Common use of Incremental Revolving Credit Commitments Clause in Contracts

Incremental Revolving Credit Commitments. On any Incremental Increase Date on which Incremental Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (i) each of the Revolving Lenders shall assign to each of the Incremental Revolving Lenders, and each of the Incremental Revolving Lenders shall purchase from each of the Revolving Lenders, at the principal amount thereof (together with accrued interest), such interests in the Revolving Loans outstanding on such Incremental Increase Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Loans will be held by existing Revolving Lenders and Incremental Revolving Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such Incremental Revolving Credit Commitments to the Revolving Credit Commitments, (ii) each Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (an “Incremental Revolving Loan”) shall be deemed, for all purposes, a Revolving Loan and (iii) each Incremental Revolving Lender shall become a Lender with respect to the Incremental Revolving Credit Commitments and all matters relating thereto.

Appears in 5 contracts

Sources: First Lien Credit and Guaranty Agreement (Corsair Gaming, Inc.), First Lien Credit and Guaranty Agreement (Corsair Gaming, Inc.), First Lien Credit and Guaranty Agreement (Corsair Gaming, Inc.)

Incremental Revolving Credit Commitments. On any Incremental Increase Effective Date on which Incremental Revolving Credit Commitments are effected, subject to the satisfaction or waiver of the foregoing terms and conditionsconditions in Section 2.17(b), (ia) each of the Revolving Lenders shall assign to each of the Incremental Revolving Lenders, Credit Commitments shall be documented solely as an increase to the Revolving Credit Commitments and each of the Incremental applicable Revolving Lenders shall purchase be deemed to have assigned to each Lender with Incremental Revolving Credit Commitments, and each such Lender shall be deemed to have purchased from each of the applicable Revolving Lenders, at the principal amount thereof (together with accrued interest), such interests in the applicable Revolving Credit Loans outstanding on such Incremental Increase Effective Date as shall be necessary in order that, immediately after giving effect to all such assignments and purchases, such Revolving Credit Loans will be held by existing applicable Revolving Lenders and Incremental Revolving Additional Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such Incremental Revolving Credit Commitments to the Revolving Credit Commitments, (iib) each Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (an “Incremental Revolving Credit Loan” and, collectively with any Incremental Term Loan, an “Incremental Loan”) shall be deemed, for all purposes, a Revolving Loan and Credit Loan, (iiic) each Incremental Revolving Additional Lender shall become a Lender with respect to the Incremental Revolving Credit Commitments Commitment and all matters relating theretothereto and (d) all terms shall be identical to the terms applicable to the Revolving Credit Commitments existing on the Increase Effective Date (excluding upfront fees and customary arranger fees).

Appears in 2 contracts

Sources: Credit Agreement (Loar Holdings Inc.), Credit Agreement (Loar Holdings Inc.)

Incremental Revolving Credit Commitments. On any Incremental Increase Date on which Each Incremental Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (i) each of the Revolving Lenders shall assign to each of the Incremental Revolving Lenders, and each of the Incremental Revolving Lenders shall purchase from each of the Revolving Lenders, at the principal amount thereof (together with accrued interest), such interests in the Revolving Loans outstanding on such Incremental Increase Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Loans will be held by existing Revolving Lenders and Incremental Revolving Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of Lender agrees that such Incremental Revolving Credit Commitments to Lender shall have the Revolving Credit Commitments, (ii) each Incremental Revolving Credit Commitment shall be deemed for all as set forth on Schedule 1 hereto. For purposes a of clarification, (a) the Optional Reduction (defined below) and the reduction of the Revolving Credit Commitment and of each Loan made thereunder (an “Incremental Revolving Loan”) Credit Lender as a result of the Optional Reduction shall be deemed, for all purposes, a Revolving Loan and (iii) each Incremental Revolving Lender shall become a Lender with respect effective immediately prior to the effectiveness of the Incremental Revolving Credit Commitments and all matters relating theretotherefore the Incremental Revolving Credit Commitments shall not be reduced as a result of the Optional Reduction and (b) immediately upon the effectiveness of this Amendment the Borrowers shall prepay the Revolving Credit Loans with the proceeds of the initial advance of Incremental Revolving Credit Loans such that immediately after giving effect to such prepayment each Revolving Credit Lender (including each Incremental Revolving Credit Lender) shall hold its Pro Rata Share (including the Incremental Revolving Credit Commitments in the calculation thereof) of outstanding Revolving Credit Loans (including Incremental Revolving Credit Loans).

Appears in 1 contract

Sources: Credit Agreement (Psychiatric Solutions Inc)

Incremental Revolving Credit Commitments. On any (a) Schedule I hereto sets forth the Incremental Increase Revolving Credit Commitment of each Incremental Revolving Credit Lender as of the Incremental Effective Date on which (as defined below). The Incremental Revolving Credit Commitments are effected, subject of each Incremental Revolving Credit Lender shall be several and not joint. (b) The Incremental Revolving Credit Commitments and the Revolving Loans and other extensions of credit made thereunder shall have the terms applicable to the satisfaction Revolving Credit Commitments and the Revolving Loans of the foregoing terms applicable Class and conditionsother extensions of credit made thereunder, respectively. With effect from the Incremental Effective Date, (i) each of the Revolving Lenders shall assign to each of the Incremental Revolving Lenders, and each of the Incremental Revolving Lenders shall purchase from each of the Revolving Lenders, at the principal amount thereof (together with accrued interest), such interests in the Revolving Loans outstanding on such Incremental Increase Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Loans will be held by existing Revolving Lenders and Incremental Revolving Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such Incremental Revolving Credit Commitments to the Revolving Credit Commitments, (ii) each Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (an “Incremental Revolving Loan”) shall be deemed, for all purposes, a Revolving Loan and (iii) each Incremental Revolving Lender shall become a Lender with respect to the Incremental Revolving Credit Commitments shall constitute “Revolving Credit Commitments” and “Multicurrency Revolving Credit Commitments” or “U.S. Revolving Credit Commitments”, as applicable, and the loans made thereunder shall constitute “Revolving Loans” and “Multicurrency Revolving Loans” or “U.S. Revolving Loans”, as applicable, and (ii) the Incremental Revolving Credit Lenders shall constitute “Lenders”, in each case for all matters relating theretopurposes of the Credit Agreement and the other Loan Documents.

Appears in 1 contract

Sources: Incremental Revolving Credit Assumption Agreement (Terex Corp)