the Optional Capital Raise results in aggregate net proceeds to the Borrower in an amount equal to $100,000,000 or more, (i) if the Borrower so elects, in addition to the prepayment of the Loans required pursuant to Section 2.04(d), the Borrower may prepay the Tranche A-1 Term Loan until paid in full, and thereafter prepay the Tranche A Term Loan, in an aggregate amount up to $50,000,000, (ii) if the Borrower so elects, in connection with such prepayment of the Term Loans, the aggregate Revolving Commitments under, and for all purposes of, this Agreement shall be increased by $50,000,000, and (iii) upon any such increase, Schedule 2.01 shall be deemed modified, without further action, to reflect the revised Aggregate Commitments and Applicable Percentages of the Lenders. This Section shall supersede any provisions in Sections 2.12 or 10.01 to the contrary.
Appears in 2 contracts
Sources: First Lien Credit Agreement (Sequential Brands Group, Inc.), Amendment and Restatement Agreement (Sequential Brands Group, Inc.)