Addition of Section 2 Clause Samples
The 'Addition of Section 2' clause serves to formally incorporate a new section, labeled as Section 2, into an existing agreement or document. This clause typically specifies the exact content or subject matter of the new section, detailing its provisions and how it integrates with the rest of the document. By clearly outlining the addition, the clause ensures that all parties are aware of the new terms and their implications, thereby maintaining the integrity and clarity of the contractual arrangement.
Addition of Section 2. 4. The following shall be inserted as a new Section 2.4 of the Agreement:
Addition of Section 2. 12. The following paragraphs are hereby added to the Credit Agreement as Section 2.12:
Addition of Section 2. 16. The Credit Agreement is hereby amended to include a new Section 2.16 to read as follows:
Addition of Section 2. 16. The Credit Agreement is hereby amended by inserting the following Section 2.16 with the heading “Voluntary Prepayments Below Par” after Section 2.15 of the Credit Agreement:
Addition of Section 2. 10(b). Section 2.10 is amended by designating the existing text thereof as clause (a) and adding the following clause (b) in proper alphabetical order:
(b) If a Lender at any time becomes a Defaulting Lender and the Outstanding Credit Extensions at such time exceed an amount equal to the total of (i) the Aggregate Commitment Amount minus (ii) such Defaulting Lender’s Commitment Amount plus (iii) the principal amount of such Defaulting Lender’s outstanding Advances, then the Borrower shall promptly (and in any event within three Business Days) prepay Advances and/or provide cash collateral for Facility LCs (pursuant to documentation reasonably satisfactory to the Administrative Agent and the Borrower) in an amount sufficient to eliminate such excess. Except for the mandatory nature thereof, any prepayment of Advances pursuant to this Section 2.10(b) shall be subject to the provisions of Section 2.10(a); provided that such prepayment may be in any amount that is an integral multiple of $1,000,000. If the circumstances giving rise to the requirement that the Borrower provide cash collateral pursuant to this Section 2.10(b) cease to exist, then the Administrative Agent shall promptly return such cash collateral to the Borrower.
Addition of Section 2. 04(c). The following clause (c) is added to Section 2.04 in proper alphabetical order:
Addition of Section 2. 10. Section 2.10 is hereby added to the Credit Agreement to read as follows:
Addition of Section 2. 5.6. Section 2.5 of the Credit Agreement is amended by adding immediately after Section 2.5.5 new Section 2.5.6 to read in its entirety as follows:
Addition of Section 2. 22 of the Credit Agreement. Section 2 of the Credit Agreement is hereby amended by adding a new Section 2.22 thereto, as follows:
Addition of Section 2. 20. The following is hereby added as a new Section 2.20: