Increase in Revolving Facility; Incremental Term Facility Clause Samples
The 'Increase in Revolving Facility; Incremental Term Facility' clause allows the borrower to request an increase in the total amount available under the revolving credit facility or to add new term loan tranches, subject to lender approval and certain conditions. Typically, this process involves the borrower notifying the lender, meeting specified financial criteria, and sometimes obtaining commitments from new or existing lenders for the additional funds. The core function of this clause is to provide flexibility for the borrower to access additional financing under the existing credit agreement, thereby accommodating future growth or funding needs without requiring a completely new loan arrangement.
Increase in Revolving Facility; Incremental Term Facility. Subject to the terms and conditions set forth herein, the Borrower shall have the right, by written notice to the Administrative Agent, to request from time to time that one or more Lenders (and/or one or more other Persons which are Eligible Assignees and which will become Lenders), (x) prior to the Maturity Date for the Revolving Facility, provide an increase to the existing Revolving Commitments (each, an “Incremental Revolving Commitment”) and/or (y) establish one or more new term loan commitments (each, an “Incremental Term Commitment”), by an aggregate amount (for all such requests) not exceeding $75,000,000, plus (ii) the aggregate amount of (A) any optional prepayment of Term Loans pursuant to Section 2.05(a) and (B) any optional permanent reduction of the Revolving Facility pursuant to Section 2.06(a), plus (iii) an additional amount so long as, in the case of this clause (iii), after giving pro forma effect to the relevant Incremental Commitments, and assuming no cash netting of the proceeds thereof and full funding of any such Incremental Commitments (including, in each case, the use of proceeds thereof and other customary events), as of the last day of the fiscal quarter most recently ended as to which financial statements were required to be delivered pursuant to this Agreement, the Consolidated Net Leverage Ratio is no greater than 3.00:1.00 (provided, that to the extent the proceeds of any Incremental Commitments are used to finance a Limited Condition Acquisition, the Consolidated Net Leverage Ratio shall be tested on the date on which the Limited Condition Acquisition Agreement therefor is effective, executed and delivered by the parties thereto); provided that, each Incremental Commitment shall be in an aggregate amount of $15,000,000 or any whole multiple of $1,000,000 in excess thereof.
Increase in Revolving Facility; Incremental Term Facility. Subject to the terms and conditions set forth herein, the Borrower shall have the right, by written notice to the Administrative Agent, to request from time to time that one or more Lenders (and/or one or more other Persons which are Eligible Assignees and which will become Lenders), (x) prior to the Maturity Date for the Revolving Facility, provide an increase to the existing Revolving Commitments (each, an “Incremental Revolving Commitment”) and/or (y) establish one or more new term loan commitments (each, an “Incremental Term Commitment”), by an aggregate amount (for all such requests) not exceeding $200,000,000, provided that, each Incremental Commitment shall be in an aggregate amount of $25,000,000 or any whole multiple of $5,000,000 in excess thereof.
Increase in Revolving Facility; Incremental Term Facility. Subject to the terms and conditions set forth herein, the Borrowers shall have the right, by written notice to the Administrative Agent, to request from time to time that one or more Lenders (and/or one or more other Persons which are Eligible Assignees and which will become Lenders), without the consent of any of the Lenders, (x) prior to the Maturity Date for the Revolving Facility, provide an increase to the existing Revolving Commitments (each, an “Incremental Revolving Commitment”) and/or (y) establish one or more new term loan commitments (each, an “Incremental Term Commitment”), by an aggregate amount not to exceed the greater of $35,000,000 and 75.0% of Consolidated EBITDA for the most recently ended Measurement Period for which financial statements have been delivered pursuant to Section 6.01(a) or (b); provided that, each Incremental Commitment shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof; provided further that such amount may be less than $5,000,000 if such amount represents all remaining availability under the aggregate limit in respect of Incremental Commitments set forth above.