Incremental Term Loans on the Clause Samples

The Incremental Term Loans clause allows a borrower to request additional term loans under an existing credit agreement, subject to certain conditions and lender consent. Typically, this clause outlines the process for increasing the total loan amount, including limits on the aggregate amount, requirements for new lenders or existing lenders to participate, and the need for documentation amendments. Its core practical function is to provide flexibility for the borrower to access more funding as business needs evolve, without the need to negotiate an entirely new loan agreement, thereby streamlining the process and addressing future financing requirements efficiently.
Incremental Term Loans on the. Amendment No. 3 Effective date, (iv) the Additional Term Loan Commitments of any Class shall automatically terminate upon the making of the Additional Term Loans of such Class and, if any such Additional Term Loan Commitment is not drawn on the date that such Additional Term Loan Commitment is required to be drawn pursuant to the applicable Refinancing Amendment or Incremental Facility Amendment, the undrawn amount thereof shall automatically terminate and (ivv) the Additional Revolving Credit Commitments of any Class shall automatically terminate on the Maturity Date specified therefor in the applicable Refinancing Amendment, Extension Amendment or Incremental Facility Amendment.
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Incremental Term Loans on the. Amendment No. 1 Effective Date to pay the consideration for the ASC Acquisition (as defined in the Amendment No. 1) and fees and expenses incurred in connection with the ASC Acquisition, the Amendment No. 1 Incremental Term Loans, and the 2019 Equity Issuance (as defined in the Amendment No. 1).”
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Incremental Term Loans on the. Amendment No. 7 Effective Date, as applicable, and specifying (i) the amount to be borrowed, (ii) the Type of Loans, (iii) the applicable Interest Period, and (iv) instructions for remittance of the Term Loans to be borrowed. If the Borrower fails to specify the Type of Closing Date Term Loans, Amendment No. 1 Incremental Term Loans, Amendment No. 2 Incremental Term Loans or, Amendment No. 6 Refinancing Term Loans or Amendment No. 7 Incremental Term Loans, as applicable, they shall be made as ABR Loans. Notwithstanding the foregoing, such notices may be conditioned on the occurrence of the Closing Date, the Amendment No. 1 Effective Date, Amendment No. 2 Effective Date or, the Amendment No. 6 Effective Date or the Amendment No. 7 Effective Date, as applicable, or, with respect to other Incremental Term Loans, may be conditioned on the occurrence of any transaction utilizing such Incremental Term Loans. Upon receipt of such notice the Administrative Agent shall promptly notify each Term Lender thereof. Not later than 1:00 p.m. (New York City time) on the Closing Date, the Amendment No. 1 Effective Date, the Amendment No. 2 Effective Date or, the Amendment No. 6 Effective Date or the Amendment No. 7 Effective Date, as applicable, each such Term Lender shall make available to the Administrative Agent at the Administrative Agent’s Office an amount in immediately available funds equal to the Term Loan or Term Loans to be made by such Lender. Such borrowing will then be made available to the Term Borrowers by the Administrative Agent crediting such account or by wire transfer as is designated in writing to the Administrative Agent by the Borrower Representative (or as otherwise directed by the Borrower Representative), with the aggregate of the amounts made available to the Administrative Agent by the Term Lenders and in like funds as received by the Administrative Agent. With respect to any payment that the Administrative Agent makes for the account of the Lenders under this Agreement as to which the Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such payment referred to as the “Rescindable Amount”): (1) the Borrower Representative (on behalf of the Borrowers under any Facility) have not in fact made such payment; (2) the Administrative Agent has made a payment in excess of the amount so paid by the Borrower Representative (on behalf of the Borrowers under any Facility) (whether...
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Incremental Term Loans on the. Amendment No. 4 Effective Date (after giving effect to Amendment No. 4 and as such payments may be reduced from time to time as a result of the application of prepayments in accordance with Section 2.11 and repurchases in accordance with Section 9.05(g) or increased as a result of any increase in the amount of such Initial Term Loans pursuant to Section 2.22(a)), and (y) on the Initial Term Loan Maturity Date, in an amount equal to the remainder of the principal amount of the Initial Term Loans (including, for the avoidance of doubt, all Amendment No. 4 Incremental Term Loans) outstanding on such date, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment.
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Incremental Term Loans on the. Amendment No. 3 Effective Date to consummate the Amendment No. 3 Transactions, pay the Amendment No. 3 Transaction Costs and to fund any OID or upfront fees (including pursuant to the “Market Flex Provisions” in the Amendment No. 3 Fee Letter). Letters of Credit may be issued (i) on the Closing Date to backstop or replace letters of credit, guarantees and performance or similar bonds outstanding on the Closing Date (including deemed issuances of Letters of Credit under this Agreement resulting from existing issuers of letters of credit outstanding on the Closing Date agreeing to become an Issuing Bank under this Agreement) and (ii) after the Closing Date, for general corporate purposes of the Borrower and its subsidiaries and any other purpose not prohibited by the terms of the Loan Documents.
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Incremental Term Loans on the. Amendment No. 2 Effective Date, as applicable, and specifying (i) the amount to be borrowed, (ii) the Type of Loans, (iii) the applicable Interest Period, and (iv) instructions for remittance of the Term Loans to be borrowed. If the Borrower fails to specify the Type of InitialClosing Date Term Loans, Amendment No. 1
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Incremental Term Loans on the. Amendment No. 1 Effective Date, the Credit Agreement will be amended as set forth herein;
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Incremental Term Loans on the. Amendment No. 1 Incremental Term Loan Funding Date shall be limited to those set forth in Section VI of Amendment No. 1 and (ii) the sole conditions to the borrowing of any Delayed Draw Term Loans in an aggregate principal amount of up to $75,000,000, the proceeds of which are used to finance the Project Seacoast Acquisition and pay related fees and expenses, shall be limited to those set forth in Section I of Amendment No. 1):
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Related to Incremental Term Loans on the

  • Incremental Term Loans (a) The Borrower shall have the right from time to time during the term of this Agreement, and subject to the terms and conditions set forth in this Section 2.17, to request in writing incremental term loans (the “Incremental Term Loans”) be made under this Agreement by Incremental Term Lenders pursuant to one or more Incremental Term Loan Agreements. Such notice to the Administrative Agent shall set forth the date on which such Incremental Term Loans are requested to be made (which shall not be less than three (3) Business Days nor more than 60 days after the date of such notice (which time periods may be modified or waived at the discretion of the Administrative Agent)) and include the applicable completed Incremental Term Loan Agreement for such Incremental Term Loans as an attachment thereto; provided that, notwithstanding anything to the contrary contained herein or in any Incremental Term Loan Agreement, such Incremental Term Loans shall mature on the Maturity Date, shall not require any mandatory prepayments thereof and shall not amortize. In connection with any such request, the consent of the Administrative Agent shall be required (such consent not to be unreasonably withheld, conditioned or delayed), but no consent of any Lender (other than any Lender providing an Incremental Term Loan pursuant to such request) is required to be obtained. (b) Any such Incremental Term Loans shall be made, at the option of the Borrower, by (x) one or more existing Lenders and/or (y) one or more financial institutions that is not an existing Lender (any such Lender or financial institution referred to in this Section 2.17(b) being called an “Incremental Term Lender”); provided that any such non-existing Lender or financial institution (A) must be an Eligible Assignee, (B) must have an Incremental Term Loan of at least $5,000,000 unless otherwise agreed to by the Administrative Agent and the Borrower and (C) must become an Incremental Term Lender under this Agreement by execution and delivery of an Incremental Term Loan Agreement; provided, further, that no Lender shall be required to become an Incremental Term Lender and any Lender or financial institution approached to provide an Incremental Term Loan may elect or decline, in its sole discretion, to provide such Incremental Term Loan. (c) The Borrower and each Incremental Term Lender that has agreed to provide an Incremental Term Loan pursuant to such request shall execute and deliver to the Administrative Agent an Incremental Term Loan Agreement and such other documentation as the Administrative Agent shall reasonably specify to provide for the requested Incremental Term Loans. (d) Notwithstanding the foregoing, no Incremental Term Loan Agreement shall become effective and no Incremental Term Loans shall be provided under this Section 2.17 unless: (i) no Default or Event of Default shall exist at the time of the request or at the time of the making of the proposed Incremental Term Loans; (ii) all conditions precedent for a Borrowing set forth in Section 4.02 have been satisfied; (iii) the Borrower shall have provided Incremental Term Loan Cash Collateral as required pursuant to Section 6.10 hereof and the Administrative Agent shall have received copies of the Collateral Documents or any amendments thereto that the Administrative Agent shall deem reasonably necessary, signed, to the extent applicable, by each of the parties thereto (or, in the case of any party as to which an executed counterpart shall not have been received, receipt by the Administrative Agent of telegraphic, telecopy, electronic communication or other written confirmation from such party of execution of a counterpart thereof by such party), in each case in form and substance reasonably satisfactory to the Administrative Agent; (iv) the Administrative Agent shall have received customary legal opinions, resolutions and closing certificates and other documentation as it shall reasonably request, in each case in form and substance reasonably satisfactory to the Administrative Agent; and (v) to the extent requested by any Incremental Term Lender making an Incremental Term Loan, the Borrower shall have executed and delivered Incremental Term Notes in favor of such Incremental Term Lenders evidencing such Incremental Term Loans.