Common use of Incremental Facilities Clause in Contracts

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 3 contracts

Samples: Credit Agreement (First Data Corp), Credit Agreement (First Data Corp), Credit Agreement (First Data Corp)

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Incremental Facilities. (a) The Borrower Representative may by written notice to the Administrative Agent elect to request (A) prior to the Revolving Commitment Termination Date, an increase to the existing Revolving Commitments (any such increase, the “Incremental Revolving Commitments”) and/or (B) the increase in or the establishment of one or more (x) additional tranches of new term loans (the loan commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Incremental Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount greater of (i) $200,000,000 in the aggregate and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $200,000,000 and all such New Incremental Revolving Commitments and Incremental Term Loan Commitments obtained on or prior to such date)) and (ii) up to an additional amount of Incremental Term Loans or increases to the Incremental Revolving Commitments so long as the Secured Leverage Ratio (calculated on a pro forma basis) is no more than 3.50:1.00, in each case, with respect to any Incremental Revolving Commitments, assuming a borrowing of the maximum amount of Loans available thereunder; provided that, in either case, Incremental Revolving Commitments shall not exceed $50,000,000 in the aggregate. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower Representative proposes that the New Incremental Revolving Commitments or Incremental Term Loan Commitments Commitments, as applicable, shall be effective, which shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Administrative Agent. The Agent and (B) the identity of each Lender or other Person that is an Eligible Assignee (each, an “Incremental Revolving Loan Lender” or “Incremental Term Loan Lender”, as applicable) to whom the Borrower may approach Representative proposes any portion of such Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable, be allocated and the amounts of such allocations and any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Incremental Revolving Commitments or Incremental Term Loan Commitments may elect or decline, in its sole discretion, to provide a New an Incremental Revolving Commitment or an Incremental Term Loan Commitment, as applicable. In each case, such New Such Incremental Revolving Commitments or Incremental Term Loan Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Incremental Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.02 shall be satisfiedsatisfied or waived; (iii3) the New U.S. Borrower shall be in compliance with the financial covenant set forth in Section 6.07 (assuming for this purpose that such financial covenant is in effect) as of the last day of the most recently ended four Fiscal Quarter period for which financial statements are available), after giving effect to such Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable; (4) the Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Representative, the Incremental Revolving Loan Lender or Incremental Term Loan Lender, as applicable, and the Administrative Agent, and each of which shall be recorded in the Revolving Commitment Register or the Term Loan Register, as applicable, and each Incremental Revolving Loan Lender and Incremental Term Loan Lender shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.in

Appears in 3 contracts

Samples: Credit and Guaranty Agreement (Fmsa Holdings Inc), Credit and Guaranty Agreement (Fmsa Holdings Inc), Credit and Guaranty Agreement (Fmsa Holdings Inc)

Incremental Facilities. (a) The Borrower may may, by written notice to the Administrative Agent Agent, elect to request (x) the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in prior to the Revolving Credit Maturity Date, an increase to the existing Revolving Credit Commitments (any such increase, the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by in each case to effect the incurrence of secured Indebtedness permitted to be incurred pursuant to Section 6.01(p) in an aggregate amount not in excess of (and not in duplication of) the Maximum Incremental Facilities Amount amount of secured Indebtedness permitted to be incurred pursuant to Section 6.01(p) in the aggregate and not less than $100,000,000 50,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount amount of secured Indebtedness permitted to be incurred pursuant to Section 6.01(p) and all such New Loan Commitments obtained on or prior to such date), and integral multiples of $5,000,000 in excess of that amount (it being understood that any Indebtedness incurred pursuant to this Section 2.25 shall correspondingly reduce the amount of Indebtedness permitted to be incurred pursuant to Section 6.01(p), and vice versa). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The ; provided that the Borrower may approach any Lender or any Person (other than shall first offer the Lenders, on a natural person) pro rata basis, the opportunity to provide all or a portion of the New Loan CommitmentsCommitments prior to offering such opportunity to any other Person that is an eligible assignee pursuant to Section 9.04(b); provided provided, further, that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such Such New Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Credit Loans, each of the conditions set forth in Section 7 4.01 shall be satisfied; (iii) the Borrower and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in Sections 6.13 and 6.14 as of the last day of the most recently ended fiscal quarter for which financial statements are required to be delivered pursuant to Section 5.04(a) and 5.04(b) after giving effect to such New Loan Commitments and any Investment to be consummated in connection therewith; (iv) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d)Register; (ivv) the Borrower shall make any payments required pursuant to Section 2.11 2.16 in connection with the New Loan Commitments, as applicable; and (vvi) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction; and (vii) the requirements set forth in Section 9.19 shall have been satisfied. Any New Term Loans made on an Increased Amount Date shall be designated, designated as a separate series (a “Series”) of New Term Loans for all purposes of this AgreementAgreement and the other Credit Documents. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (ai) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Credit Lender”) and each of the New Revolving Loan Credit Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Lenders Loans and New Revolving Loan Credit Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (bii) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan loan made thereunder (a “New Revolving Credit Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (ciii) each New Revolving Loan Credit Lender shall become a Lender with respect to the its New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the its New Term Loan Commitment of such Series and the New Term Loans of such Series made by such Lender pursuant thereto. (d) The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and in respect thereof (i) the Series of New Term Loan Commitments and New Term Loan Lenders of such Series or the New Revolving Credit Commitments and New Revolving Credit Lenders, as applicable, and (ii) in the case of each notice to any Lender with Revolving Credit Loans, the respective interests in such Lender’s Revolving Credit Loans subject to the assignments contemplated by clause (b) of this Section 2.25. (e) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided, however, that (i) the New Term Loan Maturity Date for any Series shall be determined by the Borrower and the applicable New Term Loan Lenders and shall be set forth in the applicable Joinder Agreement; provided that (ix) the Weighted Average Life to Maturity of all New Term Loans of any Series shall be no shorter than the Weighted Average Life to Maturity of the Term Loans and (y) the applicable New Term Loan Maturity Date of each Series shall be no earlier shorter than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) final maturity of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new New Term Loan Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Credit Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (ef) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.142.25.

Appears in 3 contracts

Samples: Credit Agreement (NRG Energy, Inc.), Credit Agreement (NRG Energy, Inc.), Credit Agreement (NRG Energy, Inc.)

Incremental Facilities. (a) The Borrower may may, by written notice to the Administrative Agent prior to the Revolving Credit Termination Date, elect to request request, an increase to the establishment of one or more existing Commitments (x) additional tranches of term loans (the commitments theretoany such increase, the “New Term Loan Commitments”) and/or (yto effect the incurrence of secured Indebtedness permitted to be incurred pursuant to Section 6.01(d) increases in Revolving Credit an amount not to exceed $500,000,000 in the aggregate. New Commitments (the “New Revolving Credit Commitments” and, together shall be secured pari passu with the New Term Loan Commitments, existing Secured Obligations pursuant to the “New Loan Commitments”), by an aggregate amount Intercreditor Agreement and shall not in excess of the Maximum Incremental Facilities Amount in the aggregate and not be less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount which shall constitute the difference between the Maximum Incremental Facilities Amount amount of secured Indebtedness permitted to be incurred pursuant to (i) Section 6.01(c) and this Section 2.21 and (ii) all such New Loan Commitments obtained on or prior to such date)) and integral multiples of $1,000,000 in excess of such amount. Each such notice shall specify the date (each, an “Increased Amount Commitment Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The ; provided that the Borrower may approach any Lender or any Person (other than shall first offer the Lenders, on a natural person) pro rata basis, the opportunity to provide all or a portion of the New Loan CommitmentsCommitments prior to offering such opportunity to any other Person that is an eligible assignee pursuant to Section 9.04(b); provided provided, further, that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such Such New Loan Commitments shall become effective as of the applicable such Increased Amount Commitment Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Commitment Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before the Borrower and its Subsidiaries shall be in pro forma compliance with each of the Financial Covenants as of the last day of the most recently ended fiscal quarter for which financial statements are required to be delivered pursuant to Section 5.05(a) and 5.05(b) after giving effect to the making of such New Commitments and any Series of New Term Loans or New Revolving Loans, each of the conditions set forth Investment to be consummated in Section 7 shall be satisfiedconnection therewith; (iii) the New Loan Commitments shall be subject to the same terms and conditions as the existing Commitments under this Agreement (except that upfront fees paid to Lenders providing New Commitments may be less than the upfront fees that were paid to the existing Lenders on the Signing Date); (iv) the New Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d)Register; (ivv) the Borrower shall make any payments required pursuant to Section 2.11 2.16 in connection with the New Loan Commitments, as applicable; and (vvi) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans ; (vii) the requirements set forth in Section 9.17 shall have been satisfied; and (viii) the representations and warranties set forth in each Loan Document shall be true and correct in all material respects (except to the extent that such representations and warranties are qualified as to materiality, in which case they shall be true and correct in all respects) on and as of such Increased Commitment Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an Increased Amount Date earlier date, in which case such representations and warranties shall be designatedtrue and correct in all material respects (or true and correct in all respects, a separate series (a “Series”as provided in the parenthetical above) on and as of New Term Loans for all purposes of this Agreementsuch earlier date. (b) On any Increased Amount Commitment Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (ai) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Commitment Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit such Loans will be held by existing Revolving Credit Lenders with Loans and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (bii) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (ciii) each New Revolving Loan Lender shall become a Lender with respect to the its New Revolving Credit Commitment and all matters relating thereto. (c) On any The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Commitment Date on which any and in respect thereof the New Term Loan Commitments of any Series are effective, and New Lenders and the respective interests in such Lender’s Loans subject to the satisfaction of the foregoing terms and conditions, assignments contemplated by clause (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”b) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant theretothis Section 2.21. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent and the Collateral Agent, to effect the provision provisions of this Section 2.142.21.

Appears in 3 contracts

Samples: Credit Agreement (Entergy Corp /De/), Credit Agreement (Enexus Energy CORP), Credit Agreement (Enexus Energy CORP)

Incremental Facilities. (a) The Borrower may by written notice to the Administrative Agent elect to request prior to the establishment of one or more Revolving Commitment Termination Date, an increase to the existing Loan Commitments (x) additional tranches of term loans (the commitments theretoany such increase, the “New Term Revolving Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $50,000,000 in the aggregate and not less than $100,000,000 10,000,000 individually in the case of the first such New Revolving Loan Commitment and not less than $5,000,000 individually in the case of each subsequent New Revolving Loan Commitment (or or, in each case, such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such dateAgent). Each such notice shall specify (i) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Revolving Loan Commitments shall be effective, which shall be a date not less than ten seven Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower Agent (or such shorter period as the Administrative Agent may approach any agree) and (ii) the identity of each Lender or any other Person that is an eligible assignee under Section 11.04(b) (other than which, if not a natural personLender, an Approved Fund or an Affiliate of a Lender), shall be reasonably satisfactory to the Administrative Agent and the Issuing Banks (in each case, not to be unreasonably withheld or delayed) (each, a “New Revolving Loan Lender”) to provide all or a whom the Borrower proposes any portion of such New Revolving Loan Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that any Lender offered or Person approached to provide all or a portion of the any New Revolving Loan Commitments may elect or decline, decline to participate in its sole discretion, to provide a . Such New Loan Commitment. In each case, such New Revolving Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii1) both before and after giving effect to the making of any Series of New Term Loans or such New Revolving LoansLoan Commitments, as applicable, each of the conditions set forth in Section 7 4.02 (with the exception of Section 4.02(a)) shall be satisfied; , including, for the avoidance of doubt, the making of the representations and warranties contained in Section 3.04(b) hereof (iiiprovided that, in the case of any New Revolving Loan Commitments the proceeds of which are to be used primarily to consummate a Limited Conditions Acquisition substantially concurrently with the effectiveness of such New Revolving Loan Commitments, to the extent agreed to by the Borrower and the Lenders providing such New Revolving Loan Commitments, (x) the only representations and warranties the accuracy of which shall be a condition to the effectiveness of such New Revolving Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed the Specified Representations and delivered by the Borrower and Administrative AgentSpecified Acquisition Agreement Representations, and each of which shall be recorded in (y) the Register and shall be subject to the requirements condition set forth in Section 5.4(d4.02(c) shall be tested on the date the acquisition agreement with respect to such Limited Conditions Acquisition is signed (provided that, on the date such New Revolving Loan Commitments are effective, no Event of Default under Section 9.01(a), (b), (g), (h) or (i) shall exist or result therefrom)); (iv2) any New Revolving Loan Commitments and New Revolving Loans made pursuant hereto shall be on the Borrower shall make any payments required same terms as the existing Revolving Commitments and Loans made pursuant thereto (including, for the avoidance of doubt, with respect to maturity date and pricing), as set forth in and pursuant to Section 2.11 the Loan Documents, with such additional amendments thereto as may be necessary or appropriate in connection with the judgment of the Administrative Agent to effect such New Revolving Loan Commitments, as applicable; and (v3) as a condition to the effectiveness of such New Revolving Loan Commitments, the Borrower shall deliver or cause to be delivered any customary legal opinions or other documents certificates reasonably requested by the Administrative Agent in connection with any such transaction. Any Each joinder agreement with a New Term Loans made on an Increased Amount Date Revolving Loan Lender not previously a Lender shall be designated, a separate series subject to the consent (a “Series”not to be unreasonably withheld or delayed) of New Term Loans for all purposes of this Agreementthe Issuing Banks. (b) On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (ai) each of the Lenders with Revolving Credit Commitments Exposure shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit such Loans will be held by existing Revolving Credit Loan Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Loan Commitments to the Revolving Credit Commitments, (bii) each New Revolving Credit Loan Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and Loan, (ciii) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (iiiv) each existing Lender immediately prior to such increase will automatically and without further act be deemed to have assigned to each New Term Revolving Loan Lender, and each New Revolving Loan Lender will automatically and without further act be deemed to have assumed, a portion of such Lender’s participations hereunder in outstanding Letters of Credit such that, after giving effect to each deemed Assignment and Assumption of participations, all of the Lenders’ (including each New Revolving Loan Lender) participations hereunder in Letters of Credit shall be held on a pro rata basis on the basis of their respective Loan Commitments (after giving effect to any Series shall become a Lender hereunder with respect to increase in the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.2.23

Appears in 3 contracts

Samples: Revolving Credit and Guaranty Agreement (Blue Apron Holdings, Inc.), Revolving Credit and Guaranty Agreement (Blue Apron Holdings, Inc.), Revolving Credit and Guaranty Agreement (Blue Apron Holdings, Inc.)

Incremental Facilities. (a) The Borrower Representative may by written notice to the Administrative Agent at any time more than 90 days after the Closing Date elect to request (A) prior to the Revolving Commitment Termination Date, an increase to the existing Revolving Commitments (any such increase, the “Incremental Revolving Commitments”) and/or (B) the establishment of one or more (x) additional tranches of new term loans (the loan commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Incremental Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $250,000,000 in the aggregate and not less than $100,000,000 25,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $250,000,000 and all such New Incremental Revolving Commitments and Incremental Term Loan Commitments obtained on or prior to such date), and integral multiples of $10,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower Representative proposes that the New Incremental Revolving Commitments or Incremental Term Loan Commitments Commitments, as applicable, shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (B) the identity of each Lender or any other Person that is an Eligible Assignee (other than a natural personeach, an “Incremental Revolving Loan Lender” or “Incremental Term Loan Lender”, as applicable) to provide all or a whom the Borrower Representative proposes any portion of the New such Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable, be allocated and the amounts of such allocations; provided that the Administrative Agent may elect or decline to arrange such Incremental Revolving Commitments or Incremental Term Loan Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Incremental Revolving Commitments or Incremental Term Loan Commitments may elect or decline, in its sole discretion, to provide a New an Incremental Revolving Commitment or an Incremental Term Loan Commitment. In each case, such New Such Incremental Revolving Commitments or Incremental Term Loan Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Incremental Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.02 shall be satisfied; (iii3) the New U.S. Borrower shall be in pro forma compliance with each of the covenants set forth in Section 6.07 as of the last day of the most recently ended Fiscal Quarter after giving effect to such Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable; (4) the Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower applicable Borrower, the Incremental Revolving Loan Lender or Incremental Term Loan Lender, as applicable, and the Administrative Agent, and each of which shall be recorded in the Register and each Incremental Revolving Loan Lender and Incremental Term Loan Lender shall be subject to the requirements set forth in Section 5.4(d2.20(c); (iv5) the applicable Borrower shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Loan Incremental Revolving Commitments, as applicable; and (v6) the applicable Borrower shall deliver or cause to be delivered any legal opinions or other documents (including modifications of Mortgages and title insurance endorsements or policies) as reasonably requested by the Administrative Agent in connection with any such transactiontransaction and (7) the applicable Borrower shall have paid all fees and expenses owing to the Agents and the Lenders in respect of such Incremental Revolving Commitments or Incremental Term Loan Commitments. Any New Incremental Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Incremental Term Loans for all purposes of this Agreement. (b) . On any Increased Amount Date on which New Incremental Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments of the same Class shall assign to each Lender with a New Revolving Credit Commitment (each, a “New of the Incremental Revolving Loan Lender”) Lenders, and each of the New Incremental Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitmentssuch Lenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the applicable Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Lenders Commitments of the same Class and New Incremental Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Incremental Revolving Credit Commitments to the Revolving Credit CommitmentsCommitments of the applicable Class, (b) each New Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment of the applicable Class and each Loan made thereunder (a an New Incremental Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan of the applicable Class and (c) each New Incremental Revolving Loan Lender shall become a Lender with respect to the New Incremental Revolving Credit Commitment and all matters relating thereto. (c) . On any Increased Amount Date on which any New Incremental Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Incremental Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower Borrowers (a an New Incremental Term Loan”) in an amount equal to its New Incremental Term Loan Commitment of such Series, Series and (ii) each New Incremental Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Incremental Term Loan Commitment of such Series and the New Incremental Term Loans of such Series made pursuant thereto. . The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower Representative’s notice of each Increased Amount Date and in respect thereof (dy) the Incremental Revolving Commitments and the Incremental Revolving Loan Lenders or the Series of Incremental Term Loan Commitments and the Incremental Term Loan Lenders of such Series, as applicable and (z) in the case of each notice to any applicable Lender with Revolving Commitments, the respective interests in such Lender’s Revolving Loans, in each case subject to the assignments contemplated by this Section. The terms and provisions of the New Incremental Term Loans and New Incremental Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes the Tranche B Term Loans of the existing Initial same Class. The terms and provisions of the Incremental Revolving Loans shall be identical to the Revolving Loans of the same Class. In the case of any Incremental Term Loans; provided that , (i) the Weighted Average Life to Maturity of all Incremental Term Loans of any Series shall be no shorter than the Weighted Average Life to Maturity of the Tranche B Terms Loans, (ii) the applicable New Incremental Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) final maturity of the New Term Loans Loans, and the existing Initial Term Loans shall be identical, (iiiii) the rate of interest yield and the amortization schedule all other terms applicable to the New Incremental Term Loans of each Series shall be determined by the Borrower Representative and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided provided, however, that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms yield applicable to the New Incremental Term Loans (after giving effect to all rate floors and all fees or original issue discount payable with respect to such Incremental Term Loans), as reasonably determined by the Administrative Agent, shall not be greater than the applicable interest rate (including the Applicable Margin and rate floor) payable pursuant to the terms of each Series that differ from this Agreement as amended through the existing Initial date of such calculation with respect to the Tranche B Term Loans, plus 0.25% per annum unless (i) the interest rate with respect to the Tranche B Term Loans shall is increased so as to cause the then applicable interest rate under this Agreement on the Tranche B Term Loans to be reasonably acceptable not more than 0.25% less than the yield then applicable to the Administrative Agent Incremental Term Loans (after giving effect to all rate floors and all fees or original issue discount payable with respect to such Incremental Term Loans) and (ii) the interest rate with respect to Tranche A Term Loans is increased by an amount equal to the amount of any increase in the interest rate for Tranche B Term Loans pursuant to clause (i). Any Incremental Revolving Loans will be documented solely as evidenced by its execution an increase to the Revolving Commitments of the applicable Joinder Agreement). The terms same Class without any change in terms, other than any change that is more favorable to the Revolving Lenders and provisions of the New applies equally to all Revolving Loans and New Revolving Credit Commitments shall be identical to of the Revolving Credit Loans and the Revolving Credit Commitments. (e) same Class. Each Joinder Agreement may, without the consent of any Lender other Lendersthan the applicable Incremental Revolving Loan Lender or Incremental Term Loan Lender, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision provisions of this Section 2.142.24.

Appears in 3 contracts

Samples: Credit and Guaranty Agreement (Phillips Van Heusen Corp /De/), Credit and Guaranty Agreement (Phillips Van Heusen Corp /De/), Credit and Guaranty Agreement (Phillips Van Heusen Corp /De/)

Incremental Facilities. (a) The Borrower may by written notice to the Administrative Agent elect to request request, prior to the establishment of one or more Maturity Date, an increase to the existing Commitments (x) additional tranches of term loans (the commitments theretoany such increase, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $25,000,000 in the aggregate and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount Agent), and all such New Loan Commitments obtained on or prior to such date)integral multiples of $5,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (B) the identity of each Lender or other Person that is an eligible assignee pursuant to Section 14.6(b) (each, a “New Lender”) to whom the Borrower proposes any Person (other than a natural person) portion of such New Commitments be allocated and the amounts of such allocations; provided that the Borrower shall first approach the Lenders to provide all or a of the New Commitments in accordance with their Applicable Percentages (excluding for this purpose the Commitment of any Lender that declines to provide any portion of the New Loan Commitments) prior to approaching any other Person that is an eligible assignee pursuant to Section 14.6(b) (and no such Person shall be offered to provide the New Commitments on terms (including with respect to upfront fees and other economic terms) that are more favorable to such Person than the terms offered to the existing Lenders) and no Lender shall provide a New Commitment unless the Administrative Agent, the Swingline Lender and the Letter of Credit Issuer shall have consented thereto; provided further that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such Such New Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii2) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Borrower, the Lender providing the New Commitment and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d5.4(c); (iv3) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v4) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effectedDate, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a of the New Revolving Credit Commitment (eachLenders, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Lenders Loans and New Revolving Loan Lenders ratably in accordance with their Revolving Credit respective Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any . The Administrative Agent shall notify the Security Agents and Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date on which any and in respect thereof (y) the New Term Loan Commitments of any Series are effectiveand the New Lenders and (z) the respective interests in such Lender’s Revolving Credit Loans, in each case subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined assignments contemplated by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement)this Section. The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement (including with respect to the interest rates and fees payable with respect to the New Commitment only) and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.142.15.

Appears in 3 contracts

Samples: Credit Agreement (Sealy Corp), Credit Agreement (Sealy Corp), Credit Agreement (Sealy Corp)

Incremental Facilities. (a) The On one or more occasions at any time after the Effective Date, the Borrower may by written notice to the Administrative Agent elect to request (A) an increase to the existing Revolving Commitments (any such increase, the “New Revolving Commitments”) and/or (B) the establishment of one or more new term loan commitments denominated in Dollars (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Revolving Commitments, the “New Loan Incremental Commitments”), by up to an aggregate amount not in excess to exceed $200,000,000 for all Incremental Commitments (so that the sum of the Maximum Incremental Facilities Amount in total Revolving Commitments plus the aggregate and principal amount of Term Loans made hereunder does not less than exceed $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date700,000,000). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan such Incremental Commitments shall be effective, which shall be a date not less than ten five (5) Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion Administrative Agent and/or its Affiliates shall use commercially reasonable efforts, with the assistance of the New Loan Borrower, to DB3/ 204690278.10 arrange a syndicate of Lenders or other Persons that are Eligible Assignees willing to hold the requested Incremental Commitments; provided that (x) any Incremental Commitments on any Increased Amount Date shall be in the minimum aggregate amount of $25,000,000 (or such lesser amount which equals the then remaining aggregate Incremental Commitments), (y) any Lender offered or approached to provide all or a portion of the New Loan Incremental Commitments may elect or decline, in its sole discretion, to provide an Incremental Commitment, and (z) any Lender or other Person that is an Eligible Assignee (each, a “New Revolving Loan Lender” or a “New Term Loan Lender”, as applicable) to whom any portion of such Incremental Commitment shall be allocated shall be subject to the approval of the Borrower, and the Administrative Agent (such approval not to be unreasonably withheld or delayed) and, in the case of a New Loan Revolving Commitment. In each case, the Issuing Banks (such approval not to be unreasonably withheld or delayed), unless such New Revolving Loan Lender is an existing Lender (other than a Defaulting Lender) with a Revolving Commitment at such time or if such New Term Loan Lender is an existing Lender or an Affiliate of an existing Lender. The terms and provisions of any New Revolving Commitments shall become effective as be identical to the existing Revolving Commitments. The terms and provisions of any New Term Commitments and any New Term Loans shall (a) provide that the maturity date of any New Term Loan that is a separate tranche shall be no earlier than the Term Loan Maturity Date for the existing Term Loans and the weighted average life to maturity of such New Term Loans shall not be shorter than the weighted average life to maturity of the applicable Increased Amount Date; provided that existing Term Loans, and such New Term Loans shall not have any scheduled amortization payments, (b) share ratably in any prepayments of the existing Term Facility, unless the Borrower and the New Term Loan Lenders in respect of such New Term Loans elect lesser payments and (c) otherwise be identical to the existing Term Loans or reasonably acceptable to the Administrative Agent, the Borrower and each New Term Loan Lender. The effectiveness of any Incremental Commitments and the availability of any borrowings under any such Incremental Commitment shall be subject to the satisfaction of the following conditions precedent: (x) after giving pro forma effect to such Incremental Commitments and borrowings and the use of proceeds thereof, (i) no Default or Event of Default shall exist on and (ii) as of the last day of the most recent month for which financial statements have been delivered pursuant to Section 5.01, the Borrower would have been in compliance with the financial covenants set forth in Section 6.14 that are applicable at such Increased Amount Date before or time after giving effect to such New Incremental Commitments and any updated Appraisals required pursuant to Section 4A.02(a); (y) the representations and warranties made or deemed made by the Loan Parties in any Loan Document shall be true and correct in all material respects (other than any representation or warranty qualified by “materiality” or similar language, which shall be true and correct in all respects) on the effective date of such Incremental Commitments except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents; and (z) the Administrative Agent shall have received each of the following, in form and substance reasonably satisfactory to the Administrative Agent: (i) if not DB3/ 204690278.10 previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of (A) all corporate or other necessary action taken by the Borrower to authorize such Incremental Commitments and (B) if applicable, all corporate, partnership, member, or other necessary action taken by the Guarantors authorizing the Guaranty by such Guarantors of such Incremental Commitments, as applicable; and (ii) both before if requested by the Administrative Agent, a customary opinion of counsel to the Borrower and, if applicable, the Guarantors (which may be in substantially the same form as delivered on the Effective Date) and addressed to the Administrative Agent and the Lenders, (iii) if requested by any Lender, new notes executed by the Borrower, payable to any new Lender, and replacement notes executed by the Borrower, payable to any existing Lenders; provided, that, such Lender shall promptly return any existing Notes held by such Lender to the Borrower (or, if lost, destroyed or mutilated, if requested by the Borrower, a lost note affidavit in customary form and including a customary indemnity), (iv) an executed Borrowing Base Certificate and an executed Compliance Certificate prepared using the financial statements of the Parent most recently provided or required to be provided and demonstrating pro forma compliance with the financial covenants in Section 6.14 after giving effect to the making of any Series of New Term Loans or New Revolving Loanssuch increase, each of the conditions set forth (v) an Additional Credit Extension Amendment in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed form and delivered by the Borrower and Administrative Agentsubstance satisfactory to, and each of executed by, the Borrower, the other Loan Parties, the Administrative Agent and the Lenders providing such increase, which shall be recorded in binding on all Lenders, and (vi) ratification agreements from the Register and shall be subject Loan Parties with respect to the requirements set forth in Section 5.4(d); (iv) Guaranties and the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, Security Documents as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transactionAgent. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Lenders with Revolving Credit Commitments shall assign to each Lender with a of the New Revolving Credit Commitment (eachLenders, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the its New Revolving Credit Commitment and all matters relating thereto. (c) . On any Increased Amount Date on which any New Term Loan Commitments of any Series are effectiveeffected, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series Lender shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such SeriesCommitment, and (ii) each New Term Loan Lender of any Series shall become a Term Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) . The terms and provisions of the New Term Loans and New Term Loan fees payable by Borrower upon any such Incremental Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined agreed upon by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution and Borrower at the time of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitmentssuch increase. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (Veris Residential, L.P.), Revolving Credit and Term Loan Agreement (Veris Residential, L.P.)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of and any one or more Lenders (including New Lenders) may from time to time agree that such Lenders shall make, obtain or increase the amount of their Commitments (any such new or increased Commitments, “Incremental Commitments”) by executing and delivering to the Administrative Agent an Increased Facility Activation Notice specifying (x) additional tranches the amount of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or such Incremental Commitments and (y) increases in Revolving Credit Commitments the applicable Increased Facility Closing Date (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent (or such earlier date as shall be agreed by the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments)); provided that (i) with respect to any Lender offered or approached Increased Facility Closing Date, the Incremental Commitments shall be in a minimum amount of $10,000,000, (ii) the aggregate amount of Incremental Commitments obtained after the Closing Date pursuant to provide all or a portion of the New Loan this Section 2.24 shall not exceed $50,000,000 and (iii) Incremental Commitments may elect be made no more than two times during the term of this Agreement (or decline, such greater number as may be agreed by the Administrative Agent in its sole discretion). No Lender shall have any obligation to participate in any increase described in this paragraph unless it agrees to do so in its sole discretion. (b) Any additional bank, financial institution or other entity which, with the consent of the Borrower and the Administrative Agent (which consent shall not be unreasonably withheld), elects to provide become a “Lender” under this Agreement in connection with any transaction described in Section 2.24(a) shall execute a New Lender Supplement (each, a “New Lender Supplement”), substantially in the form of Exhibit I-2, whereupon such bank, financial institution or other entity (a “New Lender”) shall become a Lender for all purposes and to the same extent as if originally a party hereto and shall be bound by and entitled to the benefits of this Agreement. (c) Unless otherwise agreed or otherwise directed by the Administrative Agent, on each Increased Facility Closing Date, the Borrower shall borrow Revolving Loans under the relevant Incremental Commitments from each Lender participating in the relevant increase in an amount determined by reference to the amount of each Type of Loan Commitment(and, in the case of Eurodollar Loans, of each Eurodollar Tranche) which would then have been outstanding from such Lender if (i) each such Type or Eurodollar Tranche had been borrowed or effected on such Increased Facility Closing Date and (ii) the aggregate amount of each such Type or Eurodollar Tranche requested to be so borrowed or effected had been proportionately increased. In each caseThe Eurodollar Base Rate applicable to any Eurodollar Loan borrowed pursuant to the preceding sentence shall equal the Eurodollar Base Rate then applicable to the Eurodollar Loans of the other Lenders in the same Eurodollar Tranche (or, until the expiration of the then-current Interest Period, such New Loan other rate as shall be agreed upon between the Borrower and the relevant Lender. (d) [Reserved]. (e) It shall be a condition precedent to the availability of any Incremental Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect have occurred and be continuing immediately prior to such New Loan Commitments, as applicable; (ii) both before and immediately after giving effect to the making of any Series of New Term Loans or New Revolving Loanssuch Incremental Commitments, each of (ii) the conditions representations and warranties set forth in Section 7 each Loan Document shall be satisfied; true and correct in all material respects (or, if qualified by materiality, in all respects) on and as of the Increased Facility Closing Date immediately prior to and immediately after giving effect to the making of such Incremental Commitments, except to the extent expressly made as of an earlier date, in which case they shall be so true and correct as of such earlier date and (iii) the New Loan Commitments Borrower shall have delivered such legal opinions, board resolutions, secretary’s certificate, officer’s certificate and other documents as shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Incremental Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 2 contracts

Samples: Abl Credit Agreement (TTM Technologies Inc), Abl Credit Agreement (TTM Technologies Inc)

Incremental Facilities. (a) The Borrower may by written notice to the Administrative Agent elect to request the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (yprior to the Revolving Commitment Termination Date) increases in an increase to the existing Revolving Credit Commitments (any such increase, the “New Revolving Credit Loan Commitments” and”) the aggregate amount of all such increased commitments and new loans, together with any Permitted Incremental Equivalent Debt incurred at or prior to such time, not to exceed the New Term Loan Commitments, greater of (1) $500,000,000 and (2) the maximum amount that would not cause the Net Senior Secured Leverage Ratio to exceed 3.50:1.00 (calculated on a pro forma basis as of the last day of the most recently ended Fiscal Quarter as if all such incremental or increased Commitments had been fully drawn on such date but without netting the proceeds thereof) (the “New Loan CommitmentsIncremental Cap”), by . Any such increased commitment or new loan shall be in an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 25,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)integral multiples of $10,000,000 in excess of that amount. Each such notice shall specify (a) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effective, which shall be a date not less than ten five (5) Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (b) the identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Revolving Loan Lender” or “New Term Loan Lender,” as applicable) to provide all or a whom the Borrower proposes any portion of the such New Revolving Loan Commitments or New Term Loan Commitments, as applicable, be allocated and the amounts of such allocations; provided that the Administrative Agent may elect or decline to arrange such New Revolving Loan Commitments or New Term Loan Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Revolving Loan Commitments or New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Revolving Loan Commitment or a New Term Loan Commitment. In each case, such Such New Revolving Loan Commitments or New Term Loan Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.02 shall be satisfied; (iii) the Borrower and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in Section 6.07 (calculated on a pro forma basis as of the last day of the most recently ended Fiscal Quarter as if all such incremental or increased Commitments had been fully drawn on such date but without netting the proceeds thereof); (iv) the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Borrower, each New Revolving Loan Lender or New Term Loan Lender, as applicable, and the Administrative Agent, and each of which shall be recorded in the Register Register, and each New Revolving Loan Lender or New Term Loan Lender shall be subject to the requirements set forth in Section 5.4(d2.20(c); (ivv) the Borrower shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Revolving Loan Commitments or New Term Loan Commitments, as applicable; and (vvi) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (bi) On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (aA) each of the Revolving Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Loan Commitments to the Revolving Credit Commitments, (bB) each of the Revolving Lenders shall automatically and without further act be deemed to have assigned to each of the New Revolving Loan Lenders, and each such New Revolving Loan Lender will automatically and without further act be deemed to have assumed, a portion of such Revolving Lender’s participations hereunder in outstanding Letters of Credit as shall be necessary in order that, after giving effect to all such assignments, such participations in Letters of Credit will be held by existing Revolving Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Commitments after giving effect to the addition of such New Revolving Loan Commitments to the Revolving Commitments, (C) each New Revolving Credit Loan Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (cD) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (cii) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (iA) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, Series and (iiB) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (c) The Administrative Agent shall notify Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and in respect thereof (x) the New Revolving Loan Commitments and the New Revolving Loan Lenders or the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series, as applicable, and (y) in the case of each notice to any Revolving Lender, the respective interests in such Revolving Lender’s Revolving Loans subject to the assignments contemplated by this Section. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder AgreementAgreement and reasonably acceptable to the Administrative Agent, substantially the same as the Tranche A Term Loans (in the case of a Non-Institutional Incremental Facility) or the Tranche B Term Loans (in the case of an Institutional Incremental Facility). The terms and provisions of the New Revolving Loans shall be identical to one or more Classes of the existing Initial Term Revolving Loans; provided that . In any event (i) (A) the applicable weighted average life to maturity of all New Term Loans of any Series shall be no shorter than the weighted average life to maturity of the Tranche B Term Loans and (B) the New Term Loan Maturity Date of each Series shall be no earlier than the Initial Latest Maturity Date; provided that the Borrower may incur New Term Loans that do not satisfy clauses (A) and (B) above so long as such New Term Loans (x) are in an aggregate principal amount, together with all other New Term Loans incurred pursuant to this proviso, not greater than $250,000,000, (y) have a New Term Loan Maturity Date on or after the Tranche A Term Loan Maturity Date and mandatory prepayment and other payment rights (other z) have a weighted average life to maturity that is equal to or longer than scheduled amortization) the weighted average life to maturity of the New Tranche A Term Loans and the existing Initial Term Loans shall be identicalLoans, (ii) the rate of interest and the amortization schedule Weighted Average Yield applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new New Term Lenders and shall be set forth in each applicable Joinder Agreement; provided that in the weighted average life event that (x) the Weighted Average Yield applicable to maturity a Non-Institutional Incremental Term Facility is more than 0.50% higher than the Weighted Average Yield applicable to the Tranche A Term Facility, then the Applicable Margin that shall apply to the calculation of all New the interest rate on the Tranche A Term Loans shall, in the case of each Tier set forth in the table contained in the definition of “Applicable Margin,” be increased by an amount equal to the difference between the Weighted Average Yield with respect to such Non-Institutional Incremental Term Facility and the Weighted Average Yield on the Tranche A Term Facility, minus 0.50% or (y) the Weighted Average Yield applicable to an Institutional Incremental Term Facility is more than 0.50% higher than the Weighted Average Yield applicable to the Tranche B Term Facility, then the Applicable Margin that shall apply to the calculation of the interest rate on the Tranche B Term Loans shall be no shorter than increased by an amount equal to the weighted average life difference between the Weighted Average Yield with respect to maturity of such Institutional Incremental Term Facility and the Initial Weighted Average Yield on the Tranche B Term Loans and Facility, minus 0.50%, (iii) all other terms applicable to the such New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments Loans will rank pari passu in right of payment and of security with the other Obligations hereunder, and (iv) such New Term Loans and New Revolving Loans shall be identical guaranteed by the Guaranty. Notwithstanding anything to the Revolving Credit Loans and contrary in this Section 2.24, New Term Loan Commitments may also take the Revolving Credit Commitments. (e) form of an increase to an existing Class of Term Loans. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.142.24.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Hologic Inc), Credit and Guaranty Agreement (Gen Probe Inc)

Incremental Facilities. (a) The At any time and from time to time, subject to the terms and conditions set forth herein, the Borrower may may, by written notice to the Administrative Agent elect (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request the establishment of to add additional Term Loans or add one or more (x) additional tranches of term loans (the commitments thereto“Incremental Term Loans”; each such increase or tranche, an “Incremental Facility). Notwithstanding anything to the contrary herein, the aggregate amount of the Incremental Facilities which may be incurred after the Second Amendment Effective Date shall not exceed an amount equal to $75.0 million (such amount, the “New Term Loan CommitmentsNon-Ratio-Based Incremental Facility Cap”); provided that the Borrower may incur additional Incremental Facilities without regard to the Non-Ratio-Based Incremental Facility Cap (each such Incremental Facility, a “Ratio-Based Incremental Facility”) and/or so long as (yA) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with respect to any such Incremental Facility secured on a pari passu basis with the New Term Loan CommitmentsObligations, the “New Loan Commitments”)Senior Secured First Lien Net Leverage Ratio, by determined on a Pro Forma Basis, is equal to or less than the Closing Date Senior Secured First Lien Net Leverage Ratio, (B) with respect to any such Incremental Facility secured on a junior basis to the Obligations, the Senior Secured Net Leverage Ratio, determined on a Pro Forma Basis, is equal to or less than the Closing Date Senior Secured Net Leverage Ratio or (C) with respect to any such unsecured Incremental Facility, the Total Net Leverage Ratio, determined on a Pro Forma Basis, is equal to or less than the Closing Date Total Net Leverage Ratio. Each tranche of Incremental Term Loans shall be in an integral multiple of $1.0 million and in an aggregate principal amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and that is not less than $100,000,000 individually 15.0 million (or such lesser minimum amount as (x) may be approved by the Administrative Agent in its reasonable discretion); provided that such amount may be less than the applicable minimum amount or integral multiple amount if such amount represents all the remaining availability under the Non-Ratio-Based Incremental Facility Cap or in respect of Ratio-Based Incremental Facilities. (yb) Each notice from the Borrower pursuant to this Section 2.19 shall constitute set forth the difference between requested amount and proposed terms of the Maximum relevant Incremental Facilities Amount and all Term Loans. Incremental Term Loans may be provided by any existing Lender (it being understood that no existing Lender will have an obligation to provide Incremental Term Loans), in each case, on terms permitted under this Section 2.19 or any Additional Lender; provided that the Administrative Agent shall have consented (in each case, such New Loan Commitments obtained on consent not to be unreasonably withheld, delayed or prior conditioned) to any Additional Lender’s providing such Incremental Term Loans if such consent by the Administrative Agent would be required under Section 9.04 for an assignment of Term Loans to such date)Additional Lender. Each such notice Incremental Facility shall specify the date become effective pursuant to an amendment (each, an “Increased Amount DateIncremental Facility Amendment”) on which to this Agreement and, as appropriate, the Borrower proposes that other Loan Documents, executed by the New Loan Commitments shall be effectiveBorrower, which shall be a date not less than ten Business Days after the date on which each Lender or Additional Lender providing such notice is delivered to Incremental Facility and the Administrative Agent. The Borrower may approach any Administrative Agent shall promptly notify each Lender or any Person (other than a natural person) as to provide all or a portion the effectiveness of each Incremental Facility Amendment. Each of the New parties hereto hereby agrees that, upon the effectiveness of any Incremental Facility Amendment, this Agreement and the other Loan Commitments; provided that any Lender offered or approached Documents, as applicable, shall be deemed amended to provide all or a portion the extent (but only to the extent) necessary to reflect the existence and terms of the New Loan Commitments may elect or declineIncremental Facility and the Incremental Term Loans evidenced thereby. (i) Any Incremental Facility may, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as at the discretion of the applicable Increased Amount DateBorrower, (A) rank pari passu in right of payment with the Obligations, (B) be subordinated in right of payment to the Obligations, (C) be secured on a pari passu basis with the Obligations, (D) be secured on a junior basis to the Obligations or (E) be unsecured; provided that (1) if subordinated or secured (except to the extent incurred under the terms of this Agreement), any intercreditor or lien subordination arrangements shall be reasonably satisfactory to the Administrative Agent and (2) if secured on a pari passu basis with the Obligations, such Incremental Facility shall be on terms and pursuant to documentation applicable to the Obligations (and if not secured on a pari passu basis with the Obligations, shall be pursuant to separate documentation), (ii) any Incremental Facility may provide for the ability of the Lenders or Additional Lenders providing such Incremental Facility to participate on a pro rata basis or less than pro rata basis in any voluntary or mandatory prepayments of the Term Loans, (iii) the interest rate, upfront fees and original issue discount for any Incremental Term Loans shall be as determined by the Borrower and the Lenders or Additional Lenders providing such Incremental Facility; provided that in the event that the yield on such Incremental Facility (taking into account interest margins, minimum Adjusted LIBO Rate, minimum ABR, upfront fees and original issue discount on such Incremental Term Loans, with upfront fees and original issue discount being equated to interest margins based on an assumed four year life to maturity, but exclusive of any arrangement, syndication, structuring, commitment or other fees payable in connection therewith) (the “Incremental Yield”) exceeds the yield on the Term Loans hereunder (determined as provided in the immediately preceding parenthetical) by more than 0.50%, then the interest margins for the Term Loans hereunder shall automatically be increased to a level such that the yield on such Term Loans is 0.50% below the Incremental Yield (it being agreed that any increase in yield to any existing facility required due to the application of an Adjusted LIBO Rate or ABR “floor” on any Incremental Facility shall be effected solely through an increase therein (or implementation thereof, as applicable)) and (iv) except as otherwise provided in this Section 2.19, all other terms of such Incremental Facility, if not consistent with the terms of the existing Term Loans, will be as agreed between the Borrower and the Lenders or Additional Lenders providing such Incremental Facility, with such other terms not consistent with the Term Loans hereunder to be reasonably satisfactory to the Administrative Agent. (d) Without the prior written consent of the Required Lenders, (i) the final maturity date of any Incremental Facility shall be no earlier than the Latest Maturity Date, (ii) the Weighted Average Life to Maturity of any Incremental Facility shall be no shorter than the remaining Weighted Average Life to Maturity of the then outstanding Term Facility with the longest Weighted Average Life to Maturity and (iii) subject to clauses (i) and (ii), the amortization schedules applicable to such Incremental Facility shall be as determined by the Borrower and the Lenders or Additional Lenders thereunder. (e) Notwithstanding the foregoing, no Incremental Facility Amendment shall become effective unless, on the date of such effectiveness (each, an “Incremental Facility Closing Date”), (i) the representations and warranties set forth in the Loan Documents are true and correct in all material respects (or, in the case of any representations and warranties qualified by materiality or Material Adverse Effect, in all respects) as of such date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which such case such representations and warranties shall be true and correct in all material respects as of such earlier date) and (ii) at the time of and immediately after such effectiveness, no Default or Event of Default has occurred and is continuing or would result from the incurrence of such Incremental Term Loans; provided that if the proceeds of such Incremental Term Loans are, substantially concurrently with the receipt thereof, to be used by the Borrower or any Loan Party to finance, in whole or in part, a Permitted Business Acquisition, then the only representations and warranties that will be required to be true and correct in all material respects as of the applicable Incremental Facility Closing Date shall exist be (A) the Specified Representations and (B) such of the representations and warranties made by or on behalf of the applicable acquired company or business in the applicable acquisition agreement as are material to the interests of the Lenders, but only to the extent that Parent, the Borrower or any other Subsidiary has the right to terminate the obligations of Parent, the Borrower or such Increased Amount Date before other Subsidiary under such acquisition agreement or after giving effect not consummate such acquisition as a result of a breach of such representations or warranties in such acquisition agreement). The proceeds of any Incremental Term Loans will be used for general corporate purposes (including financing capital expenditures, Permitted Business Acquisitions, Restricted Payments, refinancing of Indebtedness and any other transaction not prohibited hereunder). (f) At any time and from time to time, subject to the terms and conditions set forth herein, the Borrower may, by notice to the Administrative Agent (whereupon the Administrative Agent shall promptly deliver a copy of such New Loan Commitmentsnotice to each of the Lenders), request to issue one or more series of Incremental Equivalent First Lien Term Debt in an aggregate principal amount not to exceed, as applicable; (ii) both before of the date of and after giving effect to the making issuance of any Series such Incremental Equivalent First Lien Term Debt, the aggregate amount of New Incremental Facilities then permitted to be incurred under Section 2.19(a); provided that the incurrence of any Incremental Equivalent First Lien Term Loans or New Revolving LoansDebt shall reduce, each on a dollar-for-dollar basis, the aggregate amount of Incremental Facilities permitted to be incurred under Section 2.19(a). As a condition precedent to the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected issuance of any Incremental Equivalent First Lien Term Debt pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agentthis Section 2.19(f), and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (vi) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New a certificate of the Borrower dated as of the date of issuance of the Incremental Equivalent First Lien Term Loans made on an Increased Amount Date shall be designatedDebt signed by a Responsible Officer of the Borrower, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject certifying and attaching the resolutions adopted by the Borrower approving or consenting to the satisfaction execution and delivery of the foregoing terms applicable financing documentation in respect of such Incremental Equivalent First Lien Term Debt and conditionsthe issuance of such Incremental Equivalent First Lien Term Debt, (a) each of and certifying that the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and conditions precedent set forth in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and following subclauses (ii) each New through (vii) have been satisfied, (ii) such Incremental Equivalent First Lien Term Loan Lender Debt shall rank pari passu or junior in right of any Series shall become a Lender hereunder with respect payment to the New Obligations and shall not have guarantees from any Subsidiary that is not a Subsidiary Loan Party, (iii) such Incremental Equivalent First Lien Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series Debt shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be have a final maturity no earlier than the Initial Term Loan Latest Maturity Date at the time of issuance, (iv) the Weighted Average Life to Maturity of such Incremental Equivalent First Lien Term Debt shall not be (A) shorter than the Weighted Average Life to Maturity of any remaining Term Loans or (B) subject to any amortization prior to the final maturity thereof or subject to any mandatory redemption or prepayment provisions or rights (except customary asset sale or change of control provisions), except to the extent arising on the Latest Maturity Date at the time of issuance, (v) no Event of Default shall have occurred and mandatory prepayment be continuing or would result from the incurrence of such Incremental Equivalent First Lien Term Debt and (vi) the covenants, events of default, guarantees and other payment rights (other than scheduled amortization) terms of the New such Incremental Equivalent First Lien Term Loans and the existing Initial Term Loans Debt shall be identicalcustomary for similar debt securities in light of then-prevailing market conditions at the time of issuance and in any event not more restrictive, (ii) the rate of interest and the amortization schedule applicable taken as a whole, to the New Term Loans of each Series shall be determined by Parent, the Borrower and the applicable new Lenders and shall be other Subsidiaries than those set forth in each this Agreement (other than with respect to interest rate and redemption provisions), except for covenants or other provisions applicable Joinder Agreement; only to periods after the Latest Maturity Date at the time of issuance (provided that the weighted average life to maturity a certificate of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable a Responsible Officer delivered to the Administrative Agent (as evidenced by its execution in good faith prior to the incurrence of such Incremental Equivalent First Lien Term Debt, together with a reasonably detailed description of the applicable Joinder Agreementmaterial terms and conditions of such Incremental Equivalent First Lien Term Debt or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirement set forth in this clause (vi), shall be conclusive evidence that such terms and conditions satisfy such requirement). The terms and This Section 2.19 shall supersede any provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical in Section 9.08 to the Revolving Credit Loans and contrary. For the Revolving Credit Commitmentsavoidance of doubt, no existing Lender will be required to participate in any Incremental Equivalent First Lien Term Debt. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 2 contracts

Samples: Credit Agreement (Smart & Final Stores, Inc.), Credit Agreement (Smart & Final Stores, Inc.)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request (A) prior to the Revolving Commitment Termination Date, an increase to the existing Revolving Loan Commitments (any such increase, the “New Revolving Loan Commitments”) and/or (B) the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not such that Borrower and its Subsidiaries shall be in excess compliance, on a Pro Forma Basis after giving effect to such New Term Loans or New Revolving Loan Commitments and the application of the Maximum Incremental Facilities Amount in the aggregate and proceeds thereof, with a Secured Leverage Ratio of 2.50 to 1.00; provided, that any New Revolving Loan Commitment or New Term Loan Commitment shall not be less than $100,000,000 25,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount such lesser amount that represents all remaining availability under any limit set forth above in this Section 2.25), and all such New Loan Commitments obtained on or prior to such date)integral multiples of $10,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Revolving Loan Commitments or New Term Loan Commitments shall be effectiveeffective and (B) the identity of each Lender or other Person that is an Eligible Assignee; provided that, which Issuing Bank shall have consented (such consent not to be a date not less than ten Business Days after the date on which such notice is delivered unreasonably withheld or delayed) to the Administrative Agent. The Borrower may approach allocation of New Revolving Loan Commitments to any Lender Eligible Assignee under clause (ii) of the definition thereof (each, a “New Revolving Loan Lender” or any Person (other than a natural person“New Term Loan Lender,” as applicable) to provide all or a whom Borrower proposes any portion of the such New Revolving Loan Commitments or New Term Loan Commitments, as applicable, be allocated and the amounts of such allocations; provided that Barclays may elect or decline to arrange such New Revolving Loan Commitments or New Term Loan Commitments, as applicable, in its sole discretion and any Lender offered or approached to provide all or a portion of the New Revolving Loan Commitments or New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Revolving Loan Commitments or New Term Loan Commitment. In each case, such Such New Revolving Loan Commitments or New Term Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.3(a) shall be satisfied; provided that, solely with respect to the effectiveness of New Term Loans incurred and/or New Revolving Loan Commitments established to finance the Medicis Acquisition, the Bausch & Lomb Acquisition or any Permitted Acquisition consummated after the Amendment No. 5 Effective Date, the Borrower shall not be required to satisfy the conditions set forth in clause (iii) or (iv) of such Section 3.3(a); (3) Borrower and its Subsidiaries shall be in compliance, on a Pro Forma Basis after giving effect to such New Term Loans and the application of the proceeds thereof, with each of the covenants set forth in Section 6.7 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments; (4) the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by the applicable New Revolving Loan Lender or New Term Loan Lender, as the case may be, Borrower and Administrative AgentAgent (it being understood that the only representations and warranties that shall be certified in the Joinder Agreement with respect to New Term Loans incurred and/or New Revolving Loan Commitments established to finance the Medicis Acquisition, the Bausch & Lomb Acquisition or any Permitted Acquisition consummated after the Amendment No. 5 Effective Date shall be those representations and warranties set forth in the seventh paragraph of this Section 2.25), and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d2.20(d); (iv5) the Borrower shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Revolving Loan Commitments or New Term Loan Commitments, as applicable; and (v6) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any ; and (7) in the case of any New Revolving Loan Commitments or New Term Loans made Loan Commitments effected on an Increased Amount Date from and after April 1, 2016, Borrower and its Subsidiaries shall be designatedin compliance, on a separate series Pro Forma Basis, with a Leverage Ratio as of the Increased Amount Date (a “Series”assuming in the case of any New Revolving Commitments, that the full amount of all outstanding Revolving Commitments, including New Revolving Commitments, are borrowed on such date), of 5.25 to 1.00; provided, further, that, (x) the effectiveness of New Term Loans for all purposes incurred to finance the Medicis Acquisition or the Bausch & Lomb Acquisition shall not be subject to Borrower’s compliance with clauses (1), (3) or (7) of this Agreement. the foregoing proviso and (by) the effectiveness of New Term Loans incurred and/or New Revolving Loan Commitments established to finance any Permitted Acquisition consummated after the Amendment No. 10 Effective Date shall not be subject to compliance with clauses (1), (3) and (7) of the foregoing proviso. On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLoan Lenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Revolving Credit Loan Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Loan Commitments after giving effect to the addition of such New Revolving Credit Loan Commitments to the Revolving Credit Loan Commitments, (b) each New Revolving Credit Loan Commitment shall be deemed for all purposes a Revolving Credit Loan Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (c) . On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such SeriesSeries (unless the Joinder Agreement with respect to any Series of New Term Loans shall provide for the making of such Series of New Term Loans on a date subsequent to the applicable Increased Amount Date), and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. . Administrative Agent shall notify Lenders promptly upon receipt of Borrower’s notice of each Increased Amount Date and in respect thereof (dx) the New Revolving Loan Commitments and the New Revolving Loan Lenders or the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series, as applicable, and (y) in the case of each notice to any Revolving Loan Lender, the respective interests in such Revolving Loan Lender’s Revolving Loans, in each case subject to the assignments contemplated by this Section. The terms and provisions of the Tranche A New Term Loans and New Term Loan Commitments of any Series shall be, except with respect to pricing, amortization and maturity and except as otherwise set forth herein or in the applicable Joinder AgreementAgreement and otherwise reasonably satisfactory to Administrative Agent, identical to one or more Classes the Tranche A Term Loans. The terms and provisions of the existing Initial Tranche B New Term Loans of any Series shall be, except with respect to pricing, amortization and maturity and except as otherwise set forth herein or in the Joinder Agreement and otherwise reasonably satisfactory to Administrative Agent, identical to the Tranche B Term Loans; provided that . The terms and provisions of the New Revolving Loans shall be, except with respect to maturity, identical to the Revolving Loans. In any event (i) the weighted average life to maturity of all New Term Loans of any Series shall be no shorter than the then-remaining weighted average life to maturity of the Tranche B Term Loans (other than with respect to a Tranche A New Term Loan, which shall have a weighted average life to maturity not shorter than the remaining weighted average life to maturity of the Tranche A Term Loans), (ii) the applicable New Term Loan Maturity Date of each Series shall be no shorter than the latest of the final maturity of the Tranche B Term Loans (other than with respect to a Tranche A New Term Loan, which shall have a maturity date not earlier than the Initial Tranche A Term Loan Maturity Date Date), and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (iiiii) the rate of interest and the amortization schedule yield applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided however (A) that the weighted average life yield applicable to maturity of all the Tranche A New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such Tranche A New Term Loans) shall not be no shorter greater than the weighted average life applicable yield payable pursuant to maturity the terms of this Agreement as amended through the Initial date of such calculation with respect to Tranche A Term Loans (including any upfront or similar fees or original issue discount paid and payable to the initial Lenders hereunder) plus 0.50% per annum unless the interest rate with respect to the Tranche A Term Loan is increased so as to cause the then applicable yield under this Agreement on the Tranche A Term Loans (including any upfront or similar fees or original issue discount paid and payable to the initial Lenders hereunder) to equal the yield then applicable to the Tranche A New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such Tranche A New Term Loans) minus 0.50% per annum and (B) that the yield applicable to the Tranche B New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such Tranche B New Term Loans) shall not be greater than the applicable yield payable pursuant to the terms of this Agreement as amended through the date of such calculation with respect to Tranche B Term Loans (including any upfront or similar fees or original issue discount paid and payable to the initial Lenders hereunder) plus 0.50% per annum unless the interest rate with respect to the Tranche B Term Loan is increased so as to cause the then applicable yield under this Agreement on the Tranche B Term Loans (including any upfront or similar fees or original issue discount paid and payable to the initial Lenders hereunder) to equal the yield then applicable to the Tranche B New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such Tranche B New Term Loans) minus 0.50% per annum. For purposes of clause (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement)immediately preceding sentence, upfront or similar fees and original issue discount will be equated to interest rates based upon an assumed four-year average life. The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.142.25. Except as expressly set forth in this Section 2.25, New Term Loans incurred and/or New Revolving Loan Commitments established to finance the Medicis Acquisition, the Bausch & Lomb Acquisition or any Permitted Acquisition after the Amendment No. 5 Effective Date shall be entered into in accordance with this Section 2.25 and shall be subject to the terms and conditions hereof; provided that as of the date of establishment of such New Term Loans incurred to finance the Medicis Acquisition or the Bausch & Lomb Acquisition, Borrower shall not be required to comply with the Secured Leverage Ratio set forth in the first paragraph of this Section 2.25; provided that, as of such date, the representations and warranties set forth in Section 4.1(a) (solely with respect to due organization) 4.1(b) (solely with respect to the Joinder Agreement to be entered into with respect to such New Term Loans and/or New Revolving Loan Commitments, as applicable), 4.3 (solely with respect to the Joinder Agreement to be entered into with respect to such New Term Loans and/or New Revolving Loan Commitments, as applicable), 4.4(a)(ii) (solely with respect to the Joinder Agreement to be entered into with respect to such New Term Loans and/or New Revolving Loan Commitments, as applicable), 4.6 (solely with respect to the Joinder Agreement to be entered into with respect to such New Term Loans and/or New Revolving Loan Commitments, as applicable), 4.15 (solely with respect to regulation under the Investment Company Act of 1940), 4.16 (solely with respect to the Joinder Agreement to be entered into with respect to such New Term Loans and/or New Revolving Loan Commitments, as applicable) and 4.23 (solely with respect to the PATRIOT Act), in each case, shall be true and correct in all material respects on and as of such date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Valeant Pharmaceuticals International, Inc.), Credit and Guaranty Agreement (Valeant Pharmaceuticals International, Inc.)

Incremental Facilities. (a) The Borrower may by written notice may, at any time and from time to Administrative Agent time, elect to request the establishment of (x) one or more (x) additional tranches of term loans loans, which may be of the same Class as any then-existing Term Loans (a “Term Loan Increase”) or a separate Class of Term Loans (the commitments theretofor additional term loans of the same Class or a separate Class, collectively, the “New Incremental Term Loan Commitments”) and/or or (y) increases in Revolving Credit Commitments one or more tranches of revolving credit facilities (the “New Incremental Revolving Credit Commitments” and, together with the New Incremental Term Loan Commitments, the “New Loan Incremental Commitments”; and the loans thereunder, “Incremental Loans”), by in an aggregate principal amount not in excess of the then-available Maximum Incremental Facilities Amount in at the aggregate time of incurrence thereof and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent in its reasonable discretion or (y) shall constitute the difference between the then-available Maximum Incremental Facilities Amount and all at such New Loan Commitments obtained on or prior to such datetime). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any existing Lender or any Person (other than a natural person) Additional Lender to provide all or a portion of the New Loan Incremental Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Incremental Commitments may elect or decline, in its sole discretion, to provide a New Loan an Incremental Commitment, and the Borrower shall have no obligation to approach any existing Lender to provide any Incremental Commitment; provided, further, that the Administrative Agent shall have consented to such Additional Lender’s providing of the Incremental Commitments to the extent such consent, if any, would be required under Section 13.6(b) in connection with an assignment of Term Loans or Commitments to such Additional Lender. In each case, such New Loan Incremental Commitments shall become effective as of the applicable date determined by the Borrower (the “Increased Amount Date”); provided that that, (i) (x) other than as described in the immediately succeeding clause (y), no Default or Event of Default shall exist on such Increased Amount Date immediately before or immediately after giving effect to such New Loan CommitmentsIncremental Commitments and the borrowing of any Incremental Loans thereunder or (y) if such Incremental Commitment is being provided in connection with a Permitted Acquisition or similar Investment, as applicable; or in connection with refinancing of any Indebtedness that requires an irrevocable prepayment or redemption notice, then no Specified Default shall exist on such Increased Amount Date, (ii) both before in connection with any incurrence of Incremental Loans or establishment of Incremental Commitments, there shall be no requirement for the Borrower to bring down the representations and after giving effect warranties under the Credit Documents unless requested by the lenders providing such Incremental Loans or Incremental Commitments (subject to the making waiver by such lenders of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; such requirement) and (iii) the New Loan establishment of Incremental Commitments or the incurrence of Incremental Loans shall be effected pursuant to one or more Joinder Agreements amendments (each, an “Incremental Amendment”) to this Agreement executed and delivered by the Borrower and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d5.4(e); (iv) the Borrower shall make . For all purposes of this Agreement, any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Incremental Term Loans made on an Increased Amount Date shall be designated, designated (x) a separate series of Term Loans or (y) in the case of a Term Loan Increase, a part of the series of existing Term Loans subject to such increase (such new or existing series of Term Loans, each, a “Series”) of New Term Loans for all purposes of this Agreement). (b) On The terms and conditions of the Incremental Revolving Commitments shall be reasonably satisfactory to the Administrative Agent; provided that (i) such Incremental Revolving Commitments may have a maturity that is shorter than the Maturity Dates of the Term Loans but such maturity shall be longer than the maturity date of the Initial ABL Facility, (ii) the pricing, interest rate margins, discounts, premiums, interest rate floors and fees of such Incremental Revolving Commitments shall be determined by the Borrower and the lender(s) thereunder and shall not be subject to any Increased Amount Date on which New “most-favored nation” provisions (including under Section 2.14(d)(iv) below), (iii) such Incremental Revolving Credit Commitments may have sub-facilities for letters of credit and swingline loans, (iv) lenders providing such Incremental Revolving Commitments shall be included in the definition of “Required Lenders”, (v) if such Incremental Revolving Commitments benefit from a financial covenant, the Term Loans shall not be required to enjoy the same benefit of such financial covenant and they shall cross accelerate (instead of cross default) to a breach of such financial covenant, (vi) customary amendments to the definition of “Maximum Incremental Facilities Amount” may be made to permit any repayment of loans under Incremental Revolving Commitments accompanied with permanent terminations of such Incremental Revolving Commitments to be added to clause (2) of such definition, (vii) no Subsidiary (other than a Guarantor) is an obligor of such Incremental Revolving Commitments and (viii) if secured, such Incremental Revolving Commitments are effected, subject not secured by any assets other than all or any portion of the Collateral or any Liens other than Liens that are pari passu with or junior to the satisfaction of Liens securing the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating theretoObligations. (c) On any Increased Amount Date on which any New Incremental Term Loan Commitments of any Series are effective, subject to the satisfaction (or waiver) of the foregoing applicable terms and conditions, (i) each Lender with a New an Incremental Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan term loan to the Borrower (a an New Incremental Term Loan”) in an amount equal to its New Incremental Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Incremental Term Loan Commitment of such Series and the New Incremental Term Loans of such Series made pursuant thereto. The Borrower shall use the proceeds, if any, of the Incremental Term Loans for any purpose not prohibited by this Agreement and as agreed by the Borrower and the lender(s) providing such Incremental Term Loans. (d) The terms and provisions of any Incremental Term Commitments and the New respective related Incremental Term Loans, in each case effected pursuant to a Term Loan Increase shall be substantially identical to the terms and provisions applicable to the Class of Term Loans subject to such increase; provided that underwriting, arrangement, structuring, ticking, commitment, original issue discount, upfront or similar fees, and New other fees payable in connection therewith that are not generally shared with all relevant lenders providing such Incremental Term Loan Commitments and the respective related Incremental Term Loans, that may be agreed to among the Borrower and the lender(s) providing and/or arranging such Incremental Term Commitments may be paid in connection with such Incremental Term Commitments. The terms and provisions of any Incremental Term Commitments and the respective related Incremental Term Loans of any Series not effected pursuant to a Term Loan Increase shall be, except as otherwise be on terms and documentation set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of Incremental Amendment as determined by the existing Initial Term LoansBorrower; provided that that: (i) the applicable New Incremental Term Loan Maturity Date of each Series shall be no earlier than the Latest Maturity Date with respect to the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) Loans, provided that the requirements of the New Term Loans and foregoing clause (i) shall not apply to any customary bridge facility so long as the existing Initial Term Loans shall Indebtedness into which such customary bridge facility is to be identical, converted complies with such requirements; (ii) the rate Weighted Average Life to Maturity of interest and the amortization schedule applicable to the New Incremental Term Loans of each Series shall be no shorter than the Weighted Average Life to Maturity of the Initial Term Loans; (iii) the Incremental Term Loans (x) may participate on a pro rata basis, greater than pro rata basis or less than pro rata basis in any voluntary prepayment of any Class of Term Loans hereunder and may participate on a pro rata basis or less than pro rata basis (but not on a greater than pro rata basis) in any mandatory prepayments of any Class of Term Loans hereunder; provided that if such Incremental Term Loans are unsecured or rank junior in right of payment or as to security with the Obligations, such Incremental Term Loans shall participate on a junior basis with respect to mandatory repayments of Term Loans hereunder (except in connection with any refinancing, extension, renewal, replacement, repurchase or retirement thereof permitted by this Agreement), (y) shall not be guaranteed by any Subsidiary other than a Guarantor hereunder and (z) shall be unsecured or rank pari passu or junior in right of security with any Obligations outstanding under this Agreement and, if secured, shall not be secured by assets of the Credit Parties other than Collateral (and, unless secured on a pari passu basis with the Obligations, shall be subject to a subordination agreement (if payment subordinated) and/or the Applicable Intercreditor Agreement); (iv) the pricing, interest rate margins, discounts, premiums, interest rate floors, fees, and amortization schedule (subject to clauses (i) and (ii) above) applicable to any Incremental Term Loans shall be determined by the Borrower and the applicable new Lenders lender(s) thereunder; provided, however, that, if the Yield, in respect of any Incremental Term Loans that (w) rank pari passu in right of payment and shall be set forth security with the Initial Term Loans, (x) are incurred on or prior to the date that is 12 months after the Closing Date and (y) have a maturity date that is less than two years after the Initial Term Loan Maturity Date as of the date of funding thereof, exceeds the Yield in each applicable Joinder Agreement; provided that respect of any Initial Term Loans by more than 0.50%, then the weighted average life to maturity Applicable ABR Margin or the Applicable LIBOR Margin, as applicable, in respect of all New such Initial Term Loans shall be no shorter than adjusted so that the weighted average life Yield in respect of such Initial Term Loans is equal to maturity the Yield in respect of such Incremental Term Loans minus 0.50%; provided, further, to the extent any change in the Yield of the Initial Term Loans and is necessitated by this clause (iiiiv) on the basis of an effective interest rate floor in respect of the Incremental Term Loans, the increased Yield in the Initial Term Loans shall (unless otherwise agreed in writing by the Borrower) have such increase in the Yield effected solely by increases in the interest rate floor(s) applicable to the Initial Term Loans; and (v) all other terms applicable to the New of any Incremental Term Loans of each Series that (other than as described in clauses (i), (ii), (iii) and (iv) above) may differ from the existing terms of the Initial Term Loans shall be reasonably acceptable to if agreed by the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans Borrower and the Revolving Credit Commitmentslender(s) providing such Incremental Term Loans. (e) The Administrative Agent and the Lenders hereby consent to the consummation of the transactions contemplated by this Section 2.14 and hereby waive the requirements of any provision of this Agreement (including, without limitation, any pro rata payment or amendment section) or any other Credit Document that may otherwise prohibit or restrict any such extension or any other transaction contemplated by this Section 2.14. Each Joinder Agreement Incremental Amendment may, without the consent of any other Lenders, (x) effect such technical and corresponding amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative AgentAgent and the Borrower, to effect the provision provisions of this Section 2.142.14 and (y) with respect to the Incremental Revolving Commitments, add provisions solely applicable to such Incremental Revolving Commitments (including provisions relating to extensions and refinancings of Incremental Revolving Commitments).

Appears in 2 contracts

Samples: Term Loan Credit Agreement (Avaya Holdings Corp.), Term Loan Credit Agreement (Avaya Holdings Corp.)

Incremental Facilities. (a) The Borrower may on one or more occasions, by written notice to the Administrative Agent elect to Agent, request (i) during the Revolving Availability Period, the establishment of one or more Incremental Revolving Commitments and/or (xii) additional tranches the establishment of term loans (the commitments thereto, the “New Incremental Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Incremental Revolving Commitments or the Incremental Term Loan Commitments Commitments, as applicable, shall be effective, which shall be a date not less than ten (10) Business Days (or such shorter period as may be agreed to by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach , and (B) the amount of the Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable, being requested (it being agreed that (x) any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all any Incremental Revolving Commitment or a portion of the New Incremental Term Loan Commitments Commitment may elect or decline, in its sole discretion, to provide a New such Incremental Revolving Commitment or Incremental Term Loan Commitment, (y) any Person that the Borrower proposes to become an Incremental Lender, if such Person is not then a Lender, must be reasonably acceptable to the Administrative Agent and, in the case of any proposed Incremental Revolving Lender, the Issuing Bank and (z) none of the Persons described in the foregoing clauses (x) and (y) may be an Ineligible Institution). In Notwithstanding anything herein to the contrary, the aggregate amount of all Incremental Revolving Commitments and Incremental Term Loan Commitments established pursuant to this Section 2.20 shall not exceed the sum of (A) $75,000,000 plus (B) unlimited additional Incremental Revolving Commitments and/or Incremental Term Loan Commitments so long as, after giving pro forma effect thereto (assuming that any such Incremental Revolving Commitments are drawn in full, but excluding the proceeds of any such Incremental Term Loans and/or Incremental Revolving Commitments for purposes of netting cash and Permitted Investments in the calculation of the Senior Secured Net Leverage Ratio), the Senior Secured Net Leverage Ratio shall not exceed 2.50 to 1.00 (other than to the extent such Incremental Revolving Commitments and/or Incremental Term Loan Commitments are incurred pursuant to this clause (B) concurrently with the incurrence of Incremental Revolving Commitments and/or Incremental Term Loan Commitments in reliance on clause (A) of this sentence, in which case the Senior Secured Net Leverage Ratio shall be permitted to exceed 2.50 to 1.00 to the extent of such Incremental Revolving Commitments and/or Incremental Term Loan Commitments incurred in reliance on such clause (A)); provided that, for the avoidance of doubt, Incremental Revolving Commitments and/or Incremental Term Loan Commitments may be incurred pursuant to this clause (B) prior to utilization of the amount set forth in clause (A) of this sentence. (b) The terms and conditions of any Incremental Revolving Commitment and Revolving Loans and other extensions of credit to be made thereunder shall be identical to those of the Revolving Commitments, Revolving Loans and other extensions of credit made thereunder, and shall be treated as a single Class with such Revolving Commitments and Revolving Loans. The Incremental Term Loans (i) shall not mature earlier than the latest of the latest Maturity Date hereunder or any other then existing Incremental Term Loan Maturity Date (but may have amortization and/or customary prepayments prior to such date), (ii) shall have a Weighted Average Life to Maturity that is no shorter than the Weighted Average Life to Maturity of any other then existing Term Loans, (iii) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans and the then existing Term Loans and (iv) shall have the same Guarantees as and shall rank pari passu with respect to the Liens on the Collateral and in right of payment with the Revolving Loans and the then existing Term Loans (except in the case of clause (iii) and (iv) to the extent that the related Incremental Facility Agreement provides for such Incremental Term Loans to be treated less favorably, in which case such Incremental Term Loans shall be subject to a customary intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent); provided that (x) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the latest Maturity Date hereunder may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the latest Maturity Date hereunder and (y) the Incremental Term Loans may be priced differently (whether in the form of interest rate margin, upfront fees, original issue discount, call protection or otherwise) than the Revolving Loans and the then existing Term Loans. Any Incremental Term Loan Commitments established pursuant to an Incremental Facility Agreement that have identical terms and conditions, and any Incremental Term Loans made thereunder, shall be designated as a separate series (each casea “Series”) of Incremental Term Loan Commitments and Incremental Term Loans for all purposes of this Agreement. Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Revolving Commitment hereunder, or provide Incremental Term Loans, at any time. (c) The Incremental Commitments shall be effected pursuant to one or more Incremental Facility Agreements executed and delivered by the Borrower, each Incremental Lender providing such New Loan Incremental Commitments and the Administrative Agent; provided that (other than with respect to the incurrence of Incremental Term Loans the proceeds of which shall be used to consummate an acquisition permitted by this Agreement for which the Borrower has determined, in good faith, that limited conditionality is reasonably necessary (any such acquisition, a “Limited Conditionality Acquisition”) as to which conditions (i) through (iii) below shall not apply) no Incremental Commitments shall become effective as of the applicable Increased Amount Date; provided that unless: (i) no Default or Event of Default shall exist have occurred and be continuing on the date of effectiveness thereof, both immediately prior to and immediately after giving effect (including pro forma effect) to such Incremental Commitments and the making of Loans and issuance of Letters of Credit thereunder to be made on such Increased Amount Date before date; (ii) on the date of effectiveness thereof, the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (or, if qualified by materiality or “Material Adverse Effect”, in all respects) on and as of such date; (iii) after giving effect to such New Loan Commitments, as applicable; (ii) both before Incremental Commitments and after giving effect to the making of Loans and other extensions of credit thereunder to be made on the date of effectiveness thereof (and assuming, in the case of any Series Incremental Revolving Commitments to be made on the date of New Term Loans or New effectiveness thereof, that such Incremental Revolving Loans, each Commitments are fully drawn but excluding the proceeds of any such Incremental Commitments for purposes of netting cash and Permitted Investments in the calculation of the conditions Total Net Leverage Ratio), the Borrower shall be in pro forma compliance with the financial covenants set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); 6.11; (iv) the Borrower shall make any payments required to be made pursuant to Section 2.11 2.16 in connection with such Incremental Commitments and the New Loan Commitments, as applicable; and related transactions under this Section; (v) the Administrative Agent shall have received documents and opinions consistent with those delivered on the Effective Date as to the organizational power and authority of the Borrower to borrower hereunder after giving effect to such increase; (vi) any new Lender becoming a party hereto shall (1) execute such documents and agreements as the Administrative Agent may reasonably request and (2) in the case of any Incremental Lender that is organized under the laws of a jurisdiction outside of the United States of America, provide to the Administrative Agent, its name, address, tax identification number and/or such other information as shall be necessary for the Administrative Agent to comply with “know your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act; and (vii) the other conditions, if any, set forth in the applicable Incremental Facility Agreement are satisfied; provided further that no Incremental Term Loans in respect of a Limited Conditionality Acquisition shall become effective unless (1) as of the date of execution of the definitive acquisition documentation in respect of such Limited Conditionality Acquisition (the “Limited Conditionality Acquisition Agreement”) by the parties thereto, no Default or Event of Default shall have occurred and be continuing or would result from entry into the Limited Conditionality Acquisition Agreement, (2) as of the date of the borrowing of such Incremental Term Loans, no Event of Default under clauses (a), (b), (h), (i) or (j) of Article VII is in existence immediately before or after giving effect (including on a pro forma basis) to such borrowing and to any concurrent transactions and any substantially concurrent use of proceeds thereof, (3) the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) as of the date of execution of the applicable Limited Conditionality Acquisition Agreement by the parties thereto, (4) as of the date of the borrowing of such Incremental Term Loans, customary “Sungard” representations and warranties (with such representations and warranties to be reasonably determined by the Lenders providing such Incremental Term Loans) shall be true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) immediately prior to, and after giving effect to, the incurrence of such Incremental Term Loans and (5) as of the date of execution of the related Limited Conditionality Acquisition Agreement by the parties thereto, the Borrower shall deliver be in pro forma compliance with the financial covenants set forth in Section 6.11. Each Incremental Facility Agreement may, without the consent of any Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or cause appropriate, in the opinion of the Administrative Agent, to be delivered give effect to the provisions of this Section and no consent of any legal opinions Lender (other than the Lenders participating in the increase or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Incremental Term Loans made on an Increased Amount Date Loan) shall be designated, a separate series (a “Series”) of New required for any increase in Commitments or Incremental Term Loans for all purposes of Loan pursuant to this AgreementSection 2.20. (bd) On Upon the effectiveness of an Incremental Commitment of any Increased Amount Date on which New Incremental Lender, (i) such Incremental Lender shall be deemed to be a “Lender” (and a Lender in respect of Commitments and Loans of the applicable Class) hereunder, and henceforth shall be entitled to all the rights of, and benefits accruing to, Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder and shall be bound by all agreements, acknowledgements and other obligations of Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder (it being understood that such Incremental Lender shall deliver the documentation required under Section 2.17(f) to the Administrative Agent and the Borrower) and under the other Loan Documents, and (ii) in the case of any Incremental Revolving Credit Commitment, (A) such Incremental Revolving Commitment shall constitute (or, in the event such Incremental Lender already has a Commitment, shall increase) the Revolving Commitment of such Incremental Lender and (B) the total Revolving Commitments are effectedshall be increased by the amount of such Incremental Revolving Commitment, in each case, subject to further increase or reduction from time to time as set forth in the satisfaction definition of the foregoing terms and conditionsterm “Revolving Commitment.” For the avoidance of doubt, (a) each upon the effectiveness of any Incremental Revolving Commitment, the Revolving Credit Exposure of the Lenders Incremental Revolving Lender holding such Revolving Commitment, and the Applicable Percentage of all the Lenders, shall automatically be adjusted to give effect thereto. (e) On the date of effectiveness of any Incremental Revolving Commitments, each Lender with a Revolving Credit Commitments Commitment (immediately prior to giving effect to such Incremental Revolving Commitments) shall assign to each Incremental Revolving Lender with a New holding such Incremental Revolving Credit Commitment (eachCommitment, a “New Revolving Loan Lender”) and each of the New such Incremental Revolving Loan Lenders Lender shall purchase from each of the Lenders with Revolving Credit Commitmentssuch Lender, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Loans and participations in Letters of Credit Loans outstanding on such Increased Amount Date date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving such Loans and participations in Letters of Credit Loans will be held by existing all the Lenders with Revolving Credit Lenders and New Revolving Loan Lenders Commitments ratably in accordance with their Revolving Credit Commitments Applicable Percentages after giving effect to the addition effectiveness of such New Incremental Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating theretoCommitment. (cf) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject Subject to the satisfaction of the foregoing terms and conditionsconditions set forth herein and in the applicable Incremental Facility Agreement, (i) each Lender with a New holding an Incremental Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan loan to the Borrower (a “New Term Loan”) in an amount equal to its New such Incremental Term Loan Commitment of on the date specified in such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant theretoIncremental Facility Agreement. (dg) The terms and provisions of Administrative Agent shall notify the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined Lenders promptly upon receipt by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent of any notice from the Borrower referred to in paragraph (as evidenced by its execution a) above and of the applicable Joinder Agreement). The terms and provisions effectiveness of any Incremental Commitments, in each case advising the Lenders of the New details thereof and, in the case of effectiveness of any Incremental Revolving Loans Commitments, of the Applicable Percentages of the Lenders after giving effect thereto and New Revolving Credit Commitments shall of the assignments required to be identical made pursuant to the Revolving Credit Loans and the Revolving Credit Commitments. paragraph (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14above.

Appears in 2 contracts

Samples: Credit Agreement (Eagle Pharmaceuticals, Inc.), Credit Agreement (Eagle Pharmaceuticals, Inc.)

Incremental Facilities. (a) The At any time or from time to time after the Second Restatement Effective Date, Parent Borrower may by written notice to the Syndication Agent and Administrative Agent elect to request (A) prior to the Latest Maturity Date of any Loan hereunder, one or more increases to the existing Revolving Commitments of any Class (any such increase, the “New Revolving Loan Commitments”) and/or (B) prior to the Latest Maturity Date of any Loan hereunder, the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount greater of (x) $300,000,000 and (y) the amount of New Term Loan Commitments and/or New Revolving Loan Commitments such that the Senior Secured Leverage Ratio shall be no greater than 3.50 to 1.00 as of the end of the Test Period most recently ended after giving pro forma effect to such New Term Loan Commitments and/or New Revolving Loan Commitments (and, in each case, with respect to any New Revolving Loan Commitment, assuming a borrowing of the maximum amount of Loans available under such New Revolving Loan Commitment and any New Revolving Loan Commitments previously made pursuant to this Section 2.23). Each New Revolving Loan Commitment or New Term Loan Commitment shall be in an aggregate and principal amount that is not less than $100,000,000 50,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) shall constitute such lesser amount if such amount represents all remaining availability under the difference between limit set forth in the Maximum Incremental Facilities Amount preceding sentence), and all such New Loan Commitments obtained on or prior to such date)integral multiples of $5,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Parent Borrower proposes that the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effective, which shall be a date not less than ten Business Days after effective and (B) the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Revolving Loan Lender” or “New Term Loan Lender,” as applicable) to provide all or a whom Parent Borrower proposes any portion of the such New Revolving Loan Commitments or New Term Loan Commitments, as applicable, be allocated and the amounts of such allocations; provided that any Lender offered or approached to provide all or a portion of the New Revolving Loan Commitments or New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Revolving Loan Commitment or a New Term Loan Commitment. In each case, such Such New Revolving Loan Commitments or New Term Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Term Loans or effectiveness of New Revolving LoansLoan Commitments, each of the conditions set forth in Section 7 3.2(a) shall be satisfied; (iii3) Parent Borrower and its Subsidiaries shall be in pro forma compliance with the covenant set forth in Section 6.7(b) as of the last day of the most recently ended Fiscal Quarter for which a Compliance Certificate has been (or was required to have been) delivered to Administrative Agent pursuant to Section 5.1(c) after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments (and with respect to any New Revolving Loan Commitment, assuming a borrowing of the maximum amount of New Revolving Loans available under such New Revolving Loan Commitment), as applicable; (4) the New Revolving Loan Commitments or New Term Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by Parent Borrower, the Borrower New Revolving Loan Lender or New Term Loan Lender, as applicable, and Administrative Agent, and each of which shall be recorded in the Register Register, and each New Revolving Loan Lender and New Term Loan Lender shall be subject to the requirements set forth in Section 5.4(dSections 2.20(e), (f) and (h); (iv5) the Parent Borrower shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Revolving Loan Commitments or New Term Loan Commitments, as if applicable; and (v6) the Parent Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Lenders with Revolving Credit Commitments of the applicable Class shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Revolving Lenders with Revolving Credit Commitmentsof the applicable Class, at the principal amount thereof and in the applicable currency(ies)thereof, such interests in the Revolving Credit Loans of the applicable Class outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Loans of the Revolving Credit Loans applicable Class will be held by existing Revolving Credit Lenders of the applicable Class and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Loan Commitments of the applicable Class after giving effect to the addition of such New Revolving Credit Loan Commitments to the Revolving Credit CommitmentsCommitments of the applicable Class, (b) each New Revolving Credit Loan Commitment shall be deemed for all purposes a Revolving Credit Loan Commitment of the applicable Class and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan of the applicable Class and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. Administrative Agent and the Lenders hereby agree that the minimum borrowing and prepayment requirements in Section 2.2 and 2.13 of this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Parent Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) Administrative Agent shall notify Lenders promptly upon receipt of Parent Borrower’s notice of each Increased Amount Date and in respect thereof (y) the New Revolving Loan Commitments and the New Revolving Loan Lenders or the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series, as applicable, and (z) in the case of each notice to any Revolving Lender, the respective interests in such Revolving Lender’s Revolving Loans, in each case subject to the assignments contemplated by this Section. (e) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall bebe as agreed between Parent Borrower and the New Term Loan Lenders providing such New Term Loans and New Term Loan Commitments, and except as otherwise set forth herein herein, to the extent not substantially similar to or in less favorable to such New Term Loan Lenders than the Tranche B Term Loans shall be reasonably satisfactory to Administrative Agent. The terms and provisions of the New Revolving Loans shall be identical to the Revolving Loans of the applicable Joinder AgreementClass. The proceeds of any Revolving Loans borrowed on the Increased Amount Date for any New Revolving Loan Commitments shall not be used to refinance, identical redeem, retire, defease or otherwise make any payment on unsecured Indebtedness of Holdings or any of its Subsidiaries (other than working capital revolving credit facilities), nor shall such Revolving Loans be made in exchange for any such unsecured Indebtedness (other than working capital revolving credit facilities). In any event (i) the Weighted Average Life to one or more Classes Maturity of all New Term Loans of any Series shall be no shorter than the Weighted Average Life to Maturity of the existing Initial Tranche B Terms Loans (except by virtue of amortization or prepayment of the Tranche B Term Loans; provided that Loans prior to the time of such incurrence), (iii) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) latest of the New Term final maturity of (x) the Revolving Loans and (y) the existing Initial Tranche B Term Loans shall be identicalLoans, (iiiii) the rate of interest and the amortization schedule yield applicable to the New Term Loans of each Series shall be determined by the Parent Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided provided, however that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms Effective Yield applicable to the New Term Loans shall not be greater than the Effective Yield as amended through the date of each Series that differ from such calculation with respect to the existing Initial Tranche B Term Loans plus 0.50% per annum unless the interest rate with respect to the Tranche B Term Loans is increased so as to cause the then applicable Effective Yield under this Agreement on the Tranche B Term Loans (including any upfront or similar fees or original issue discount paid and payable to the initial Lenders hereunder) to equal the Effective Yield then applicable to the New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such New Term Loans) minus 0.50% and (iv) the proceeds of the New Term Loans shall not be reasonably acceptable used to the Administrative Agent (as evidenced by refinance, redeem, retire, defease or otherwise make any payment on unsecured Indebtedness of Holdings or any of its execution of the applicable Joinder Agreement). The terms and provisions of Subsidiaries, nor shall the New Revolving Term Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) made in exchange for any such unsecured Indebtedness. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, Agent and Parent Borrower to effect the provision of this Section 2.142.23, and for the avoidance of doubt, this Section 2.23 shall supersede any provisions in Section 2.17 or 10.5 to the contrary.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (IMS Health Holdings, Inc.), Credit and Guaranty Agreement (IMS Health Holdings, Inc.)

Incremental Facilities. (a) The At any time and from time to time following the Restatement Effective Date, the Borrower may by written notice to the Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten five Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each the Outstanding Amount shall not exceed any of the conditions set forth then-applicable Borrowing Bases as reflected in the Borrowing Base Certificate most recently delivered pursuant to Section 7 shall be satisfied6.02(e); (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Borrower, the New Loan Lenders and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(dSections 3.01(e) and (f); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (viv) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) Series of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender or other Person with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (dc) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Original Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new New Loan Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life Weighted Average Life to maturity Maturity of all New Term Loans shall be no shorter than the weighted average life then remaining Weighted Average Life to maturity Maturity of the Initial Term Loans, (iii) in the event the Yield of the New Loans of any Series exceeds the Yield of the Initial Loans by more than 50 basis points, then the Applicable Rate for the Initial Loans shall be increased to the extent necessary so that the Yield for the Initial Loans shall be 50 basis points less than the Yield for the New Loans and (iiiiv) all other terms applicable to the New Term Loans of each Series that differ from the existing Loans, which terms may be materially different from the Initial Term Loans except as provided above, shall be reasonably acceptable to agreed between the Administrative Agent Borrower and the New Loan Lenders providing such New Loans (as evidenced by its execution of the applicable Joinder AgreementAgreement which shall set forth the terms of such New Loans). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (ed) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.142.13.

Appears in 2 contracts

Samples: Credit Agreement (Springleaf Finance Corp), Credit Agreement (Springleaf Finance Inc)

Incremental Facilities. (a) The Parent Borrower may may, from time to time after the Closing Date, upon notice by written notice the Parent Borrower to the Administrative Agent elect and the Person appointed by the Parent Borrower to arrange an incremental Facility (each, an “Incremental Credit Facility”) (such Person (who may be (i) the Administrative Agent, if it so agrees, or (ii) any other Person appointed by the Parent Borrower after consultation with the Administrative Agent), the “Incremental Arranger”) specifying the proposed Borrower (which may include a Co-Borrower), the proposed amount thereof and the proposed currency denomination thereof, request (i) an increase in the establishment Commitments under any Revolving Tranche (which shall be on the same terms as, and become part of, the Revolving Tranche proposed to be increased) (each, a “Revolving Credit Commitment Increase”), (ii) an increase in any Term Loan Tranche then outstanding (which shall be on the same terms as, and become part of, the Term Loan Tranche proposed to be increased hereunder (except as otherwise provided in clause (d) below with respect to amortization)) (each, a “Term Commitment Increase”), (iii) the addition of one or more new revolving credit facilities to the Facilities, in each case, in such currency or currencies as the Parent Borrower identifies in such notice (x) additional tranches of term loans (each, a “New Revolving Facility” and, any advance made by a Lender thereunder, a “New Revolving Loan”; and the commitments theretothereof, the “New Revolving Commitment”) and (iv) the addition of one or more new term loan facilities, in each case, in such currency or currencies as the Parent Borrower identifies in such notice (each, a “New Term Facility”; and any advance made by a Lender thereunder, a “New Term Loan”; and the commitments thereof, the “New Term Loan CommitmentsCommitment) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, ; and together with the Revolving Credit Commitment Increase, the New Revolving Commitments and the Term Loan CommitmentsCommitment Increase, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) ;) in an amount equal not to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to exceed the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.sum of:

Appears in 2 contracts

Samples: Credit Agreement (MeridianLink, Inc.), Credit Agreement (MeridianLink, Inc.)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Term Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Term Loan Commitments shall be effective. In connection with the incurrence of any Indebtedness under this Section 2.14, which at the request of the Administrative Agent, the Borrower shall be a date not less than ten Business Days after the date on which such notice is delivered provide to the Administrative AgentAgent a certificate certifying that the New Term Loan Commitments do not exceed the Maximum Incremental Facilities Amount, which certificate shall be in reasonable detail and shall provide the calculations and basis therefor. The Borrower may approach any Lender or any Person (other than a natural personPerson) to provide all or a portion of the New Term Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such New Term Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default (except in connection with an acquisition or investment, no Event of Default under Section 11.1 or Section 11.5) shall exist on such Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable (unless, in connection with an acquisition or investment subject to customary “Sungard” or “certain funds” conditionality, otherwise agreed to by the Lenders providing such Incremental Loans), as applicable; , (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d5.4(e); , and (iviii) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Term Loan Commitments, as applicable; and (v) the Borrower . No Lender shall deliver or cause have any obligation to be delivered provide any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transactionCommitments pursuant to this Section 2.14(a). Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto.[Reserved] (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise be on terms and documentation set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of Agreement as determined by the existing Initial Term LoansBorrower; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, Date; (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and Loans, (iii) all other terms the pricing, interest rate margins, discounts, premiums, rate floors, fees, and amortization schedule applicable to any New Term Loans shall be determined by the Borrower and the Lenders thereunder; provided that solely in the case of New Term Loans incurred prior to the 18 month anniversary of the Closing Date, if the Effective Yield for LIBOR Loans in respect of such New Term Loans exceeds the Effective Yield for LIBOR Loans in respect of the Initial Term Loans by more than 0.50%, the Applicable Margin for LIBOR Loans in respect of the Initial Term Loans is equal to the Effective Yield for LIBOR Loans in respect of the New Term Loans of each Series that differ from minus 0.50%; and (iv) to the existing extent such terms and documentation are not consistent with the Initial Term Loans (except to the extent permitted by clause (i), (ii) or (iii) above), they shall be reasonably acceptable satisfactory to the Administrative Agent (as evidenced it being understood that, (1) to the extent that any financial maintenance covenant is added for the benefit of any such Indebtedness, no consent shall be required by its execution the Administrative Agent or any of the applicable Joinder Agreement). The terms and provisions Lenders if such financial maintenance covenant is also added for the benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of such Indebtedness or (2) no consent shall be required by the Administrative Agent or any of the New Revolving Loans and New Revolving Credit Commitments shall be identical to Lenders if any covenants or other provisions are only applicable after the Revolving Credit Loans and the Revolving Credit CommitmentsLatest Term Loan Maturity Date). (e) [Reserved] (f) Each Joinder Agreement may, without the consent of any other Lenders, effect such technical and corresponding amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14. (i) The Borrower may at any time and from time to time request that all or a portion of the Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.14(g). In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Class which such request shall be offered equally to all such Lenders) (a “Term Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall not be materially more restrictive to the Credit Parties (as determined in good faith by the Borrower), when taken as a whole, than the terms of the Term Loans of the Existing Term Loan Class unless (x) the Lenders of the Term Loans of such applicable Existing Term Loan Class receive the benefit of such more restrictive terms or (y) any such provisions apply after the Initial Term Loan Maturity Date (a “Permitted Other Provision”); provided, however, that (x) the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment to the scheduled amortization payments reflected in Section 2.5 or in the Joinder Agreement, as the case may be, with respect to the Existing Term Loan Class from which such Extended Term Loans were converted, in each case as more particularly set forth in paragraph (iv) of this Section 2.14(g) below), (y) (A) the interest margins with respect to the Extended Term Loans may be higher or lower than the interest margins for the Term Loans of such Existing Term Loan Class and/or (B) additional fees, premiums or AHYDO payments may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment and to the extent that any Permitted Other Provision (including a financial maintenance covenant) is added for the benefit of any such Indebtedness, no consent shall be required by the Administrative Agent or any of the Lenders if such Permitted Other Provision is also added for the benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of such Indebtedness or if such Permitted Other Provision applies only after the Initial Term Loan Maturity Date. Notwithstanding anything to the contrary in this Section 2.14 or otherwise, no Extended Term Loans may be optionally prepaid prior to the date on which the Existing Term Loan Class from which they were converted is repaid in full, except in accordance with the last sentence of Section 5.1(a). No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension Request. Any Extended Term Loans of any Extension Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class from which they were converted. (ii) [Reserved] (iii) Any Lender (an “Extending Lender”) wishing to have all or a portion of its Loans converted into Extended Term Loans, shall notify the Administrative Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Loans of the Existing Class or Existing Classes subject to such Extension Request that it has elected to convert into Extended Term Loans. In the event that the aggregate amount of Loans of the Existing Class or Existing Classes subject to Extension Elections exceeds the amount of Extended Term Loans requested pursuant to the Extension Request, Loans of the Existing Class or Existing Classes subject to Extension Elections shall be converted to Extended Term Loans on a pro rata basis based on the amount of Loans included in each such Extension Election. (iv) Extended Term Loans shall be established pursuant to an amendment (an “Extension Amendment”) to this Agreement (which, except to the extent expressly contemplated by the penultimate sentence of this Section 2.14(g)(iv) and notwithstanding anything to the contrary set forth in Section 13.1, shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended Term Loans established thereby) executed by the Credit Parties, the Administrative Agent and the Extending Lenders. No Extension Amendment shall provide for any tranche of Extended Term Loans in an aggregate principal amount that is less than $10,000,000. In addition to any terms and changes required or permitted by Section 2.14(g)(i), each Extension Amendment may, but shall not be required to, impose additional requirements (not inconsistent with the provisions of this Agreement in effect at such time) with respect to the final maturity and weighted average life to maturity of New Term Loans incurred following the date of such Extension Amendment. Notwithstanding anything to the contrary in this Section 2.14(g) and without limiting the generality or applicability of Section 13.1 to any Section 2.14 Additional Amendments, any Extension Amendment may provide for additional terms and/or additional amendments other than those referred to or contemplated above (any such additional amendment, a “

Appears in 2 contracts

Samples: Second Lien Credit Agreement (BrightView Holdings, Inc.), Second Lien Credit Agreement (BrightView Holdings, Inc.)

Incremental Facilities. (a) The Parent Borrower on behalf of the Borrowers may by written notice to the Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Tranche A Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate from the Closing Date and not less than $100,000,000 50,000,000 individually (or such lesser individual amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between all remaining available amounts under the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Parent Borrower proposes that the New Loan Revolving Credit Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Parent Borrower may approach any Lender or any other Person (other than a natural person) with the consent of the Administrative Agent (such consent not to be unreasonably withheld) to provide all or a portion of the New Loan Revolving Credit Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Revolving Credit Commitments may elect or decline, in its sole discretion, to provide a New Loan Revolving Credit Commitment. In each case, such New Loan Revolving Credit Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Revolving Credit Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Credit Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Revolving Credit Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Borrowers and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d5.4(e); (iv) the Parent Borrower on behalf of the Borrowers shall make any payments required pursuant to Section 2.11 in connection with the New Loan Revolving Credit Commitments, as applicable; and (v) the Parent Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Revolving Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans Revolving Credit for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Tranche A Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Tranche A Commitments, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Tranche A Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit such Tranche A Loans will be held by existing Revolving Credit Tranche A Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Tranche A Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Tranche A Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Tranche A Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Tranche A Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. For avoidance of doubt, on and after any Increased Amount Date, no Lender shall be required to incur Revolving Credit Exposure in excess of such Lender’s Revolving Credit Commitment as of the day immediately preceding such Increased Amount Date unless, and then only to the extent, that such Lender has issued a New Revolving Credit Commitment effective as of such Increased Amount Date. Notwithstanding anything to the contrary contained herein, (x) to the extent the first $100,000,000 of the Maximum Incremental Facilities Amount, or any portion thereof, shall comprise New Revolving Credit Commitments to be obtained by the Parent Borrower pursuant to this Section 2.14, such New Revolving Credit Commitments (and corresponding New Revolving Loans) shall not be permitted to be obtained hereunder unless the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio, on a Pro Forma basis after giving effect to the incurrence of such Indebtedness, shall be no greater than 4.25 to 1.00 on the date of such incurrence (based on the Consolidated EBITDA as of the most recent Test Period); and (y) with respect to all remaining New Revolving Credit Commitments to be obtained by the Parent Borrower pursuant to this Section 2.14, such New Revolving Credit Commitments (and corresponding New Revolving Loans) shall not be permitted to be obtained hereunder unless the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio, on a Pro Forma basis after giving effect to the incurrence of such Indebtedness, shall be no greater than 4.00 to 1.00 on the date of such incurrence (based on the Consolidated EBITDA as of the most recent Test Period). (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto[Reserved]. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be be, except as otherwise set forth herein or in the applicable Joinder Agreement identical to the Revolving Credit existing Tranche A Loans and the Revolving Credit CommitmentsTranche A Commitment. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 2 contracts

Samples: Abl Credit Agreement (Dollar General Corp), Abl Credit Agreement (Dollar General Corp)

Incremental Facilities. (a) The On one or more occasions at any time on or after the Effective Date, the Borrower may by written notice to the Administrative Agent elect to request (A) an increase to the existing aggregate Revolving Commitments (each such increase, a “Revolving Facility Increase”) and/or (B) an increase to the size of the existing Term Loan Facility and/or the establishment of one or more (x) additional tranches of incremental term loans (loan facilities to the commitments thereto, the “New Term Loan CommitmentsFacility (whether or not a separate tranche, an “Incremental Term Loan; each Incremental Term Loan is referred to individually as an “Incremental Term Facility” and together with any Revolving Facility Increase, collectively referred to as “Incremental Facilities”, and any such facility or commitment increase, individually, an “Incremental Facility”) and/or (y) increases in Revolving Credit Commitments (such that the “New Revolving Credit Commitments” andaggregate amount of the Facilities, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)Incremental Facilities, does not exceed at any time $4,000,000,000. Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments such Incremental Facilities shall be effective, which shall be a date not less than ten five (5) Business Days (or such lesser number of days as the Administrative Agent shall agree) after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion Administrative Agent, the Syndication Agent and/or their respective Affiliates shall use commercially reasonable efforts, with the assistance of the New Loan CommitmentsBorrower, to arrange a syndicate of Lenders or other Persons that are Eligible Assignees willing to hold the requested Incremental Facility; provided that (x) any Lender offered or approached to provide all or a portion of the New Loan Commitments any Incremental Facility may elect or decline, in its sole discretion, to provide a New participate in an Incremental Facility, and (y) any Lender or other Person that is an Eligible Assignee to whom any portion of such Incremental Facility shall be allocated (each, an “Incremental Revolving Lender” or “Incremental Term Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan CommitmentsLender”, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) approval of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreementsuch approval not to be unreasonably withheld or delayed). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriateand, in the opinion case of the Administrative Agenta Revolving Facility Increase, each Issuing Bank (which approvals shall not be unreasonably withheld), to effect the provision of this extent required by Section 2.149.04(b).

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (Invitation Homes Inc.), Revolving Credit and Term Loan Agreement (Invitation Homes Inc.)

Incremental Facilities. (a) The US Borrower may by written notice to the Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans new Tranche H Term Loan Commitments (the commitments thereto, the “New Tranche H Term Loan Commitments”) and/or new Tranche I Term Loans Commitments (the “New Tranche I Term Loan Commitments”) and/or (y) increases in new Revolving Credit Commitments (the “New Revolving Credit Commitment”) and/or new Extended Revolving Credit Commitments (the “New Extended Revolving Loan Commitments” and, together with the New Tranche H Term Loan Commitments, the New Tranche I Term Loan Commitment and the New Revolving Credit Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 25,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $250,000,000 and all such New Loan Commitments obtained on or prior to such date), and integral multiples of $5,000,000 in excess of that amount, and in any event, by an aggregate amount which, when taken together with the principal amount of any Permitted Additional Notes, shall not exceed $250,000,000 in the aggregate. Each such notice shall specify the date (each, an “Increased Amount Date”) on which the US Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The ; provided, that the US Borrower may approach any Lender or any Person (other than a natural person) shall first offer the Lenders to provide all or a portion of the New Loan CommitmentsCommitments prior to offering any other Person that is an eligible assignee pursuant to Section 14.6(b); provided further, that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such Such New Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided provided, that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Tranche H Term Loans Loans, New Tranche I Term Loans, New Revolving Loans, or New Extended Revolving Loans, each of the conditions set forth in Section 7 7.1 and 7.2 shall be satisfied; (iii3) the US Borrower and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in Sections 10.9 and 10.10 as of the last day of the most recently ended fiscal quarter after giving effect to such New Loan Commitments and any investment to be consummated in connection therewith; (4) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the US Borrower and Administrative Agent, and each of which shall be recorded in the Register by the US Borrower and Administrative Agent, and shall be subject to the requirements set forth in Section 5.4(d5.4(b); (iv5) the US Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v6) the US Borrower shall deliver or cause to be delivered (i) a certificate of the US Borrower and Holdings dated the Increased Amount Date, substantially in the form of Exhibit P, with appropriate insertions, executed by the President or any Vice President and the Secretary or any Assistant Secretary of such Credit Party, and attaching the documents referred to in Section 6.7 and 6.8 and, where applicable, certifying as to the incumbency and specimen signature of each officer executing any Credit Document or any other document delivered in connection therewith on behalf of such Credit Party, (ii) the executed legal opinions or of Xxxxxxx Xxxxxxx and Xxxxxxxx LLP and Xxx Xxxxxxx, general counsel of the Credit Parties, in each case, substantially in the forms previously delivered in connection with this Agreement and (iii) any other applicable documents reasonably requested required by the Administrative Agent in connection with any such transaction. Any New Tranche H Term Loans or New Tranche I Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Tranche H Term Loans or New Tranche H Term Loans, as applicable, for all purposes purpose of this Agreement. (b) . On any Increased Amount Date on which New Revolving Credit Loan Commitments or New Extended Revolving Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with New Revolving Loan Commitments or Extended Revolving Credit Commitments Commitments, as applicable, shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) or a New Extended Revolving Loan Commitments (each, a “New Extended Revolving Loan Lender”), as applicable, and each of the New Revolving Loan Lenders or New Extended Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments or Extended Revolving Credit Commitments, as applicable, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans or Extended Revolving Credit Loans, as applicable, outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans or Extended Revolving Credit Loans, as applicable, will be held by existing Lenders with Revolving Credit Lenders Loans or Extended Revolving Credit Loans, as applicable, and New Revolving Loan Lenders or New Extended Revolving Loan Lenders, as applicable, ratably in accordance with their Revolving Credit Commitments or Extended Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments or New Extended Revolving Credit Commitments to the New Revolving Credit Commitments or Extended Revolving Credit Commitments, (b) each New Revolving Credit Commitment or New Extended Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment or an Extended Revolving Credit Commitment, as applicable, and each Loan made thereunder (a “New Revolving Loan” or a “New Extended Revolving Loan, as applicable) shall be deemed, for all purposes, a Revolving Credit Loan or an Extended Revolving Credit Loan and (c) each New Revolving Loan Lender and New Extended Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment or New Extended Revolving Loan Commitment, as applicable, and all matters relating thereto. (c) . On any Increased Amount Date on which any New Tranche H Term Loan Commitments or New Tranche I Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.,

Appears in 2 contracts

Samples: Credit Agreement (Rockwood Specialties Group Inc), Credit Agreement (Rockwood Holdings, Inc.)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Term Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Term Loan Commitments shall be effective. In connection with the incurrence of any Indebtedness under this Section 2.14, which at the request of the Administrative Agent, the Borrower shall be a date not less than ten Business Days after the date on which such notice is delivered provide to the Administrative AgentAgent a certificate certifying that the New Term Loan Commitments do not exceed the Maximum Incremental Facilities Amount, which certificate shall be in reasonable detail and shall provide the calculations and basis therefor. The Borrower may approach any Lender or any Person (other than a natural personPerson) to provide all or a portion of the New Term Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such New Term Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default (except in connection with an acquisition or investment, no Event of Default under Section 11.1 or Section 11.5) shall exist on such Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable; , (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d5.4(e); , and (iviii) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Term Loan Commitments, as applicable; and (v) the Borrower . No Lender shall deliver or cause have any obligation to be delivered provide any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transactionCommitments pursuant to this Section 2.14(a). Any New Term Loans made on an Increased Amount Date shall shall, at the election of the Borrower and agreed to by Lenders providing such New Term Loan Commitments, be designated, designated as (a) a separate series (a “Series”) of New Term Loans for all purposes of this Agreement or (b) as part of a Series of existing Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto.[reserved] (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term NewTerm Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term NewTerm Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise be on terms and documentation set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of Agreement as determined by the existing Initial Term LoansBorrower; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, Date; (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the then existing Initial Term Loans, (iii) the pricing, interest rate margins, discounts, premiums, rate floors, fees, and amortization schedule applicable to any New Term Loans shall be determined by the Borrower and the Lenders thereunder; provided that solely in the case of New Term Loans incurred prior to the 18 month anniversary of the Closing Date, if the Effective Yield for LIBOR Loans in respect of such New Term Loans exceeds the Effective Yield for LIBOR Loans in respect of the then existing Initial Term Loans and (iii) all other terms applicable to by more than 0.50%, the New Term Applicable Margin for LIBOR Loans in respect of each Series that differ from the then existing Initial Term Loans shall be adjusted so that the Effective Yield in respect of the then existing Initial Term Loans is equal to the Effective Yield for LIBOR Loans in respect of the New Term Loans minus 0.50%; and (iv) to the extent such terms and documentation are not consistent with the then existing Initial Term Loans (except to the extent permitted by clause (i), (ii) or (iii) above), they shall be reasonably acceptable satisfactory to the Administrative Agent (as evidenced it being understood that, (1) to the extent that any financial maintenance covenant is added for the benefit of any such Indebtedness, no consent shall be required by its execution the Administrative Agent or any of the applicable Joinder Agreement). The terms and provisions Lenders if such financial maintenance covenant is also added for the benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of such Indebtedness or (2) no consent shall be required by the Administrative Agent or any of the New Revolving Loans and New Revolving Credit Commitments shall be identical to Lenders if any covenants or other provisions are only applicable after the Revolving Credit Loans and the Revolving Credit CommitmentsLatest Term Loan Maturity Date). (e) [reserved] (f) Each Joinder Agreement may, without the consent of any other Lenders, effect such technical and corresponding amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 2 contracts

Samples: Second Lien Credit Agreement (National Vision Holdings, Inc.), Second Lien Credit Agreement (National Vision Holdings, Inc.)

Incremental Facilities. (a) The At any time and from time to time, subject to the terms and conditions set forth herein, the Borrower may may, by written notice to the Administrative Agent elect (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request the establishment of to add one or more (x) additional tranches of term loans (the commitments thereto, the New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit CommitmentsIncremental Loansand, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or each such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (eachtranche, an “Increased Amount DateIncremental Facility) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments); provided that any Lender offered or approached to provide all or a portion at the time of each such request and upon the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In effectiveness of each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that Incremental Facility Amendment (i) no Default or Event of Default has occurred and is continuing or shall exist result therefrom, (ii) the aggregate amount of Incremental Facilities plus the aggregate amount of Incremental Equivalent Debt shall not exceed the Incremental Cap. Each tranche of Incremental Loans shall be in an integral multiple of $1,000,000 and be in an aggregate principal amount that is not less than $25,000,000 (or in each case such lesser minimum amount reasonably approved by the Administrative Agent). (b) Any Incremental Loans (i) shall rank pari passu in right of payment and security with the Obligations in respect of the other outstanding Loans as set forth in the relevant Incremental Facility Amendment (which shall be reasonably satisfactory to the Administrative Agent), (ii) for purposes of prepayments, shall be treated substantially the same as (or, to the extent set forth in the relevant Incremental Facility Amendment, less favorably than) the other outstanding Loans, (iii) other than amortization, maturity date and pricing (interest rate, fees, funding discounts and prepayment premiums which shall be set forth in the relevant Incremental Facility Amendment), shall have the same terms as the Closing Date Loans or such terms as are reasonably satisfactory to the Administrative Agent; provided that (A) if the effective yield (which, for such purpose only, shall be deemed to take account of interest rate margin and benchmark floors, recurring fees and all upfront or similar fees or original issue discount (amortized over the shorter of (1) the Weighted Average Life to Maturity of such Incremental Loans and (2) four years) payable to all Lenders providing such Incremental Loans (but excluding any arrangement, structuring, syndication or other fees payable in connection therewith that are not shared with all Lenders (in their capacity as such) providing such Incremental Loans) on such Increased Amount Incremental Loans determined as of the initial funding date for such Incremental Loans exceeds the effective yield (determined on the same basis as the preceding parenthetical) on the Closing Date before Loans or any then existing Incremental Loans, as applicable, immediately prior to the effectiveness of the applicable Incremental Facility Amendment by more than 0.50%, the Applicable Margin relating to the Closing Date Loans or such then existing Incremental Loans, as applicable, shall be adjusted in order that such effective yield on such Incremental Loans shall not exceed such effective yield on the Closing Date Loans and such then existing Incremental Loans by more than 0.50%, (B) any Incremental Loans shall not have a final maturity date earlier than the then Latest Maturity Date and (C) any Incremental Loans shall not have a Weighted Average Life to Maturity that is shorter than the Weighted Average Life to Maturity of the later of the then remaining Closing Date Loans or then existing Incremental Loans, as applicable, (iv) after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making tranche of any Series of New Term Loans or New Revolving Incremental Loans, each there shall not be more than five tranches of the conditions set forth in Section 7 shall be satisfied; Loans outstanding under this Agreement at any time (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agentit being understood that, and each for purposes of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); this clause (iv), the Initial Loans, any tranche of Extended Loans and any tranche of Incremental Loans shall constitute separate and distinct tranches of Loans) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower Incremental Loans shall deliver or cause to not be delivered guaranteed by any legal opinions or other documents reasonably requested Person that is not a Loan Party and shall not be secured by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating theretoasset that is not Collateral. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject Each notice from the Borrower pursuant to this Section 2.24 shall set forth the satisfaction requested amount and proposed terms of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series relevant Incremental Loans. Any Additional Lenders that elect to extend Incremental Loans shall make a Loan be reasonably satisfactory to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (iiunless such Additional Lender is already a Lender or an Affiliate of a Lender) the Administrative Agent (in each New Term Loan Lender of case, any Series approval thereof not to be unreasonably withheld or delayed), and, if not already a Lender, shall become a Lender hereunder under this Agreement pursuant to an Incremental Facility Amendment. Each Incremental Facility shall become effective pursuant to an amendment (each, an “Incremental Facility Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, such Additional Lender or Additional Lenders and the Administrative Agent. No Incremental Facility Amendment shall require the consent of any Lenders or any other Person other than the Borrower, the Administrative Agent and the Additional Lenders with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Incremental Facility Amendment. No Lender shall be obligated to provide any Incremental Loans, unless it so agrees. Commitments in respect of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Incremental Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder become Commitments under this Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement An Incremental Facility Amendment may, without the consent of any other LendersLenders or any other Person, effect such amendments to this Agreement and the other Credit any Loan Documents as may be necessary or appropriate, in the opinion of the Administrative AgentAgent and the Borrower, to effect the provision provisions of this Section 2.142.24 (including to provide for class voting provisions applicable to the Additional Lenders on terms comparable to the provisions of Section 9.08(b)). The effectiveness of any Incremental Facility Amendment shall, unless otherwise agreed to by the Administrative Agent and the Additional Lenders party thereto, be subject to the satisfaction or waiver on the date thereof (each, an “Incremental Facility Closing Date”) of each of the conditions set forth in Section 4.02 (it being understood that all references to the date of making any extension of credit in Section 4.02 shall be deemed to refer to the Incremental Facility Closing Date). The proceeds of any Incremental Loans may be used for any general corporate purpose permitted hereunder. To the extent reasonably requested by the Administrative Agent, the effectiveness of an Incremental Facility Amendment may be conditioned on the Administrative Agent’s receipt of customary legal opinions with respect thereto, board resolutions and officers’ certificates and/or reaffirmation agreements consistent with those delivered on the Closing Date under Section 4.01, with respect to the Borrower and the Restricted Subsidiaries. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to any of the transactions effected pursuant to this Section 2.24.

Appears in 2 contracts

Samples: Second Lien Credit Agreement (Neff Corp), Second Lien Credit Agreement (Neff Corp)

Incremental Facilities. (a) The Borrower Borrowers may by written notice to the Administrative Agent elect to request prior to the Term Loan Maturity Date, the establishment of term loan commitments under one or more new term loan tranches (x) additional tranches of any such term loans (the commitments theretoloan commitment, the a “New Term Loan CommitmentsCommitment”; any Loan made in respect thereof, a “New Term Loan”) and/or in amounts that are (yi) increases not to exceed, in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the aggregate for all New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate $50,000,000 and (ii) individually not less than $100,000,000 individually 20,000,000 (or such any lesser amount as (x) may be that is approved by the Administrative Agent or (yAgent) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)integral multiples of $5,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount New Term Loan Date”) on which the Borrower proposes Borrowers propose that the New Term Loan Commitments shall be effective, which shall be a date not less than ten five Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (B) the identity of each Lender or any Affiliate of a Lender or other Person that is consented to by the Administrative Agent (other than a natural personsuch consent not to be unreasonably withheld or delayed) to provide all or a whom the Borrowers propose any portion of such New Term Loan Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, portion of such New Term Loan Commitments Commitments. Such New Term Loan Commitments, as applicable, shall become effective as of the applicable Increased Amount such New Term Loan Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount New Term Loan Date before or after giving effect to such New Term Loan Commitments, as applicablethe case may be; (ii2) both before and after giving effect to the making of any Series of such New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Incremental Facility Joinder Agreements executed and delivered by the Borrower and Loan Parties to the Administrative Agent, Agent and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d)2.20; (iv3) the Borrower Borrowers shall make any payments required pursuant to Section 2.11 2.16 in connection with such New Term Loan Commitments; (4) the applicable Borrower shall be in pro forma compliance with the Financial Covenants after giving effect to such New Term Loan Commitments and the New Term Loans to be made thereunder and the application of proceeds therefrom as if made and applied on such date; (5) the interest rate for any New Term Loan Commitmentsshall be determined by the Borrowers and the applicable Lender; provided that if the Yield in respect of any New Term Loans exceeds the Yield with respect to the Term Loan by more than 50 basis points, as applicablethe Applicable Percentage with respect to the Term Loan shall be automatically increased on the New Term Loan Date with respect to the Term Loan so that the Yield for the Term Loan is equal to the Yield with respect to such New Term Loans minus 50 basis points; (6) the final maturity date of any New Term Loans shall be no earlier than the Term Loan Maturity Date; and (v7) the Borrower Borrowers shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Once any New Term Loan Commitments shall become effective as of their respective New Term Loan Dates in accordance with this Section 2.24(a), extensions of credit may be made thereunder in accordance with the terms of the applicable Incremental Facility Joinder Agreement without any additional conditions thereto; provided that, with respect to each such extension of credit, each of the conditions set forth in Sections 4.02 shall be satisfied. Any New Term Loans made pursuant to New Term Loan Commitments that become effective on an Increased Amount Date a New Term Loan Date, as well as the Term Loans, shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction The Administrative Agent shall notify Lenders promptly upon receipt of the foregoing terms Borrowers’ notice of each New Term Loan Date and conditionsin respect thereof the New Term Loan Commitments, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of providing such New Revolving Credit Term Loan Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating theretotheir respective interests therein. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and Term Loan, except as otherwise reasonably satisfactory to the Revolving Credit CommitmentsAdministrative Agent or explicitly permitted by this Section 2.24. (ed) Each Joinder Agreement mayof the parties hereto hereby agrees that, without upon the consent effectiveness of any other LendersIncremental Facility Joinder Agreement, effect such amendments to this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the terms of the New Term Loan Commitments evidenced thereby. Any such deemed amendment may be memorialized in writing by the Administrative Agent with the Borrower’s consent (not to be unreasonably withheld) and furnished to the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14parties hereto.

Appears in 2 contracts

Samples: Superpriority Senior Secured Debtor in Possession and Exit Term Loan Credit Agreement (HMH Holdings (Delaware), Inc.), Superpriority Senior Secured Debtor in Possession and Exit Term Loan Credit Agreement (HMH Holdings (Delaware), Inc.)

Incremental Facilities. (a) The Borrower may by written notice to the Administrative Agent elect to request the establishment of (i) one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”), by(ii) and/or one or more new revolving credit commitments or unsecured revolving credit commitments (y) increases in Revolving Credit Commitments (any such new commitments, the “New Revolving Credit Commitments”), or (iii) one or more new pari passu notes (any such new notes, the “Incremental Notesand, and together with the New Term Loan Commitments and the New Revolving Credit Commitments, the “New Loan Commitments”), by in an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 25,000,00025 million individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach shall specify the identity of each Eligible Assignee (and any Lender or any Person (other than a natural personexisting Lender) to provide all or a whom the Borrower proposes any portion of such New Loans Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided provided, however, that (A) any existing Lender offered or approached to provide all or a portion of the New Loan Loans Commitments may elect or decline, in its sole discretion, to provide a all or any portion of such New Loan CommitmentLoans Commitments and (B) any Eligible Assignee that is not an existing Lender shall be approved by the Administrative Agent and the Borrower. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving LoansCommitments, each of the conditions set forth in Section 7 4.01 shall be satisfied; (iii) the New Term Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d3.01(e); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any ; and (vi) the interest rates and amortization schedule applicable to any New Loans under the New Loan Commitments shall be determined by the Borrower and the New Term Loan Lenders or New Revolving Credit Lenders, as applicable, thereunder; provided that if the applicable interest rate margin relating to the New Loans made Commitments (the “IncrementalNew Loan Applicable Rate”) exceeds the Applicable Rate relating to the existing Loans by more than 0.25%, the Applicable Rate relating to the existing Loans shall be adjusted to be equal to the IncrementalNew Loan Applicable Rate minus 0.25%; provided, further, that in determining such applicable interest rates, (x) original issue discount (“OID”) or upfront fees (which shall be deemed to constitute like amount of OID) paid by the Borrower to the Lenders under the New Loans Commitments and the existing Loans in the initial primary syndication thereof shall be included and equated to interest rate (with OID being equated to interest based on an Increased Amount Date assumed four-year life to maturity) and (y) any changes to the interest rate “floor” shall be designated, a separate series (a “Series”) of deemed to be an equivalent change in the applicable interest rate margin for the New Term Loans for all purposes of this AgreementCommitments. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series series shall make a Loan loan (which may be in the form of cash or through a cashless rollover of existing Loans of another Class hereunder) to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such SeriesCommitment, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series series made pursuant thereto. On any Increased Amount Date on which any New Revolving Credit Commitments of any Class are effected through the establishment of one or more New Revolving Credit Commitments, subject to the satisfaction of the terms and conditions in this Section 2.12, (i) each Lender with a New Revolving Credit Commitment (each, a “New Revolving Credit Lender”) of such Class shall make its Commitment available to the Borrower (when borrowed, a “New Revolving Credit Loan” and collectively with any New Term Loan, an “New Loan”) in an amount equal to its New Revolving Credit Commitment of such Class and (ii) each New Revolving Credit Lender of such Class shall become a Lender hereunder with respect to the New Revolving Credit Commitment of such Class and the New Revolving Credit Loans of such Class made pursuant thereto. Notwithstanding the foregoing, New Term Loans may have identical terms to any of the Loans and be treated as the same Class as any of such Loans. (dc) The terms and provisions of the any New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term initial Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series series shall be determined by the Borrower and the applicable new New Term Loan Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Loans, (iii) the New Term Loans shall rank pari passu in right of payment and of security with the Initial Loans and (iiiiv) all other terms applicable to the New Term Loans of each Series series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the any New Revolving Credit Loans and New Revolving Credit Commitments shall be identical reasonably determined by the Borrower and the New Revolving Credit Lenders. (d) As a condition precedent to such increase, the Borrower shall deliver to the Revolving Credit Administrative Agent a certificate of each Loan Party dated as of the Additional Loans EffectiveIncreased Amount Date signed by a Responsible Officer of such Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase and (ii) in the case of the Borrower, certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in Article V and, the other Loan Documents and the Revolving Credit CommitmentsIntermediateCo Unsecured Guarantee are true and correct in all material respects on and as of the Additional Loans EffectiveIncreased Amount Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and except that for purposes of this Section 2.12, the representations and warranties contained in subsections (a) and (b) of Section 5.06 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 and (B) no Event of Default or Default exists immediately before or immediately after giving effect to such addition. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and, the other Loan Documents and the other Credit Documents IntermediateCo Unsecured Guarantee as may be necessary or appropriate, in the opinion of the Administrative AgentAgent and the Borrower, to effect the provision of this Section 2.142.12.

Appears in 2 contracts

Samples: Credit Agreement (Toys R Us Inc), Credit Agreement (Toys R Us Inc)

Incremental Facilities. (a) The At any time after the later to occur of (i) the date of delivery of the annual financial statements for the Fiscal Year of the Borrower may ending December 31, 2013 pursuant to Section 8.03(c) and the Compliance Certificate therefor pursuant to Section 8.03(d) and (ii) the consummation of a Qualified MLP IPO, the Borrower may, by written notice to the Administrative Agent elect Agent, request that either (A) prior to request the Working Capital Commitment Termination Date, the total Working Capital Commitments be increased (any such increase, the “New Working Capital Commitment”) or (B) prior to the Maturity Date, the establishment of one or more (x) additional tranches of new term loans (the loan commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Commitment”), in each case, by an aggregate amount not to exceed the then existing Incremental Facility Amount at such time. Such notice shall set forth (A) the amount of the requested New Working Capital Commitments and/or New Term Loan Commitments (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000 or the amount equal to the then remaining Incremental Facility Amount), (B) the date on which such New Working Capital Commitments and/or New Term Loan Commitments are requested to become effective (which shall be not less than 10 Business Days nor more than 45 days after the date of such notice), and (C) shall offer each Working Capital Lender the opportunity to provide New Working Capital Commitment by its applicable Pro Rata Share of the proposed New Working Capital Commitment and/or offer each Lender the opportunity to provide any of the New Term Loan Commitments. Each such Lender shall, by notice to the Borrower and the Administrative Agent given not more than 15 days after the date of the Administrative Agent’s notice, either agree to provide New Working Capital Commitments and/or New Term Loan Commitments by all or a portion of the offered amount (each Lender so agreeing being an “Increasing Lender”) or decline to provide New Working Capital Commitments and/or New Term Loan Commitments (and any Lender that does not deliver such a notice within such period of 15 days shall be deemed to have declined to provide New Working Capital Commitments and New Term Loan Commitments) (each Lender so declining or being deemed to have declined being a “Non-Increasing Lender”). In the event that, on the 15th day after the Administrative Agent shall have delivered a notice pursuant to the second sentence of this paragraph, there shall not be Increasing Lenders who have agreed to provide New Working Capital Commitments and/or New Term Loan Commitments by an aggregate amount sufficient to accommodate the request by the Borrower, then the Borrower may arrange for one or more banks or other entities (any Series such bank or other entity being called an “Augmenting Lender”), which may include any Lender, to provide New Working Capital Commitments or New Term Loan Commitments in an aggregate amount equal to the unsubscribed amount; provided, however, that each Augmenting Lender (who is not then a current Lender) shall make a Loan be an Eligible Assignee and shall be subject to the prior written approval of the Administrative Agent (to the extent New Working Capital Commitments are being provided) (which approvals shall not be unreasonably withheld or delayed), and the Borrower (which approval shall not be unreasonably withheld or delayed) and each Augmenting Lender shall execute all such documentation (including a Joinder Agreement) as the Administrative Agent shall reasonably specify to evidence its New Term Loan”) in an amount equal to its Working Capital Commitment, New Term Loan Commitment of and/or its status as a Lender hereunder (as applicable) and shall share pro rata in the Collateral as a Secured Party. Any such Series, and (ii) each New Working Capital Commitments and/or New Term Loan Commitments may be made in an amount that is less than the request by the Borrower if the Borrower is unable to arrange for, or chooses not to arrange for, Augmenting Lenders. Any Increasing Lender or Augmenting Lender that receives a portion of any Series the New Working Capital Commitment or New Term Loan Commitment (as applicable) in accordance with this Section 5.10 shall become a Lender hereunder be bound by and entitled to the benefits of this Agreement with respect to the full amount of its share of the New Working Capital Commitment or New Term Loan Commitment (as applicable). For avoidance of such Series and doubt, nothing herein shall be deemed to require any Lender to increase the New Term Loans amount of such Series made pursuant theretoits Commitments. (db) The terms and provisions Each of the parties hereto hereby agrees that the Administrative Agent may take any and all actions as may be reasonably necessary to ensure that, after giving effect to any New Term Loans and Working Capital Commitments or New Term Loan Commitments of any Series shall bepursuant to this Section 5.10, except as otherwise set forth herein or the outstanding Working Capital Advances (if any) are held by the Working Capital Lenders in accordance with their new applicable Pro Rata Share. This may be accomplished at the applicable Joinder Agreement, identical to one or more Classes reasonable discretion of the existing Initial Administrative Agent, following consultation with the Borrower, by causing Non-Increasing Lenders to assign portions of their outstanding Working Capital Advances to Increasing Lenders and/or Augmenting Lenders. Any prepayment or assignment described in this clause (b) shall be subject to Section 12.03(c), but shall otherwise be without premium or penalty. (c) Notwithstanding the foregoing, no New Working Capital Commitments or New Term Loans; provided that Loan Commitments shall become effective under this Section 5.10 unless (i) on the applicable date of the Borrower’s request to provide New Working Capital Commitments and/or New Term Loan Maturity Date of each Series Commitments, all Delayed Draw Term Commitments shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identicalhave been utilized or expired, (ii) the rate proceeds of interest any New Term Loan Commitments shall be used in accordance with Section 5.09(e), (iii) the Administrative Agent shall have received a certificate of a Responsible Officer certifying and the amortization schedule applicable showing (in reasonable detail and with appropriate calculations and computations in all respects reasonably satisfactory to the New Term Loans of each Series shall be determined by Administrative Agent) that (A) the Borrower and the applicable new Lenders and shall be conditions set forth in each applicable Joinder Agreement; provided that this Section 5.10(c) have been satisfied and (B) the weighted average life Borrower would be in compliance with the Financial Covenants as of the most recently completed Measurement Period ending prior to maturity the incurrence of all such Debt for which the financial statements and certificates required by Section 8.03(b) or 8.03(c) were required to be delivered, after giving pro forma effect to such New Working Capital Commitments or New Term Loans shall be no shorter than the weighted average life Loan Commitments, as applicable (assuming that any such Commitments are fully drawn) and to maturity any other event occurring after such Measurement Period as to which pro forma recalculation pursuant to Section 8.04(d) is appropriate as if such transactions had occurred as of the Initial Term Loans and first day of such Measurement Period, (iiiiv) all other terms applicable the pro forma Leverage Ratio as of the last day of the most recently ended Fiscal Quarter shall not exceed 2.50:1.00 after giving effect to the such New Working Capital Commitments or New Term Loans of each Series Loan Commitments, as applicable (assuming that differ from any such Commitments are fully drawn) and calculated pursuant to Section 8.04(d), (v) the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (pro forma Contracted Coverage Ratio as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions date of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent extension of any other Lenderssuch New Working Capital Commitments and/or New Term Loan Commitments, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.applicable (the

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Enviva Partners, LP), Credit and Guaranty Agreement (Enviva Partners, LP)

Incremental Facilities. (a) The Borrower Representative may by written notice to the Administrative Agent at any time after the Restatement Date elect to request (A) prior to the Revolving Commitment Termination Date, an increase to the existing Revolving Commitments (any such increase, the “Incremental Revolving Commitments”) and/or (B) the establishment of one or more (x) additional tranches of new term loans (the loan commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Incremental Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount greater of (x) $500,000,000 in the aggregate and (y) $1,000,000,000 in the aggregate if, after giving pro forma effect to the incurrence of such Incremental Revolving Commitments and/or Incremental Term Loan Commitments, the Senior Secured Leverage Ratio would not exceed 2.00:1.00, and, in each case, not less than $100,000,000 25,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $500,000,000 or $1,000,000,000, as applicable, and all such New Incremental Revolving Commitments and Incremental Term Loan Commitments obtained on or prior to such date), and integral multiples of $10,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower Representative proposes that the New Incremental Revolving Commitments or Incremental Term Loan Commitments Commitments, as applicable, shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (B) the identity of each Lender or any other Person that is an Eligible Assignee (other than a natural personeach, an “Incremental Revolving Loan Lender” or “Incremental Term Loan Lender”, as applicable) to provide all or a whom the Borrower Representative proposes any portion of the New such Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable, be allocated and the amounts of such allocations; provided that the Administrative Agent may elect or decline to arrange such Incremental Revolving Commitments or Incremental Term Loan Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Incremental Revolving Commitments or Incremental Term Loan Commitments may elect or decline, in its sole discretion, to provide a New an Incremental Revolving Commitment or an Incremental Term Loan Commitment. In each case, such New Such Incremental Revolving Commitments or Incremental Term Loan Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Incremental Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.02 shall be satisfied; (iii3) the New U.S. Borrower shall be in pro forma compliance with each of the covenants set forth in Section 6.07 as of the last day of the most recently ended Fiscal Quarter after giving effect to such Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable; (4) the Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower applicable Borrower, the Incremental Revolving Loan Lender or Incremental Term Loan Lender, as applicable, and the Administrative Agent, and each of which shall be recorded in the Register and each Incremental Revolving Loan Lender and Incremental Term Loan Lender shall be subject to the requirements set forth in Section 5.4(d2.20(c); (iv5) the applicable Borrower shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Loan Incremental Revolving Commitments, as applicable; and (v6) the applicable Borrower shall deliver or cause to be delivered any legal opinions or other documents (including modifications of Mortgages and title insurance endorsements or policies) as reasonably requested by the Administrative Agent in connection with any such transactiontransaction and (7) the applicable Borrower shall have paid all fees and expenses owing to the Agents and the Lenders in respect of such Incremental Revolving Commitments or Incremental Term Loan Commitments. Any New Incremental Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Incremental Term Loans for all purposes of this Agreement. (b) . On any Increased Amount Date on which New Incremental Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments of the same Class shall assign to each Lender with a New Revolving Credit Commitment (each, a “New of the Incremental Revolving Loan Lender”) Lenders, and each of the New Incremental Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitmentssuch Lenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the applicable Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Lenders Commitments of the same Class and New Incremental Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Incremental Revolving Credit Commitments to the Revolving Credit CommitmentsCommitments of the applicable Class, (b) each New Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment of the applicable Class and each Loan made thereunder (a an New Incremental Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan of the applicable Class and (c) each New Incremental Revolving Loan Lender shall become a Lender with respect to the New Incremental Revolving Credit Commitment and all matters relating thereto. (c) . On any Increased Amount Date on which any New Incremental Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Incremental Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower Borrowers (a an New Incremental Term Loan”) in an amount equal to its New Incremental Term Loan Commitment of such Series, Series and (ii) each New Incremental Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Incremental Term Loan Commitment of such Series and the New Incremental Term Loans of such Series made pursuant thereto. . The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower Representative’s notice of each Increased Amount Date and in respect thereof (dy) the Incremental Revolving Commitments and the Incremental Revolving Loan Lenders or the Series of Incremental Term Loan Commitments and the Incremental Term Loan Lenders of such Series, as applicable and (z) in the case of each notice to any applicable Lender with Revolving Commitments, the respective interests in such Lender’s Revolving Loans, in each case subject to the assignments contemplated by this Section. The terms and provisions of the New Incremental Term Loans and New Incremental Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes the Tranche B Term Loans of the existing Initial same Class. The terms and provisions of the Incremental Revolving Loans shall be identical to the Revolving Loans of the same Class. In the case of any Incremental Term Loans; provided that , (i) the Weighted Average Life to Maturity of all Incremental Term Loans of any Series shall be no shorter than the Weighted Average Life to Maturity of the Tranche B Terms Loans, (ii) the applicable New Incremental Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) final maturity of the New Tranche B Term Loans Loans, and the existing Initial Term Loans shall be identical, (iiiii) the rate of interest yield and the amortization schedule all other terms applicable to the New Incremental Term Loans of each Series shall be determined by the Borrower Representative and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided provided, however, that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms yield applicable to the New Incremental Term Loans (after giving effect to all rate floors and all fees or original issue discount payable with respect to such Incremental Term Loans), as reasonably determined by the Administrative Agent, shall not be greater than the applicable interest rate (including the Applicable Margin and rate floor) payable pursuant to the terms of each Series that differ from this Agreement as amended through the existing Initial date of such calculation with respect to the Tranche B Term Loans, plus 0.50% per annum unless (i) the interest rate with respect to the Tranche B Term Loans shall is increased so as to cause the then applicable interest rate under this Agreement on the Tranche B Term Loans to be reasonably acceptable not more than 0.50% less than the yield then applicable to the Administrative Agent Incremental Term Loans (after giving effect to all rate floors and all fees or original issue discount payable with respect to such Incremental Term Loans) and (ii) the interest rate with respect to Tranche A Term Loans is increased by an amount equal to the amount of any increase in the interest rate for Tranche B Term Loans pursuant to clause (i). Any Incremental Revolving Loans will be documented solely as evidenced by its execution an increase to the Revolving Commitments of the applicable Joinder Agreement). The terms same Class without any change in terms, other than any change that is more favorable to the Revolving Lenders and provisions of the New applies equally to all Revolving Loans and New Revolving Credit Commitments shall be identical to of the Revolving Credit Loans and the Revolving Credit Commitments. (e) same Class. Each Joinder Agreement may, without the consent of any Lender other Lendersthan the applicable Incremental Revolving Loan Lender or Incremental Term Loan Lender, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision provisions of this Section 2.142.24.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (PVH Corp. /De/), Credit and Guaranty Agreement (Phillips Van Heusen Corp /De/)

Incremental Facilities. (a) The Any Borrower may by written notice to Administrative the Agent elect to request the establishment of one or more (x) additional tranches of term loans of any class in Dollars, Euros, Sterling, Yen, Canadian Dollars or any other currency reasonably acceptable to the Agent or new Commitments to increase any existing Class of Term Loans (the commitments theretodescribed in this clause (x), the “New Term Loan Commitments”) and/or ), (y) increases in Revolving Credit Commitments under one or more of the then existing Revolving Facilities or new revolving commitments under a new revolving facility (a “New Revolving Facility”) (any such commitments described in this clause (y), the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate ) in a Dollar Equivalent amount at any time not to exceed (other than in excess the case of any New Commitments with respect to Refinancing Term Loans and/or Replacement Revolving Commitments) the Maximum Incremental Facilities Amount in the aggregate at such time and not less than the Dollar Equivalent of $100,000,000 25.0 million individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such dateentire remaining availability hereunder). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the applicable Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten five Business Days after the date on which such notice is delivered to Agent (or such shorter period as may be agreed by the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments); provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such Such New Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i) subject to Section 1.10, no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) subject to Section 1.10, both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 4.02 shall be satisfied; (iii) subject to Section 1.10, the U.S. Borrower and the Restricted Subsidiaries shall be in pro forma compliance with Section 6.10 as of the last day of the most recently ended fiscal quarter prior to such Increased Amount Date and as in effect on such Increased Amount Date after giving effect to such New Commitments and any Investment to be consummated in connection therewith; (iv) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements supplements to this Agreement executed and delivered by the Borrower and Administrative AgentLoan Parties, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicableLenders and the Agent; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transactionsupplement shall provide that each New Lender shall automatically become party to the Loss Sharing Agreement pursuant to such supplement. Any The Euro Term A Loans, the Canadian Term A-1 Loans and any other New Term Loans (other than the Canadian Term A Loans funded pursuant to the Additional Canadian Term A Commitments and any other New Term Loans which are designated as an increase in the amount of any previously established Class of Term Loans) made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. In connection with the obtaining of any New Commitments pursuant to this Section 2.19(a), the U.S. Borrower shall, or shall cause the other applicable Loan Parties to, make such amendments to the Collateral Documents and take such other customary actions, if any, as the Agent may reasonably request in order to preserve and protect the Liens on the Collateral securing the Obligations (either prior to or within 30 days (or such longer period as to which the Agent may consent) following the Increased Amount Date for such New Commitments). (b) On any Increased Amount Date on which New Revolving Credit Commitments are effectedeffected under any existing Revolving Facility (but not any New Revolving Facility being established on such date), subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments under the applicable Revolving Facility shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsCommitments under the applicable Revolving Facility, at the principal amount thereof and in the applicable currency(ies)thereof, such interests in the Revolving Credit Loans outstanding under the applicable Revolving Facility on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Lenders Loans under the applicable Revolving Facility and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments Ratable Portions after giving effect to the addition of such New Revolving Credit Commitments to the such Revolving Credit CommitmentsFacility, (b) each such New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment under the applicable Revolving Facility and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan under the applicable Revolving Facility and (c) each New Revolving Loan Lender with a New Revolving Commitment under an existing Revolving Facility shall become a Lender under the applicable Revolving Facility with respect to the New Revolving Credit Commitment and all matters relating thereto. On any Increased Amount Date on which New Revolving Commitments are effected under any New Revolving Facility, subject to the satisfaction of the foregoing terms and conditions, the Agent and the Borrowers shall enter into an amendment to this Agreement to incorporate the terms of such New Revolving Facility hereunder on substantially the same terms as were applicable to the existing Revolving Facilities (except with respect to the rate of interest and the Scheduled Termination Date applicable to such New Revolving Facility and except as otherwise reasonably acceptable to the Agent). (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series Class are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series Class shall make a Loan to the applicable Borrower (a “New Term Loan”) in the requested currency in an amount equal to its New Term Loan Commitment of such SeriesClass, and (ii) each New Term Loan Lender of any Series Class shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series Class and the New Term Loans of such Series Class made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreementsupplement relating thereto, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable final maturity date of the New Term Loan Maturity Date of each Series Loans shall be no earlier than (x) in the Initial case of Refinancing Term Loans, the Term Loans or Revolving Commitments refinanced therewith, (y) in the case of New Term A Loans, the U.S. Term A Loan Maturity Date and (z) in the case of any other New Term Loans, the U.S. Term B-1 Loan Maturity Date, and, in the case of all New Term Loans, the mandatory prepayment and other payment rights (other than scheduled amortization) of provisions applicable to the New Term Loans and the existing Initial shall not require that any mandatory prepayment pursuant to Section 2.09 apply to such New Term Loans shall be identicalon a greater basis than ratable basis then outstanding Term Loans, (ii) the currency, optional prepayment provisions, rate of interest and the amortization schedule applicable to the any New Term Loans of each Series shall be determined by the applicable Borrower and the applicable new Lenders and shall be set forth in each the applicable Joinder Agreementsupplement relating thereto; provided that (A) the weighted average life Weighted Average Life to maturity Maturity of all any New Term Loans will be no shorter than (x) in the case of Refinancing Term Loans, the Weighted Average Life to Maturity of the Term Loans refinanced or Revolving Commitments replaced thereby, (y) in the case of New Term A Loans, the then remaining Weighted Average Life to Maturity of the U.S. Term A Loans or Canadian Term A Loans and (z) in the case of any other New Term Loans, the then remaining Weighted Average Life to Maturity of the U.S. Term B-1 Loans, (B) if the Effective Yield of any New Term Loans (other than Refinancing Term Loans) denominated in Dollars established on any Increased Amount Date occurring on or prior to the twelve (12) month anniversary of the Closing Date exceeds the Effective Yield of the U.S. Term B Loans by more than 50 basis points, the Applicable Rates for the U.S. Term B Loans shall be increased to the extent necessary so that, after giving effect to such increase, the Effective Yield of the U.S. Term B Loans is equal to the Effective Yield of such New Term Loans minus 50 basis points and (C) if the Effective Yield of any New Term Loans (other than Refinancing Term Loans) denominated in Dollars established on any Increased Amount Date occurring on or prior to the twelve (12) month anniversary of the Incremental Amendment No. 2 Effective Date exceeds the Effective Yield of the U.S. Term B-1 Loans by more than 50 basis points, the Applicable Rates for the U.S. Term B-1 Loans shall be increased to the extent necessary so that, after giving effect to such increase, the Effective Yield of the U.S. Term B-1 Loans is equal to the Effective Yield of such New Term Loans minus 00 xxxxx xxxxxx, (xxx) New Term Loans shall not be no shorter than the weighted average life to maturity guaranteed by any Subsidiary of the Initial Term Loans U.S. Borrower that is not a Loan Party and shall be secured on a pari passu basis with the other Obligations pursuant to the Collateral Documents and (iiiiv) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreementsupplement relating thereto). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments forming an increase in any then existing Revolving Facility shall be identical to the Revolving Credit Loans and the Revolving Credit CommitmentsCommitments under such Revolving Facility; provided that, with respect to any New Revolving Facility, (i) the Scheduled Termination Date with respect thereto shall be set forth in the applicable supplement and shall be no earlier than the Scheduled Termination Date of any then outstanding Revolving Facility in effect at such time, (ii) the rate of interest and fees applicable thereto shall be determined by the applicable Borrower and the applicable new Lenders and shall be set forth in the applicable supplement relating thereto, (iii) such New Revolving Facility shall not be guaranteed by any Subsidiary of the U.S. Borrower that is not a Loan Party and shall be secured on a pari passu basis with the other Obligations pursuant to the Collateral Documents and (iv) all other terms applicable thereto that differ from the existing Revolving Loans and Revolving Commitments under the existing Revolving Facilities (including but not limited to any currency available under or any Borrower of such New Revolving Facility) shall be reasonably acceptable to the Agent (as evidenced by the execution of the applicable supplement relating thereto). (ei) Any Borrower may at any time and from time to time request that all or a portion of the Term Loans under any Term Loan Facility of such Borrower (an “Existing Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans and/or amended to lower the Effective Yield thereof (any such Term Loans which have been so converted and/or extended, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.19(e). In order to establish any Extended Term Loans, the applicable Borrower shall provide a notice to the Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Class) (an “Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to the Term Loans of the Existing Class from which they are to be converted except (w) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Class, (x) (A) the interest rate and fee provisions with respect to the Extended Term Loans may be different from those applicable to the Term Loans of such Existing Class (and Extended Term Loans may provide for prepayment protection that is different from those applicable to such Existing Class) and/or (B) additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), (y) the supplement providing for such Extended Term Loans may provide for other terms applicable to such Extended Term Loans so long as either (A) such additional terms do not apply until all Term Loans and Commitments outstanding immediately prior to the establishment of such Extended Term Loans have been repaid, terminated or returned as applicable, (B) such additional terms are less favorable to the holders of the Extended Term Loans than the corresponding Existing Class or (C) such additional terms have been approved by the Required Lenders and (z) the mandatory prepayment rights of the Extended Term Loans and such Existing Class may be different so long as the proportion (if any) of the proceeds thereof to which such Extended Term Loans are entitled is no greater on a proportionate basis than the portion of such proceeds to which the Existing Class is entitled to receive. (ii) The Borrowers shall provide the applicable Extension Request at least five (5) Business Days prior to the date on which Lenders under the Existing Class are requested to respond (or such shorter period as may be agreed by the Agent). Any Lender (an “Extending Lender”) wishing to have all or a portion of its Term Loans of the Existing Class subject to such Extension Request converted into Extended Term Loans shall notify the Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans of the Existing Class which it has elected to convert into Extended Term Loans. In the event that the aggregate amount of Term Loans of the Existing Class subject to Extension Elections exceeds the amount of Extended Term Loans requested pursuant to the Extension Request, Term Loans subject to Extension Elections shall be converted to Extended Term Loans on a pro rata basis based on the amount of Term Loans included in each such Extension Election (subject to such rounding as the Agent deems expedient). For the avoidance of doubt, each Lender agrees that any Term Loan that is converted to an Extended Term Loan (and the Extending Lender providing such Extended Term Loan) shall continue to be subject to the Loss Sharing Agreement to the same extent as the Term Loan from which such Extended Term Loan was converted. Any Extended Term Loans shall be established on the date set forth in the applicable supplement entered into by the applicable Borrower and the Agent pursuant to this Section 2.19(e) (it being understood that by providing an Extension Election, an Extending Lender will agree to be bound thereby). (f) Each Joinder Agreement supplement pursuant to this Section 2.19 may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative AgentAgent and the Joint Lead Arrangers, to effect the provision of this Section 2.142.19. (g) The provisions of this Section 2.19 shall override any provisions of Section 9.02 to the contrary and, for the avoidance of doubt Section 2.09(b).

Appears in 2 contracts

Samples: Credit Agreement (Aramark), Credit Agreement (Aramark)

Incremental Facilities. (a) The Borrower may After the Second Amendment Effective Date and before the Extended Term Loan Maturity Date (with respect to Term Loans) and Extended Revolving Termination Date (with respect to Revolving Loans), as applicable, the Borrower, by written notice to Administrative Agent elect to Agent, may request (i) the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Incremental Term Loan Commitments”) and/or (yii) increases in the Revolving Credit Commitments (the “New Incremental Revolving Credit Commitments” and, together with the New Incremental Term Loan Commitments, the “New Incremental Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and ; provided that (i) each such request shall be for not less than $100,000,000 individually 25,000,000 (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between up to the Maximum Incremental Facilities Amount Amount) and all (ii) after giving effect to each such New Loan request, the aggregate amount (the “Maximum Facilities Amount”) of outstanding Term Loans and Revolving Commitments obtained on or prior to such date)shall not exceed $1,500,000,000. Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Incremental Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Incremental Loan Commitments; provided that any (i) no Lender offered or approached will be required to provide such Incremental Loan Commitment and (ii) any entity providing all or a portion of the New Incremental Loan Commitments may elect other than a Lender, an affiliate of a Lender or declinean Approved Fund, in its sole discretion, shall be reasonably acceptable to provide a New Loan Commitment. the Administrative Agent (with such acceptance by the Administrative Agent to not be unreasonably withheld or delayed). (b) In each case, such New Incremental Loan Commitments shall become effective as of the applicable Increased Amount Date; , provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Incremental Loan Commitments, as applicable; (ii) both before and the Borrower shall be in compliance with Section 7.1 as of the most recently ended fiscal quarter after giving effect to the making of any Series of New Term Loans or New Revolving Loanssuch Incremental Loan Commitments, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New weighted average life to maturity of any Incremental Term Loan shall be greater than or equal to the then-remaining weighted average life to maturity of the Extended Term Loans, (iv) the interest rate margin in respect of any Incremental Revolving Loans that is in effect on the Increased Amount Date (giving effect to original issue discount (“OID”) or upfront fees, (which shall be deemed to constitute like amounts of OID, with OID being equated to interest rates in a manner determined by the Administrative Agent based on a four-year life to maturity) paid to all of the Incremental Revolving Lenders in connection therewith) shall not exceed the sum of (x) the Applicable Margin for the Revolving Loans made pursuant to Extended Revolving Commitments that is in effect on the Increased Amount Date, and (y) the upfront fees paid to all of the Lenders in respect of their Extended Revolving Commitments, which shall be equated to interest rate based on a four-year life to maturity, or if it does so exceed the sum of such Applicable Margin and such fees, such Applicable Margin for the Revolving Loans made pursuant to Extended Revolving Commitments shall be increased so that the interest rate margin in respect of such Incremental Revolving Loan that is in effect on the Increased Amount Date (giving effect to any OID issued or upfront fees paid to all of the Incremental Lenders in connection therewith) is no greater than the sum of (x) the Applicable Margin for the Revolving Loans made pursuant to Extended Revolving Commitments that is in effect on the Increased Amount Date and (y) the upfront fees paid to all of the Lenders in respect of their Extended Revolving Commitments, (v) unless the final maturity date of such Incremental Term Loans is at least one year later than the final maturity date of the Extended Term Loans, the interest rate margin in respect of such Incremental Term Loans (giving effect to OID or upfront fees paid to all of the Incremental Term Lenders in connection therewith (with fees and OID being equated to interest rate in the manner set forth above)) shall not exceed the sum of (x) the Applicable Margin for the Extended Term Loans, and (y) the upfront fees paid to all of the Lenders in respect of their Extended Term Loans, which shall be equated to interest rate based on a four-year life to maturity, or if it does so exceed the sum of such Applicable Margin and such fees, such Applicable Margin for the Extended Term Loans shall be increased so that the interest rate margin in respect of such Incremental Term Loan (giving effect to any OID issued or upfront fees paid to all of the Incremental Term Lenders in connection therewith) is no greater than the sum of (x) the Applicable Margin for the Extended Term Loans and (y) the upfront fees paid to all of the Lenders in respect of their Extended Term Loans, (vi) if the final maturity date of such Incremental Term Loans is at least one year later than the final maturity date of the Extended Term Loans, the interest rate margin in respect of such Incremental Term Loans (giving effect to OID or upfront fees paid to all of the Incremental Term Lenders in connection therewith (with fees and OID being equated to interest rate in the manner set forth above)) shall not exceed by more than 25 bps the sum of (x) the Applicable Margin for the Extended Term Loans, and (y) the upfront fees paid to all of the Lenders in respect of their Extended Term Loans, which shall be equated to interest rate based on a four-year life to maturity, or if it does so exceed by more than 25 bps the sum of such Applicable Margin and such fees, such Applicable Margin for the Extended Term Loans shall be increased so that the interest rate margin in respect of such Incremental Term Loan (giving effect to any OID issued or upfront fees paid to all of the Incremental Term Lenders in connection therewith) is no greater than the sum of (x) the Applicable Margin for the Extended Term Loans, (y) the upfront fees paid to all of the Lenders in respect of their Extended Term Loans and (z) 25 bps, and (vii) the Incremental Loan Commitments shall be effected pursuant to one or more Joinder Agreements incremental commitment agreements in a form reasonably acceptable to the Administrative Agent (each, a “Incremental Commitment Agreement”) executed and delivered by the Borrower Borrower, the applicable Incremental Term Loan Lender and the Administrative Agent, and each of Agent pursuant to which shall such Incremental Term Loan Lender agrees to be recorded in the Register and shall be subject bound to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, terms of this Agreement as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transactiona Lender. Any New Incremental Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) tranche of New Incremental Term Loans for all purposes of this Agreement. (bc) On any Increased Amount Date on which New Incremental Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender Person with a New an Incremental Revolving Credit Commitment (each, a an New Incremental Revolving Loan Lender”) and each of the New Incremental Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies)thereof, such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Incremental Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Incremental Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a an New Incremental Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Incremental Revolving Loan Lender shall become a Lender with respect to the New Incremental Revolving Credit Commitment and all matters relating thereto. The terms and provisions of the Incremental Revolving Loans and Incremental Revolving Commitments shall be identical to the Revolving Loans and the Revolving Commitments. (cd) On any Increased Amount Date on which any New Incremental Term Loan Commitments of any Series are effectiveeffected, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender Person with a New an Incremental Term Loan Commitment (each, a an New Incremental Term Loan Lender”) of any Series shall make a Loan to the Borrower (a an New Incremental Term Loan”) in an amount equal to its New Incremental Term Loan Commitment of such SeriesCommitment, and (ii) each New Incremental Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Incremental Term Loan Commitment of such Series and the New Incremental Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Incremental Commitment Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.142.23.

Appears in 2 contracts

Samples: Credit Agreement (Avis Budget Group, Inc.), Credit Agreement (Avis Budget Group, Inc.)

Incremental Facilities. (a) The Borrower may may, by written notice to Administrative Agent Agent, elect to request the establishment of one or more (x) additional tranches of term loans or increases in Term Loans of any Class (the commitments thereto, the “New Term Loan Commitments”) and/or ), (y) increases in Revolving Credit Commitments of any Class (the “New Revolving Credit Commitments”), and/or (z) additional tranches of Revolving Credit Commitments (the “Additional Revolving Credit Commitments” and, together with the New Revolving Credit Commitments, the “Incremental Revolving Credit Commitments”; together with the New Term Loan Commitments and the New Revolving Credit Commitments, the “New Loan Commitments”), ) by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date), which may be incurred in Dollars, Euros or Pounds Sterling. Each such notice shall specify In connection with the date (eachincurrence of any Indebtedness under this Section 2.14, an “Increased Amount Date”) on which at the request of the Administrative Agent, the Borrower proposes shall provide to the Administrative Agent a certificate certifying that the New Loan Commitments do not exceed the Maximum Incremental Facilities Amount, which certificate shall be effectivein reasonable detail and shall provide the calculations and basis therefor and, which shall be a date not less than ten Business Days after the date on which such notice is delivered subject to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective reclassification as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent10.1, and each of which shall be recorded in the Register and shall be subject classify such Indebtedness as being incurred underpursuant to the requirements set forth in Section 5.4(d); applicable clause(i) or clause (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortizationiis) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate definition of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.Maximum

Appears in 2 contracts

Samples: First Lien Credit Agreement (BrightSpring Health Services, Inc.), First Lien Credit Agreement (BrightSpring Health Services, Inc.)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to At any time the Borrower, may, if it so elects, (i) increase the aggregate amount of the revolving Commitments (each, an “Incremental Revolving Increase”) or (ii) request the establishment addition of one or more (x) additional new tranches of term loans (the commitments theretoeach, the an New Incremental Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit CommitmentsFacility” and, together with the New Term Loan CommitmentsIncremental Revolving Increases, the “New Loan CommitmentsIncremental Facilities”), either by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to designating one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, financial institutions not theretofore a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender (such designation to be effective only with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the prior written consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, which consent will not be unreasonably withheld or delayed), and/or by agreeing with one or more existing Lenders (each, an “Increasing Lender”) that each such Lender’s Commitment shall be increased. Upon execution and delivery by the Borrower and such Lender or other financial institution of an instrument in form reasonably satisfactory to effect the provision Administrative Agent providing for such new or increased Commitment, addressing the other matters related thereto contemplated in this Section, and, with respect to an Incremental Term Facility, providing for appropriate modifications for obligations of Lenders, commitments and loans (each, an “Incremental Amendment”), each such New Lender and Increasing Lender shall have a Commitment as set forth in such instrument with all the rights and obligations of a Lender with such a Commitment hereunder, the commitments of Lenders agreeing to provide such Incremental Facilities shall become “Commitments” hereunder and any Incremental Facilities shall, when made, constitute “Loans” under this Section 2.14.Agreement; provided that:

Appears in 2 contracts

Samples: Credit Agreement (Cloud Peak Energy Resources LLC), Credit Agreement (Cloud Peak Energy Resources LLC)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $1,500,000,000 in the aggregate and not less than $100,000,000 50,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $1,500,000,000 and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such Such New Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the Borrower shall be in Pro Forma Compliance with the covenant set forth in Section 10.9 as of the last day of the most recently ended fiscal quarter after giving effect to such New Loan Commitments and any Investment to be consummated in connection therewith; (iv) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements New Loan Increase Joinders executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d) and (e); (ivv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; (vi) any New Loan Commitments and any New Term Loans and New Revolving Loans shall be denominated in Dollars; and (vvii) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Lenders Loans and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder AgreementNew Loan Increase Joinder, identical to one or more Classes of the existing Initial Tranche B Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Tranche B Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Tranche B Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable New Loan Increase Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Tranche B Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder AgreementNew Loan Increase Joinder). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) The New Loan Commitments shall be effected by a joinder agreement (the “New Loan Increase Joinder”) substantially in the form of Exhibit M executed by the Borrower, the Administrative Agent and each Lender making such New Loan Commitment, in form and substance reasonably satisfactory to each of them. Each New Loan Increase Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 2 contracts

Samples: Credit Agreement (Kinder Morgan Holdco LLC), Credit Agreement (Kinder Morgan Inc)

Incremental Facilities. (a) The At any time and from time to time, subject to the terms and conditions set forth herein, the Borrower may may, by written notice to the Administrative Agent elect (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request the establishment of to add (i) (x) one or more increases to any existing Term Loan or Incremental Term Loan (xeach such increase, a “Term Loan Increase”) or (y) one or more additional tranches of term loans (the commitments thereto“Other Term Loans” and together with any Term Loan Increase, the “New Incremental Term Loan CommitmentsLoans”) and/or or (yii) solely during the Revolving Availability Period, one or more increases in the aggregate amount of the Revolving Credit Commitments (the each such increase, a New Revolving Credit CommitmentsCommitment Increase” and, together with the New Incremental Term Loan CommitmentsLoans, the “New Loan CommitmentsIncremental Facilities”); provided that at the time of each such request and upon the effectiveness of each Incremental Facility Amendment (or, by an aggregate amount not subject to clauses (A) and (B) below, to the extent the initial proceeds of any Incremental Facilities are used in excess connection with any acquisition of or other investment in all or substantially all of the Maximum Equity Interests, assets or business of any Person or any assets constituting a business unit, line or division of such Person, at and as of the date the agreement with respect to such acquisition or other investment is signed), (A) no Default has occurred and is continuing or shall result therefrom (provided that in the event the initial proceeds of any Incremental Facilities Amount are used in connection with any acquisition of or other investment in all or substantially all of the aggregate and not less than $100,000,000 individually Equity Interests, assets or business of any Person or any assets constituting a business unit, line or division of such Person, such condition precedent set forth in this clause (or such lesser amount as (xA) may be approved by waived or limited as agreed between the Administrative Agent Borrower and the Lenders providing such Incremental Facility, without the consent of any other Lenders), (B) the representations and warranties of the Borrower set forth in the Loan Documents (or, to the extent the initial proceeds of any Incremental Facilities are used in connection with any acquisition of or other investment in all or substantially all of the Equity Interests, assets or business of any Person or any assets constituting a business unit, line or division of such Person, at the time the agreement with respect to such acquisition or other investment is signed and upon the effectiveness of such Incremental Facility Amendment, solely the representations and warranties of the Borrower set forth in Sections 3.01(a), 3.01(b), 3.02, 3.03(b) (ywith respect to the charter, articles or certificate of organization or incorporation and bylaws or other organizational or governing documents of the Borrower), 3.08(d), 3.09, 3.10 and 3.14 and customary specified acquisition agreement representations and warranties with respect to the Person to be acquired) shall constitute be true and correct in all material respects (or, in the difference between case of representations and warranties qualified as to materiality or Material Adverse Effect, in all respects) at and as of such time, except in the Maximum case of any such representation and warranty that expressly relates to a prior date, in which case such representation and warranty shall be true and correct in all material respects (or in all respects, as applicable) as of such earlier date, (C) the Borrower shall be in compliance on a Pro Forma Basis after giving effect to the incurrence or assumption of such Indebtedness (and the application of the proceeds therefrom) with the covenants contained in Sections 6.09 (if then applicable) and 6.10 recomputed as of the last day of the most recently ended fiscal quarter of the Borrower for which financial statements are required to have been delivered pursuant to Section 5.01(a) or 5.01(b) (and, if such Incremental Facilities Amount and Facility is in the form of a Revolving Commitment Increase, assuming for purposes of determining compliance thereof that such Revolving Commitment Increase is fully drawn as of the last day of such fiscal quarter); provided that if such compliance is measured on the date the agreement is signed with respect to an acquisition of or other investment in all or substantially all of the Equity Interests, assets or business of any Person or any assets constituting a business unit, line or division of such New Loan Commitments obtained Person, then in connection with the calculation of any financial ratio with respect to any covenant set forth in Article VI or in connection with the designation of an Unrestricted Subsidiary pursuant to Section 6.12 or in connection with the designation of a Qualified Acquisition, in each case on or following such date and prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after earlier of the date on which such notice acquisition or investment is consummated or the agreement with respect to such acquisition or investment is terminated, such financial ratio shall be calculated on a Pro Forma Basis assuming such acquisition, investment and any other pro forma events in connection therewith (including the incurrence of Indebtedness and such Incremental Facility) have been consummated, except to the extent such calculation would result in a lower Total Net Leverage Ratio, a lower Total Senior Secured Leverage Ratio or a higher ratio of Consolidated Interest Coverage Ratio (if applicable) than would apply if such calculation was made without giving effect to such acquisition, investment, other pro forma events in connection therewith or the incurrence of Indebtedness or any Incremental Facility on a Pro Forma Basis, and (D) the Borrower shall have delivered a certificate of a Responsible Officer certifying as to compliance with clauses (A), (B) and (C) above, together with reasonably detailed calculations demonstrating compliance with clause (C) above (which calculations shall, if made as of the last day of any fiscal quarter of the Borrower for which the Borrower has not delivered to the Administrative AgentAgent the financial statements and the Compliance Certificate required to be delivered by Section 5.01(a) or 5.01(b) and Section 5.01(c), respectively, be accompanied by a reasonably detailed calculation of Consolidated EBITDA and Consolidated Debt Service (if applicable) for the relevant period). The Borrower may approach any Lender or any Person (other than a natural person) Notwithstanding anything to provide all or a portion the contrary herein, the aggregate principal amount of the New Incremental Facilities shall not exceed $2,500,000,000 at any one time outstanding. Each Term Loan CommitmentsIncrease, each tranche of Other Term Loans and each Revolving Commitment Increase shall be in an integral multiple of $1,000,000 and be in an aggregate principal amount that is not less than $10,000,000; provided that any Lender offered or approached to provide such amount may be less than $10,000,000 if such amount represents all or a portion the remaining availability under the aggregate principal amount of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions Incremental Facilities set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent above. Solely in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) calculation of New Term Loans the Total Net Leverage Ratio for all purposes of this Agreementclause (C) above, the cash proceeds of the applicable Incremental Facility will not be deducted from Total Indebtedness. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to Any Incremental Term Loans structured as a separate tranche of term loans from the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Term Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender shall rank pari passu or junior in right of payment with a New Term Loan Commitment (eachthe Obligations, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender for purposes of prepayments, shall be treated substantially the same as (and in any Series shall become a Lender hereunder with respect to event no more favorably than) the New Term Loan Commitment applicable Class of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of (iii) other than amortization, pricing, maturity date and any Series other terms acceptable to the Administrative Agent, shall be, except have the same terms as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes Class of the existing Initial Term Loans; provided that (iA) the applicable New any Incremental Term Loan Maturity Date of each Series shall be no not have a final maturity date earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) for the applicable Class of the New Term Loans and the existing Initial (B) any Incremental Term Loans Loan shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the not have a weighted average life to maturity of all New Term Loans shall be no that is shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New then-remaining Term Loans of each Series that differ the applicable Class. Notwithstanding anything herein to the contrary, the terms and provisions of any Term Loan Increase (other than arrangement, upfront, amendment and other similar fees and original issue discount) shall be identical to those of the applicable Class of Term Loans subject to such increase. (c) Each notice from the Borrower pursuant to this Section 2.20 shall set forth the requested amount and proposed terms of the relevant Incremental Facility. Any additional bank, financial institution, existing Initial Term Loans Lender or other Person that elects to extend Incremental Facilities shall be reasonably acceptable satisfactory to the Borrower and the Administrative Agent (and, in the case of any Revolving Commitment Increase, each Issuing Bank) (any such bank, financial institution, existing Lender or other Person being called an “Additional Lender”) and, if not already a Lender, shall become a Lender under this Agreement pursuant to an amendment (an “Incremental Facility Amendment”) to this Agreement and, as evidenced appropriate, the other Loan Documents, executed by its execution of the applicable Joinder Agreement)Borrower, such Additional Lender and the Administrative Agent. The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments No Lender shall be identical obligated to provide any Incremental Facility, unless it so agrees. Commitments in respect of any Incremental Facilities shall become Commitments (or in the case of any Revolving Credit Loans and the Commitment Increase to be provided by an existing Revolving Credit Commitments. (eLender, an increase in such Revolving Lender’s Revolving Commitment) Each Joinder Agreement under this Agreement. An Incremental Facility Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the or any other Credit Documents Loan Document as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.142.20 (including to provide for voting provisions applicable to the Additional Lenders comparable to the provisions of clause (B) of the second proviso of Section 9.02(b)). The effectiveness of any Incremental Facility Amendment shall, unless otherwise agreed to by the Administrative Agent and the Additional Lenders, be subject to the satisfaction on the effective date thereof (each, an “Incremental Facility Closing Date”) of each of the conditions set forth in Section 4.02 (it being understood and agreed that all references to “the date of such Borrowing” in Section 4.02 shall be deemed to refer to the Incremental Facility Closing Date). (d) On the date of effectiveness of any Revolving Commitment Increase, (i) the aggregate principal amount of the Revolving Loans outstanding (the “Existing Revolving Borrowings”) immediately prior to the effectiveness of such Revolving Commitment Increase shall be deemed to be repaid, (ii) each Revolving Commitment Increase Lender that shall have had a Revolving Commitment prior to the effectiveness of such Revolving Commitment Increase shall pay to the Administrative Agent in same day funds an amount equal to the amount, if any, by which (A) (1) such Revolving Commitment Increase Lender’s Applicable Percentage (calculated after giving effect to the effectiveness of such Revolving Commitment Increase) multiplied by (2) the aggregate amount of the Resulting Revolving Borrowings (as hereinafter defined) exceeds (B) (1) such Revolving Commitment Increase Lender’s Applicable Percentage (calculated without giving effect to the effectiveness of such Revolving Commitment Increase) multiplied by (2) the aggregate amount of the Existing Revolving Borrowings, (iii) each Revolving Commitment Increase Lender that shall not have had a Revolving Commitment prior to the effectiveness of such Revolving Commitment Increase shall pay to Administrative Agent in same day funds an amount equal to (1) such Revolving Commitment Increase Lender’s Applicable Percentage (calculated after giving effect to the effectiveness of such Revolving Commitment Increase) multiplied by (2) the aggregate amount of the Resulting Revolving Borrowings, (iv) after the Administrative Agent receives the funds specified in clauses (ii) and (iii) above, the Administrative Agent shall pay to each Revolving Lender the portion of such funds that is equal to the amount, if any, by which (A) (1) such Revolving Lender’s Applicable Percentage (calculated without giving effect to the effectiveness of such Revolving Commitment Increase) multiplied by (2) the aggregate amount of the Existing Revolving Borrowings, exceeds (B) (1) such Revolving Lender’s Applicable Percentage (calculated after giving effect to the effectiveness of such Revolving Commitment Increase) multiplied by (2) the aggregate amount of the Resulting Revolving Borrowings, (v) after the effectiveness of such Revolving Commitment Increase, the Borrower shall be deemed to have made new Revolving Borrowings (the “Resulting Revolving Borrowings”) in an aggregate amount equal to the aggregate amount of the Existing Revolving Borrowings and of the Types and for the Interest Periods specified in a Borrowing Request delivered to the Administrative Agent in accordance with Section 2.03 (and the Borrower shall deliver such Borrowing Request), (vi) each Revolving Lender shall be deemed to hold its Applicable Percentage of each Resulting Revolving Borrowing (calculated after giving effect to the effectiveness of such Revolving Commitment Increase) and (vii) the Borrower shall pay each Revolving Lender any and all accrued but unpaid interest on its Loans comprising the Existing Revolving Borrowings. The deemed payments of the Existing Revolving Borrowings made pursuant to clause (i) above shall be subject to compensation by the Borrower pursuant to the provisions of Section 2.15 if the date of the effectiveness of such Revolving Commitment Increase occurs other than on the last day of the Interest Period relating thereto. Upon each Revolving Commitment Increase pursuant to this Section 2.20, each Revolving Lender immediately prior to such increase will automatically and without further action be deemed to have assigned to each Revolving Commitment Increase Lender, and each such Revolving Commitment Increase Lender will automatically and without further act be deemed to have assumed, a portion of such Revolving Lender’s participations hereunder in outstanding Letters of Credit such that, after giving effect to such Revolving Commitment Increase and each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding participations hereunder in Letters of Credit, in each case held by each Revolving Lender (including each such Revolving Commitment Increase Lender) will equal such Revolving Lender’s Applicable Percentage.

Appears in 2 contracts

Samples: Credit Agreement (Crown Castle International Corp), Credit Agreement (Crown Castle International Corp)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent GSCP elect to request (A) the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) to refinance the Tranche X Term Loans in an amount not to exceed the lesser of (i) $1,250,000,000 and (ii) an amount sufficient (together with such portion of other funds available to Borrower that Borrower elects in its sole discretion to apply for such purpose) to repay all outstanding Tranche X Term Loans (the loans made pursuant to such New Term Loan Commitments being referred to herein as the “TLX Take-Out Loans”) and (B) from and after such time as the Tranche X Term Loans have been repaid in full (including interest accrued thereon and any fees in respect thereof), the establishment of one or more New Term Loan Commitments and/or (y) increases in prior to the Revolving Credit Commitment Termination Date), an increase to the existing Revolving Loan Commitments (any such increase, the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an ) the aggregate amount of all such increased commitments and new loans made pursuant to this clause (B) not in excess to exceed the lesser of (i) $250,000,000 and (ii) the Maximum Incremental Facilities Amount in positive difference, if any, between $1,250,000,000 and the aggregate and principal amount of any TLX Take-Out Loans. Any such increased commitment or new loan shall be in an amount not less than $100,000,000 50,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)integral multiples of $25,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effective, which shall be a date not less than ten 5 Business Days after the date on which such notice is delivered to GSCP and (B) the Administrative Agent. The Borrower may approach any identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Revolving Loan Lender” or “New Term Loan Lender,” as applicable) to provide all or a whom Borrower proposes any portion of the such New Revolving Loan Commitments or New Term Loan Commitments, as applicable, be allocated and the amounts of such allocations; provided that GSCP may elect or decline to arrange such New Revolving Loan Commitments or New Term Loan Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Revolving Loan Commitments or New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Revolving Loan Commitment or a New Term Loan Commitment. In each case, such Such New Revolving Loan Commitments or New Term Loan Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.2 shall be satisfied; (iii3) Borrower and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in Section 6.7 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable; (4) the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by Borrower, the Borrower New Revolving Loan Lender or New Term Loan Lender, as applicable, and Administrative Agent, and each of which shall be recorded in the Register Register, and each New Revolving Loan Lender or New Term Loan Lender shall be subject to the requirements set forth in Section 5.4(d2.20(c); (iv5) the Borrower shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Revolving Loan Commitments or New Term Loan Commitments, as applicable; and (v6) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) . On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLoan Lenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Revolving Credit Loan Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Loan Commitments after giving effect to the addition of such New Revolving Credit Loan Commitments to the Revolving Credit Loan Commitments, (b) each New Revolving Credit Loan Commitment shall be deemed for all purposes a Revolving Credit Loan Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (c) . On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. . Administrative Agent shall notify Lenders promptly upon receipt of Borrower’s notice of each Increased Amount Date and in respect thereof (dy) the New Revolving Loan Commitments and the New Revolving Loan Lenders or the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series, as applicable, and (z) in the case of each notice to any Revolving Loan Lender, the respective interests in such Revolving Loan Lender’s Revolving Loans subject to the assignments contemplated by this Section. The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one substantially the same as the Tranche B-1 Term Loans or more Classes the Tranche B Term Loans, as applicable. The terms and provisions of the existing Initial Term New Revolving Loans shall be substantially the same as the Revolving Loans; provided that . In any event (i) the weighted average life to maturity of all New Term Loans of any Series shall be no shorter than the weighted average life to maturity of the Revolving Loans, the Tranche A Term Loans, the Tranche B-1 Terms Loans or the Tranche B Term Loans as applicable (whichever is longest), (ii) the New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) latest of the New final maturity of the Revolving Loans, the Tranche A Term Loans Loans, the Tranche B-1 Term Loans, the Tranche B Term Loans, as applicable, and the existing Initial Tranche X Term Loans shall be identicalLoans, (iiiii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new New Term Lenders and shall be set forth in each applicable Joinder Agreement; provided provided, however, that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms interest rate applicable to the New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such New Term Loans) shall not be greater than the highest interest rate that may, under any circumstances, be payable with respect to the Tranche B-1 Term Loans or the Tranche B Term Loans, as applicable, plus 0.50% per annum unless the interest rate with respect to the Tranche B-1 Term Loans or the Tranche B Term Loans, as applicable, is increased so as to equal the interest rate applicable to the New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such New Term Loans) minus 0.25% per annum (the “Increased Spread”) (in which case the Applicable Margin that shall apply to the calculation of the interest rate on the Tranche A Term Loans shall, in the case of each Series Tier set forth in the table contained in the definition of “Applicable Margin,” be increased by an amount equal to the Increased Spread; and (iv) in the event that differ from the existing Initial proceeds of the New Term Loans shall be reasonably acceptable used to refinance any portion of the Tranche X Term Loans, as of the last day of the most recently ended period of four (4) consecutive Fiscal Quarters, the Leverage Ratio (determined for any such period by reference to the Administrative Agent (Compliance Certificate delivered pursuant to Section 5.1(d) calculating the Leverage Ratio as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions last day of the New Revolving Loans and New Revolving Credit Commitments such period of four consecutive Fiscal Quarters) shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) 4.25:1.00, or less. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision provisions of this Section 2.142.24.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Hologic Inc), Credit and Guaranty Agreement (Hologic Inc)

Incremental Facilities. (a) The Borrower Company may by written notice to Administrative Agent elect to request (i) prior to the Revolving Commitment Termination Date, an increase to the existing Revolving Commitments (any such increase, the “New Revolving Loan Commitments”) and/or (ii) the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $400,000,000 in the aggregate for all such New Revolving Loan Commitments and New Term Loan Commitments and not less than $100,000,000 50,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $400,000,000 and all such New Revolving Loan Commitments and New Term Loan Commitments obtained on or prior to such date), and integral multiples of $10,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower Company proposes that the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to Administrative Agent and (B) the Administrative Agent. The Borrower may approach any identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Revolving Loan Lender” or “New Term Loan Lender”, as applicable) to provide all or a whom Company proposes any portion of the such New Revolving Loan Commitments or New Term Loan Commitments, as applicable, be allocated and the amounts of such allocations; provided that any Lender offered or approached to provide all or a portion of the New Revolving Loan Commitments or New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Revolving Loan Commitment or a New Term Loan Commitment. In each case, such Such New Revolving Loan Commitments or New Term Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.2 shall be satisfied; (iii3) Borrower and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in Section 6.10 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable; (4) the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by Borrowers, the Borrower New Revolving Loan Lender or New Term Loan Lender, as applicable, and Administrative Agent, and each of which shall be recorded in the Register and each New Revolving Loan Lender and New Term Loan Lender shall be subject to the requirements set forth in Section 5.4(d2.20(c); (iv5) the Borrower Borrowers shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Revolving Loan Commitments or New Term Loan Commitments, as applicable; and (v6) the Borrower Borrowers shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (ai) each of the Revolving Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLoan Lenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Revolving Credit Loan Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Loan Commitments after giving effect to the addition of such New Revolving Credit Loan Commitments to the Revolving Credit Loan Commitments, (bii) each New Revolving Credit Loan Commitment shall be deemed for all purposes a Revolving Credit Loan Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower Company (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) Administrative Agent shall notify Lenders promptly upon receipt of Company’s notice of each Increased Amount Date and in respect thereof (y) the New Revolving Loan Commitments and the New Revolving Loan Lenders or the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series, as applicable, and (z) in the case of each notice to any Revolving Loan Lender, the respective interests in such Revolving Loan Lender’s Revolving Loans, in each case subject to the assignments contemplated by this Section. (e) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes the Tranche C Term Loans. The terms and provisions of the existing Initial Term New Revolving Loans shall be identical to the Revolving Loans; provided that . In any event (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier shorter than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) final maturity of the New Tranche C Term Loans Loans, and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower Company and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision of this Section 2.142.24.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Education Management LLC), Credit and Guaranty Agreement (Education Management LLC)

Incremental Facilities. (a) The Borrower may by written notice to the Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate from the Closing Date and not less than $100,000,000 50,000,000 individually (or such lesser individual amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between all remaining available amounts under the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Term Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Term Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such New Term Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Term Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d5.4(e); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Term Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto[Reserved]. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. Notwithstanding anything to the contrary contained herein, (x) to the extent the first $100,000,000 of the Maximum Incremental Facilities Amount, or any portion thereof, shall comprise New Term Loan Commitments to be obtained by the Borrower pursuant to this Section 2.14, such New Term Loan Commitments (and corresponding New Term Loans) shall not be permitted to be obtained hereunder unless the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio, on a Pro Forma Basis after giving effect to the incurrence of such Indebtedness, shall be no greater than 4.25 to 1.00 on the date of such incurrence (based on the Consolidated EBITDA as of the most recent Test Period); and (y) with respect to all remaining New Term Loan Commitments to be obtained by the Borrower pursuant to this Section 2.14, such New Term Loan Commitments (and corresponding New Term Loans) shall not be permitted to be obtained hereunder unless the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio, on a Pro Forma Basis after giving effect to the incurrence of such Indebtedness, shall be no greater than4.00 to 1.00 on the date of such incurrence (based on the Consolidated EBITDA as of the most recent Test Period). (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, at the option of the Borrower, identical to one or more Classes of the existing Initial Tranche B-1 Term Loans or Tranche B-2 Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Tranche B Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and shall be identical to those applicable to the existing Initial Tranche B-1 Term Loans shall be identicalor Tranche B-2 Term Loans, as the case may be, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the such amortization schedule shall not have a weighted average life to maturity of all New that is shorter than that applicable to the Tranche B Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans in effect at that time and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Tranche B-1 Term Loans or Tranche B-2 Term Loans, as the case may be, shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 2 contracts

Samples: Credit Agreement (Dollar General Corp), Credit Agreement (Dollar General Corp)

Incremental Facilities. (a) The Borrower may may, by written notice to the Administrative Agent and each Lender, elect to request request, prior to the establishment last day of one or more the Revolving Period, an increase to the existing Commitments (x) additional tranches of term loans (the commitments theretoany such increase, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together by an amount with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess consent of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute and each Lender whose Commitment is being increased thereby in their respective sole discretion and subject to any internal approvals, which would increase the difference between the Maximum Incremental Facilities Facility Amount and all such New Loan Commitments obtained on or prior to such date)an amount greater than $400,000,000. Each such notice shall specify (i) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to effective and approved in writing by the Administrative Agent. The Borrower may approach any Agent and (ii) the identity of each Lender or any other Person (other than a natural personeach, an “Increasing Lender”) to provide all or a whom the Borrower proposes any portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments be allocated and the amounts of such allocations (if then known). Such New Commitments shall become effective as of the applicable such Increased Amount Date; provided that (iA) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iiiB) the New Loan Commitments shall be effected pursuant to an Assignment and Acceptance for each existing Lender or one or more Joinder Agreements Supplements for any new Lender executed and delivered by the Borrower Borrower, such new Lender and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d)Register; (ivC) the Borrower shall make pay any payments required pursuant to Section 2.11 applicable Breakage Fees in connection with the New Loan Commitments and shall pay any other required fees in connection with the New Commitments, as applicable; and (vD) the Borrower shall deliver or cause to be delivered any legal opinions or other customary closing documents (substantially consistent with the documents set forth in Section 3.01) reasonably requested by Administrative Agent or an Increasing Lender in connection with any such transaction. Any ; and (E) the effectiveness of any allocation of New Term Loans made on an Increased Amount Date Commitments to a non-Lender shall be designated, a separate series (a “Series”) subject to the prior written consent of New Term Loans for all purposes of this Agreementthe Administrative Agent. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (ai) each of the existing Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (eachof the Increasing Lenders, a “New Revolving Loan Lender”) and each of the New Revolving Loan Increasing Lenders shall purchase from each of the Lenders with Revolving Credit Commitmentsexisting Lenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding Advances Outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans such Advances will be held by existing Revolving Credit Lenders and New Revolving Loan Increasing Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (bii) each New Revolving Credit Commitment shall be deemed deemed, for all purposes purposes, a Revolving Credit Commitment and each Loan Advance made thereunder (a “New Revolving LoanAdvance”) shall be deemed, for all purposes, a Revolving Credit Loan an Advance and (ciii) each New Revolving Loan new Lender shall become a Lender with respect to the New Revolving Credit Commitment Commitments and all matters relating thereto. (c) On any The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, in respect thereof (i) each Lender with a the New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to Commitments and the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, Increasing Lenders and (ii) in the case of each New Term Loan Lender of notice to any Series shall become a Lender hereunder with respect Lender, the respective interests in such Lender’s Advances, in each case subject to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined assignments contemplated by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement)this Section 2.21. The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments Advances shall be identical to the Revolving Credit Loans Advances. Each Assignment and the Revolving Credit Commitments. (e) Each Acceptance or each Joinder Agreement Supplement, as applicable, may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Transaction Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, and consented to by the Borrower (such consent not to be unreasonably withheld), to effect the provision provisions of this Section 2.142.21.

Appears in 2 contracts

Samples: Loan and Servicing Agreement (GOLUB CAPITAL BDC, Inc.), Loan and Servicing Agreement (GOLUB CAPITAL BDC, Inc.)

Incremental Facilities. (a) The Any Borrower may by written notice to Administrative the Agent elect to request the establishment of one or more (xw) additional tranches of term loans of any class in Dollars, Euros, Sterling, Canadian Dollars or any other currency acceptable to the Agent (the commitments with respect thereto, the “New Term Loan Commitments”), (x) and/or increases in the amount of LC Facility Deposits or additional tranches of synthetic letter of credit facility deposits in Dollars, Euros, Sterling, Canadian Dollars or any other currency accept to the Agent (the commitments with respect thereto, the “New LC Facility Commitments”), (y) increases in Revolving Credit Commitments under one or more of the Revolving Facilities (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments and New LC Facility Commitments, the “New Loan Commitments”) or under a new revolving facility (a “New Revolving Facility”), by an aggregate amount not in excess of the Maximum Dollar Equivalent of $750.0 million (it being understood and agreed that $555.0 million of remaining capacity with respect to such amount exists immediately following the Second Restatement Effective Date) minus the aggregate principal amount of Permitted Alternative Incremental Facilities Amount in Debt issued prior to the aggregate date of determination (excluding for purposes of such maximum amount any Refinancing Term Loans, Replacement Revolving Commitments and Replacement LC Facility Commitments) and not less than the Dollar Equivalent of $100,000,000 25.0 million individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such dateentire remaining availability hereunder). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the applicable Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten five Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such Such New Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans Loans, New LC Facility Deposits or New Revolving Loans, each of the conditions set forth in Section 7 4.02 shall be satisfied; (iii) the U.S. Borrower and the Restricted Subsidiaries shall be in pro forma compliance with Section 6.10 as of the last day of the most recently ended fiscal quarter prior to such Increased Amount Date and as in effect on such Increased Amount Date after giving effect to such New Loan Commitments and any Investment to be consummated in connection therewith and shall not in any event, on a pro forma basis, have a Consolidated Secured Debt Ratio as of such most recently ended fiscal quarter that is in excess of the level specified on the Closing Date as the maximum Consolidated Secured Debt Ratio permitted as of the end of the first full quarter following the Closing Date; (iv) the New Commitments shall be effected pursuant to one or more Joinder Agreements supplements to this Agreement executed and delivered by the Borrower New Lenders and Administrative the Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) each New Lender shall automatically become party to the Borrower shall deliver or cause Loss Sharing Agreement pursuant to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transactionsupplement. Any New Term Loans or New LC Facility Deposits (other than any New LC Facility Deposits which are designated by the U.S. Borrower, with the consent of the LC Facility Issuing Bank, in the applicable supplement as “LC Facility Deposits” under the LC Facility and New Term Loans which are designated as an increase in the amount of any previously established Class of Term Loans) made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans or New LC Facility Deposits for all purposes of this Agreement. In connection with the obtaining of any New Commitments pursuant to this Section 2.19(a), the U.S. Borrower shall, or shall cause the other applicable Loan Parties to, make such amendments to the Collateral Documents and take such other customary actions, if any, as the Agent may reasonably request in order to preserve and protect the Liens on the Collateral securing the Obligations (either prior to or within 30 days (or such longer period as to which the Agent may consent) following the Increased Amount Date for such New Commitments). (b) On any Increased Amount Date on which New Revolving Credit Commitments are effectedeffected under any existing Revolving Facility (but not any New Revolving Facility being established on such date), subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments under the applicable Revolving Facility shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsCommitments under the applicable Revolving Facility, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding under the applicable Revolving Facility on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Lenders Loans under the applicable Revolving Facility and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments Ratable Portions after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit CommitmentsCommitments under the applicable Revolving Facility, (b) each such New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment under the applicable Revolving Facility and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan under the applicable Revolving Facility and (c) each New Revolving Loan Lender with a New Revolving Commitment under an existing Revolving Facility shall become a Lender under the applicable Revolving Facility with respect to the New Revolving Credit Commitment and all matters relating thereto. On any Increased Amount Date on which New Revolving Commitments are effected under any New Revolving Facility, subject to the satisfaction of the foregoing terms and conditions, the Agent and the Borrowers shall enter into an amendment to this Agreement to incorporate the terms of such New Revolving Facility hereunder on substantially the same terms as were applicable to the existing Revolving Facilities (except with respect to the rate of interest and the Scheduled Termination Date applicable to such New Revolving Facility and except as otherwise reasonably acceptable to the Agent and the Joint Lead Arrangers). (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the applicable Borrower (a “New Term Loan”) in the requested currency in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) On any Increased Amount Date on which any New LC Facility Commitments are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New LC Facility Commitment (each, a “New LC Facility Lender”) of any Series shall make an LC Facility Deposit in Dollars (a “New LC Facility Deposit”) with, in the case of New LC Facility Deposits designated as an increase to the LC Facility, the LC Facility Agent, and in the case of any new Series of New LC Facility Deposits, the entity that agrees to act as agent for the applicable Series of New LC Facility Commitments, in each case, in an amount equal to its New LC Facility Commitment, and (ii) each New LC Facility Lender shall become a Lender hereunder with respect to the New LC Facility Commitment and the New LC Facility Deposits made pursuant thereto. (e) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series and of the New LC Facility Deposits and New LC Facility Deposit Commitments shall be, except as otherwise set forth herein or in the applicable Joinder Agreementsupplement relating thereto, identical to one or more Classes of the existing Initial Term LoansLoans and existing LC Facility Deposits; provided that (i) the applicable New Term Loan Maturity Date final maturity date of each Series shall be no earlier than the Initial final maturity of the applicable Class of existing Term Loan Maturity Loans or the LC Facility Deposits outstanding on the Increased Amount Date with respect to such New Term Loans or New LC Facility Deposits and the mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans (other than the Canadian Term B Loans unless such New Term Loans are to a Foreign Borrower formed under the laws of Canada) shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the applicable Borrower and the applicable new Lenders and shall be set forth in each the applicable Joinder Agreementsupplement relating thereto and the applicable fees payable pursuant to any New LC Facility Deposits shall be determined by the applicable Borrower and the New LC Facility Lenders providing such New LC Facility Deposits; provided that the weighted average life Weighted Average Life to maturity Maturity of all any New Term Loans shall will be no shorter than the weighted average life Weighted Average Life to maturity Maturity of the Initial existing Term Loans under any Term Loan Facility, and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreementsupplement relating thereto). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit CommitmentsCommitments under the applicable Revolving Facility, provided that, with respect to any New Revolving Facility, (i) the Scheduled Termination Date with respect thereto shall be set forth in the applicable supplement and shall be no earlier than the Scheduled Termination Date of any other Revolving Facility in effect at such time, (ii) the rate of interest applicable thereto shall be determined by the applicable Borrower and the applicable new Lenders and shall be set forth in the applicable supplement relating thereto and (iii) all other terms applicable thereto that differ from the existing Revolving Loans and Revolving Commitments under the existing Revolving Facilities shall be reasonably acceptable to the Agent (as evidenced by the execution of the applicable supplement relating thereto). (ei) Any Borrower may at any time and from time to time request that all or a portion of the Term Loans under any Term Loan Facility of such Borrower (an “Existing Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.19(f). In order to establish any Extended Term Loans, the applicable Borrower shall provide a notice to the Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Class) (an “Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to the Term Loans of the Existing Class from which they are to be converted except (w) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Class, (x) (A) the interest margins with respect to the Extended Term Loans may be higher than the interest margins for the Term Loans of such Existing Class (and Extended Term Loans may provide for prepayment protection and call protection that are different from those applicable to such Existing Class) and/or (B) additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), (y) the supplement providing for such Extended Term Loans may provide for other terms applicable to such Extended Term Loans so long as either (A) such additional terms do not apply until all Term Loans, Commitments, LC Facility Deposits and New LC Facility Deposits outstanding immediately prior to the establishment of such Extended Term Loans have been repaid, terminated or returned as applicable, (B) such additional terms are less favorable to the holders of the Extended Term Loans than the corresponding Existing Class or (C) such additional terms have been approved by the Required Lenders and (z) the mandatory prepayment rights of the Extended Term Loans and such Existing Class may be different so long as the proportion (if any) of the proceeds thereof to which such Extended Term Loans are entitled is no greater on a proportionate basis than the portion of such proceeds to which the Existing Class is entitled to receive. (ii) The Borrowers shall provide the applicable Extension Request at least five (5) Business Days prior to the date on which Lenders under the Existing Class are requested to respond. Any Lender (an “Extending Lender”) wishing to have all or a portion of its Term Loans of the Existing Class subject to such Extension Request converted into Extended Term Loans shall notify the Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans of the Existing Class which it has elected to convert into Extended Term Loans. In the event that the aggregate amount of Term Loans of the Existing Class subject to Extension Elections exceeds the amount of Extended Term Loans requested pursuant to the Extension Request, Term Loans subject to Extension Elections shall be converted to Extended Term Loans on a pro rata basis based on the amount of Term Loans included in each such Extension Election (subject to such rounding as the Agent deems expedient). For the avoidance of doubt, each Lender agrees that any Term Loan that is converted to an Extended Term Loan (and the Extending Lender providing such Extended Term Loan) shall continue to be subject to the Loss Sharing Agreement to the same extent as the Term Loan from which such Extended Term Loan was converted. Any Extended Term Loans shall be established on the date set forth in the applicable supplement entered into by the applicable Borrower and the Agent pursuant to this Section 2.19(f) (it being understood that by providing an Extension Election, an Extending Lender will agree to be bound thereby). (g) Each Joinder Agreement supplement pursuant to this Section 2.19 may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative AgentAgent and the Joint Lead Arrangers, to effect the provision of this Section 2.142.19.

Appears in 2 contracts

Samples: Amendment Agreement (ARAMARK Holdings Corp), Amendment Agreement (MPBP Holdings, Inc.)

Incremental Facilities. (a) The At any time prior to the Revolving Termination Date, the Borrower may may, by written notice to the Administrative Agent elect (each such notice, a “New Term Loan Facility Notice”), which New Term Loan Facility Notice shall promptly be delivered by the Administrative Agent to each Lender, request the establishment addition of one or more (x) additional tranches of term loans hereto and related commitments in respect thereof (the commitments thereto, the “New Term Loan Commitments”); provided, however, that both (x) and/or at the time of any such request and (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the after giving effect to any such New Term Loan Commitments, the “New Loan Commitments”)borrowing of term loans associated therewith and the use of proceeds thereof, by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist and the Borrower shall be in compliance with each financial covenant set forth in Section 7.1 (calculated, in the case of clause (y), as of the date of the effectiveness of such New Term Loan Commitments and the borrowing of term loans associated therewith on a pro forma basis to give effect to such Increased Amount borrowing and the use of proceeds thereof). The New Term Loan Commitments shall (i) be in an aggregate principal amount not in excess of $250,000,000 but in no event less than $100,000,000 for any single tranche of term loans, (ii) rank pari passu in right of payment and of security with the other Loans, (iii) mature not earlier than the date that is one year after the Revolving Termination Date before and amortize in an amount not greater than 1% per annum for each year other than the final year thereof, (iv) be used solely to finance acquisitions (including, without limitation, associated fees and expenses, the refinancing of any indebtedness in connection with such acquisition, and the refinancing of any equity or after other financing used as a deposit or other interim funding to effect such acquisition) that have been approved by the Required Lenders (the determination of “Required Lenders” to be made immediately prior to giving effect to such New Term Loan Commitments), (v) have such pricing and other terms (including mandatory prepayment provisions and call protection and/or premiums) as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall may reasonably be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered agreed by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any Persons providing such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to ), provided, that the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder yield with respect to the New Term Loan Commitment of such Series Commitments (taking into account upfront fees and original issue discount paid to New Term Loan lenders) may be no more than 0.25% per annum greater than the then-current yield with respect to the Loans (as reasonably determined by the Administrative Agent) at the time the New Term Loans Loan Facility Amendment (as defined below) becomes effective pursuant to its terms (it being understood that all levels of the Pricing Grid will be increased and/or additional fees will be paid to the Lenders, as applicable, to the extent necessary to satisfy such Series made pursuant thereto. requirement), and (dvi) The otherwise be treated hereunder substantially the same as (and in any event no more favorably than) the Facility, provided, that the terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth Loan Commitments may provide for financial or other covenants different or in each applicable Joinder Agreement; provided that the weighted average life addition to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms those applicable to the Loans only to the extent that such terms and provisions are applicable only during periods after the Revolving Termination Date. The New Term Loans Loan Facility Notice shall (x) set forth the requested amount of New Term Loan Commitments, (y) offer each Series that differ from Lender the existing Initial opportunity to provide a New Term Loans shall be reasonably acceptable Loan Commitment by giving written notice of such to the Administrative Agent (as evidenced by its execution prior to the termination of the applicable Joinder Agreement). The terms and provisions general syndication of the New Revolving Loans Term Loan Commitments and (z) be provided to each existing Lender not less than five Business Days prior to the commencement of the general syndication of the New Revolving Credit Term Loan Commitments; provided, however, that no existing Lender will be obligated to subscribe for any portion of such New Term Loan Commitments. Each New Term Loan Commitment shall become a Commitment under this Agreement and the facility for the New Term Loan Commitments shall be identical implemented hereunder pursuant to an amendment to this Agreement, which may take the Revolving Credit Loans form of an amendment and restatement of this Agreement (a “New Term Loan Facility Amendment”), executed by each of the Borrower, each other Loan Party, each New Term Loan Lender and the Revolving Credit Commitments. (e) Each Joinder Agreement mayAdministrative Agent, without which New Term Loan Facility Amendment will not require the consent of any other LendersLender. The effectiveness of any New Term Loan Facility Amendment shall (in addition to any other conditions specified therein) be subject to the satisfaction on the date thereof and, effect such amendments to this Agreement and if different, on the other Credit Documents as may be necessary or appropriatedate on which the New Term Loan Commitments are funded, in the opinion of each of the Administrative Agent, to effect the provision of this conditions set forth in Sections 5.1(h) and (o) and Section 2.145.2.

Appears in 2 contracts

Samples: Revolving Credit Agreement (CKX, Inc.), Revolving Credit Agreement (CKX, Inc.)

Incremental Facilities. (a) The Borrower may by written notice to the Administrative Agent elect to request (A) prior to the Revolving Commitment Termination Date, an increase to the existing Revolving Commitments (any such increase, the “Incremental Revolving Commitments”) and/or (B) prior to the Tranche BRestatement Effective Date Term Loan Maturity Date, the establishment of one or more (x) additional tranches of new term loans loan commitments (the commitments thereto, the New Incremental Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, ; together with the New Term Loan Incremental Revolving Commitments, the “New Loan CommitmentsIncremental Facilities”), by an aggregate amount not in excess of, at any time on and after the Restatement Effective Date, the sum of the Maximum Incremental Facilities Amount (i) $100,000,000 in the aggregate minus the aggregate amount of Indebtedness incurred pursuant to Section 2.24(a)(B)(i) (or any similar incremental “free and clear” basket) of the Second Lien Credit Agreement and (ii) an unlimited amount so long as such amount at such time could be incurred without causing the pro forma First Lien Leverage Ratio to exceed 3.50:1.00 (assuming that (x) the Incremental Revolving Commitments are fully drawn and (y) the cash proceeds of any Incremental Revolving Loans and Incremental Term Loans are not netted from Indebtedness for purposes of calculating such First Lien Leverage Ratio); provided that no such Incremental Revolving Commitments or Incremental Term Loan Commitments shall be in an aggregate amount less than $100,000,000 individually 25,000,000 (or such lesser amount except as (x) may shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $100,000,000 and all such New Incremental Revolving Commitments and Incremental Term Loan Commitments obtained on or prior to such datedate pursuant to clause (i) above), and integral multiples of $5,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Incremental Revolving Commitments or Incremental Term Loan Commitments Commitments, as applicable, shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (B) the identity of each Lender or any other Person that is an Eligible Assignee (other than a natural personeach, an “Incremental Revolving Loan Lender” or “Incremental Term Loan Lender”, as applicable) to provide all or a whom the Borrower proposes any portion of the New such Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable, be allocated and the amounts of such allocations; provided that Barclays may elect or decline to arrange such Incremental Revolving Commitments or Incremental Term Loan Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Incremental Revolving Commitments or Incremental Term Loan Commitments may elect or decline, in its sole discretion, to provide a New an Incremental Revolving Commitment or an Incremental Term Loan Commitment. In each case, such New Such Incremental Revolving Commitments or Incremental Term Loan Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) subject to the terms and conditions set forth in Section 1.04 with respect to Limited Condition Acquisitions, no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable; (ii2) Facilities; (2) subject to the terms and conditions set forth in Section 1.04 with respect to Limited Condition Acquisitions, both before and after giving effect to the making of any Series of New Incremental Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.02 shall be satisfied; (iii3) subject to the terms and conditions set forth in Section 1.04 with respect to Limited Condition Acquisitions, Holdings shall be in pro forma compliance (calculated in accordance with the definition of Consolidated Adjusted EBITDA) with each of the covenants set forth in Section 6.07 as of the last day of the most recently ended Fiscal Quarter, after giving effect to such Incremental Revolving Commitments or Incremental Term Loan Commitments, including any acquisitions consummated with the proceeds thereof or dispositions after the beginning of the relevant determination period but prior to or simultaneous with the borrowing of such Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable; (4) the New Incremental Revolving Commitments or Incremental Term Loan Commitments Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Borrower, the Incremental Revolving Loan Lender or Incremental Term Loan Lender, as applicable, and the Administrative Agent, and each of which shall be recorded in the Register and each Incremental Revolving Loan Lender and Incremental Term Loan Lender shall be subject to the requirements set forth in Section 5.4(d2.20(c); (iv5) the Borrower shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable; (6) all other fees and expenses owing in respect of such increase to the Administrative Agent, the Collateral Agent and the Lenders will have been paid; (7) such Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable, shall share pari passu in the Guarantees and Collateral; and (v) 8) the Borrower shall deliver or cause to be delivered any legal opinions or other documents (including modifications of Mortgages and title insurance endorsements or policies) reasonably requested by the Administrative Agent in connection with any such transaction. Any New Incremental Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Incremental Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Incremental Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New of the Incremental Revolving Loan Lender”) Lenders, and each of the New Incremental Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLoan Lenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Revolving Credit Loan Lenders and New Incremental Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Incremental Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a an New Incremental Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Incremental Revolving Loan Lender shall become a Lender with respect to the New Incremental Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Incremental Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Incremental Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower (a an New Incremental Term Loan”) in an amount equal to its New Incremental Term Loan Commitment of such Series, Series and (ii) each New Incremental Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Incremental Term Loan Commitment of such Series and the New Incremental Term Loans of such Series made pursuant thereto. (d) The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and in respect thereof (yx) the Incremental Revolving Commitments and the Incremental Revolving Loan Lenders or the Series of Incremental Term Loan Commitments and the Incremental Term Loan Lenders of such Series, as applicable and (zy) in the case of each notice to any Revolving Loan Lender, the respective interests in such Revolving Loan Lender’s Revolving Loans, in each case subject to the assignments contemplated by this Section. (e) The terms and provisions of the New Incremental Term Loans and New Incremental Term Loan Commitments of any Series shall be, except as otherwise set forth herein or as agreed between the Borrower and the Lenders providing such Incremental Term Loans and as set forth in the applicable Joinder Agreement, identical to one or more Classes the existing Term Loans. The terms and provisions of the existing Initial Term Loans; provided Incremental Revolving Loans shall be identical to the Revolving Loans and such Incremental Revolving Loans will be documented solely as an increase to the Revolving Commitments, without any change in terms other than any change that is more favorable to the Revolving Lenders and applies to all loans and commitments under the Revolving Loans (it being understood that the Administrative Agent shall be empowered to, on behalf of all the Revolving Lenders, execute an amendment to the definitive documentation relating to the Revolving Loans in order to give effect to such a change more favorable to the Revolving Lenders). In any event (i) the Weighted Average Life to Maturity of all Incremental Term Loans of any Series shall be no shorter than the Weighted Average Life to Maturity of the existing Term Loans (except by virtue of amortization or prepayment of such existing Term Loans prior to such date of determination), (ii) the applicable New Incremental Term Loan Maturity Date of each Series shall be no earlier shorter than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) latest of the New final maturity of the existing Term Loans, and (iii) if the “yield” of any relevant Loan exceeds the “yield” on the existing Term Loans and by more than 50 basis points, the applicable margins for the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable increased to the New extent necessary so that the “yield” on such Term Loans is 50 basis points less than the “yield” on such relevant Incremental Term Loans (for purposes of each Series this paragraph “yield” shall be reasonably determined by the Borrower and Administrative Agent (w) to include the applicable new interest rate margin, (x) to exclude arrangement, commitment, structuring or other fees payable to the Joint Lead Arrangers (or their respective Affiliates) in connection with such Loans or to one or more arrangers (or their Affiliates) of any such Loan that are not shared with all Lenders providing such Loans, (y) to include original issue discount and shall be set forth in each applicable Joinder Agreement; provided that upfront fees paid to the weighted average Lenders thereunder (with original issue discount being equated to interest based on assumed four-year life to maturity or, if shorter, the actual Weighted Average Life to Maturity), and (z) to include, if the Incremental Term Loans include an interest rate floor greater than the applicable interest rate floor under the existing Term Loans, such differential between interest rate floors equated to the applicable interest rate margin for purposes of all New determining whether an increase to the interest rate margin under the existing Term Loans shall be no shorter than required, but only to the weighted average life to maturity of extent an increase in the Initial interest rate floor in the existing Term Loans would cause an increase in the interest rate then in effect thereunder, and in such case the interest rate floor (iiibut not the interest rate margin) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable increased to the Administrative Agent (as evidenced by its execution extent of the applicable Joinder Agreementsuch differential between interest rate floors). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit CreditLoan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision provisions of this Section 2.142.24.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (RadNet, Inc.), Credit and Guaranty Agreement (RadNet, Inc.)

Incremental Facilities. (a) The Borrower may may, from time to time after the Closing Date, upon notice by written notice the Borrower to the Administrative Agent elect and the Person appointed by the Borrower to arrange an incremental Facility (each, an “Incremental Credit Facility”) (such Person (who may be (i) the Administrative Agent, if it so agrees, or (ii) any other Person appointed by the Borrower after consultation with the Administrative Agent), the “Incremental Arranger”) specifying the proposed Borrower (which may include a Co-Borrower), the proposed amount thereof and the proposed currency denomination thereof, request (i) an increase in the establishment Commitments under any Revolving Tranche (which shall be on the same terms as, and become part of, the Revolving Tranche proposed to be increased) (each, a “Revolving Credit Commitment Increase”), (ii) an increase in any Term Loan Tranche then outstanding (which shall be on the same terms as, and become part of, the Term Loan Tranche proposed to be increased hereunder (except as otherwise provided in clause (d) below with respect to amortization)) (each, a “Term Commitment Increase”), (iii) the addition of one or more new revolving credit facilities to the Facilities, in each case, in such currency or currencies as the Borrower identifies in such notice (x) additional tranches of term loans (each, a “New Revolving Facility” and, any advance made by a Lender thereunder, a “New Revolving Loan”; and the commitments theretothereof, the “New Revolving Commitment”) and (iv) the addition of one or more new term loan facilities, in each case, in such currency or currencies as the Borrower identifies in such notice (each, a “New Term Facility”; and any advance made by a Lender thereunder, a “New Term Loan”; and the commitments thereof, the “New Term Loan CommitmentsCommitment) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, ; and together with the Revolving Credit Commitment Increase, the New Revolving Commitments and the Term Loan CommitmentsCommitment Increase, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) ;) in an amount equal not to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to exceed the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.sum of:

Appears in 2 contracts

Samples: Credit Agreement (Instructure Holdings, Inc.), Credit Agreement (Instructure Holdings, Inc.)

Incremental Facilities. (a) The Borrower may Company may, by written notice to Administrative Agent the Agent, each Issuing Bank and the Swing Line Lender, elect to request prior to the establishment Revolving Commitment Termination Date, an increase to a Class of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in then-existing Revolving Credit Commitments (the any such increase, “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $100,000,000 in the aggregate and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $100,000,000 and all such New Loan Revolving Commitments obtained on or prior to such date), and integral multiples of $1,000,000 in excess of that amount. Each such notice shall specify (x) the date (each, an “Increased Amount Date”) on which the Borrower Company proposes that the New Loan Revolving Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any , (y) the identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Revolving Loan Lender”) to provide all or a whom the Company proposes any portion of such New Revolving Commitments be allocated and the New Loan Commitmentsamounts of such allocations and (z) the Class of Revolving Commitments the Company proposes to increase; provided that the Agent may elect or decline to arrange such New Revolving Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Loan Revolving Commitments may elect or decline, in its sole discretion, to provide a New Loan Revolving Commitment. In each case, such Such New Loan Revolving Commitments shall become effective as of the applicable such Increased Amount Date; provided that that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Revolving Commitments, as applicable; ; (ii) both before the Company and its Subsidiaries shall be in pro forma compliance with Sections 7.11, 7.12 and 7.14 as of the last day of the most recently ended Fiscal Quarter after giving effect to the making of any Series of New Term Loans or such New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; Commitments; (iii) the all New Loan Revolving Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Company, the New Revolving Loan Lender and Administrative the Agent, and each of which shall be recorded in the Register and each New Revolving Loan Lender shall be subject to the requirements set forth in Section 5.4(d3.01(e); ; (iv) the Borrower Company shall make any payments required pursuant to Section 2.11 3.05(b) in connection with the New Loan Revolving Commitments, as applicable; and ; (v) the Borrower Agent, each Issuing Bank and the Swing Lien Lender shall have consented to any New Revolving Loan Lender (such consent shall not be unreasonably withheld) and (vi) the Company shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative the Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) [Reserved]. (c) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, , (ai) each of the Revolving Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by then-existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, , (bii) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and and (ciii) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments . For the avoidance of any Series are effectivedoubt, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical documented solely as an increase, and shall be identical, to the Class of then-existing Revolving Credit Loans and the Revolving Credit CommitmentsCommitments so increased. (d) [Reserved]. (e) Each Joinder Agreement may, without The Agent shall notify Lenders promptly upon receipt of the consent Company’s notice of any other Lenders, effect such amendments to this Agreement each Increased Amount Date and in respect thereof (i) the New Revolving Commitments and the other Credit Documents as may be necessary or appropriateNew Revolving Loan Lenders and (ii) the respective interests in such Revolving Xxxxxx’s Revolving Loans, in each case subject to the opinion of the Administrative Agent, to effect the provision of this assignments contemplated by Section 2.142.15(c).

Appears in 2 contracts

Samples: Credit Agreement (CNO Financial Group, Inc.), Credit Agreement (CNO Financial Group, Inc.)

Incremental Facilities. (a) The Borrower may may, by written notice to Administrative Agent Agent, elect to request the establishment of one or more (x) additional tranches of term loans or increases in Term Loans of any Class (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Term Loan Commitments obtained on or prior to such date), which may be incurred in Dollars, Euros or Pounds Sterling. Each such notice shall specify In connection with the date (eachincurrence of any Indebtedness under this Section 2.14, an “Increased Amount Date”) on which at the request of the Administrative Agent, the Borrower proposes shall provide to the Administrative Agent a certificate certifying that the New Term Loan Commitments do not exceed the Maximum Incremental Facilities Amount, which certificate shall be effectivein reasonable detail and shall provide the calculations and basis therefor and, which shall be a date not less than ten Business Days after subject to reclassification as set forth in Section 10.1, classify such Indebtedness as being incurred under clause (i) or clause (ii) of the date on which such notice is delivered to the Administrative Agentdefinition of Maximum Incremental Facilities Amount. The Borrower may approach any Lender or any Person (other than a natural personPerson) to provide all or a portion of the New Term Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, on each applicable Increased Amount Date (subject to Section 1.12), such New Term Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that be subject to (i) no Default or Event of Default (except in connection with an acquisition or investment (including any Permitted Acquisition or Investment), no Event of Default under Section 11.1 or Section 11.5) shall exist on such Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable; , and subject to Section 1.12, (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d5.4(e); , and (iviii) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Term Loan Commitments, as applicable; and (v) the Borrower . No Lender shall deliver or cause have any obligation to be delivered provide any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transactionCommitments pursuant to this Section 2.14(a). Any New Term Loans made on an Increased Amount Date shall shall, at the election of the Borrower and agreed to by Lenders providing such New Term Loan Commitments, be designated, designated as (a) a separate series (a “Series”) of New Term Loans for all purposes of this Agreement or (b) as part of a Series of existing Term Loans for all purposes of this Agreement. (b) On [Reserved]. (c) New Term Loan Commitments of any Increased Amount Date on which New Revolving Credit Commitments are effected, Series shall be subject to the satisfaction of the foregoing and following terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise be on terms and documentation set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of Agreement as determined by the existing Initial Term LoansBorrower; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, Date; (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the then existing Initial Term Loans and as calculated without giving effect to any prepayments made in connection with the Initial Term Loans; (iii) all other terms the pricing, interest rate margins, discounts, premiums, rate floors, fees, and, subject to clauses (i) and (ii) above, amortization schedule applicable to the any New Term Loans shall be determined by the Borrower and the Lenders thereunder; provided that only during the period commencing on the Closing Date and ending on the thirty month anniversary of each Series the Closing Date, if the Effective Yield for LIBOR Loans or ABR Loans in respect of such New Term Loans consisting of Term Loans that differ from are secured by the Collateral on a pari passu basis with the Initial Term Loans exceeds the Effective Yield for LIBOR Loans or ABR Loans in respect of the then existing Initial Term Loans of like currency by more than 0.50%, the Applicable Margin for LIBOR Loans or ABR Loans in respect of the then existing Initial Term Loans shall be adjusted so that the Effective Yield in respect of the then existing Initial Term Loans is equal to the Effective Yield for LIBOR Loans or ABR Loans in respect of the New Term Loans minus 0.50% (the terms of this proviso to this clause (iii), the “MFN Protection”); and (iv) to the extent such terms and documentation are not consistent with the then existing Initial Term Loans (except to the extent permitted by clause (i), (ii) or (iii) above), they shall be reasonably acceptable satisfactory to the Administrative Agent and the Required Lenders (as evidenced it being understood that, (1) to the extent that any financial maintenance covenant is added for the benefit of any such Indebtedness, no consent shall be required by its execution the Administrative Agent or any of the applicable Joinder Agreement). The terms and provisions Lenders if such financial maintenance covenant is also added for the benefit of any corresponding Term Loans remaining outstanding after the issuance or incurrence of such Indebtedness or (2) no consent shall be required by the Administrative Agent or any of the New Revolving Loans and New Revolving Credit Commitments shall be identical to Lenders if any covenants or other provisions are only applicable after the Revolving Credit Loans and the Revolving Credit CommitmentsLatest Term Loan Maturity Date). (e) [Reserved]. (f) Each Joinder Agreement may, without the consent of any other Lenders, effect such technical and corresponding amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14. (i) The Borrower may at any time, and from time to time, request that all or a portion of the Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.14(g). In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Class which such request shall be offered equally to all such Lenders) (a “Term Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall not be materially more restrictive to the Credit Parties (as determined in good faith by the Borrower), when taken as a whole, than the terms of the Term Loans of the Existing Term Loan Class unless (x) the Lenders of the Term Loans of such applicable Existing Term Loan Class receive the benefit of such more restrictive terms or (y) any such provisions apply after the Initial Term Loan Maturity Date (a “Permitted Other Provision”); provided, however, that (x) the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment to the scheduled amortization payments reflected in Section 2.5 or in the Joinder Agreement, as the case may be, with respect to the Existing Term Loan Class from which such Extended Term Loans were converted, in each case as more particularly set forth in paragraph (iv) of this Section 2.14(g) below), (y) (A) the interest margins with respect to the Extended Term Loans may be higher or lower than the interest margins for the Term Loans of such Existing Term Loan Class and/or (B) additional fees, premiums or applicable high-yield discount obligation (“AHYDO”) payments may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment and to the extent that any Permitted Other Provision (including a financial maintenance covenant) is added for the benefit of any such Indebtedness, no consent shall be required by the Administrative Agent or any of the Lenders if such Permitted Other Provision is also added for the benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of such Indebtedness or if such Permitted Other Provision applies only after the Initial Term Loan Maturity Date. Notwithstanding anything to the contrary in this Section 2.14 or otherwise, no Extended Term Loans may be optionally prepaid prior to the date on which the Existing Term Loan Class from which they were converted is repaid in full, except in accordance with the last sentence of Section 5.1(a). No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension Request. Any Extended Term Loans of any Extension Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class from which they were converted. (ii) [Reserved]. (iii) Any Lender (an “Extending Lender”) wishing to have all or a portion of its Term Loans subject to such Extension Request converted into Extended Term Loans, shall notify the Administrative Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans subject to such Extension Request that it has elected to convert into Extended Term Loans. In the event that the aggregate amount of Term Loans subject to Extension Elections exceeds the amount of Extended Term Loans requested pursuant to the Extension Request, Term Loans subject to Extension Elections shall be converted to Extended Term Loans on a pro rata basis based on the amount of Term Loans included in each such Extension Election. (iv) Extended Term Loans shall be established pursuant to an amendment (an “Extension Amendment”) to this Agreement (which, except to the extent expressly contemplated by the penultimate sentence of this Section 2.14(g)(iv) and notwithstanding anything to the contrary set forth in Section 13.1, shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended Term Loans established thereby) executed by the Credit Parties, the Administrative Agent and the Extending Lenders. No Extension Amendment shall provide for any tranche of Extended Term Loans in an aggregate principal amount that is less than $10,000,000. In addition to any terms and changes required or permitted by Section 2.14(g)(i), each Extension Amendment may, but shall not be required to, impose additional requirements (not inconsistent with the provisions of this Agreement in effect at such time) with respect to the final maturity and weighted average life to maturity of New Term Loans incurred following the date of such Extension Amendment. Notwithstanding anything to the contrary in this Section 2.14(g) and without limiting the generality or applicability of Section 13.1 to any Section 2.14 Additional Amendments, any Extension Amendment may provide for additional terms and/or additional amendments other than those referred to or contemplated above (any such additional amendment, a “

Appears in 2 contracts

Samples: Second Lien Credit Agreement (BrightSpring Health Services, Inc.), Second Lien Credit Agreement (BrightSpring Health Services, Inc.)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement; provided that (A) if the use of proceeds of such New Loan Commitments is an acquisition or investment permitted under this Agreement, if agreed among the Borrower and the New Revolving Loan Lenders and/or New Term Loan Lenders, as applicable, customary “SunGard” limited conditionality shall apply to the effectiveness of such new Loan Commitments in lieu of the conditions set forth in clauses (i), (ii) and if applicable, (v), above and (B) if such New Loan Commitments are being used to replace or refinance Term Loans or Revolving Credit Commitments pursuant to clause (iii) of the definition of Maximum Incremental Facilities Amount (“Refinancing Commitments”), the conditions set forth in clauses (i) and (ii) above shall not apply. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial 2018B Second New Term Loan Maturity Date (or in the case of New Term Loans that are Refinancing Commitments, no earlier than that of the Term Loans being refinanced) and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest fees, pricing and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial 2018B Second New Term Loans (or in the case of New Term Loans that are Refinancing Commitments, no shorter than that of the Term Loans being refinanced) and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the 2020 Revolving Credit Loans and the 2020 Revolving Credit Commitments; provided that New Revolving Credit Commitments may provide for (a) a commitment termination date that is later than the commitment termination date of the 2020 Revolving Credit Commitments (or in the case of New Revolving Credit Commitments that are Refinancing Commitments, later than the commitment termination date of the Revolving Credit Commitments being refinanced) and (b) fees and pricing as agreed between the Borrower and the Lenders providing such New Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14. (i) The Borrower may at any time and from time to time request that all or a portion of the Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.14(f). In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Class) (a “Term Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to the Term Loans of the Existing Term Loan Class from which they are to be converted except (x) the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment to the scheduled amortization payments reflected in Section 2.5 or in the Joinder Agreement, as the case may be, with respect to the Existing Term Loan Class from which such Extended Term Loans were converted, in each case as more particularly set forth in paragraph (iv) of this Section 2.14(f) below) and (y) (A) the interest margins with respect to the Extended Term Loans may be higher or lower than the interest margins for the Term Loans of such Existing Term Loan Class and/or (B) additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension Request. Any Extended Term Loans of any Extension Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class from which they were converted. (ii) The Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments, any Extended Revolving Credit Commitments and/or any New Revolving Credit Commitments, each existing at the time of such request (each, an “Existing Revolving Credit Commitment” and any related revolving credit loans thereunder, “Existing Revolving Credit Loans”; each Existing Revolving Credit Commitment and related Existing Revolving Credit Loans together being referred to as an “Existing Revolving Credit Class”) be converted to extend the termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of Loans related to such Existing Revolving Credit Commitments (any such Existing Revolving Credit Commitments which have been so extended, “Extended Revolving Credit Commitments” and any related Loans, “Extended Revolving Credit Loans”) and to provide for other terms consistent with this Section 2.14(f). In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Class of Existing Revolving Credit Commitments) (a

Appears in 2 contracts

Samples: Joinder Agreement (First Data Corp), Joinder Agreement (First Data Corp)

Incremental Facilities. (a) The Borrower may may, prior to the Term Loan Maturity Date, by written notice to the Administrative Agent elect to Agent, request the establishment of one or more (x) additional tranches of term loans Incremental Term Loan Commitments (the commitments thereto, the New Incremental Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount for all such increased or newly established commitments not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)50,000,000. Each such notice shall specify (i) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Incremental Term Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any , (ii) the amount of the Incremental Term Loan Commitments being requested and (iii) the identity of each Lender or any other Person (each, an “Incremental Term Loan Lender”) to whom the Borrower proposes any portion of such Incremental Term Loan Commitments be allocated and the amounts of such allocations (it being agreed that any such Person other than a natural person) Lender must be an Eligible Assignee that is reasonably acceptable to provide all or a portion of the New Loan CommitmentsAdministrative Agent); provided that (A) GSLP or its respective Affiliates may elect (or decline) to arrange such Incremental Term Loan Commitments in their sole discretion (in which case the Borrower shall enter into a customary engagement letter on terms reasonably satisfactory to GSLP, taking into account market practices and conditions at the time), and (B) any Lender offered or approached to provide all or a portion of the New Incremental Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Incremental Term Loan Commitment. In each case, such New . (b) Such Incremental Term Loan Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Incremental Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Incremental Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.2 shall be satisfied; (iii3) the New Borrower and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in Section 6.7 as of the last day of the most recently ended Fiscal Quarter for which financial statements have been delivered pursuant to Section 5.1 (or, prior to the delivery of any such financial statements, the Fiscal Quarter ended March 31, 2010) after giving effect to such Incremental Term Loan Commitments and to the Incremental Term Loans to be borrowed thereunder as if they had been made on the first day of each relevant period; (4) the Senior Secured Leverage Ratio shall not be greater than 4.00 to 1.00, as of the last day of the most recently ended Fiscal Quarter for which financial statements have been delivered pursuant to Section 5.1 (or, prior to the delivery of any such financial statements, the Fiscal Quarter ended March 31, 2010), in each case after giving effect to such Incremental Term Loan Commitments and to the Incremental Term Loans to be borrowed thereunder as if they had been made on the first day of each relevant period; (5) the Incremental Term Loan Commitments, as applicable, shall be effected pursuant to one or more Joinder Incremental Term Loan Agreements executed and delivered by the Borrower Borrower, the Incremental Term Loan Lenders, as applicable, and the Administrative Agent, and each of which shall be recorded in the Register and each Incremental Term Loan Lender shall be subject to the requirements set forth in of Section 5.4(d2.20(d); (iv6) the Borrower shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Incremental Term Loan Commitments, as applicable; and (v7) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Incremental Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Incremental Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Incremental Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Incremental Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower (a an New Incremental Term Loan”) in an amount equal to its New Incremental Term Loan Commitment of such Series, and (ii) each New Incremental Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Incremental Term Loan Commitment of such Series and the New Incremental Term Loans of such Series made pursuant thereto. The Administrative Agent shall notify Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and in respect thereof the Series of Incremental Term Loan Commitments and the Incremental Term Loan Lenders of such Series. (d) The terms and provisions of the New Incremental Term Loans and New Incremental Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Incremental Term Loan Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that . In any event (i) the weighted average life to maturity of all Incremental Term Loans of any Series shall be no shorter than the weighted average life to maturity of the Terms Loans, (ii) the applicable New Incremental Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date Date, and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (iiiii) the rate of interest and the amortization schedule Weighted Average Yield applicable to the New Incremental Term Loans of each Series shall not be determined by the Borrower and greater than the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that Weighted Average Yield payable pursuant to the weighted average life terms of this Agreement as amended through the date of such calculation with respect to maturity of all New Term Loans shall be no shorter than unless the weighted average life interest rate with respect to maturity of the Initial Term Loans and (iii) all other terms is increased so as to cause the then applicable Weighted Average Yield under this Agreement on the Term Loans to equal the Weighted Average Yield then applicable to the New Incremental Term Loans of each Series that differ from the existing Initial Loans. Each Incremental Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Loan Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.142.24.

Appears in 2 contracts

Samples: Credit and Guarantee Agreement (Telx Group, Inc.), Credit and Guarantee Agreement (Telx Group, Inc.)

Incremental Facilities. (a) The On or before the sixth anniversary of the Closing Date, the Borrower may may, by written notice to the Administrative Agent Agent, elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Construction Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Construction Commitments”), by in an aggregate amount not in excess of the Maximum Incremental Facilities Amount $150,000,000 in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)aggregate. Each such notice shall specify (i) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Construction Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (ii) the identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Construction Lender”) to provide all or a which the Borrower proposes to allocate any portion of such New Construction Commitments and the New Loan Commitments; provided that any amounts of such allocations. Any Lender offered or approached to provide all or a portion of the New Loan Construction Commitments may elect or decline, in its sole discretion, to provide a New Loan Construction Commitment. In each case, such . (b) Each New Loan Commitments Construction Commitment shall become effective as of the applicable Increased Amount Date; provided that Date applicable to it so long as each of the following conditions are satisfied: (i) no Default or Event of Default shall exist on such Increased Amount Date Both before or and immediately after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving LoansConstruction Commitment, each of the conditions set forth in Section 7 Sections 4.02(b), 4.02(c), 4.02(d), 4.02(e) and 4.02(f) shall be satisfied; satisfied (except that the condition set forth in clause (i) of Section 4.02(f) does not need to be satisfied so long as such condition is satisfied after giving such effect). (ii) Such New Construction Commitment shall be established in an amount not less than $50,000,000 and the New Construction Commitments, in total, including such New Construction Commitment, will not be established more than three times. (iii) the Concurrently with such New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative AgentConstruction Commitment becoming effective, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to procure an Equity Contribution from the Sponsor that satisfies the requirements of Section 2.11 in connection with 2.04 of the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Equity Commitment Agreement. (biv) On any The Borrower shall provide to the Administrative Agent an updated Project Budget and, if requested by the Administrative Agent, an updated Project Schedule, in each case reasonably satisfactory to the Administrative Agent in consultation with the Independent Engineer, reflecting the use of proceeds of New Construction Loans, either prior to or within 30 days (or such longer period as the Administrative Agent may consent to) following the Increased Amount Date on which for such New Revolving Credit Commitments are effected, subject Construction Commitment. (v) The interest rate margins applicable to the satisfaction of New Construction Loans made under such New Construction Commitment will not be more than 0.25% higher than the foregoing corresponding interest rate margins for the existing Construction Loans. All other terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders Construction Loans made under such New Construction Commitment shall purchase from each be identical to the terms of the Lenders with Revolving Credit Commitmentsexisting Construction Loans, at except for any different terms as the principal amount thereof Administrative Agent and the Borrower may agree to, which terms will be set forth in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect supplement to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect this Agreement entered into pursuant to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating theretothis Section 2.19. (c) On any Increased Amount Date on which any New Term Loan Construction Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditionsconditions set forth in Section 2.19(b), (i) each New Construction Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Construction Loan”) in an amount equal to its New Term Loan Commitment Construction Commitment. The New Construction Loans made by the New Construction Lenders on such Increased Amount Date shall be designated as a series (a “Series”) of such Series, and (ii) each New Term Loan Construction Loans for all purposes of this Agreement. Each New Construction Lender of any a Series shall become a Lender hereunder with respect to the New Term Loan Construction Commitment of such Series and the New Term Construction Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Construction Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical be effected pursuant to one or more Classes supplements to this Agreement executed and delivered by the New Construction Lenders and the Administrative Agent, each of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series which shall be no earlier than recorded in the Initial Term Loan Maturity Date Register and mandatory prepayment and other payment rights (other than scheduled amortization) of the each New Term Loans and the existing Initial Term Loans Construction Lender shall be identical, (ii) the rate of interest and the amortization schedule applicable subject to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be requirements set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder AgreementSection 2.16(e). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) In addition to the requirements set forth in Section 5.10, the Borrower may only apply the proceeds of the New Construction Loans to pay Project Costs relating to portions of the Project (other than any Excluded Portion) in respect of which the Borrower will earn a return under its FERC-approved tariff. The Borrower may not apply proceeds of the New Construction Loans to the Jointly Owned Segment unless the conditions set forth in Section 4.02(g) are satisfied. (f) Each Joinder Agreement supplement entered into pursuant to this Section 2.19 may, without the consent of any Lenders (other Lendersthan the New Construction Lender under such supplement), effect such amendments to this Agreement and the other Credit Financing Documents as may be necessary or appropriate, in the opinion of as determined by the Administrative Agent, to effect implement the provision provisions of this Section 2.142.19.

Appears in 2 contracts

Samples: Credit Agreement (Allegheny Energy, Inc), Credit Agreement (Allegheny Energy, Inc)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request request, prior to the establishment of one or more Revolving Commitment Termination Date, an increase to the existing Revolving Commitments (x) additional tranches of term loans (the commitments theretoany such increase, the “New Term Revolving Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $175,000,000 in the aggregate and aggregate. Such New Revolving Loan Commitments shall not be less than $100,000,000 2,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) Agent), and shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)be in integral multiples of $100,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Revolving Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to Administrative Agent and (B) the Administrative Agent. The Borrower may approach any identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Revolving Loan Lender”) to provide all or a whom Borrower proposes any portion of such New Revolving Loan Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that Administrative Agent may elect or decline to arrange such New Revolving Loan Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Revolving Loan Commitments may elect or decline, in its sole discretion, to provide a New Revolving Loan Commitment; and provided further that any New Revolving Loan Lender must be reasonably satisfactory to the Swing Line Lender and the Issuing Banks. In each case, such Such New Revolving Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Term Loans or such New Revolving Loans, Loan Commitments each of the conditions set forth in Section 7 3.2 shall be satisfiedsatisfied (provided that with respect to any New Revolving Loans that shall be used in whole or in part to finance a Permitted M&A Transaction, the conditions precedent to the extension of credit thereunder regarding the accuracy of representations and warranties (other than “Specified Representations” and specified acquisition agreement representations of a type similar to the “Specified Acquisition Agreement Representations”) and the requirement of the absence of a Default or Event of Default may be waived by the New Revolving Loan Lenders or limited as mutually agreed upon by Borrower and the New Revolving Loan Lenders (other than an Event of Default arising under Section 8.1(a), (f) or (g)); (iii3) Borrower shall be in pro forma compliance with the covenants set forth in Section 6.7(a) and Section 6.7(b) as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Revolving Loan Commitments; (4) the New Revolving Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by Borrower, the Borrower New Revolving Loan Lender, and Administrative Agent, and each of which shall be recorded in the Register and each New Revolving Loan Lender shall be subject to the requirements set forth in Section 5.4(d2.20(c); (iv5) the Borrower shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Revolving Loan Commitments, as applicable; Commitments and (v6) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Loan Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Loan Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (c) On any . Administrative Agent shall notify Lenders promptly upon receipt of Borrower’s notice of each Increased Amount Date on which any and in respect thereof (y) the New Term Revolving Loan Commitments of any Series are effectiveand the New Revolving Loan Lenders, and (z) the respective interests in such Revolving Lender’s Revolving Loans, in each case subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined assignments contemplated by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement)this Section 2.24. The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Loans. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.142.24.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement, Credit and Guaranty Agreement (TerraForm Power, Inc.)

Incremental Facilities. (a) The At any time after the Closing Date, the Borrower may by written notice to the Administrative Agent elect to request (i) prior to the Latest Revolving Credit Maturity Date, one or more increases to the Revolving Credit Commitments (any such increase, the “Incremental Revolving Credit Commitments”) and/or (ii) the establishment of one or more new term loan facilities, which may take the form of an increase to any then-existing term loan facility (x) additional tranches of term loans (an “Incremental Term Loan Facility”; the commitments theretoin respect thereof, the “New Incremental Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Incremental Revolving Credit Commitments, the “New Incremental Loan Commitments”), by . Each Incremental Revolving Credit Commitment and Incremental Term Loan Commitment shall be in an aggregate principal amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Incremental Loan Commitments obtained on or prior to such date). Each such notice shall (I) specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Incremental Revolving Credit Commitments or Incremental Term Loan Commitments Commitments, as applicable, shall be effective, which shall be a date not less than ten five Business Days after the date on which such notice is delivered to the Administrative Agent (or such shorter period as shall be reasonably acceptable to the Administrative Agent. The Borrower may approach any ) and (B) the identity of each Lender or any other Person that is a Person that would be permitted to be an assignee of the Loans pursuant to Section 13.6(b) (other than a natural personeach, an “Incremental Revolving Credit Lender” or “Incremental Term Loan Lender,” as applicable, and together, the “Incremental Lenders”) to provide all or a whom the Borrower proposes any portion of the New such Incremental Revolving Credit Commitments or Incremental Term Loan Commitments, as applicable, be allocated, and (II) may also provide the proposed amounts of such allocations; provided that (x) any Lender offered or approached to provide all or a portion of the New Incremental Revolving Credit Commitments or Incremental Term Loan Commitments may elect or decline, in its sole discretion, to provide a New an Incremental Revolving Credit Commitment or an Incremental Term Loan Commitment (it being understood that there is no obligation to approach any existing Lenders to provide any Incremental Revolving Credit Commitment or Incremental Term Loan Commitment), and (y) in the case of Incremental Revolving Credit Commitments, the Administrative Agent and the Letter of Credit Issuer shall have consented (such consent not to be unreasonably withheld or delayed) to such Person’s providing such Incremental Revolving Credit Commitments if such consent would be required under Section 13.6(b) for an assignment of Loans or Commitments to such Person. In each case, such New Such Incremental Revolving Credit Commitments or Incremental Term Loan Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Incremental Revolving Credit Commitments or Incremental Term Loan Commitments, as applicable; , (ii2) both before and after giving effect to the making of any Series of New Incremental Term Loans or New effectiveness of Incremental Revolving LoansCredit Commitments, each of all representations and warranties made by any Credit Party contained herein or in the conditions set forth in Section 7 other Credit Documents shall be satisfied; true and correct in all material respects (iiiprovided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) with the same effect as though such representations and warranties had been made on and as of such Increased Amount Date (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) as of such earlier date), (3) the New Incremental Revolving Credit Commitments or Incremental Term Loan Commitments Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Borrower, the Incremental Revolving Credit Lenders or Incremental Term Loan Lenders, as applicable, and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan CommitmentsRegister, as applicable; and (v4) the Borrower shall deliver or cause to be delivered any customary legal opinions or other documents reasonably requested by Administrative Agent the Incremental Lenders providing such Incremental Loan Commitments and required by the applicable Joinder Agreement in connection with any such transaction. Any New Term Notwithstanding anything to the contrary in this Section 2.14 or any other provision of any other Credit Documents, if the proceeds of any Loans made on an Increased pursuant to any Incremental Loan Commitments are intended to be applied to finance a Permitted Acquisition or any other acquisition or Investment permitted under the Credit Documents, the calculation of the Maximum Incremental Facilities Amount Date and the determination as to the Borrower’s compliance with clauses (1) and (2) of the second proviso of this Section 2.14(a), shall be designatedsubject, a separate series in each case, to the Borrower’s right to make an LCT Election with respect to any Limited Condition Transaction, in which case, Section 1.12(b) shall apply; provided that (a x) there shall be no Event of Default under Sections 11.1 and 11.5 (with respect to the Borrower) on the date of Borrowing of such Incremental Loans, and (y) the conditions applicable to the availability of Loans pursuant to such Incremental Loan Commitments shall include customary Series”) of New Term Loans for all purposes of this Agreementlimited conditionality” or “certain funds” conditionality provisions. (b) On any Increased Amount Date on which New Incremental Revolving Credit Commitments are effectedeffected through an increase to any existing Revolving Credit Commitments, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with relevant Revolving Credit Commitments Lenders shall assign to each Lender with a New of the Incremental Revolving Credit Commitment (eachLenders, a “New Revolving Loan Lender”) and each of the New Incremental Revolving Loan Credit Lenders shall purchase from each of the Lenders with relevant Revolving Credit CommitmentsLenders, at the principal amount thereof and in the applicable currency(ies)thereof, such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by such existing Revolving Credit Lenders and New Incremental Revolving Loan Credit Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Incremental Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Incremental Revolving Loan Credit Lender shall become a Lender with respect to the New Incremental Revolving Credit Commitment and all matters relating thereto. The Administrative Agent and the Lenders hereby agree that the minimum assignment, borrowing and prepayment requirements in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence. (c) Any Incremental Term Loans effected through the establishment of one or more new Term Loans made on an Increased Amount Date shall be designated a separate Class of Incremental Term Loans for all purposes of this Agreement. On any Increased Amount Date on which any New Incremental Term Loan Commitments of any Series Class are effectiveeffected, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Incremental Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series such Class shall make a Loan to the Borrower (a an New Incremental Term Loan”) in an amount equal to its New Incremental Term Loan Commitment of such SeriesClass (it being understood that any Incremental Term Loan Facility may provide for delayed draw term loans to be made at a later date), and (ii) each New Incremental Term Loan Lender of any Series such Class shall become a Lender hereunder with respect to the New Incremental Term Loan Commitment of such Series Class and the New Incremental Term Loans of such Series Class made pursuant thereto. Notwithstanding the foregoing, Incremental Term Loans may, subject to clause (e) below, have identical terms to the Initial Term Loans (or any other then-existing Class of Term Loans) and be treated as the same Class as the Initial Term Loans (or any other then-existing Class of Term Loans). (d) The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and in respect thereof (y) the Class of Incremental Revolving Credit Commitments and the Incremental Revolving Credit Lenders of such Class or the Class of Incremental Term Loan Commitments and the Incremental Term Loan Lenders of such Class, as applicable, and (z) in the case of each notice to any Revolving Credit Lender with respect to an increase in the Revolving Credit Commitments, the respective interests in such Revolving Credit Lender’s Revolving Credit Commitments, in each case subject to the assignments contemplated by clause (b) of this Section 2.14. (e) The terms and provisions of any Incremental Term Loans and Incremental Term Loan Commitments or any Incremental Revolving Credit Commitments, as the case may be, of any Class shall be as agreed between the Borrower and the Incremental Term Loan Lenders or Incremental Revolving Credit Lenders, as applicable, providing such Incremental Term Loans and Incremental Term Loan Commitments or such Incremental Revolving Credit Commitments; provided that to the extent such terms and provisions are not consistent with the terms and provisions of the New then existing Term Loans and New Term Loan Commitments of any Series shall beor Revolving Credit Commitments, as applicable (except as otherwise set forth herein permitted by clauses (ii), (iii), (iv), and (v) below), such terms and provisions shall not be more restrictive than the terms and provisions applicable to such existing Term Loans or in the applicable Joinder AgreementRevolving Credit Commitments, identical to one or more Classes of the existing Initial Term Loans; provided that as applicable, unless (ix) the Lenders under such existing Term Loans or Revolving Credit Commitments, as applicable, receive the benefit of such more restrictive terms, (y) any such provisions are applicable New only after the Latest Term Loan Maturity Date or Latest Revolving Credit Maturity Date, as applicable, at such time or (z) such provisions are otherwise reasonably satisfactory to the Administrative Agent (which additional terms shall, notwithstanding anything to the contrary in Section 13.1, apply automatically to this agreement without the consent of each Series any Lender, the Letter of Credit Issuer or, in the case of clause (x) or (y) of this paragraph (e), the Administrative Agent). In any event: (i) any Incremental Revolving Credit Commitments shall have the same terms and ranking as the Revolving Credit Commitments prior to the Increased Amount Date (as such terms may be modified in accordance with the immediately preceding proviso); (ii) the Weighted Average Life to Maturity of all Incremental Term Loans of any Class shall be no shorter than the Weighted Average Life to Maturity of the Initial Term Loans (except by virtue of amortization or prepayment of the Initial Term Loans prior to the time of such incurrence); (iii) the Maturity Date of any Class of the Incremental Term Loans shall be no earlier than the maturity of the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights Loans; (other than scheduled amortizationiv) of the New Incremental Term Loans and may share ratably in right of prepayment with the existing Initial Term Loans shall pursuant to Section 5.1 or 5.2 or otherwise; provided that the Incremental Term Loans may, as the Borrower and the Incremental Term Loan Lenders may determine in their sole discretion, be identical, afforded lesser payments; (iiv) the rate of interest and the amortization schedule Effective Yield applicable to the New Incremental Term Loans of each Series Class shall be determined by the Borrower and the applicable new Incremental Term Loan Lenders and shall be set forth in each applicable Joinder Agreement; provided provided, however, that the weighted average life Effective Yield with respect to maturity of all New such Incremental Term Loans shall not be no shorter greater than the weighted average life Effective Yield with respect to maturity of the then existing Initial Term Loans, plus 50 basis points per annum unless the interest rate with respect to the Initial Term Loans is increased so as to cause the then applicable Effective Yield on the Initial Term Loans to equal the Effective Yield then applicable to the Incremental Term Loans minus 50 basis points (this proviso to this clause (v), the “MFN Protection”); (vi) (x) the liens securing the Incremental Term Loans will rank pari passu with the liens securing the Initial Term Loans and (iiiy) all other terms applicable to the New Incremental Term Loans shall have the same guarantees as, and will rank pari passu in right of each Series that differ from payment with, the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit CommitmentsLoans. (ef) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement (including the imposition of “call protection” on existing Term Loan tranches in the case of any increase thereto) and the other Credit Documents as may be necessary or appropriatenecessary, in the reasonable opinion of the Administrative Agent, Agent and the Borrower to effect the provision of this Section 2.14, and this Section 2.14 shall supersede any provisions of Sections 5, 13.8(b) or 13.1 to the contrary. (g) The Incremental Term Loans, the Incremental Term Loan Commitments and the Incremental Revolving Credit Commitments extended or established pursuant to this Section 2.14 shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Credit Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guarantee and security interests created by the Security Documents. The Credit Parties shall take any actions reasonably required by the Administrative Agent to ensure and/or demonstrate that the Lien granted by the Security Documents continues to be perfected under the Uniform Commercial Code or otherwise after giving effect to the extension or establishment of any such Incremental Term Loans or any such Incremental Term Loan Commitments and Incremental Revolving Credit Commitments.

Appears in 2 contracts

Samples: Credit Agreement (Del Frisco's Restaurant Group, Inc.), Credit Agreement (Del Frisco's Restaurant Group, Inc.)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent and GSCP elect to request the establishment of one or more new term loan commitment (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $25,000,000 in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)aggregate. Each such Such notice shall specify (A) the date (each, an the “Increased Amount Date”) on which the Borrower proposes that the New Term Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to GSCP and (B) the Administrative Agent. The Borrower may approach any identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Term Loan Lender”) to provide all or a whom Borrower proposes any portion of such New Term Loan Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that GSCP may elect or decline to arrange such New Term Loan Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan CommitmentCommitments. In each case, such Such New Term Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such the Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of the New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.2 shall be satisfied; (iii3) Holdings and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in Section 6.7 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Term Loan Commitments; (4) the New Term Loan Commitments shall be effected pursuant to one or more a Joinder Agreements Agreement executed and delivered by Borrower, the Borrower New Term Loan Lenders and Administrative Agent, and each of which shall be recorded in the Register and each New Term Loan Lender shall be subject to the requirements set forth in Section 5.4(d2.20(d); (iv5) the Borrower shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Term Loan Commitments, as applicable; and (v6) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series Lender shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such SeriesCommitments, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series Commitments and the New Term Loans of such Series made pursuant thereto. (d) . Administrative Agent shall notify Lenders promptly upon receipt of Borrower’s notice of the Increased Amount Date and in respect thereof the New Term Loan Commitments and the New Term Loan Lenders. The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Second Lien Term Loans; provided that . In any event (i) the applicable weighted average life to maturity of the New Term Loans shall be no shorter than the weighted average life to maturity of the Second Lien Term Loans, (ii) the New Term Loan Maturity Date of each Series shall be no earlier shorter than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) latest of the New final maturity of the Second Lien Term Loans Loans, and the existing Initial Term Loans shall be identical, (iiiii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided provided, however, that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms interest rate applicable to the New Term Loans of each Series (after giving effect to all upfront or similar fees or original issue discount payable with respect to such New Term Loans) shall not be greater than the highest interest rate that differ from the existing Initial may, under any circumstances, be payable with respect to Second Lien Term Loans shall be reasonably acceptable plus 0.50% per annum unless the interest rate with respect to the Administrative Agent (Second Lien Term Loans is increased so as evidenced by its execution of to equal the interest rate applicable Joinder Agreement). The terms and provisions of to the New Revolving Term Loans and (after giving effect to all upfront or similar fees or original issue discount payable with respect to such New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (eTerm Loans) minus 0.50% per annum. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision of this Section 2.142.24.

Appears in 2 contracts

Samples: Second Lien Credit and Guaranty Agreement (Arizona Chemical Ltd.), Second Lien Credit and Guaranty Agreement (Arizona Chemical Ltd.)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of and any one or more Lenders (including New Lenders) may from time to time agree that such Lenders shall make, obtain or increase the amount of their Commitments (any such new or increased Commitments, “Incremental Commitments”) by executing and delivering to the Administrative Agent an Increased Facility Activation Notice specifying (x) additional tranches the amount of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or such Incremental Commitments and (y) increases in Revolving Credit Commitments the applicable Increased Facility Closing Date (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent (or such earlier date as shall be agreed by the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments)); provided that (i) with respect to any Lender offered or approached Increased Facility Closing Date, the Incremental Commitments shall be in a minimum amount of $10,000,000, (ii) the aggregate amount of Incremental Commitments obtained after the Closing Date pursuant to provide all or a portion this Section 2.24 shall not exceed the greater of (x) $100,000,000 and (y) the New Loan amount by which the Borrowing Base exceeds the Commitments and (iii) Incremental Commitments may elect be made no more than two times after the Closing Date (or decline, such greater number as may be agreed by the Administrative Agent in its sole discretion). No Lender shall have any obligation to participate in any increase described in this paragraph unless it agrees to do so in its sole discretion. (b) Any additional bank, financial institution or other entity which, with the consent of the Borrower and the Administrative Agent (which consent shall not be unreasonably withheld), elects to provide become a “Lender” under this Agreement in connection with any transaction described in Section 2.24(a) shall execute a New Lender Supplement (each, a “New Lender Supplement”), substantially in the form of Exhibit I-2, whereupon such bank, financial institution or other entity (a “New Lender”) shall become a Lender for all purposes and to the same extent as if originally a party hereto and shall be bound by and entitled to the benefits of this Agreement. (c) Unless otherwise agreed or otherwise directed by the Administrative Agent, on each Increased Facility Closing Date, the Borrower shall borrow Revolving Loans under the relevant Incremental Commitments from each Lender participating in the relevant increase in an amount determined by reference to the amount of each Type of Loan Commitment(and, in the case of Term Benchmark Loans, of each Term Benchmark Borrowing) which would then have been outstanding from such Lender if (i) each such Type or Term Benchmark Borrowing had been borrowed or effected on such Increased Facility Closing Date and (ii) the aggregate amount of each such Type or Term Benchmark Borrowing requested to be so borrowed or effected had been proportionately increased. In each caseThe Adjusted Term SOFR Rate applicable to any Term Benchmark Borrowing borrowed pursuant to the preceding sentence shall equal the Adjusted Term SOFR Rate then applicable to the Term Benchmark Loans of the other Lenders in the same Term Benchmark Borrowing (or, until the expiration of the then-current Interest Period, such New Loan other rate as shall be agreed upon between the Borrower and the relevant Lender). (d) [Reserved]. (e) It shall be a condition precedent to the availability of any Incremental Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect have occurred and be continuing immediately prior to such New Loan Commitments, as applicable; (ii) both before and immediately after giving effect to the making of any Series of New Term Loans or New Revolving Loanssuch Incremental Commitments, each of (ii) the conditions representations and warranties set forth in Section 7 each Loan Document shall be satisfied; true and correct in all material respects (or, if qualified by materiality, in all respects) on and as of the Increased Facility Closing Date immediately prior to and immediately after giving effect to the making of such Incremental Commitments, except to the extent expressly made as of an earlier date, in which case they shall be so true and correct as of such earlier date and (iii) the New Loan Commitments Borrower shall have delivered such legal opinions, board resolutions, secretary’s certificate, officer’s certificate and other documents as shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Incremental Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 2 contracts

Samples: Abl Credit Agreement (TTM Technologies Inc), Abl Credit Agreement (TTM Technologies Inc)

Incremental Facilities. (ai) The Borrower may by written notice to the Administrative Agent elect to request the establishment of one or more tranches of term loans (the commitments thereto, the “New Term Loan Commitments”), and (ii) the Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Series 2024 Revolving Credit Commitments (the “New Revolving Credit Commitments” and, or the “New Revolving Credit Commitments”; the New Revolving Credit Commitments together with the New Term Loan Commitments, collectively, the “New Loan Commitments”), in the case of clauses (a)(i) and (a)(ii) by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate from the Closing Date and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default under Sections 11.1 and 11.5 shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Credit Loans, each of the conditions set forth in Section 7 7.1(b) and 7.2 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and the -70- Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d5.4(c) and (b); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall may, as agreed to by the Borrower and the New Term Lenders making such New Term Loans, be designated, designated as a separate series (a “Series”) of New Term Loans or a part of an existing Series or Class of Term Loans, in each case for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments of the applicable Series are effected, subject to the satisfaction of the foregoing terms and conditions, (aA) each of the Lenders Borrower shall have made arrangements with the Administrative Agent to prepay certain Revolving Credit Commitments shall assign Loans on any Increased Amount Date pursuant to procedures as may be agreed by the Borrower and the Administrative Agent, and (B) each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Credit Lender” or a “New Revolving Credit Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders become a Lender with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments respect to the Revolving Credit CommitmentsCommitment of the applicable Series and all matters relating thereto, and each Loan made thereunder (b) each each, a “New Revolving Credit Commitment Loan” or a “New Revolving Credit Loan”) shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to of the New Revolving Credit Commitment and all matters relating theretoapplicable Series. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except be as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and prepayments, other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identicalpayments rights, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new New Term Loan Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans Agreement and (iiiii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The applicable Joinder Agreement for any New Term Loan shall be subject to customary provisions applicable to term loan facilities as determined by the applicable New Term Loan Lenders and the Borrower, including without limitation, provisions with respect to call protection and mandatory prepayments. The terms and provisions of the New Revolving Credit Loans and the New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments, respectively. New Term Loan Lenders shall be included in the determination of the Required Lenders, as applicable. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.14.

Appears in 2 contracts

Samples: Credit Agreement (Laureate Education, Inc.), Credit Agreement

Incremental Facilities. (a) The Borrower Company may by written notice to the applicable Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans New Tranche B Term Loan commitments (the commitments thereto, the “New Tranche B Term Loan Commitments”) and/or (y) increases in Additional Revolving Credit Commitments commitments (the “New Revolving Credit CommitmentsCommitment” and, together with the New Tranche B Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $200,000,000 in the aggregate and not less than $100,000,000 50,000,000 individually (or such lesser amount as (x) may which shall be approved by the applicable Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $200,000,000 and all such New Loan Commitments obtained on or prior to such date), and integral multiples of $5,000,000 in excess of that amount. Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower Company proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the applicable Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such Such New Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Tranche B Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the Company and its Subsidiaries shall be in pro forma compliance with the covenant set forth in Section 10.9 as of the last day of the most recently ended fiscal quarter after giving effect to such New Loan Commitments and any Investment to be consummated in connection therewith; (iv) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Company and the applicable Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (ivv) the Borrower Company shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (vvi) the Borrower Company shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the applicable Administrative Agent in connection with any such transaction. Any New Tranche B Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Tranche B Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditionsconditions and obtaining any required approval from any Governmental Authority, including the consent of Bank Negara Malaysia, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Lenders Loans and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Tranche B Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Tranche B Term Loan Commitment (each, a “New Term Tranche B Loan Lender”) of any Series shall make a Loan to the Borrower Company (a “New Tranche B Term Loan”) in an amount equal to its New Tranche B Term Loan Commitment of such Series, and (ii) each New Tranche B Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Tranche B Term Loan Commitment of such Series and the New Tranche B Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Tranche B Term Loans and New Tranche B Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Tranche B Term Loans; provided that (i) the applicable New Tranche B Term Loan Maturity Date of each Series shall be no earlier than the Initial final maturity of the Tranche B Term Loan Maturity Date Loans and the mandatory prepayment and other payment rights (other than scheduled amortization) of the New Tranche B Term Loans and the existing Initial Tranche B Term Loans shall be identical, identical and (ii) the Borrower, the rate of interest and the amortization schedule applicable to the New Tranche B Term Loans of each Series shall be determined by the Borrower Company and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans such Borrower shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement)Company or a Subsidiary Guarantor. The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative AgentAgents, to effect the provision of this Section 2.14.

Appears in 2 contracts

Samples: Credit Agreement (Avago Technologies Manufacturing (Singapore) Pte. Ltd.), Credit Agreement (Avago Technologies LTD)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request (A) prior to the Revolving Commitment Termination Date, an increase to the existing Revolving Loan Commitments (any such increase, the “New Revolving Loan Commitments”) and/or (B) the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an amount such that Borrower and its Subsidiaries shall be in compliance, on a Pro Forma Basis after giving effect to such New Term Loans or New Revolving Loan Commitments and the application of the proceeds thereof, with a Secured Leverage Ratio of 2.50 to 1.00; provided, that, the aggregate amount of any New Revolving Loan Commitments and/or Tranche A New Term Loan Commitments established after the Amendment No. 3 Effective Date may not in excess of the Maximum Incremental Facilities Amount in the aggregate and exceed $500,000,000; provided, further, any New Revolving Loan Commitment or New Term Loan Commitment shall not be less than $100,000,000 25,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount such lesser amount that represents all remaining availability under any limit set forth above in this Section 2.25), and all such New Loan Commitments obtained on or prior to such date)integral multiples of $10,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Revolving Loan Commitments or New Term Loan Commitments shall be effectiveeffective and (B) the identity of each Lender or other Person that is an Eligible Assignee; provided that, which Issuing Bank shall have consented (such consent not to be a date not less than ten Business Days after the date on which such notice is delivered unreasonably withheld or delayed) to the Administrative Agent. The Borrower may approach allocation of New Revolving Loan Commitments to any Lender Eligible Assignee under clause (ii) of the definition thereof (each, a “New Revolving Loan Lender” or any Person (other than a natural person“New Term Loan Lender,” as applicable) to provide all or a whom Borrower proposes any portion of the such New Revolving Loan Commitments or New Term Loan Commitments, as applicable, be allocated and the amounts of such allocations; provided that GSLP may elect or decline to arrange such New Revolving Loan Commitments or New Term Loan Commitments, as applicable, in its sole discretion and any Lender offered or approached to provide all or a portion of the New Revolving Loan Commitments or New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Revolving Loan Commitments or New Term Loan Commitment. In each case, such Such New Revolving Loan Commitments or New Term Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.3(a) shall be satisfied; provided that, solely with respect to the effectiveness of New Term Loans incurred and/or New Revolving Loan Commitments established to finance the Medicis Acquisition, the Bausch & Lomb Acquisition or any Permitted Acquisition consummated after the Amendment No. 5 Effective Date, the Borrower shall not be required to satisfy the conditions set forth in clause (iii) or (iv) of such Section 3.3(a); (3) Borrower and its Subsidiaries shall be in compliance, on a Pro Forma Basis after giving effect to such New Term Loans and the application of the proceeds thereof, with each of the covenants set forth in Section 6.7 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments; (4) the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by the applicable New Revolving Loan Lender or New Term Loan Lender, as the case may be, Borrower and Administrative AgentAgent (it being understood that the only representations and warranties that shall be certified in the Joinder Agreement with respect to New Term Loans incurred and/or New Revolving Loan Commitments established to finance the Medicis Acquisition, the Bausch & Lomb Acquisition or any Permitted Acquisition consummated after the Amendment No. 5 Effective Date shall be those representations and warranties set forth in the seventh paragraph of this Section 2.25), and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d2.20(d); (iv5) the Borrower shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Revolving Loan Commitments or New Term Loan Commitments, as applicable; and (v6) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. Agreement and (b7) Borrower and its Subsidiaries shall be in compliance, on a Pro Forma Basis, with a Leverage Ratio as of the Increased Amount Date (assuming in the case of any New Revolving Commitments, that the full amount of all outstanding Revolving Commitments, including New Revolving Commitments, are borrowed on such date), of 5.25 to 1.00; provided, further, that, (x) the effectiveness of New Term Loans incurred to finance the Medicis Acquisition or the Bausch & Lomb Acquisition shall not be subject to Borrower’s compliance with clauses (1), (3) or (7) of the foregoing proviso and (y) the effectiveness of New Term Loans incurred and/or New Revolving Loan Commitments established to finance any Permitted Acquisition consummated after the Amendment No. 5 Effective Date shall not be subject to compliance with clause (1) of the foregoing proviso. On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLoan Lenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Revolving Credit Loan Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Loan Commitments after giving effect to the addition of such New Revolving Credit Loan Commitments to the Revolving Credit Loan Commitments, (b) each New Revolving Credit Loan Commitment shall be deemed for all purposes a Revolving Credit Loan Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (c) . On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such SeriesSeries (unless the Joinder Agreement with respect to any Series of New Term Loans shall provide for the making of such Series of New Term Loans on a date subsequent to the applicable Increased Amount Date), and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. . Administrative Agent shall notify Lenders promptly upon receipt of Borrower’s notice of each Increased Amount Date and in respect thereof (dx) the New Revolving Loan Commitments and the New Revolving Loan Lenders or the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series, as applicable, and (y) in the case of each notice to any Revolving Loan Lender, the respective interests in such Revolving Loan Lender’s Revolving Loans, in each case subject to the assignments contemplated by this Section. The terms and provisions of the Tranche A New Term Loans and New Term Loan Commitments of any Series shall be, except with respect to pricing, amortization and maturity and except as otherwise set forth herein or in the applicable Joinder AgreementAgreement and otherwise reasonably satisfactory to Administrative Agent, identical to one or more Classes the Tranche A Term Loans. The terms and provisions of the existing Initial Tranche B New Term Loans of any Series shall be, except with respect to pricing, amortization and maturity and except as otherwise set forth herein or in the Joinder Agreement and otherwise reasonably satisfactory to Administrative Agent, identical to the Tranche B Term Loans; provided that . The terms and provisions of the New Revolving Loans shall be, except with respect to maturity, identical to the Revolving Loans. In any event (i) the weighted average life to maturity of all New Term Loans of any Series shall be no shorter than the then-remaining weighted average life to maturity of the Tranche B Term Loans (other than with respect to a Tranche A New Term Loan, which shall have a weighted average life to maturity not shorter than the remaining weighted average life to maturity of the Tranche A Term Loans), (ii) the applicable New Term Loan Maturity Date of each Series shall be no shorter than the latest of the final maturity of the Tranche B Term Loans (other than with respect to a Tranche A New Term Loan, which shall have a maturity date not earlier than the Initial Tranche A Term Loan Maturity Date Date), and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (iiiii) the rate of interest and the amortization schedule yield applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided however (A) that the weighted average life yield applicable to maturity of all the Tranche A New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such Tranche A New Term Loans) shall not be no shorter greater than the weighted average life applicable yield payable pursuant to maturity the terms of this Agreement as amended through the Initial date of such calculation with respect to Tranche A Term Loans (including any upfront or similar fees or original issue discount paid and payable to the initial Lenders hereunder) plus 0.50% per annum unless the interest rate with respect to the Tranche A Term Loan is increased so as to cause the then applicable yield under this Agreement on the Tranche A Term Loans (including any upfront or similar fees or original issue discount paid and payable to the initial Lenders hereunder) to equal the yield then applicable to the Tranche A New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such Tranche A New Term Loans) minus 0.50% per annum and (B) that the yield applicable to the Tranche B New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such Tranche B New Term Loans) shall not be greater than the applicable yield payable pursuant to the terms of this Agreement as amended through the date of such calculation with respect to Tranche B Term Loans (including any upfront or similar fees or original issue discount paid and payable to the initial Lenders hereunder) plus 0.50% per annum unless the interest rate with respect to the Tranche B Term Loan is increased so as to cause the then applicable yield under this Agreement on the Tranche B Term Loans (including any upfront or similar fees or original issue discount paid and payable to the initial Lenders hereunder) to equal the yield then applicable to the Tranche B New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such Tranche B New Term Loans) minus 0.50% per annum. For purposes of clause (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement)immediately preceding sentence, upfront or similar fees and original issue discount will be equated to interest rates based upon an assumed four-year average life. The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.142.25. Except as expressly set forth in this Section 2.25, New Term Loans incurred and/or New Revolving Loan Commitments established to finance the Medicis Acquisition, the Bausch & Lomb Acquisition or any Permitted Acquisition after the Amendment No. 5 Effective Date shall be entered into in accordance with this Section 2.25 and shall be subject to the terms and conditions hereof; provided that as of the date of establishment of such New Term Loans incurred to finance the Medicis Acquisition or the Bausch & Lomb Acquisition, Borrower shall not be required to comply with the Secured Leverage Ratio set forth in the first paragraph of this Section 2.25; provided that, as of such date, the representations and warranties set forth in Section 4.1(a) (solely with respect to due organization) 4.1(b) (solely with respect to the Joinder Agreement to be entered into with respect to such New Term Loans and/or New Revolving Loan Commitments, as applicable), 4.3 (solely with respect to the Joinder Agreement to be entered into with respect to such New Term Loans and/or New Revolving Loan Commitments, as applicable), 4.4(a)(ii) (solely with respect to the Joinder Agreement to be entered into with respect to such New Term Loans and/or New Revolving Loan Commitments, as applicable), 4.6 (solely with respect to the Joinder Agreement to be entered into with respect to such New Term Loans and/or New Revolving Loan Commitments, as applicable), 4.15 (solely with respect to regulation under the Investment Company Act of 1940), 4.16 (solely with respect to the Joinder Agreement to be entered into with respect to such New Term Loans and/or New Revolving Loan Commitments, as applicable) and 4.23 (solely with respect to the PATRIOT Act), in each case, shall be true and correct in all material respects on and as of such date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Valeant Pharmaceuticals International, Inc.), Credit and Guaranty Agreement (Valeant Pharmaceuticals International, Inc.)

Incremental Facilities. (a) The Borrower Borrowers may by written notice to Administrative Agent elect to request the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $75,000,000 in the aggregate and not less than $100,000,000 15,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $75,000,000 and all such New Term Loan Commitments obtained on or prior to such date), and integral multiples of $1,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower one or both Borrowers proposes that the New Term Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to GSCP and (B) the Administrative Agent. The Borrower may approach any identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Term Loan Lender”) to provide all whom such Borrower or a Borrowers proposes any portion of such New Term Loan Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that GSCP may elect or decline to arrange such New Term Loan Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan CommitmentCommitments. In each case, such Such New Term Loan Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of the New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.2 shall be satisfied; (iii3) Holdings and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in Section 6.7 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Term Loan Commitments; (4) the New Term Loan Commitments shall be effected pursuant to one or more Joinder Agreements Agreement executed and delivered by such Borrower or Borrowers, the Borrower New Term Loan Lenders and Administrative Agent, and each of which shall be recorded in the Register and each New Term Loan Lender shall be subject to the requirements set forth in Section 5.4(d2.20(d); (iv5) the such Borrower or Borrowers shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Term Loan Commitments, as applicable; and (v6) the such Borrower or Borrowers shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) . On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the such Borrower or Borrowers (a “New Term Loan”) in an amount equal to its New Term Loan Commitment Commitments of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment Commitments of such Series and the New Term Loans of such Series made pursuant thereto. (d) . Administrative Agent shall notify Lenders promptly upon receipt of Borrowers’ notice of such Increased Amount Date and in respect thereof the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series, as applicable. The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes the U.S. Term Loans and European Term Loans. In any event (i) the weighted average life to maturity of the existing Initial New Term Loans of any Series shall be no shorter than the weighted average life to maturity of the U.S. Term Loans and the European Term Loans; provided that , (iii) the applicable New Term Loan Maturity Date of each Series shall be no earlier shorter than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) latest of the New final maturity of the Revolving Loans, the U.S. Term Loans and the existing Initial European Term Loans shall be identicalLoans, and (iiiii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the such Borrower or Borrowers and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided provided, however, that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms interest rate applicable to the New Term Loans of each Series (after giving effect to all upfront or similar fees or original issue discount payable with respect to such New Term Loans) shall not be greater than the highest interest rate that differ from the existing Initial may, under any circumstances, be payable with respect to U.S. Term Loans shall be reasonably acceptable and European Term Loans plus 0.50% per annum unless the interest rate with respect to the Administrative Agent (U.S. Term Loans and European Term Loans is increased so as evidenced by its execution of to equal the interest rate applicable Joinder Agreement). The terms and provisions of to the New Revolving Term Loans and (after giving effect to all upfront or similar fees or original issue discount payable with respect to such New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (eTerm Loans) minus 0.50% per annum. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision of this Section 2.142.24.

Appears in 2 contracts

Samples: First Lien Credit and Guaranty Agreement (Arizona Chemical Ltd.), First Lien Credit and Guaranty Agreement (Arizona Chemical Ltd.)

Incremental Facilities. (a) The Borrower Borrowers may by written notice to the Administrative Agent elect to request request, prior to the establishment of one or more Maturity Date, an increase to the existing Commitments (x) additional tranches of term loans (the commitments theretoany such increase, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $20.0 million in the aggregate and not less than $100,000,000 5.0 million individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount Agent), and all such New Loan Commitments obtained on or prior to such date)integral multiples of $1.0 million in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes Borrowers propose that the New Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (B) the identity of each Lender or other Person that is an eligible assignee pursuant to Section 13.6(b) (each, a “New Lender”) to whom the Borrowers propose any Person (other than a natural person) portion of such New Commitments be allocated and the amounts of such allocations; provided that the Borrowers shall first approach the Lenders to provide all or a of the New Commitments in accordance with their Applicable Percentages (excluding for this purpose the Commitment of any Lender that declines to provide any portion of the New Loan Commitments) prior to approaching any other Person that is an eligible assignee pursuant to Section 13.6(b) (and no such Person shall be offered to provide the New Commitments on terms (including with respect to upfront fees and other economic terms) that are more favorable to such Person than the terms offered to the existing Lenders) and no Lender shall provide a New Commitment unless the Administrative Agent, the Swingline Lender and the Letter of Credit Issuer shall have consented thereto; provided further that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such Such New Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii2) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Borrowers, the Lender providing the New Commitment and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d5.4(c); (iv3) the Borrower Borrowers shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v4) the Borrower Borrowers shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transactiontransaction and (5) after giving effect to the New Commitments, Availability is not less than zero. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effectedDate, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a of the New Revolving Credit Commitment (eachLenders, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Lenders Loans and New Revolving Loan Lenders ratably in accordance with their Revolving Credit respective Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any . The Administrative Agent shall notify the Collateral Agent and the Lenders promptly upon receipt of the Borrowers’ notice of each Increased Amount Date on which any and in respect thereof (y) the New Term Loan Commitments of any Series are effectiveand the New Lenders and (z) the respective interests in such Lender’s Revolving Credit Loans, in each case subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant theretoassignments contemplated by this Section. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 2 contracts

Samples: Credit Agreement (Railamerica Inc /De), Credit Agreement (Railamerica Inc /De)

Incremental Facilities. (a) The Borrower may may, by written notice to Administrative Agent the Agent, elect to request the establishment of one a new term loan commitment on the Second Step Closing Date, which may be additional Tranche B Commitments or more (x) additional tranches commitments to provide a new tranche of term loans advances (the commitments thereto, the an New Incremental Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan CommitmentsCommitment”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $2,105,000,000 in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)aggregate. Each such The notice shall specify (i) the date (each, an the Increased Amount Increase Effective Date”) on which the Borrower proposes that the New Loan Commitments increased or new commitments shall be effective, which shall be a date not less fewer than ten 5 Business Days (or such shorter period as is reasonably acceptable to the Agent) after the date on which such notice is delivered to the Administrative Agent. The Agent and (ii) the identity of each Eligible Assignee to whom Borrower may approach proposes any Lender or any Person (other than a natural person) to provide all or a portion of such increased or new commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that any existing Lender offered or (other than any Lender party to the Second Step Commitment Letter) approached to provide all or a portion of the New Loan Incremental Term Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan increased or new commitment. (b) The Incremental Term Commitments shall become effective effective, as of the applicable Increased Amount Increase Effective Date; provided that that: (i) no Default shall have occurred and be continuing or Event of Default shall exist would result from the borrowings to be made on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; the Increase Effective Date; (ii) both before on the Increase Effective Date, Borrower represents and after giving effect warrants that: (A) the representations of Borrower and its Subsidiaries contained in Sections 4.01(a), (b) (other than clauses (ii) – (iv)), (c), (d), (g), (j) and (l)(ii) are true and correct in all material respects as of such date and the Agent shall have received a certificate, signed by the chief financial officer of Borrower to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 foregoing effect; and (B) there shall be satisfied; not have occurred a Material Adverse Effect; (iii) the New Loan Commitments Acquisition Conditions shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating theretohave been satisfied. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of Advances made pursuant to the New Incremental Term Loans and New Commitments (“Incremental Term Loan Commitments of any Series Advances”) shall be, except be as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that follows: (i) the applicable New maturity date of the Incremental Term Loan Maturity Date of each Series Advances shall be no earlier than the Initial Term Loan Tranche B Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, Date; (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Incremental Term Loans and Advances shall be the same as the remaining weighted average life to maturity of the existing Tranche B Advances; (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of Incremental Term Advances shall be, except as set forth in clause (iv) of this paragraph (c), identical to the New Revolving Loans Tranche B Advances (it being understood that Incremental Term Advances may be additional Tranche B Advances); (iv) the Applicable Margins for the Incremental Term Advances shall be determined by Borrower and New Revolving Credit the Lenders of the Incremental Term Advances; provided that in the event that the Applicable Margins for any Incremental Term Advances are greater than the Applicable Margins for the Tranche B Advances as in effect on the Closing Date by more than 25 basis points, then the Applicable Margins for the Tranche B Advances shall be increased to the extent necessary so that the Applicable Margins for the Tranche B Advances shall be increased to equal the Applicable Margins for the Incremental Term Advances minus 25 basis points; provided, further, that in determining the Applicable Margins applicable to the Tranche B Advances and the Incremental Term Advances, (x) original issue discount (“OID”) or upfront fees (which shall be deemed to constitute like amounts of OID) payable by Borrower to the Lenders of the Tranche B Advances or the Incremental Term Advances in the primary syndication thereof shall be included (with OID being equated to interest based on an assumed four-year life to maturity) and (y) customary arrangement or commitment fees payable to the Lead Arrangers (or their affiliates) in connection with the Tranche B Advances or to one or more arrangers (or their Affiliates) of the Incremental Term Advances shall be excluded; (v) Borrower shall have paid all reasonable and documented accrued fees and expenses (including the reasonable and documented fees and expenses of Xxxxxx Xxxxxx & Xxxxxxx LLP) of the Agent and the applicable Lenders in connection with the Incremental Term Commitments and related transactions to the extent that such fees and expenses shall have been invoiced prior to the Increase Effective Date; and (vi) to the extent that the terms and provisions of Incremental Term Advances are not identical to the Tranche B Advances (except as permitted by clause (iv) above) they shall be reasonably satisfactory to the Agent and Borrower. The new Incremental Term Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each effected by an Increase Joinder. The Increase Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative AgentAgent and Borrower, to effect the provision provisions of this Section 2.142.17. (d) On any Increase Effective Date on which new Incremental Term Commitments are effective, subject to the satisfaction of the foregoing terms and conditions, each Lender of such new Incremental Term Commitment shall make an Advance to Borrower in an amount equal to its new Incremental Term Commitment. (e) The Incremental Term Advances and Incremental Term Commitments established pursuant to this paragraph shall constitute Advances and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guarantee and security interests created by the Pledge Agreement. The Loan Parties shall take any actions reasonably required by the Agent to ensure and/or demonstrate that the Lien and security interests granted by the Pledge Agreement continue to be perfected under the UCC or otherwise after giving effect to the establishment of any Incremental Term Advances or Incremental Term Commitments.

Appears in 1 contract

Samples: Credit Agreement (Tribune Co)

Incremental Facilities. (a) The Borrower may may, from time to time after the Closing Date, upon notice by written notice the Borrower to the Administrative Agent elect and the Person appointed by the Borrower to arrange an incremental Facility (such Person (who may be (i) the Administrative Agent or (ii) any other Person appointed by the Borrower after consultation with the Administrative Agent), the “Incremental Arranger”) specifying the proposed amount thereof, request (i) an increase in any Term Loan tranche then outstanding (which shall be on the establishment same terms as, and become part of, the Term Loan tranche proposed to be increased hereunder (except as otherwise provided in clause (d) below with respect to amortization)) PRIVATE & CONFIDENTIAL SUBJECT TO FRE 408 & ITS EQUIVALENTS (each, a “Term Commitment Increase”), or (ii) the addition of one or more new term loan facilities (x) additional tranches of term loans (each, a “New Term Facility”; and any advance made by a Lender thereunder, a “New Term Loan”; and the commitments theretothereof, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit CommitmentsCommitmentand, and together with the New Term Loan CommitmentsCommitment Increase, the “New Loan Commitments”), by in each case, in an aggregate unlimited amount not (the “Ratio-Based Incremental Facility”) so long as the Maximum Leverage Requirement is satisfied; provided that any such request for an increase shall be in excess a minimum amount of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as of (x) may be approved by the Administrative Agent or $5,000,000, and (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such entire amount of any increase that may be requested under this Section 2.16; provided, further, that for purposes of any New Loan Commitments obtained on established pursuant to this Section 2.16: (i) [reserved]; (ii) [reserved]; (iii) [reserved]; and (iv) solely for the purpose of calculating the Consolidated First Lien Net Leverage Ratio to determine the availability under the Ratio-Based Incremental Facility at the time of incurrence, any cash proceeds received pursuant to this Section 2.16 shall be excluded for purposes of calculating cash or prior to Cash Equivalents. The Borrower may designate any Incremental Arranger of any New Loan Commitments with such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that titles under the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after as the date on which such notice is delivered to the Administrative Agent. The Borrower may deem appropriate. (b) For the avoidance of doubt, the Borrower will not be obligated to approach any Lender or to participate in any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any . Any Lender offered or approached to provide all or a portion of the participate in any New Loan Commitments may elect or decline, in its sole discretion, to provide participate in such increase or new facility. The Borrower may also invite additional Eligible Assignees (other than any Affiliate of the Borrower) reasonably satisfactory to the Incremental Arranger and the Administrative Agent to become Lenders pursuant to an amendment to this Agreement. (c) If (i) a Term Loan tranche is increased in accordance with this Section 2.16 or (ii) a New Term Facility is added in accordance with this Section 2.16, the Incremental Arranger and the Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase or New Term Facility among the applicable Lenders. The Incremental Arranger shall promptly notify the applicable Lenders of the final allocation of such increase or New Term Facility and the Increase Effective Date. In connection with (i) any increase in a Term Loan tranche or (ii) any addition of a New Term Facility, in each case, pursuant to this Section 2.16, this Agreement and the other Loan Documents shall be amended in writing (which shall be executed and delivered by the Borrower, the Administrative Agent, the Incremental Arranger and the Lenders providing such Term Loan Increase or New Loan Commitment) in order to establish the New Term Facility or to effectuate the increases to the Term Loan tranche and to reflect any technical changes necessary or appropriate to give effect to such increase or new facility in accordance with its terms as set forth herein pursuant to the documentation relating to such New Term Facility. In each caseAs of the Increase Effective Date, in the case of an increase to an existing Term Loan tranche, the amortization schedule for the Term Loan tranche then increased set forth in Section 2.07(a) (or any other applicable amortization schedule for New Term Loans) shall be amended in writing (which shall be executed and delivered by the Borrower, the Administrative Agent, the Incremental Arranger and the Lenders providing such Term Loan Increase or New Loan Commitment) to increase the then-remaining unpaid installments of principal by an aggregate amount equal to the additional Loans under such Term Loan tranche being made on such date, such aggregate amount to be applied to increase such installments ratably in accordance with the amounts in effect immediately prior to the Increase Effective Date. PRIVATE & CONFIDENTIAL SUBJECT TO FRE 408 & ITS EQUIVALENTS (d) With respect to any Term Commitment Increase or addition of New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that Term Facility pursuant to this Section 2.16, (i) no Default or Event of Default shall would exist on such Increased Amount Date before or after giving effect to such New Loan Commitmentsincrease (except in connection with any acquisition or similar Investment permitted hereunder, as applicablewhere no Event of Default under Sections 8.01(a), (f) or (g) shall be the standard); (ii) both before and after giving effect to (A) in the making case of any Series increase of New a Term Loan tranche, the final maturity of the Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected Term Loans increased pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in this Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Latest Maturity Date for, and such additional Loans shall not have a Weighted Average Life to Maturity shorter than the longest remaining Weighted Average Life to Maturity of, any other outstanding Term Loans or New Term Loans, as applicable and (B) in the case of any New Term Facility, such New Term Facility shall have a final maturity no earlier than the then Latest Maturity Date of any Term Loan tranche and the Weighted Average Life to Maturity of such New Term Facility shall be no shorter than that of any existing Term Loan tranche; (iii) except as set forth in clause (f) below and in subclauses (A) and (B) above with respect to final maturity and Weighted Average Life to Maturity, any such New Term Facility shall have terms reasonably satisfactory to the Incremental Arranger and the Administrative Agent; and (iv) to the extent reasonably requested by the Incremental Arranger or the Administrative Agent, the Incremental Arranger and Administrative Agent shall have received legal opinions, resolutions, officers’ certificates, solvency certificates and/or reaffirmation agreements consistent with those delivered on the Closing Date under Section 4.01 or delivered from time to time pursuant to Section 6.12 with respect to Holdings and mandatory prepayment the Borrower and other payment rights each Subsidiary Guarantor (other than scheduled amortizationchanges to such legal opinions resulting from a change in Law, change in fact or change to counsel’s form of opinion). Subject to the foregoing, the conditions precedent to each such increase or New Loan Commitment shall be solely those agreed to by the Lenders providing such increase or New Loan Commitment, as applicable, the Administrative Agent and the Borrower. Notwithstanding the foregoing, (x) to the extent any terms of any Term Commitment Increase or New Term Facility are more favorable to the existing Lenders than comparable terms existing in the Loan Documents, such terms (if favorable to the existing Lenders) shall be, in consultation with the Administrative Agent, incorporated into this Agreement (or any other applicable Loan Document) for the benefit of all existing Lenders (to the extent applicable to such Lender) without further consent requirements (including, for the avoidance of doubt, at the option of the Borrower, the Borrower may, but shall not be required to, increase the Applicable Rate or amortization payments relating to any existing Facility to bring such Applicable Rate in line with the relevant Term Commitment Increase or New Term Loans Facility to achieve fungibility with such existing Facility), and (y) the terms of any New Term Facility may be incorporated if otherwise reasonably satisfactory to the Borrower, the Incremental Arranger and the existing Initial Administrative Agent. (e) The additional Term Loans made under the Term Loan tranche subject to the increases shall be made by the applicable Lenders participating therein pursuant to the procedures set forth in Sections 2.01 and 2.02 and on the date of the making of such additional Term Loans, and notwithstanding anything to the contrary set forth in Sections 2.01 and 2.02, such additional Term Loans shall be identicaladded to (and form part of) each Borrowing of outstanding Term Loans under such Term Loan tranche on a pro rata basis (based on the relative sizes of the various outstanding Borrowings), so that each Lender under such Term Loan tranche will participate proportionately in each then outstanding Borrowing of Term Loans under the Term Loan tranche. (f) (i) Any New Term Facility (a) shall rank pari passu in right of payment and security with the Term Loan Facility, (b) shall not be Guaranteed by any Person that is not a Borrower or Guarantor under the Term Loan Facility or have any other obligors other than a Borrower or Guarantor under the Term Loan Facility, (c) shall not be secured by a Lien on any property or assets that does not secure the Term Loan Facility, and (d) shall be subject to the Pari Passu Intercreditor Agreement, (ii) the rate New Term Facility shall, for purposes of interest prepayments, be treated substantially the same as (and in any event no more favorably than) the amortization schedule Term Loan Facility, (iii) any New Term Facility shall share ratably PRIVATE & CONFIDENTIAL SUBJECT TO FRE 408 & ITS EQUIVALENTS (or on a lesser basis) with respect to any mandatory prepayments of the Term Loan Facility (other than mandatory prepayments resulting from a refinancing of any Term Loan Facility, which may be applied exclusively to the Term Loan Facility being refinanced) and (iv) with respect to any such New Term Facility that is incurred on or prior to the date that is twelve (12) months after the Closing Date, the All-in Yield payable by the Borrower applicable to the such New Term Loans of each Series Facility shall be determined by the Borrower and the applicable new Lenders providing such New Term Facility and shall not be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter more than 50 basis points higher than the weighted average life corresponding All-in Yield payable by the Borrower for the Initial Term Loans, unless the All-in Yield with respect to maturity of the Initial Term Loans and (iii) all other terms applicable is increased to the amount necessary so that the difference between the All-in Yield with respect to such New Term Loans of each Series that differ from Facility and the existing corresponding All-in Yield on the Initial Term Loans is equal to 50 basis points (this clause (iv), the “MFN Provision”). (g) If the Incremental Arranger is not the Administrative Agent, the actions authorized to be taken by the Incremental Arranger herein shall be reasonably acceptable to done in consultation with the Administrative Agent (as evidenced by its execution and, with respect to the preparation of any documentation necessary or appropriate to carry out the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. this Section 2.16 (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such including amendments to this Agreement and the other Credit Loan Documents), any comments to such documentation reasonably requested by the Administrative Agent shall be reflected therein. (h) To the extent any New Term Facility shall be denominated in a currency other than Dollars, this Agreement and the other Loan Documents as may shall be amended to the extent necessary or appropriateappropriate to provide for the administrative and operational provisions applicable to such currency, in the opinion of each case as are reasonably satisfactory to the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 1 contract

Samples: Term Loan Credit Agreement (CommScope Holding Company, Inc.)

Incremental Facilities. (a) The Any Borrower (including any Additional Borrower) or any other Guarantor may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans or increases in Term Loans of any Class (the commitments thereto, the “New Term Loan Commitments”) and/or ), (y) increases in Revolving Credit Commitments of any Class (the “New Revolving Credit Commitments”), and/or (z) additional tranches of Revolving Credit Commitments (the “Additional Revolving Credit Commitments” and, together with the New Revolving Credit Commitments, the “Incremental Revolving Credit Commitments”; together with the New Term Loan Commitments and the New Revolving Credit Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date), which may be incurred in Dollars, Euros or Sterling. Each such notice In connection with the incurrence of any Indebtedness under this Section 2.14, at the request of the Administrative Agent, the Borrowers shall specify provide to the date (each, an “Increased Amount Date”) on which the Borrower proposes Administrative Agent a certificate certifying that the New Loan Commitments do not exceed the Maximum Incremental Facilities Amount, which certificate shall be effectivein reasonable detail and shall provide the calculations and basis therefor and, which shall be a date not less than ten Business Days after subject to reclassification as set forth in Section 10.1, classify such Indebtedness as being incurred under clause (i) or clause (ii) of the date on which such notice is delivered to the Administrative Agentdefinition of “Maximum Incremental Facilities Amount”. The Borrower Borrowers may approach any Lender or any Person (other than a natural personPerson) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In Subject to Section 1.12 in each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that be subject to (i) no Default or Event of Default under Section 11.1 or Section 11.5 (with respect to the Borrowers) shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; , (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Borrowers and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d5.4(e); , and (iviii) the Borrower Borrowers shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower . No Lender shall deliver or cause have any obligation to be delivered provide any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transactionCommitments pursuant to this Section 2.14(a). Any New Term Loans made on an Increased Amount Date shall shall, at the election of the Borrowers and agreed to by Lenders providing such New Term Loan Commitments, be designated, designated as (a) a separate series (a “Series”) of New Term Loans for all purposes of this Agreement or (b) as part of a Series of existing Term Loans for all purposes of this Agreement. On and after the Increased Amount Date, Additional Revolving Credit Loans shall be designated a separate Series of Revolving Credit Loans for all purposes of this Agreement. Notwithstanding anything else to the contrary in this Section 2.14 or otherwise in this Agreement, any Incremental Loans may be incurred by any Borrower(s) and/or any other Credit Party at the option of the Borrowers. (b) On any Increased Amount Date on which New Incremental Revolving Credit Commitments are effected, shall be subject to the satisfaction of the foregoing following terms and conditions, (a) with respect to New Revolving Credit Commitments, each of the Lenders with Revolving Credit Commitments of such Class shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsCommitments of such Class, at the principal amount thereof and in the applicable currency(ies)thereof, such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans of such Class will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments of such Class after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, and (b) with respect to Incremental Revolving Credit Commitments, (i) each New Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and and, each Loan made thereunder under a New Revolving Credit Commitment (a “New Revolving Credit Loan”) and each Loan made under an Additional Revolving Credit Commitment (an “Additional Revolving Credit Loan” and, together with New Revolving Credit Loans, the “Incremental Revolving Credit Loan”) shall be deemed, for all purposes, a Revolving Credit Loan Loans and (cii) each New Revolving Loan Lender and each Lender with an Additional Revolving Credit Commitment (each an “Additional Revolving Loan Lender” and, together with the New Revolving Loan Lenders, the “Incremental Revolving Loan Lenders”) shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto; provided that the Administrative Agent, the Swingline Lender and the Letter of Credit Issuer shall have consented (not to be unreasonably withheld or delayed) to such Lender’s or Incremental Revolving Loan Lender’s providing such Incremental Revolving Credit Commitment to the extent such consent, if any, would be required under Section 13.6(b) for an assignment of Revolving Loans or Revolving Credit Commitments, as applicable, to such Lender or Incremental Revolving Loan Lender. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, shall be subject to the satisfaction of the foregoing following terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower Borrowers (a “New Term Loan” and, together with the Incremental Revolving Credit Loans, the “Incremental Loans”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise be on terms and documentation set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of Agreement as determined by the existing Initial Term LoansBorrowers; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Tranche B-7 Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, Date; (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the remaining weighted average life to maturity of the Initial then existing Tranche B-7 Term Loans (provided that the foregoing clauses (i) and (ii) shall not apply to (A) up to the greater of (x) $1,100,000,000 and (y) 100% of Consolidated EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) in New Term Loans as selected by the Borrowers, (B) customary bridge loans (including 364-day bridge loans); provided, that either (x) the terms of such bridge loans provide for automatic extension of the maturity date thereof to a date that is not earlier than the Tranche B-7 Term Loan Maturity Date or (y) any loans, notes, securities or other Indebtedness (other than revolving loans) which are exchanged for or otherwise replace such bridge loans shall be subject to the requirements of clauses (i) and (ii), (C) customary term A loans and (D) Indebtedness issued subject to customary escrow arrangements that have redemption requirements related to such escrow release (so long as subject to such escrow)), (iii) all other terms the pricing, interest rate margins, discounts, premiums, rate floors, fees, and amortization schedule applicable to the any New Term Loans of each Series that differ from the existing Initial Term Loans shall be determined by the Borrowers and the Lenders thereunder; provided, that except with respect to (A) up to the greater of (x) $1,100,000,000 and (y) 100% of Consolidated EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) of New Term Loans (as selected by the Borrowers), (B) customary term A loans, (C) customary bridge loans (including 364-day bridge loans) (provided that any loans, notes, securities or other Indebtedness (other than revolving loans) which are exchanged for or otherwise replace such bridge loans shall be subject to the requirements of this clause (iii)) and (D) New Term Loans incurred in connection with a Permitted Acquisition or other Permitted Investment, with respect to any such non-excepted New Term Loans in the form of a broadly syndicated U.S. dollar denominated term “B” loan that is secured on a pari passu basis with the Tranche B-5 Term Loans incurred pursuant to clause (i)(a) of the definition of “Maximum Incremental Facilities Amount” that matures earlier than one year after the Tranche B-5 Term Loan Maturity Date, only during the period commencing on the Amendment No. 6 Effective Date and ending on the date that is 12 months after the Amendment No. 6 Effective Date, if the Applicable Margin for SOFR Loans in respect of such New Term Loans exceeds the Applicable Margin for SOFR Loans in respect of the then existing Tranche B-5 Term Loans by more than 0.75%, the Applicable Margin for SOFR Loans in respect of the then existing Tranche B-5 Term Loans shall be adjusted so that the Applicable Margin in respect of the then existing Tranche B-5 Term Loans that are SOFR Loans is equal to the Applicable Margin for SOFR Loans in respect of such New Term Loans minus 0.75% (the “Tranche B-5 MFN Protection”), (iv) to the extent such terms and documentation are not consistent with the then existing Tranche B-5 Term Loans (except to the extent permitted by clause (i), (ii) or (iii) above), they shall either (x) reflect market terms and conditions (as determined by the Borrowers in good faith) at the time of incurrence or issuance of New Term Loans (or the obtaining of a commitment with respect thereto) or (y) be reasonably acceptable satisfactory to the Administrative Agent (as evidenced it being understood that, (1) to the extent that any financial maintenance covenant is added for the benefit of any such Indebtedness, no consent shall be required by its execution the Administrative Agent or any of the applicable Joinder Agreement). The terms and provisions Lenders if such financial maintenance covenant is also added for the benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of such Indebtedness or (2) no consent shall be required by the Administrative Agent or any of the Lenders if any covenants or other provisions are only applicable after the then-Latest Term Loan Maturity Date), (v) any New Revolving Term Loans may provide for the ability to participate (A) on a pro rata basis or non-pro rata basis in any voluntary prepayment of Term Loans made pursuant to Section 5.1 and (B) on a pro rata or less than pro rata basis (but not on a greater than pro rata basis, other than in the case of prepayment with proceeds of Indebtedness refinancing such New Term Loans) in any mandatory prepayment of Term Loans required pursuant to Section 5.2, (vi) New Term Loans may not be guaranteed by any Person which is not a Credit Party and (vii) if secured, any New Term Loans may not be secured by assets that do not constitute Collateral. For the avoidance of doubt, all parties to this Agreement hereby agree that the proviso to clause (iii) of this paragraph (d) does not apply with respect to any Tranche B-2 Term Loans and/or Tranche B-4 Term Loans (all of which such “MFN” protections have expired prior to the Amendment No. 6 Effective Date) and/or any Tranche B-6 Term Loans (all of which such “MFN” protection (if any) has expired and/or not been set and/or not been renewed) and/or any Tranche B-7 Term Loans (all of which such “MFN” protection (if any) has expired and/or not been set and/or not been renewed) and/or any Tranche B-8 Term Loans (all of which such “MFN” protection (if any) has expired and/or not been set and/or not been renewed). (e) Incremental Revolving Credit Commitments and Incremental Revolving Credit Loans shall be identical to the Initial Revolving Credit Commitments and the related Revolving Credit Loans, other than the Maturity Date and as set forth in this Section 2.14(e); provided that notwithstanding anything to the contrary in this Section 2.14 or otherwise: (i) any such Incremental Revolving Credit Commitments or Incremental Revolving Credit Loans shall rank equal in right of payment and of security with the Revolving Credit Loans and the Term Loans, (ii) any such Incremental Revolving Credit Commitments or Incremental Revolving Credit Loans shall not mature earlier than the Initial Revolving Credit Commitments and related Revolving Credit Loans at the time of incurrence of such Incremental Revolving Credit Commitments, (iii) the borrowing and repayment (except for (1) payments of interest and fees at different rates on Incremental Revolving Credit Commitments (and related outstandings), (2) repayments required upon the maturity date of the Incremental Revolving Credit Commitments, and (3) repayment made in connection with a permanent repayment and termination of commitments (subject to clause (v) below)) of Loans with respect to Incremental Revolving Credit Commitments after the associated Increased Amount Date shall be made on a pro rata basis with all other Revolving Credit Commitments on such Increased Amount Date, (iv) subject to the provisions of Section 2.1(e) and Section 3.12 to the extent dealing with Swingline Loans and Letters of Credit which mature or expire after a maturity date when there exists Incremental Revolving Credit Commitments with a longer maturity date, all Swingline Loans and Letters of Credit shall be participated on a pro rata basis by all Lenders with Revolving Credit Commitments of the same Series in accordance with their percentage of such Revolving Credit Commitments on the applicable Increased Amount Date (and except as provided in Section 2.1(e) and Section 3.12, without giving effect to changes thereto on an earlier maturity date with respect to Swingline Loans and Letters of Credit theretofore incurred or issued in respect of such Series), (v) the permanent repayment of Revolving Credit Loans with respect to, and termination of, Incremental Revolving Credit Commitments after the associated Increased Amount Date shall be made on a pro rata basis with all other Revolving Credit Commitments on such Increased Amount Date, except that the Borrowers shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class, (vi) assignments and participations of Incremental Revolving Credit Commitments and Incremental Revolving Credit Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and Revolving Credit Loans on the applicable Increased Amount Date, (vii) any Incremental Revolving Credit Commitments may constitute a separate Class or Classes, as the case may be, of Commitments from the Classes constituting the applicable Revolving Credit Commitments prior to such Increased Amount Date, and (viii) the pricing, fees, maturity and other immaterial terms of the Additional Revolving Credit Loans may be different and shall be determined by the Borrowers and the Lenders thereunder so long as the final maturity date and the weighted average maturity of any Additional Revolving Credit Loans and Additional Revolving Credit Commitments, as applicable, shall not be earlier than, or shorter than, as the case may be, the maturity date or the remaining weighted average life, as applicable, of the Initial Revolving Credit Commitments and related Revolving Credit Loans. (eix) Each Joinder Agreement may, without to the consent extent that any financial maintenance covenant is added for the benefit of any other Lenderssuch Indebtedness, effect such amendments to this Agreement and no consent shall be required by the other Credit Documents as may be necessary Administrative Agent or appropriate, in the opinion any of the Administrative Agent, to effect the provision of this Section 2.14.Lend

Appears in 1 contract

Samples: Credit Agreement (GoDaddy Inc.)

Incremental Facilities. (a) The Borrower may After the Restatement Effective Date and before the Stated Maturity Date, the Borrower, by written notice to Administrative Agent elect to Agent, may request (i) the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Incremental Term Loan Commitments”) and/or (yii) increases in the Revolving Credit Loan Commitments (the “New Incremental Revolving Credit Commitments” and, together with the New Incremental Term Loan Commitments, the “New Incremental Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $300,000,000 in the aggregate and not less than $100,000,000 50,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between $300,000,000 and the Maximum Incremental Facilities Amount and aggregate amount of all such New Incremental Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Incremental Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural personan Ineligible Assignee) to provide all or a portion of the New Incremental Loan Commitments; provided that any (i) no Lender offered or approached will be required to provide such Incremental Loan Commitment and (ii) any entity providing all or a portion of the New Incremental Loan Commitments may elect that is not a Lender, an Affiliate of a Lender or decline, in its sole discretion, an Approved Fund shall not be an Ineligible Assignee and shall be reasonably acceptable to provide a New Loan Commitment. the Administrative Agent (with such acceptance by the Administrative Agent to not be unreasonably withheld or delayed). (b) In each case, such New Incremental Loan Commitments shall become effective as of the applicable Increased Amount Date; , provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Incremental Loan Commitments, as applicable; (ii) the Borrower shall be in compliance with Section 7.2.4 both before and after giving effect to such Incremental Loan Commitments, (iii) the making weighted average life to maturity of any Series Incremental Term Loan shall be greater than or equal to the then-remaining weighted average life to maturity of the New Term Loans, (iv) the interest rate margin in respect of any Incremental Term Loans or Incremental Revolving Loans (including original issue discount (“OID”) or upfront fees in connection therewith) shall not exceed the Applicable Margin for the New Term Loans or New Revolving Loans, each of as applicable, or if it does so exceed such Applicable Margin, such Applicable Margin for the conditions set forth in Section 7 New Term Loans or Revolving Loans, as applicable, shall be satisfied; increased so that the interest rate margin in respect of such Incremental Term Loan or Incremental Revolving Loan (iiigiving effect to any OID issued or upfront fees in connection therewith) is no greater than the Applicable Margin for the New Term Loans or Revolving Loan, as applicable and (v) the New Incremental Loan Commitments shall be effected pursuant to one or more joinder agreements in a form reasonably acceptable to the Administrative Agent (each, a “Joinder Agreements Agreement”) executed and delivered by the Borrower Borrower, the applicable Incremental Term Loan Lender and the Administrative Agent, and each of Agent pursuant to which shall such Incremental Term Loan Lender agrees to be recorded in the Register and shall be subject bound to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, terms of this Agreement as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transactiona Lender. Any New Incremental Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) tranche of New Incremental Term Loans for all purposes of this Agreement. (bc) On any Increased Amount Date on which New Incremental Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Loan Commitments shall assign to each Lender Person with a New an Incremental Revolving Credit Commitment (each, a “New Incremental Revolving Loan Lender”) and each of the New Incremental Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Loan Commitments, at the principal amount thereof and in the applicable currency(ies)thereof, such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Incremental Revolving Loan Lenders ratably in accordance with their Revolving Credit Loan Commitments after giving effect to the addition of such New Incremental Revolving Credit Commitments to the Revolving Credit Loan Commitments, (b) each New Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a an New Incremental Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Incremental Revolving Loan Lender shall become a Lender with respect to the New Incremental Revolving Credit Commitment and all matters relating thereto. The terms and provisions of the Incremental Revolving Loans and Incremental Revolving Commitments shall be identical to the Revolving Loans and the Revolving Loan Commitments. (cd) On any Increased Amount Date on which any New Incremental Term Loan Commitments of any Series are effectiveeffected, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender Person with a New an Incremental Term Loan Commitment (each, a an New Incremental Term Loan Lender”) of any Series shall make a Loan to the Borrower (a an New Incremental Term Loan”) in an amount equal to its New Incremental Term Loan Commitment of such SeriesCommitment, and (ii) each New Incremental Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Incremental Term Loan Commitment of such Series and the New Incremental Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.142.9.

Appears in 1 contract

Samples: Credit Agreement (Hanesbrands Inc.)

Incremental Facilities. (a) The Borrower On one or more occasions at any time after the Effective Date, the Borrowers may by written notice to the Administrative Agent elect to request the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and), together with the by up to an aggregate amount not to exceed $140,000,000 for all New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes Borrowers propose that the such New Term Loan Commitments shall be effective, which shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion Administrative Agent and/or its Affiliates shall use commercially reasonable efforts, with the assistance of the Borrowers, to arrange a syndicate of Lenders or other Persons that are Eligible Assignees willing to hold the requested New Term Loan Commitments; provided that (x) any New Term Loan Commitments on any Increased Amount Date shall be in the minimum aggregate amount of $5,000,000, and in integral multiples of $5,000,000 in excess thereof, (y) any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that the Lenders will first be afforded the opportunity to provide the New Term Loan Commitments on a pro rata basis, and if any Lender so approached fails to respond, such Lender shall be deemed to have declined to provide such New Term Loan Commitments, and (z) any Lender or other Person that is an Eligible Assignee (each, a “New Term Loan Lender”, as applicable) to whom any portion of such New Term Loan Commitment shall be allocated shall be subject to the approval of the Borrowers and the Administrative Agent (such approval not to be unreasonably withheld or delayed), unless such New Term Loan Lender is an existing Lender. The terms and provisions of any New Term Loan Commitments and any New Term Loans shall be identical to those for existing Term Loans, as agreed by the Administrative Agent and the Borrowers. The effectiveness of any New Term Loan Commitments and the availability of any borrowings under any such New Term Loan Commitment shall be subject to the satisfaction of the following conditions precedent: (x) after giving pro forma effect to such New Term Loan Commitments and the borrowings and the use of proceeds thereof, (i) no Default or Event of Default shall exist and (ii) as of the last day of the most recent month for which financial statements have been delivered pursuant to Section 5.01, the Borrowers would have been in compliance with the financial covenants set forth in Section 6.11; (y) the representations and warranties made or deemed made by the Borrowers in any Loan Document shall be true and correct in all material respects (other than any representation or warranty qualified as to 35 “materiality”, “Material Adverse Effect” or similar language, which shall be true and correct in all respects) on such Increased Amount Date before or after giving effect to the effective date of such New Term Loan Commitments except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (other than any representation or warranty qualified as to “materiality”, “Material Adverse Effect” or similar language, which shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents; and (z) the Administrative Agent shall have received each of the following, in form and substance reasonably satisfactory to the Administrative Agent: (i) if not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of (A) all corporate or other necessary action taken by the Borrowers to authorize such New Term Loan Commitments and (B) all corporate, partnership, member, or other necessary action taken by the Guarantor authorizing the guaranty of such New Term Loan Commitments; and (ii) a customary opinion of counsel to the Borrowers and the Guarantor (which may be in substantially the same form as delivered on the Effective Date and may be delivered by internal counsel of the Borrowers), and addressed to the Administrative Agent and the Lenders, and (iii) if requested by any Lender, new notes executed by the Borrowers, payable to any new Lender, and replacement notes executed by the Borrowers, payable to any existing Lenders. Notwithstanding anything herein to the contrary, on or prior to October 31, 2017, one or more banks and other financial institutions that are Eligible Assignees (except Eligible Assignees described in clause (i) of the definition of Eligible Assignee) and are not Lenders as of the Effective Date, may provide New Term Loan Commitments in the aggregate amount of up to $40,000,000 without further notice to the other Lenders or opportunity for the other Lenders to provide any portion of such New Term Loan Commitments, as applicable; (ii) both before which opportunity and after giving effect notice period the Lenders hereby irrevocably waive. The effectiveness of such New Term Loan Commitment shall be subject to the making of any Series of New Term Loans or New Revolving Loans, each satisfaction of the conditions set forth in this Section 7 shall be satisfied2.04; (iii) provided that the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements condition set forth in Section 5.4(d); clause (ivz)(i) of the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date immediately preceding paragraph shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) deemed satisfied with respect thereto on the Effective Date. On any Increased Amount Date on which any New Revolving Credit Term Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (bi) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Term Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower Borrowers (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such SeriesCommitment, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) . The terms and provisions Administrative Agent shall notify the Lenders promptly upon receipt of the New Term Loans Borrowers’ notice of each Increased Amount Date and in respect thereof, the New Term Loan Commitments of any Series and the New Term Loan Lenders, as applicable. The upfront fees payable to the New Term Loan Lenders shall be, except as otherwise set forth herein or in be determined by the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) Borrowers and the applicable New Term Loan Maturity Date of each Series Lenders. 36 The New Term Loan Commitments shall be no earlier than effected pursuant to one or more Additional Credit Extension Amendments executed and delivered by the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of Borrowers, the New Term Loans Loan Lender, as applicable, and the existing Initial Term Loans Administrative Agent, and each of which shall be identical, (ii) recorded in the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement)Register. The terms and provisions of the New Revolving Loans and New Revolving Each Additional Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement Extension Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as are consistent with this Section 2.04 and may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.142.04. SECTION 2.05.

Appears in 1 contract

Samples: Term Loan Agreement

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Term Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Term Loan Commitments shall be effective. In connection with the incurrence of any Indebtedness under this Section 2.14, which at the request of the Administrative Agent, the Borrower shall be a date not less than ten Business Days after the date on which such notice is delivered provide to the Administrative AgentAgent a certificate certifying that the New Term Loan Commitments do not exceed the Maximum Incremental Facilities Amount, which certificate shall be in reasonable detail and shall provide the calculations and basis therefor. The Borrower may approach any Lender or any Person (other than a natural personPerson) to provide all or a portion of the New Term Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such New Term Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default (except in connection with an acquisition or investment, no Event of Default under Section 11.1 or Section 11.5) shall exist on such Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable; , (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d5.4(e); , and (iviii) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Term Loan Commitments, as applicable; and (v) the Borrower . No Lender shall deliver or cause have any obligation to be delivered provide any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transactionCommitments pursuant to this Section 2.14(a). Any New Term Loans made on an Increased Amount Date shall shall, at the election of the Borrower and agreed to by Lenders providing such New Term Loan Commitments, be designated, designated as (a) a separate series (a “Series”) of New Term Loans for all purposes of this Agreement or (b) as part of a Series of existing Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto.[reserved] (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise be on terms and documentation set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of Agreement as determined by the existing Initial Term LoansBorrower; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, Date; (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the then existing Initial Term Loans, (iii) the pricing, interest rate margins, discounts, premiums, rate floors, fees, and amortization schedule applicable to any New Term Loans shall be determined by the Borrower and the Lenders thereunder; provided that solely in the case of New Term Loans incurred prior to the 18 month anniversary of the Closing Date, if the Effective Yield for LIBOR Loans in respect of such New Term Loans exceeds the Effective Yield for LIBOR Loans in respect of the then existing Initial Term Loans and (iii) all other terms applicable to by more than 0.50%, the New Term Applicable Margin for LIBOR Loans in respect of each Series that differ from the then existing Initial Term Loans shall be adjusted so that the Effective Yield in respect of the then existing Initial Term Loans is equal to the Effective Yield for LIBOR Loans in respect of the New Term Loans minus 0.50%; and (iv) to the extent such terms and documentation are not consistent with the then existing Initial Term Loans (except to the extent permitted by clause (i), (ii) or (iii) above), they shall be reasonably acceptable satisfactory to the Administrative Agent (as evidenced it being understood that, (1) to the extent that any financial maintenance covenant is added for the benefit of any such Indebtedness, no consent shall be required by its execution the Administrative Agent or any of the applicable Joinder Agreement). The terms and provisions Lenders if such financial maintenance covenant is also added for the benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of such Indebtedness or (2) no consent shall be required by the Administrative Agent or any of the New Revolving Loans and New Revolving Credit Commitments shall be identical to Lenders if any covenants or other provisions are only applicable after the Revolving Credit Loans and the Revolving Credit CommitmentsLatest Term Loan Maturity Date). (e) [reserved] (f) Each Joinder Agreement may, without the consent of any other Lenders, effect such technical and corresponding amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 1 contract

Samples: Second Lien Credit Agreement (National Vision Holdings, Inc.)

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Incremental Facilities. (a) The Borrower may by written notice to Administrative the Agent elect to request the establishment of one or more (x) additional tranches of term loans or new Term Commitments to increase any existing Class of Term Loans (the commitments thereto, the “New Term Loan Commitments”) and/or in an amount at any time not to exceed (y) increases other than in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the case of any New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of Commitments with respect to Refinancing Term Loans) the Maximum Incremental Facilities Amount in the aggregate at such time and not less than $100,000,000 25.0 million individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such dateentire remaining availability hereunder). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Term Commitments shall be effective, which shall be a date not less than ten five Business Days after the date on which such notice is delivered to the Administrative Agent (or such shorter period as may be agreed by the Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments); provided that any Lender offered or approached to provide all or a portion of the New Loan Term Commitments may elect or decline, in its sole discretion, to provide a New Loan Term Commitment. In each case, such Such New Loan Term Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i) subject to Section 1.08, no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Term Commitments, as applicable; (ii) subject to Section 1.08, both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 4.02 shall be satisfied; and (iii) the New Loan Term Commitments shall be effected pursuant to one or more Joinder Agreements supplements or amendments to this Agreement executed and delivered by the Borrower and Administrative AgentLoan Parties, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; Lenders and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transactionAgent. Any New Term Loans (other than any New Term Loans which are designated as an increase in the amount of any previously established Class of Term Loans) made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. In connection with the obtaining of any New Term Commitments pursuant to this Section 2.19(a), the Borrower shall, or shall cause the other applicable Loan Parties to, make such amendments to the Collateral Documents and take such other customary actions, if any, as the Agent may reasonably request in order to preserve and protect the Liens on the Collateral securing the Obligations. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto.[Reserved] (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series Class are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series Class shall make a Term Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such SeriesClass, and (ii) each New Term Loan Lender of any Series Class shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series Class and the New Term Loans of such Series Class made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreementsupplement or amendment relating thereto, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable final maturity date of the New Term Loan Maturity Date of each Series Loans shall be no earlier than (x) in the Initial case of Refinancing Term Loan Loans, the Term Loans refinanced therewith and (y) in the case of any other New Term Loans, the Latest Maturity Date and Date, and, in the case of all New Term Loans, the mandatory prepayment and other payment rights (other than scheduled amortization) of provisions applicable to the New Term Loans and the existing Initial shall not require that any mandatory prepayment pursuant to Section 2.09 apply to such New Term Loans shall be identicalon a greater basis than ratable basis then outstanding Term Loans, (ii) the optional prepayment provisions, rate of interest and the amortization schedule applicable to the any New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each the applicable Joinder Agreementsupplement relating thereto; provided that (A) the weighted average life Weighted Average Life to maturity Maturity of all any New Term Loans will be no shorter than (x) in the case of Refinancing Term Loans, the Weighted Average Life to Maturity of the Term Loans refinanced, and (y) in the case of any other New Term Loans, the then remaining Weighted Average Life to Maturity of any Class of Term Loans and (B) if the Effective Yield of any New Term Loans (other than Refinancing Term Loans) established on any Increased Amount Date occurring on or prior to the twelvesix (126) month anniversary of the Incremental Amendment No. 2 Effective Date exceeds the Effective Yield of the Initial2021 Incremental Term Loans by more than 50100 basis points, the Applicable Rates for the Initial2021 Incremental Term Loans shall be increased to the extent necessary so that, after giving effect to such increase, the Effective Yield of the Initial2021 Incremental Term Loans is equal to the Effective Yield of such New Term Loans minus 50100 basis points, (iii) New Term Loans shall not be no shorter than the weighted average life to maturity guaranteed by any Subsidiary of the Initial Term Loans Borrower that is not a Loan Party and shall be secured only by Collateral on a pari passu basis with the other Obligations pursuant to the Collateral Documents and (iiiiv) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable no more favorable to the Administrative Lenders providing such New Term Loans than those applicable to the Term Loans (taken as a whole) (except for covenants or other provisions applicable only to periods after the latestLatest Maturity Date); provided that if any financial maintenance covenant is added for the benefit of any New Term Loans, such provisions shall also be applicable to the Term Loans (except to the extent such financial covenant applies only to periods after the Latest Maturity Date). (i) The Borrower may at any time and from time to time request that all or a portion of the Term Loans under any Term Loan Facility (an “Existing Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans and/or amended to lower the Effective Yield thereof (any such Term Loans which have been so converted and/or extended, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.19(e). In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Agent (as evidenced by its execution who shall provide a copy of such notice to each of the Lenders of the applicable Joinder Agreement). The Existing Class) (an “Extension Request”) setting forth the proposed terms and provisions of the New Revolving Extended Term Loans and New Revolving Credit Commitments to be established, which shall be identical to the Revolving Credit Term Loans of the Existing Class from which they are to be converted except (w) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Class, (x) (A) the interest rate and fee provisions with respect to the Extended Term Loans may be different from those applicable to the Term Loans of such Existing Class (and Extended Term Loans may provide for prepayment protection that is different from those applicable to such Existing Class) and/or (B) additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding subclause (A), (y) the amendment or supplement to this Agreement providing for such Extended Term Loans may provide for other terms applicable to such Extended Term Loans so long as either (A) such additional terms do not apply until all Term Loans and Term Commitments outstanding immediately prior to the Revolving Credit Commitmentsestablishment of such Extended Term Loans have been repaid, terminated or returned as applicable, (B) such additional terms are less favorable to the holders of the Extended Term Loans than the corresponding Existing Class or (C) such additional terms have been approved by the Required Lenders and (z) the mandatory prepayment rights of the Extended Term Loans and such Existing Class may be different so long as the proportion (if any) of the proceeds thereof to which such Extended Term Loans are entitled is no greater on a proportionate basis than the portion of such proceeds to which the Existing Class is entitled to receive. (eii) The Borrower shall provide the applicable Extension Request at least five (5) Business Days prior to the date on which Lenders under the Existing Class are requested to respond (or such shorter period as may be agreed by the Agent). Any Lender (an “Extending Lender”) wishing to have all or a portion of its Term Loans of the Existing Class subject to such Extension Request converted into Extended Term Loans shall notify the Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans of the Existing Class which it has elected to convert into Extended Term Loans. In the event that the aggregate amount of Term Loans of the Existing Class subject to Extension Elections exceeds the amount of Extended Term Loans requested pursuant to the Extension Request, Term Loans subject to Extension Elections shall be converted to Extended Term Loans on a pro rata basis based on the amount of Term Loans included in each such Extension Election (subject to such rounding as the Agent deems expedient). Any Extended Term Loans shall be established on the date set forth in the amendment or supplement to this Agreement entered into by the Borrower, the other Loan Parties and the Agent pursuant to this Section 2.19(e) (it being understood that by providing an Extension Election, an Extending Lender will agree to be bound thereby). (f) Each Joinder amendment or supplement to this Agreement pursuant to this Section 2.19 may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to (i) effect the provision of this Section 2.142.19 or (ii) to the extent the terms and conditions of the New Term Loans are more favorable to the Lenders than comparable terms existing in the Loan Documents, to bring the terms and conditions of the existing Term Loans in line with the terms and conditions of the New Term Loans necessary to achieve fungibility. (g) The provisions of this Section 2.19 shall override any provisions of Section 9.02 to the contrary and, for the avoidance of doubt, Section 9.02(b).

Appears in 1 contract

Samples: Incremental Facility Amendment (Clean Harbors Inc)

Incremental Facilities. (a) The Borrower may may, by written notice to Administrative Agent Agent, elect to request the establishment of one or more (x) additional tranches of term loans or increases in Term Loans of any Class (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Term Loan Commitments obtained on or prior to such date). Each such notice shall specify In connection with the date (eachincurrence of any Indebtedness under this Section 2.14, an “Increased Amount Date”) on which at the request of the Administrative Agent, the Borrower proposes shall provide to the Administrative Agent a certificate certifying that the New Term Loan Commitments do not exceed the Maximum Incremental Facilities Amount, which certificate shall be effective, which in reasonable detail and shall be a date not less than ten Business Days after provide the date on which calculations and basis therefor and classify such notice is delivered to Indebtedness as being incurred under clause (i) or clause (ii) of the Administrative Agentdefinition of “Maximum Incremental Facilities Amount”. The Borrower may approach any Lender or any Person (other than a natural personPerson) to provide all or a portion of the New Term Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such New Term Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default (except in connection with an acquisition or investment (including any Permitted Acquisition or Investment), no Event of Default under Section 11.1 or Section 11.5) shall exist on such Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable; , and subject to Section 1.12, (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d5.4(e); , and (iviii) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Term Loan Commitments, as applicable; and (v) the Borrower . No Lender shall deliver or cause have any obligation to be delivered provide any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transactionCommitments pursuant to this Section 2.14(a). Any New Term Loans made on an Increased Amount Date shall shall, at the election of the Borrower and agreed to by Lenders providing such New Term Loan Commitments, be designated, designated as (a) a separate series (a “Series”) of New Term Loans for all purposes of this Agreement or (b) as part of a Series of existing Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto[Reserved]. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise be on terms and documentation set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of Agreement as determined by the existing Initial Term LoansBorrower; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, Date; (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the then existing Initial Term Loans; (iii) the pricing, interest rate margins, discounts, premiums, rate floors, fees, and amortization schedule applicable to any New Term Loans shall be determined by the Borrower and the Lenders thereunder; provided that if the Effective Yield for LIBOR Loans or ABR Loans in respect of such New Term Loans exceeds the Effective Yield for LIBOR Loans or ABR Loans in respect of the then existing Initial Term Loans and (iii) all other terms applicable to by more than 0.50%, the New Term Applicable Margin for LIBOR Loans or ABR Loans in respect of each Series that differ from the then existing Initial Term Loans shall be adjusted so that the Effective Yield in respect of the then existing Initial Term Loans is equal to the Effective Yield for LIBOR Loans or ABR Loans in respect of the New Term Loans minus 0.50%; and (iv) to the extent such terms and documentation are not consistent with the then existing Initial Term Loans (except to the extent permitted by clause (i), (ii) or (iii) above), they shall be reasonably acceptable satisfactory to the Administrative Agent (as evidenced it being understood that, (1) to the extent that any financial maintenance covenant is added for the benefit of any such Indebtedness, no consent shall be required by its execution the Administrative Agent or any of the applicable Joinder Agreement). The terms and provisions Lenders if such financial maintenance covenant is also added for the benefit of any corresponding Term Loans remaining outstanding after the issuance or incurrence of such Indebtedness or (2) no consent shall be required by the Administrative Agent or any of the New Revolving Loans and New Revolving Credit Commitments shall be identical to Lenders if any covenants or other provisions are only applicable after the Revolving Credit Loans and the Revolving Credit CommitmentsLatest Term Loan Maturity Date). (e) [Reserved]. (f) Each Joinder Agreement may, without the consent of any other Lenders, effect such technical and corresponding amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14. (i) The Borrower may at any time, and from time to time, request that all or a portion of the Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.14(g). In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall

Appears in 1 contract

Samples: Credit Agreement (Academy Sports & Outdoors, Inc.)

Incremental Facilities. (a) The On one or more occasions at any time after the Effective Date, the Borrower may by written notice to the Administrative Agent elect to request (A) an increase to the existing Revolving Commitments (any such increase, the “New Revolving Commitments”) and/or (B) the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Revolving Commitments, the “New Loan Incremental Commitments”), by up to an aggregate amount not in excess of the Maximum to exceed $250,000,000 for all Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)Commitments. Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan such Incremental Commitments shall be effective, which shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Administrative AgentAgent (or such shorter period as the Administrative Agent may agree). The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion Administrative Agent and/or its Affiliates shall use commercially reasonable efforts, with the assistance of the New Loan Borrower, to arrange a syndicate of Lenders or other Persons that are Eligible Assignees willing to hold the requested Incremental Commitments; provided that (x) any Incremental Commitments on any Increased Amount Date shall be in an aggregate amount that is an integral multiple of $5,000,000 and not less than $25,000,000, (y) any Lender offered or approached to provide all or a portion of the New Loan Incremental Commitments may elect or decline, in its sole discretion, to provide an Incremental Commitment and if any Lender so approached fails to respond, such Lender shall be deemed to have declined to provide such Incremental Commitments, and (z) any Lender or other Person that is an Eligible Assignee (each, a “New Revolving Loan Lender” or “New Term Loan Lender”, as applicable) to whom any portion of such Incremental Commitment shall be allocated shall be subject to the approval of the Borrower and the Administrative Agent (such approval not to be unreasonably withheld or delayed), and, in the case of a New Revolving Commitment, each of the Issuing Banks (each of which approvals shall not be unreasonably withheld or delayed), unless such New Revolving Loan Lender or New Term Loan Lender is an existing Lender, an Affiliate of an existing Lender or an Approved Fund. Except as set forth in this Section 2.04, the terms and provisions of any New Revolving Commitments shall be identical to the existing Revolving Commitments. The terms and provisions of any New Term Loan Commitments and any New Term Loans shall (a) provide that the maturity date of any New Term Loan that is a separate tranche shall be no earlier than the Term Loan Maturity Date and shall not have any scheduled amortization payments, (b) share ratably in any prepayments of the existing Term Facility, unless the Borrower and the New Term Loan Lenders in respect of such New Term Loans elect lesser payments and (c) except as set forth in this Section 2.04, otherwise be identical to the existing Term Loans or reasonably acceptable to the Administrative Agent. The effectiveness of any Incremental Commitments and the availability of any borrowings under any such Incremental Commitment shall be subject to the satisfaction of the following conditions precedent: (x) after giving pro forma effect to such Incremental Commitments and, in the case of a New Term Loan Commitment. In each case, such New Loan Commitments shall become effective as the borrowings and the use of the applicable Increased Amount Date; provided that proceeds thereof, (i) no Default or Event of Default shall exist on as of the effective date of such Increased Amount Date before or an increase and after giving effect thereto and (ii) as of the last day of the most recent fiscal quarter for which financial statements have been delivered pursuant to Section 5.01, the Borrower would have been in pro forma compliance with the financial covenants set forth in Section 6.12; (y) the representations and warranties made or deemed made in any Loan Document shall be true and correct in all material respects (other than any representation or warranty qualified as to “materiality”, “Material Adverse Effect” or similar language, which shall be true and correct in all respects) as of the effective date of such New Incremental Commitments except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (other than any representation or warranty qualified as to “materiality”, “Material Adverse Effect” or similar language, which shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents; and (z) the Administrative Agent shall have received each of the following, in form and substance reasonably satisfactory to the Administrative Agent: (i) if not previously delivered to the Administrative Agent, copies certified by the Secretary or Assistant Secretary of (A) all corporate or other necessary action taken by the Borrower to authorize such Incremental Commitments and (B) all corporate, partnership, member, or other necessary action taken by each Guarantor authorizing the Guaranty by such Guarantor of such Incremental Commitments, as applicable; (ii) both before and after giving effect if requested by the Administrative Agent, a customary opinion of counsel to the making of any Series of New Term Loans or New Revolving Loans, each Borrower and the Guarantors (which may be in substantially the same form as delivered on the Effective Date and may be delivered by internal counsel of the conditions set forth in Section 7 shall be satisfied; Borrower), and addressed to the Administrative Agent and the Lenders, and (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements if requested by any Lender, new notes executed and delivered by the Borrower and Administrative AgentBorrower, payable to any new Lender, and each of which replacement notes executed by the Borrower, payable to any existing Lenders; provided that such Lender shall be recorded in the Register and shall be subject promptly return any existing Notes held by such Lender to the requirements set forth in Section 5.4(d); Borrower (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitmentsor, as applicable; and (v) the Borrower shall deliver if lost, destroyed or cause to be delivered any legal opinions or other documents reasonably mutilated, if requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designatedthe Borrower, a separate series (lost note affidavit including a “Series”) of New Term Loans for all purposes of this Agreement. (b) customary indemnity). On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by such existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment Commitment, and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the its New Revolving Credit Commitment and all matters relating thereto. (c) . On any Increased Amount Date on which any New Term Loan Commitments of any Series are effectiveeffected, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series Lender shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such SeriesCommitment, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) . The terms and provisions Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and in respect thereof (y) the New Term Loans Revolving Commitments and the New Revolving Loan Lenders or the New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in and the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date Lenders, as applicable, and (z) in the case of each Series shall be no earlier than notice to any Revolving Lender, the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of respective interests in such Revolving Lender’s Revolving Loans, in each case subject to the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable assignments contemplated by this Section. The upfront fees payable to the New Revolving Loan Lenders and/or New Term Loans of each Series Loan Lenders shall be determined by the Borrower and the applicable new New Revolving Loan Lenders and and/or New Term Loan Lenders. The Incremental Commitments shall be set forth in each applicable Joinder Agreement; provided that effected pursuant to one or more Additional Credit Extension Amendments executed and delivered by the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of Borrower, the New Revolving Loans Loan Lender or New Term Loan Lender, as applicable, and New Revolving Credit Commitments the Administrative Agent, and each of which shall be identical to recorded in the Revolving Register. Each Additional Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement Extension Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as are consistent with this Section 2.04 and may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.142.04.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Four Corners Property Trust, Inc.)

Incremental Facilities. (a) The Borrower may by written notice to the Administrative Agent elect to request prior to the establishment of one or more Revolving Commitment Termination Date, an increase to the existing Revolving Loan Commitments (x) additional tranches of term loans (the commitments theretoany such increase, the “New Term Revolving Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $50,000,000 in the aggregate and not less than $100,000,000 10,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such dateAgent). Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Revolving Loan Commitments shall be effective, which and (B) the identity of each Lender or other Person that is an Eligible Assignee (each, a “New Revolving Loan Lender”) to whom the Borrower proposes any portion of such New Revolving Loan Commitments be allocated and the amounts of such allocations. The Borrower shall first seek New Revolving Loan Commitments from the then existing Lenders (each of whom shall be a date not less than ten Business Days after the date on which such notice is delivered entitled to agree or decline to participate in its sole discretion) and, thereafter, from additional banks and financial institutions and other institutional lenders, reasonably acceptable to the Administrative Agent, who will become Lenders in connection there with. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the Such New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Revolving Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii1) both before and after giving effect to the making of any Series of New Term Loans or such New Revolving LoansLoan Commitments, as applicable, each of the conditions set forth in Section 7 4.02 (with the exception of Section 4.02(a)) shall be satisfied, including, for the avoidance of doubt, the making of the representations and warranties contained in Section 3.04(b) and compliance with the financial covenant contained in Article 7 hereof; and (iii2) the any New Loan Commitments Revolving Loans shall be effected on the terms set forth in (including, for the avoidance of doubt, with respect to maturity date and pricing) and pursuant to one the Loan Documents, with such additional amendments thereto as may be necessary or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded appropriate in the Register and judgment of the Administrative Agent to effect such New Revolving Loan Commitments. Each joinder agreement with a New Revolving Loan Lender not previously a Lender shall be subject to the requirements set forth in Section 5.4(d); consent (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause not to be delivered any legal opinions unreasonably withheld or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”related) of New Term Loans for all purposes of this Agreementthe Issuing Bank and the Swing Line Lender. (b) On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (ai) each of the Lenders with Revolving Credit Commitments Exposure shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLoan Lenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Revolving Credit Loan Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Loan Commitments after giving effect to the addition of such New Revolving Credit Loan Commitments to the Revolving Credit Loan Commitments, (bii) each New Revolving Credit Loan Commitment shall be deemed for all purposes a Revolving Credit Loan Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (ciii) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. For the avoidance of doubt, any costs associated with the foregoing and referred to in Section 2.16 shall be payable by the Borrower. (c) On any The Administrative Agent shall notify Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date on which any and in respect thereof (x) the New Term Revolving Loan Commitments and the New Revolving Loan Lenders and (y) in the case of each notice to any Series are effectiveLender with Revolving Exposure, the respective interests in such Lender’s Revolving Loans, in each case subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant theretoassignments contemplated by this Section. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 1 contract

Samples: Revolving Credit and Guaranty Agreement (Etsy Inc)

Incremental Facilities. (a) The At any time or from time to time after the Closing Date, the Borrower may by written notice to the Administrative Agent elect to request (i) prior to the Revolving Termination Date, one or more increases in the amount of Revolving Commitments (each, a “Revolving Facility Increase”) or (ii) prior to the Term Maturity Date, the establishment of one or more new term loan commitments which may be of the same tranche as such existing Term Loans (xeach, a “Term Loan Increase”) additional tranches or a separate tranche of new term loans (the commitments theretocollectively with any Term Loan Increase, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with and the New Term Loan Commitments, collectively with any Revolving Facility Increase, the “New Loan Incremental Commitments”), by . Each Incremental Commitment shall be in an aggregate principal amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and that is not less than $100,000,000 5,000,000 individually (and in integral multiples of $1,000,000 in excess of that amount. Notwithstanding anything to the contrary herein, the amount of Incremental Commitments and Incremental Equivalent Debt issued pursuant to Section 2.26 shall not, individually or such lesser amount as (x) may be approved by in the Administrative Agent or (y) shall constitute aggregate, exceed the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)Amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan such Incremental Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (B) the identity of each existing Lender or any other Person that is an Assignee (other than each, a natural person“New Revolving Lender” or “New Term Lender,” as applicable) to provide all or a whom the Borrower proposes any portion of such Incremental Commitments, be allocated and the New Loan Commitmentsamounts of such allocations; provided that (w) any Lender offered or approached to provide all or a portion of the New Loan Incremental Commitments may elect in writing or decline, in its sole discretion, to provide a New Loan an Incremental Commitment (it being understood that there is no obligation to approach any existing Lenders to provide any Incremental Commitment. In ), (x) each of the Borrower, the Administrative Agent and the Issuing Lender, as the case may be, shall have consented to such Person’s providing such Incremental Commitments if such consent of the Borrower, the Administrative Agent or the Issuing Lender, respectively, would be required under Section 10.6 for an assignment of Loans or Commitments to such Person (in each case, such consent not to be unreasonably withheld, except to the extent that the Borrower may grant such consent in its sole discretion in the instances specifically described in Section 10.6), (y) with respect to New Loan Term Commitments, any Affiliated Lender providing a New Term Commitment shall be subject to the same restrictions set forth in Section 10.6(c) as it would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Term Loans and (z) Affiliated Lenders may not provide any Revolving Facility Increase. Such Incremental Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on or prior to such Increased Amount Date before or after giving effect to such New Loan Incremental Commitments, as applicable (provided that, if the primary purpose of such Incremental Commitments is to finance a Permitted Acquisition or a similar Investment constituting a Limited Condition Transaction permitted under Section 7.7, then the foregoing shall mean (x) no Default or Event of Default shall exist on or prior to the date the applicable acquisition agreement is executed and (y) no Specified Event of Default as of the Increased Amount Date); (2) the Incremental Commitments (x) shall not be guaranteed by any Person that is not a Guarantor and (y) shall be unsecured or secured only by Property constituting the Collateral (and if secured on a junior basis shall be subject to customary intercreditor arrangements reasonably acceptable to the Administrative Agent and the Borrower); (3) the Incremental Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements (each, an “Incremental Joinder Agreement”) executed and delivered by the Borrower and Administrative AgentBorrower, the New Revolving Lender or New Term Lender, as applicable, and to the extent applicable, the Administrative Agent and the Issuing Lender, or another form of incremental amendment, each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d)Register; (iv4) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitmentspay, as applicable; and (v) the Borrower shall deliver or cause to be delivered paid, all fees and expenses owing in respect of such Incremental Commitments to the Administrative Agent, the Collateral Agent and the Lenders (other than any Defaulting Lender); (5) the representations and warranties of Holdings, the Borrower and its Restricted Subsidiaries set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects (or, in the case of any such representation or warranty already qualified as to materiality or Material Adverse Effect, it shall be true in all respects) on and as of such Increased Amount Date except to the extent that such representations and warranties specifically relate to an earlier date, in which case they shall be true and correct as of such earlier date; provided that, if the primary purpose of such Incremental Commitments is to finance a Permitted Acquisition or a similar Investment constituting a Limited Condition Transaction permitted under Section 7.7, the Specified Representations (other than Section 4.17 with respect to the target in such Permitted Acquisition or investment and its subsidiaries) and the Specified Acquisition Agreement Representations shall be true and correct in all material respects (or, in the case of any such representation or warranty already qualified as to materiality or Material Adverse Effect, it shall be true in all respects) on and as of the Increased Amount Date; and (6) the Administrative Agent shall have received such legal opinions or and other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreementtherewith. (b) On any Increased Amount Date on which New a Revolving Credit Commitments are Facility Increase is effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment Facility Increase shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (cb) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment Facility Increase and all matters relating thereto. (c) Any New Term Loans effected through the establishment of one or more New Term Loans made on an Increased Amount Date shall be designated a separate tranche of New Term Loans for all purposes of this Agreement. On any Increased Amount Date on which any New Term Loan Commitments of any Series tranche are effectiveeffected (including through any Term Loan Increase), subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series such tranche shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Seriestranche, and (ii) each New Term Loan Lender of any Series such tranche shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series tranche and the New Term Loans of such Series tranche made pursuant thereto. On any Increased Amount Date on which any Revolving Facility Increase is effected, subject to the satisfaction of the foregoing terms and conditions, (i) each New Revolving Lender of such Revolving Facility Increase shall make its Commitment available to the Borrower in an amount equal to its Revolving Commitment of such Revolving Facility Increase, and (ii) each New Revolving Lender of such Revolving Facility Increase shall become a Lender hereunder with respect to the Revolving Facility Increase and the Revolving Loans made pursuant thereto. Notwithstanding the foregoing, New Term Loans may have identical terms to the Term Loans and be treated as the same tranche as the Term Loans. (d) The terms Administrative Agent shall notify Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and in respect thereof (x) the Revolving Facility Increase and the New Revolving Lenders of such Revolving Facility Increase or the tranche of New Term Commitments and the New Term Lenders of such tranche, as applicable, and (y) in the case of each notice to any Revolving Lender with respect to an increase in the applicable Revolving Commitments, the respective interests in such Revolving Lender’s Revolving Commitments, in each case subject to the assignments contemplated by clause (b) of this Section 2.25. (e) The terms, provisions and documentation of the New Term Loans and New Term Loan Commitments of any Series tranche shall bebe as agreed between the Borrower and the New Term Lenders providing such New Term Loans and New Term Commitments, and except as otherwise set forth herein or in herein, to the applicable Joinder Agreement, extent not identical to one or more Classes of the existing Initial Term Loans; provided that , shall be reasonably satisfactory to Administrative Agent. In any event: (i) except with respect to customary “bridge” or other interim credit facilities intended to be refinanced or replaced with Long-Term Indebtedness which does not satisfy the applicable requirements of this clause (i), so long as, subject to customary conditions, as determined in good faith by the Borrower, such “bridge” or other interim Indebtedness will either be automatically converted into or required to be exchanged for permanent financing which satisfies the requirements of this clause (i), the Weighted Average Life to Maturity of all New Term Loan Loans of any tranche shall be no shorter than the Weighted Average Life to Maturity Date of each Series the then outstanding Term Loans on the date of incurrence of such New Term Loans; (ii) except with respect to customary “bridge” or other interim credit facilities intended to be refinanced or replaced with Long-Term Indebtedness which does not satisfy the requirements of this clause (ii), so long as, subject to customary conditions, as determined in good faith by the Borrower, such “bridge” or other interim Indebtedness will either be automatically converted into or required to be exchanged for permanent financing which satisfies the requirements of this clause (ii), the final maturity date of any tranche of the New Term Loans shall be no earlier than the Initial original Term Loan Maturity Date and mandatory prepayment and other payment rights Date; (other than scheduled amortizationiii) of the New Term Loans and the existing Initial may participate on a pro rata basis or less than pro rata basis (but not on a greater than pro rata basis) in any voluntary or mandatory prepayments of Term Loans shall be identicalhereunder, as specified in the applicable Incremental Joinder Agreement; (iiiv) the pricing, interest rate of interest margins, discounts, premiums, rate floors, fees, and the amortization schedule applicable to the any New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreementthereunder; provided that with respect to any broadly syndicated New Term Loan denominated in U.S. Dollars incurred after the weighted average life Closing Date and secured on a pari passu basis with the Closing Date Term Loans, if the Effective Yield for Eurodollar Loans or ABR Loans in respect of such New Term Loans exceeds the Effective Yield for Eurodollar Loans or ABR Loans in respect of the then existing Closing Date Term Loans by more than 0.50%, the Applicable Margin for Eurodollar Loans or ABR Loans in respect of the then existing Closing Date Term Loans shall be adjusted so that the Effective Yield in respect of the then existing Closing Date Term Loans is equal to maturity the Effective Yield for Eurodollar Loans or ABR Loans in respect of all the New Term Loans minus 0.50% (it being agreed that (x) in determining the applicable interest rate, any amendment to the interest rate margins on the Closing Date Term Loans that became effective subsequent to the Closing Date but prior to the time of the addition of such New Term Loans shall be no shorter than included and (y) any increase in yield to any existing facility required due to the weighted average life to maturity application of the Initial a LIBOR or ABR floor on any New Term Loans and shall be effected solely through an increase in (iiior implementation of, as applicable) all other terms any LIBOR or ABR floor applicable to such existing facility) (the “MFN Provision”); (v) the New Term Loans will rank pari passu or junior in right of each Series that differ from the payment with existing Initial Term Loans; (vi) except as otherwise provided in this Section 2.25, any New Term Loans shall be on terms and pursuant to documentation as may be otherwise agreed between the Lenders providing such New Term Commitments or New Term Loans; provided, that to the extent such terms and documentation are not consistent with the applicable Term Facility, they shall, at the option of the Borrower (A) reflect market terms and conditions (taken as a whole) at the time of incurrence or issuance (as determined by the Borrower), (B) not be materially more restrictive to the Borrower (as determined by the Borrower), when taken as a whole, than the terms of the initial Term Facility (except for covenants or other provisions applicable only to the periods after the Latest Term Maturity Date existing at the time such Incremental Term Facility is incurred) (it being understood to the extent that any financial maintenance covenant is added for the benefit of any New Term Loans, no consent shall be required from the Administrative Agent or any Lender to the extent that such financial maintenance covenant is also added for the benefit of the Term Facility) or (C) be reasonably acceptable satisfactory to the Administrative Agent (as evidenced by its execution such determination not to be unreasonably withheld or delayed). (f) The terms, provisions and documentation of the applicable Joinder Agreement). The terms Revolving Commitments and provisions of the New any Revolving Loans and New under the Revolving Credit Commitments Facility Increase shall be identical to the Revolving Credit Loans and the Revolving Credit CommitmentsCommitments and notwithstanding anything to the contrary in this Section 2.25 or otherwise. (eg) Each Incremental Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative AgentAgent and the Borrower (and in the case of any Revolving Facility Increase, the Issuing Lenders) to effect the provision provisions of this Section 2.142.25 including, to include the Lenders holding such facilities in any determination of Required Lenders and Majority Facility Lenders and to permit the extensions of credit outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents, and for the avoidance of doubt, this Section 2.25 shall supersede any provisions in Section 10.1 or 10.7 to the contrary. (h) The Loans and Commitments extended or established pursuant to this Section 2.25 and obligations of the Loan Parties in connection therewith shall constitute Loans and Commitments and part of the Obligations under, and shall be entitled to all the benefits afforded by, this Agreement and, except as expressly provided in the applicable Incremental Joinder Agreement, the other Loan Documents, and shall, without limiting the foregoing, unless otherwise specified in the applicable Incremental Joinder Agreement, benefit equally and ratably from the Guarantee Obligations and security interests created by the Security Documents. The Loan Parties shall take any actions reasonably required by the Administrative Agent to ensure and/or demonstrate that the Lien granted by the Collateral Documents continue to be perfected under the UCC or otherwise after giving effect to the extension or establishment of any such Loans or any such Commitments.

Appears in 1 contract

Samples: Credit Agreement (Macquarie Infrastructure Corp)

Incremental Facilities. (a) The Borrower may may, by written notice to the Administrative Agent elect and each Lender (with a copy to request the establishment Collateral Agent), request, prior to the last day of one or more the Revolving Period, an increase to the existing Commitments (x) additional tranches of term loans (the commitments theretoany such increase, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess to exceed $400,000,000 (and the sum of the Maximum Incremental Facilities Amount existing Commitments and any New Commitments shall not exceed $1,000,000,000 in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such dateaggregate). Each such notice shall specify (i) the amount of the New Commitment, (ii) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to effective and approved in writing by the Administrative Agent. The Borrower may approach any Agent and (iii) the identity of each Lender or any other Person (other than a natural personeach, an “Increasing Lender”) to provide all or a whom the Borrower proposes any portion of such New Commitments be allocated and the New Loan Commitmentsamounts of such allocations (if then known); provided that any New Commitment shall first be offered to each existing Lender offered or approached (pro rata) for a period of seven (7) Business Days prior to provide all or a portion of the offering to any Person that is not an existing Lender. Such New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable such Increased Amount DateDate if the Administrative Agent, the Required Lenders and each Lender whose Commitment is being increased thereby has consented thereto in their respective sole discretion and subject to any internal approvals; provided that (iA) no Default or Unmatured Event of Default, Event of Default or Borrowing Base Deficiency shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iiiB) the New Loan Commitments shall be effected pursuant to an Assignment and Acceptance for each existing Lender (if applicable), or one or more Joinder Agreements Supplements for any new Lender executed and delivered by the Borrower Borrower, such new Lender and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d)Register; (ivC) the Borrower shall make pay any payments applicable required pursuant to Section 2.11 fees in connection with the New Loan Commitments, as applicable; and (vD) the Borrower shall deliver or cause to be delivered any legal opinions or other customary closing documents (substantially consistent with the documents set forth in Section 3.01) reasonably requested by Administrative Agent or an Increasing Lender in connection with any such transaction. Any ; and (E) the effectiveness of any allocation of New Term Loans made on an Increased Amount Date Commitments to a non-Lender shall be designated, a separate series subject to (a “Series”i) the prior written consent of New Term Loans the Administrative Agent and (ii) the Collateral Agent’s receipt of all documentation necessary for all purposes of this Agreementcompliance with the applicable “know your customer” requirements under the Patriot Act or other applicable Anti-Money Laundering Laws. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (ai) each of the existing Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (eachof the Increasing Lenders, a “New Revolving Loan Lender”) and each of the New Revolving Loan Increasing Lenders shall purchase from each of the Lenders with Revolving Credit Commitmentsexisting Lenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding Advances Outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans such Advances will be held by existing Revolving Credit Lenders and New Revolving Loan Increasing Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (bii) each New Revolving Credit Commitment shall be deemed deemed, for all purposes purposes, a Revolving Credit Commitment and each Loan Advance made thereunder (a “New Revolving LoanAdvance”) shall be deemed, for all purposes, a Revolving Credit Loan an Advance and (ciii) each New Revolving Loan new Lender shall become a Lender with respect to the New Revolving Credit Commitment Commitments and all matters relating thereto. (c) On any The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, in respect thereof (i) each Lender with a the New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to Commitments and the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, Increasing Lenders and (ii) in the case of each New Term Loan Lender of notice to any Series shall become a Lender hereunder with respect Lender, the respective interests in such Lender’s Advances, in each case subject to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant theretoassignments contemplated by this Section 2.20. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments Advances shall be identical to the Revolving Credit Loans Advances. Each Assignment and the Revolving Credit Commitments. (e) Each Acceptance or each Joinder Agreement Supplement, as applicable, may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Transaction Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, and consented to by the Borrower (such consent not to be unreasonably withheld), to effect the provision provisions of this Section 2.142.20. The effectiveness of any New Commitments shall be conditioned upon any such amendment being entered into by the parties hereto.

Appears in 1 contract

Samples: Loan and Servicing Agreement (HPS Corporate Lending Fund)

Incremental Facilities. (ai) The Borrower may by written notice to the Administrative Agent elect to request prior to the establishment of Revolving Commitment Termination Date, increases to the existing Revolving Loan Commitments (any such increase, the “New Revolving Loan Commitments”) and/or enter into one or more (x) additional tranches of term loans (the commitments theretoeach, the an New Incremental Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan CommitmentsLoan”), by an aggregate amount not in excess each case in minimum increments of the Maximum Incremental Facilities Amount $10,000,000 (or, in the aggregate and not less than $100,000,000 individually (or each case, such lesser amount as (x) may which shall be approved by the Administrative Agent or Agent), so long as, after giving effect thereto the aggregate amount of all such New Revolving Loan Commitments and Incremental Term Loans do not exceed (1) the greater of (x) $250,000,000 and (y) shall constitute 18.5% of Consolidated Total Assets as of the difference between last day of the Maximum Incremental Facilities Amount most recently ended Test Period and all calculated on a Pro Forma Basis plus (2) an unlimited amount, so long as after giving effect to such New Revolving Loan Commitments obtained or Incremental Term Loans and the application of the proceeds thereof on a Pro Forma Basis (without netting the cash proceeds of any such Incremental Term Loans incurred on such date and, in the case of any New Revolving Loan Commitments, assuming full utilization of such New Revolving Loan Commitments (whether or prior to such datenot fully drawn)), the Total Net Leverage Ratio does not exceed 4.50:1.00 as of the last day of the most recently ended Test Period and calculated on a Pro Forma Basis. Each such notice shall specify (i) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Revolving Loan Commitments or the Incremental Term Loan shall be effective, which shall be a date not less than ten five (5) Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower Agent (or such shorter period as the Administrative Agent may approach any agree) and (ii) the identity of each Lender or other Person that is an eligible assignee under Section 11.04(b) (which, if not a Lender, an Approved Fund or an Affiliate of a Lender), shall be reasonably satisfactory to the Administrative Agent (in each case, not to be unreasonably withheld or delayed) (each, a “New Lender” and any Person (other than such New Lender providing a natural personNew Revolving Loan Commitment, a “New Revolving Loan Lender”) to provide all or a whom the Borrower proposes any portion of such New Revolving Loan Commitments or Incremental Term Loans be allocated and the New Loan Commitmentsamounts of such allocations; provided that any Lender offered or Person approached to provide all or a portion of the any New Revolving Loan Commitments or Incremental Term Loans may elect or decline, decline to participate in its sole discretion, to provide a . Such New Loan Commitment. In each case, such New Revolving Loan Commitments or Incremental Term Loans shall become effective effective, as of the applicable such Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii1) both before and after giving effect to the making of any Series of New Term Loans or such New Revolving Loan Commitments or Incremental Term Loans, as applicable, each of the conditions set forth in Section 7 4.02 (with the exception of Section 4.02(a)) shall be satisfied; , including, for the avoidance of doubt, the making of the representations and warranties contained in Section 3.04(b) hereof (iii) provided that, in the case of any New Revolving Loan Commitments shall or Incremental Term Loan the proceeds of which are to be effected pursuant used primarily to one consummate a Limited Conditions Acquisition substantially concurrently with the effectiveness of such New Revolving Loan Commitments or more Joinder Agreements executed and delivered Incremental Term Loan, to the extent agreed to by the Borrower and Administrative Agentthe Lenders providing such New Revolving Loan Commitments or Incremental Term Loan, (x) the only representations and each warranties the accuracy of which shall be recorded in a condition to the Register and effectiveness of such New Revolving Loan Commitments or Incremental Term Loan shall be subject to the requirements Specified Representations and the Specified Acquisition Agreement Representations, and (y) the condition set forth in Section 5.4(d4.02(c) shall be tested on the date the acquisition agreement with respect to such Limited Conditions Acquisition is signed (provided that, on the date such New Revolving Loan Commitments or Incremental Term Loan are effective, no Event of Default under Section 9.01(a), (b), (g), (h) or (i) shall exist or result therefrom)); (iv2) any New Revolving Loan Commitments and New Revolving Loans made pursuant hereto shall be on the Borrower shall make any payments required same terms as the existing Revolving Commitments and Loans made pursuant thereto (including, for the avoidance of doubt, with respect to maturity date and pricing), as set forth in and pursuant to Section 2.11 the Loan Documents, with such additional amendments |US-DOCS\140731213.5|| thereto as may be necessary or appropriate in connection with the judgment of the Administrative Agent to effect such New Revolving Loan Commitments, as applicable; and (v3) as a condition to the effectiveness of such New Revolving Loan Commitments or Incremental Term Loan, the Borrower shall deliver or cause to be delivered any customary legal opinions or other documents certificates reasonably requested by the Administrative Agent in connection with any such transaction. Any Each joinder agreement with a New Term Loans made on an Increased Amount Date Lender not previously a Lender shall be designated, a separate series subject to the consent (a “Series”not to be unreasonably withheld or delayed) of New Term Loans for all purposes of this Agreementthe Issuing Banks. (bii) The Incremental Term Loans shall be secured on a pari passu basis with the Obligations, shall have a maturity date no earlier than the date that is ninety-one (91) days after the Latest Maturity Date, shall not be guaranteed by any person other than an Obligor and shall not be secured by any Lien on any asset other than an asset constituting Collateral. To the extent the terms of the Incremental Term Loans differ from the terms applicable to Loans and Revolving Commitments hereunder, the terms and conditions of such Incremental Term Loans (excluding pricing, interest rate margins, rate floors, discounts, premiums, fees, and prepayment or redemption terms and provisions which shall be determined by the Borrower) either, at the option of the Borrower, (A) shall be reasonably satisfactory to the Administrative Agent (except for covenants or other provisions applicable only to periods after the Latest Maturity Date) or (B) shall not be materially more restrictive to the Borrower and its Subsidiaries (when taken as a whole) than the terms and conditions of this Agreement (when taken as a whole) (except for covenants or other provisions applicable only to periods after the Latest Maturity Date) (it being understood that (1) to the extent that any financial maintenance covenant is added pursuant to the terms governing any Incremental Term Loan, the terms and conditions of such Incremental Term Loan will be deemed not to be more restrictive than the terms and conditions of this Agreement if such financial maintenance covenant is also added for the benefit of this Agreement and (2) no consent shall be required from the Administrative Agent for terms or conditions that are more restrictive than this Agreement if such terms are added to this Agreement); provided, further, that a certificate delivered to the Administrative Agent at least five (5) Business Days prior to the incurrence of any such Incremental Term Loan, together with a reasonably detailed description of the material terms and conditions applicable to such Incremental Term Loan or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the requirements of this definition, shall be conclusive evidence that such terms and conditions satisfy the requirements of this definition unless the Administrative Agent notifies the Borrower within such five Business Day period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees). (iii) On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (ai) each of the Lenders with Revolving Credit Commitments Exposure shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit such Loans will be held by existing Revolving Credit Loan Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Loan Commitments to the Revolving Credit Commitments, (bii) each New Revolving Credit Loan Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and Loan, (ciii) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (iiiv) each existing Lender immediately prior to such increase will automatically and without further act be deemed to have assigned to each New Term Revolving Loan Lender, and each New Revolving Loan Lender of any Series shall become will automatically and without further act be deemed to have assumed, a Lender hereunder with respect to the New Term Loan Commitment portion of such Series Xxxxxx’s participations hereunder in outstanding Letters of Credit such that, after giving effect to each deemed Assignment and the New Term Loans Assumption of such Series made pursuant thereto. (d) The terms and provisions participations, all of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.|US-DOCS\140731213.5||

Appears in 1 contract

Samples: Revolving Credit and Guaranty Agreement (Compass, Inc.)

Incremental Facilities. (a) The At any time prior to the date that is the third anniversary of the Closing Date, subject to the terms and conditions set forth herein, either Borrower may by written notice to the Administrative Agent elect (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders) request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit US Revolver Commitments (the “New Revolving Credit US Revolver Commitments” and, ”) or additional Canadian Revolver Commitments (the “New Canadian Revolver Commitments”; together with the New Term Loan US Revolver Commitments, the “New Loan Revolver Commitments”); provided that the New Revolver Commitments shall be in a principal amount not in excess of $100,000,000 (the “Aggregate New Revolver Commitments”); provided, by an aggregate further, that: (a) no Default or Event of Default has occurred and is continuing; (b) the New US Revolver Commitments shall be in a principal amount not in excess of the Maximum Incremental Facilities Amount in Aggregate New Revolver Commitments minus the aggregate New Canadian Revolver Commitments at such time and not less than $100,000,000 5,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent) and integral multiples of $1,000,000 in excess of that amount; (c) the New Canadian Revolver Commitments shall be in a principal amount not in excess of the Aggregate New Revolver Commitments minus the New US Revolver Commitments at such time and not less than $5,000,000 individually (or such lesser amount which shall be approved by the Administrative Agent) and integral multiples of $1,000,000 in excess of that amount; (d) the representations and warranties contained in Article V and the other Loan Documents are true and correct in all material respects (without duplication of any materiality qualifier contained in such representations and warranties) immediately before and immediately after the Increased Amount Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall have been true and correct in all material respects as of such earlier date; (e) before and after giving effect to any New US Revolver Commitment or any New Canadian Revolver Commitment, the Borrowers shall be in compliance, calculated on the last day of the most recently ended Fiscal Quarter for which financial statements have been delivered pursuant to Section 6.01(a) and 6.01(b), with the financial covenant set forth in Section 7.16 on a pro forma basis after giving effect thereto to the extent such financial covenant is then applicable; (f) all fees and expenses owing to the Administrative Agent and the Lenders in connection with the New Revolver Commitments shall have been paid; (g) the Borrowers shall have delivered to the Administrative Agent a certificate of each Loan Party dated as of the Increased Amount Date signed by a Responsible Officer of such Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to the New US Revolver Commitments or the New Canadian Revolver Commitments, as applicable, and (yii) certifying the conditions set forth in this Section 2.15 have been satisfied as of the Increased Amount Date; and (h) the New Revolver Commitments shall rank pari passu in right of payment and right of security in respect of the Collateral with the existing Revolver Commitments and shall constitute a part of the difference between the Maximum Incremental Facilities Amount and US Revolver Facility or Canadian Revolver Facility, as applicable, for all such New Loan Commitments obtained on or prior to such date)purposes. Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes Borrowers propose that the New Loan Revolving Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach Any bank, financial institution or other Person that elects to extend the New Revolver Commitments shall be reasonably satisfactory to the Borrower, the Administrative Agent and the Applicable L/C Issuer (any such bank, financial institution or other Person being called an “Additional Lender”) and shall become a Lender or under this Agreement pursuant to an amendment (an “Incremental Facility Amendment”) giving effect to the modifications permitted by this Section 2.15 and, as appropriate, the other Loan Documents. No Lender shall be obligated to commit to any Person (other than a natural person) to provide all or a portion of the New Loan Revolver Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement An Incremental Facility Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.142.15 (including voting provisions applicable to the Additional Lenders); provided, however, that no such amendment in respect of the New Revolver Commitments will include any provisions adversely affecting the rights of non-consenting Lenders, except as otherwise contemplated by this Section 2.15. Notwithstanding anything contained herein to the contrary, (x) the final maturity date of any New Revolver Commitment shall occur on or after the Revolver Maturity Date, (y) the Weighted Average Life to Maturity of the New Revolver Commitments shall not be shorter than the Weighted Average Life to Maturity of the Revolver Commitments and (y) if the initial yield of any New Revolver Commitment (as determined by the Administrative Agent, the Borrowers and the Lenders to be equal to the Applicable Rate with respect to the New Revolver Commitments) exceeds the Applicable Rate then in effect for the Revolver Loans (the amount of such excess being referred to herein as the “Yield Differential”), then the Applicable Rate for each US Revolver Lender or Canadian Revolver Lender, as applicable, shall automatically be increased by the Yield Differential, effective upon the providing of the New Revolver Commitments; provided that, in determining the Applicable Rate applicable to the New Revolver Commitments original issue discount (“OID”) or upfront fees payable by the Borrowers to the Lenders of the Revolver Commitments or the New Revolver Commitments shall be included (with OID being equated to interest based on an assumed four-year life to maturity).

Appears in 1 contract

Samples: Credit Agreement (Niska Gas Storage Partners LLC)

Incremental Facilities. (a) The Borrower may by written notice to the Administrative Agent elect to request the establishment of one or more new term loan commitments which may be in the form of a new Series of New Term Loans or an increase to the amount of Restatement Effective Date Term Loans or any then outstanding Series of New Term Loans (x) additional tranches of such new term loans (the loan commitments thereto, or increase the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount (x) $100,000,000 in the aggregate plus (y) such amount that, both before and after giving effect to the making of any Series of New Term Loans or increase in Restatement Effective Date Term Loans, the First Lien LTV Ratio does not exceed a percentage equal to 30%, in each case, not less than $100,000,000 15,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or Agent), and integral multiples of $5,000,000 in excess of that amount; provided that the Borrower may elect to use clause (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such dateclause (x). Each such notice shall specify (i) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Term Loan Commitments shall be effective, which shall be a date not less than ten (10) Business Days (or such shorter period as agreed by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (ii) the identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Term Loan Lender”) to provide all or a whom the Borrower proposes any portion of such New Term Loan Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that any Arranger may elect or decline to arrange such New Term Loan Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such Such New Term Loan Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) as of the Increased Amount Date, no event shall have occurred and be continuing or would result from the consummation of the Borrowing of the New Term Loan that would constitute a Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicableDefault; (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving increase in Restatement Effective Date Term Loans, each of the following shall be satisfied: (i) the conditions set forth in Sections 3.01(h) (provided that each reference therein to Section 7 3.01 shall be satisfieddeemed a reference to this Section 2.22 and each reference therein to the Restatement Effective Date shall be deemed a reference to the Increased Amount Date) and (ii) the representations and warranties contained herein and in the other Loan Documents shall be true and correct in all material respects on and as of the Increased Amount Date (except to the extent such representations and warranties relate to an earlier date, in which case, such representations and warranties were true and correct in all material respects as of such earlier date); provided that to the extent any such representation or warranty is already qualified by materiality or material adverse effect, such representation or warranty shall be true and correct in all respects); (iii3) the Borrower shall be in pro forma compliance with the financial covenant set forth in Section 6.07 as of the last day of the most recently ended Fiscal Quarter for which financial statements have been delivered to the Lenders pursuant to Section 5.01(b) or (c) after giving effect to the making of any Series of New Term Loans or increase in Restatement Effective Date Term Loans; (4) the New Term Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Borrower, each applicable New Term Loan Lender and the Administrative Agent, and each of which shall be recorded in the Register and each New Term Loan Lender shall be subject to the requirements set forth in Section 5.4(d2.18(c); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v5) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated in the applicable Joinder Agreement either as a separate series, an increase to the Restatement Effective Date Term Loans or an increase to any prior series of New Term Loans (in each case a “Series”; for purposes of this Section 2.22, the Restatement Effective Date Term Loans and any increase thereof shall be deemed to be a Series) for all purposes of this Agreement. Except for purposes of this Section 2.22, any New Term Loans shall be deemed to be, effective as of the applicable Increased Amount Date, and after the making of such New Term Loans, Restatement Effective Date Term Loans for all purposes of this Agreement; provided that for the avoidance of doubt such New Term Loans will remain New Term Loans and New Term Loan Commitments, as the case may be, for purposes of this Section 2.22. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series or any increase in Restatement Effective Date Term Loans are effective, subject to the satisfaction of the foregoing terms and conditionsconditions (including, but not limited to, delivery of a Borrowing Notice pursuant to Section 2.01(b)), (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, Series and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (c) The Administrative Agent shall notify the Lenders promptly upon receipt of Borrower’s notice of each Increased Amount Date and in respect thereof the Series of New Term Loan Commitments (or increase in Restatement Effective Date Term Loans) and the New Term Loan Lenders of such Series. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes the Loans. In any event (i) the weighted average life to maturity of all New Term Loans of any Series shall be no shorter than the weighted average life to maturity of the existing Initial Term Loans; provided that , (iii) the applicable New Term Loan Maturity Date of each Series shall be no earlier shorter than the Initial Restatement Effective Date Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identicalDate, (iiiii) the rate of interest and the amortization schedule yield applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that Agreement and (iv) the weighted average life amortization schedule applicable to maturity any Series of all New Term Loans shall be no shorter than determined by the weighted average life to maturity Borrower and the applicable holders of New Term Loans; provided, however, that the Initial Term Loans and (iii) all other terms yield applicable to the New Term Loans of each Series that differ from the existing Initial (after giving effect to all upfront or similar fees, original issue discount payable or Eurodollar or Base Rate “floor” with respect to such New Term Loans shall be with any such upfront or similar fees or original issue discount being equated to the interest rates in a manner reasonably acceptable to determined by the Administrative Agent (as evidenced by its execution of based on an assumed four-year life to maturity) shall not be greater than 0.50% above the applicable Joinder Agreement). The yield payable pursuant to the terms of this Agreement as amended through the date of such calculation with respect to Loans (including any upfront fees or original issue discount payable to the initial Lenders hereunder (but excluding customary arranger and provisions of underwriting fees) or Eurodollar or Base Rate “floor” applicable to Restatement Effective Date Term Loans incurred on the Restatement Effective Date) unless the interest rate with respect to the Loans is increased so as to cause the then applicable yield under this Agreement on the Loans to be not less than the yield then applicable to the New Revolving Term Loans (after giving effect to all upfront or similar fees or original issue discount payable to all lenders (but excluding customary arranger and underwriting fees) or Eurodollar or Base Rate “floor” with respect to such New Revolving Credit Commitments shall be identical Term Loans with any such upfront or similar fees or original issue discount being equated to the Revolving Credit Loans and interest rates in a manner reasonably determined by the Revolving Credit Commitments. (eAdministrative Agent based on an assumed four-year life to maturity) minus 0.50%. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision of this Section 2.142.22. (e) The New Term Loans and New Term Loan Commitments established pursuant to this Section 2.22 shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably with the Obligations from the Subsidiary Guarantors and security interests created by the Security Documents. Each Series of New Term Loans or New Term Loans incurred as an increase to the Restatement Effective Date Term Loans shall be entitled to share in mandatory prepayments on a ratable basis with the Restatement Effective Date Term Loans and the other Series of New Term Loans (unless the holders of the New Term Loans of any Series agree to take a lesser share of certain prepayments). The Loan Parties shall take any actions reasonably required by the Administrative Agent to ensure and/or demonstrate that the Lien and security interests granted by the Security Documents continue to be perfected under the Uniform Commercial Code or otherwise after giving effect to the establishment of any such Class of New Term Loans or any such New Term Loan Commitments.

Appears in 1 contract

Samples: Senior Secured Term Loan Facility Agreement (Ocwen Financial Corp)

Incremental Facilities. (a) The On or before the Final Maturity Date, the Borrower may by written notice to Administrative the Facility Agent elect to request increase the establishment of one or more Facility by up to fifty million Dollars (xUS$50,000,000) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such dateFacilities). Each such Such notice shall specify (A) the date (each, an “Increased Amount Date”) on upon which the Borrower proposes that the New Loan additional Commitments shall be effective, which shall be a date not less than ten 20 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Facility Agent and (B) the identity of each Lender or any Person (other than a natural person) or, to provide all or a portion of the New Loan Commitments; provided extent that any Lender offered or approached does not wish to provide all or a additional Commitments, any person satisfying the criteria set out in Clause 32.2(a) to whom the Borrower proposes any portion of such additional Commitments (and who will become a Lender), as applicable, be allocated and the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, amounts of such New Loan Commitments shall become effective as of the applicable Increased Amount Dateallocations; provided that always that: (a) no such notice may be submitted by the Borrower unless: (i) the Group is in compliance with Clause 19 (Financial Covenants); and (ii) at the time of such notice no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before has occurred and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement.is continuing; (b) On any Increased Amount Date no Lender shall be under an obligation to participate in the Incremental Facility and nothing in this Agreement shall be interpreted as imposing an obligation on which New Revolving Credit Commitments are effected, subject a Lender to make funds available to the satisfaction Borrower in respect of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and its pro rata share in the applicable currency(ies), any such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto.Incremental Facility; (c) On any Increased Amount Date nothing in this Clause shall be interpreted as imposing an obligation on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to request the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto.Incremental Facilities; (d) The the terms and provisions of the New Term Loans and New Term Loan additional Commitments of any Series shall be, except as otherwise set forth herein or in the ancillary agreement applicable Joinder Agreementto such additional Commitments and specifying the interest rate and fees thereof, identical to one or more Classes of the existing Initial Term Commitments and Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments.and (e) Each Joinder Agreement the Facility Agent may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Finance Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, appropriate to effect the provision of this Section 2.14Clause 8.8.

Appears in 1 contract

Samples: Revolving Credit Facility (Quintana Maritime LTD)

Incremental Facilities. (a) The Borrower NewPageCo may by written notice to Administrative Agent elect to request the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (yi) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess to exceed the lesser of the Maximum Incremental Facilities Amount (x) $225,000,000 and (y) together with all outstanding Existing Term Loans, such maximum amount that may constitute Priority Lien Debt (as defined in the aggregate Intercreditor Agreement), and (ii) not less than $100,000,000 50,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount maximum amount permitted in clause (i) above and all such New Term Loan Commitments obtained on or prior to such date). Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower NewPageCo proposes that the New Term Loan Commitments Commitments, as applicable, shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to Administrative Agent and (B) the Administrative Agent. The Borrower may approach any identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Term Loan Lender”) to provide all or a whom NewPageCo proposes any portion of the such New Term Loan Commitments, as applicable, be allocated and the amounts of such allocations; provided that any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such Such New Term Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.1 shall be satisfied; (iii3) NewPageCo and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in Section 6.8 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Term Loan Commitments; (4) the New Term Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower NewPageCo and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d2.20(c); (iv5) the Borrower NewPageCo shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Term Loan Commitments, as applicable; and (v6) the Borrower NewPageCo shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Each New Term Loan shall constitute Priority Lien Debt (as defined in the Intercreditor Agreement). Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) . On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower NewPageCo (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) . Administrative Agent shall notify Lenders promptly upon receipt of NewPageCo’s notice of each Increased Amount Date and in respect thereof the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series. The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes the Existing Term Loans. In any event (i) the weighted average life to maturity of all New Term Loans of any Series shall be no shorter than the weighted average life to maturity of the existing Initial Existing Term Loans; provided that , (iii) the applicable New Term Loan Maturity Date of each Series shall be no earlier shorter than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) final maturity of the New Existing Term Loans and the existing Initial Term Loans shall be identical, (iiiii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower NewPageCo and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided however that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms interest rate applicable to the New Term Loans of each Series shall not be greater than the highest interest rate that differ from may, under any circumstances, be payable with respect to the existing Initial Existing Term Loan plus 0.50% per annum unless the interest rate with respect to the Existing Term Loans shall be reasonably acceptable is increased so as to equal the interest rate applicable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement)New Term Loans. The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.142.24.

Appears in 1 contract

Samples: Term Loan Credit and Guaranty Agreement (NewPage CORP)

Incremental Facilities. (a) The Borrower Agent may by written notice to Administrative Agent elect to request request, on behalf of Borrowers, prior to the establishment of one or more Revolver Termination Date, an increase to the existing Revolver Commitments (x) additional tranches of term loans (the commitments theretoany such increase, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Revolver Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $50,000,000 in the aggregate and not less than $100,000,000 20,000,000 individually (or such lesser amount as which (xi) may shall be approved by the Administrative Agent or (yii) shall constitute the difference between the Maximum Incremental Facilities Amount $50,000,000 and all such New Loan Revolver Commitments obtained on or prior to such date), and integral multiples of $5,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes Borrowers propose that the New Loan Revolver Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to Agent and (B) the Administrative Agent. The Borrower may approach any identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Lender”) to provide all or a whom Borrowers propose any portion of such New Revolver Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that Agent may elect or decline to arrange such New Revolver Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Loan Revolver Commitments may elect or decline, in its sole discretion, to provide a New Loan Revolver Commitment. In each case, such Such New Loan Revolver Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Revolver Commitments, as applicable; (ii2) both before Borrower Agent shall have delivered pro forma financial statements and a pro forma Compliance Certificate, dated as of the Increased Amount Date, in form and substance satisfactory to Agent, demonstrating that immediately after giving effect to such New Revolver Commitment, the making Fixed Charge Coverage Ratio (recomputed for the most recent Fiscal Quarter for which financial statements have been delivered) is at least 1.10 to 1.00 for the period of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfiedtwelve fiscal months then most recently ended; (iii3) the New Loan Revolver Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by Borrowers, the Borrower New Lender and Administrative Agent, and each of which shall be recorded in the Register and by Agent, (4) each New Lender shall be subject to the requirements set forth in Section 5.4(d)in, and shall deliver the documents required to be delivered pursuant to, Sections 5.10.1 and 5.10.2; (iv5) the Borrower Borrowers shall make any payments required pursuant to Section 2.11 3.9 in connection with the New Loan Commitments, as applicableRevolver Commitments and the re-allocation of loans contemplated by Section 2.2(b) below; and (v6) the Borrower Borrowers shall deliver or cause to be delivered any customary legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Revolver Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (ai) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a of the New Revolving Credit Commitment (eachLenders, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Revolver Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit such Revolver Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Revolver Commitments after giving effect to the addition of such New Revolving Credit Revolver Commitments to the Revolving Credit Revolver Commitments, (bii) each New Revolving Credit Revolver Commitment shall be deemed for all purposes a Revolving Credit Revolver Commitment and each Loan made thereunder (a “New Revolving Revolver Loan”) shall be deemed, for all purposes, a Revolving Credit Revolver Loan and (ciii) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Revolver Commitment and all matters relating thereto. (c) On any Agent shall notify Lenders promptly upon receipt of Borrower Agent’s notice of each Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, in respect thereof (i) each Lender with a the New Term Loan Commitment (each, a “Revolver Commitments and the New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such SeriesLenders, and (ii) the respective interests in each New Term Loan Lender of any Series shall become a Lender hereunder with respect Lender’s Revolver Loans subject to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant theretoassignments contemplated by this Section 2.2. (d) The terms and provisions of the New Term Revolver Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Revolver Loans. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision of this Section 2.142.2.

Appears in 1 contract

Samples: Loan and Security Agreement (Olympic Steel Inc)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent the Facility Agents elect to request prior to the Term Loan Maturity Date, the establishment of one or more (x) additional tranches of new term loans loan commitments (the commitments “New Term Loan Commitments” and the loans made pursuant thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan CommitmentsLoans”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $200,000,000 in the aggregate and not less than $100,000,000 25,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or Agent) and integral multiples of $1,000,000 in excess of that amount; provided that the Borrower shall make no more than six (y6) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or requests prior to such date)the Term Loan Maturity Date. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Term Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (B) the identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Lender”) to provide all or a whom the Borrower proposes any portion of such New Term Loan Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such Such New Term Loan Commitments shall become effective effective, and such New Term Loans shall be made to the Borrower, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable; (ii2) both before the maturity date of the New Term Loans shall be no earlier than the Term Loan Maturity Date; (3) the New Term Loans shall not amortize earlier or in greater percentages than the Initial Term Loans; (4) in the event that the Applicable Margin (at each level), on a yield-to-maturity basis, together with any original issue discount and upfront fees (the “Applicable Yield”) for the New Term Loans is greater than the Applicable Yield for the Initial Term Loans by more than 50 basis points, then the Applicable Margin for the Initial Term Loans shall be increased to the extent necessary such that the Applicable Margin for the Initial Term Loans plus 0.50% per annum shall be equal to the Applicable Yield for the New Term Loans; (5) after giving pro forma effect to the making of the New Term Loans, the Senior Secured Leverage Ratio shall be less than 0.25:1.00 below the level required to be in compliance with the covenant in Section 6.16; (6) the other terms of the New Term Loans, if different from the Initial Term Loans, shall be reasonably acceptable to the Administrative Agent; (7) the New Term Loans established pursuant to this Section 2.24 shall be entitled to all the benefits afforded by this Agreement and the other Credit Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guarantees and security interests created by the Collateral Documents; (8) the Credit Parties shall take any actions reasonably required by the Administrative Agent to ensure and/or demonstrate that the Liens and security interests granted by the Collateral Documents continue to be perfected under the UCC or otherwise after giving effect to the making establishment of any Series of New Term Loans or New Revolving LoansLoan Commitments, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Term Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d2.19(c); (iv9) the Borrower shall make any payments required pursuant to Section 2.11 2.17(d) in connection with the New Loan Commitments, as applicableTerm Loans; and (v10) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each applicable New Lender with shall make a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term applicable Loan Commitment of such SeriesCommitment, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to its New Term Loans. (c) The Administrative Agent shall notify Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and in respect thereof the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant theretoLoans. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 1 contract

Samples: Term Loan Agreement (Source Interlink Companies Inc)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 1 contract

Samples: Credit Agreement (First Data Corp)

Incremental Facilities. (a) The Borrower may by written notice to the Administrative Agent elect to request the establishment of one or more new term loan commitments which may be in the form of a new Series of New Term Loans or an increase to the amount of Initial Term Loans or any then outstanding Series of New Term Loans (x) additional tranches of such new term loans (the loan commitments thereto, or increase the “New Term Loan Commitments”), by an amount such that, both before and after giving effect to the making of any Series of New Term Loans or increase in Initial Term Loans, the Borrower shall be in pro forma compliance with a Total Debt to Tangible Net Worth Ratio as of the last day of the most recently ended Fiscal Quarter for which financial statements have been delivered pursuant to Section 5.01(b) and/or or (yc) increases that is less than 5.00 to 1.00; provided, however, subject to the limitations contained in Revolving Credit Commitments this Section 2.22, the Borrower may incur Junior Indebtedness, including Incremental Notes (the such indebtedness being New Revolving Credit Commitments” andIncremental Equivalent Debt”), together with the in lieu of New Term Loan Commitments, such that after giving effect to the “New Loan Commitments”), by an aggregate amount not in excess incurrence of the Maximum Incremental Facilities Amount Equivalent Debt, the Borrower shall be in compliance with a Total Debt to Tangible Net Worth Ratio as of the aggregate and last day of the most recently ended Fiscal Quarter for which financial statements have been delivered pursuant to Section 5.01(b) or (c) that is less than 6.00 to 1.00, in each case, not less than $100,000,000 25,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount Agent), and all such New Loan Commitments obtained on or prior to such date)integral multiples of $5,000,000 in excess of that amount. Each such notice shall specify (i) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Term Loan Commitments shall be effective, which shall be a date not less than ten (10) Business Days (or such shorter period as agreed by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (ii) the identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Term Loan Lender”) to provide all or a whom the Borrower proposes any portion of such New Term Loan Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that any Arranger may elect or decline to arrange such New Term Loan Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such Such New Term Loan Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) as of the Increased Amount Date, no Default event shall have occurred and be Continuing or would result from the consummation of the Borrowing of the New Term Loan that would constitute an Event of Default; provided that with respect to New Term Loan Commitments, the proceeds of which shall be used to consummate an acquisition permitted under Section 6.06 for which the Borrower has determined, in good faith, that limited conditionality is reasonably necessary (any such acquisition, a “Limited Conditionality Acquisition”) this condition (1) shall not apply); provided, further that no New Term Loan Commitments in respect of a Limited Conditionality Acquisition shall become effective unless no Event of Default shall exist on exists as of the date of entry into the definitive acquisition documentation in respect of such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicableLimited Conditionality Acquisition (the “Limited Conditionality Acquisition Agreement”); (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving increase in Initial Term Loans, each of the following shall be satisfied: (i) the conditions set forth in Sections 3.01(e) (provided that each reference therein to Section 7 3.01 shall be satisfieddeemed a reference to this Section 2.22 and each reference therein to the Closing Date shall be deemed a reference to the Increased Amount Date) and (ii) the representations and warranties contained herein and in the other Loan Documents shall be true and correct in all material respects on and as of the Increased Amount Date (except to the extent such representations and warranties relate to an earlier date, in which case, such representations and warranties were true and correct in all material respects as of such earlier date); provided that to the extent any such representation or warranty is already qualified by materiality or material adverse effect, such representation or warranty shall be true and correct in all respects); (iii3) the New Term Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Borrower, each applicable New Term Loan Lender and the Administrative Agent, and each of which shall be recorded in the Register and each New Term Loan Lender shall be subject to the requirements set forth in Section 5.4(d2.18(c); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v4) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated in the applicable Joinder Agreement either as a separate series, an increase to the Initial Term Loans or an increase to any prior series of New Term Loans (in each case a “Series”; for purposes of this Section 2.22, the Initial Term Loans and any increase thereof shall be deemed to be a Series) for all purposes of this Agreement. Except for purposes of this Section 2.22, any New Term Loans shall be deemed to be, effective as of the applicable Increased Amount Date, and after the making of such New Term Loans, Initial Term Loans for all purposes of this Agreement; provided that for the avoidance of doubt such New Term Loans will remain New Term Loans and New Term Loan Commitments, as the case may be, for purposes of this Section 2.22. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series or any increase in Initial Term Loans are effective, subject to the satisfaction of the foregoing terms and conditionsconditions (including, but not limited to, delivery of a Borrowing Notice pursuant to Section 2.01(b)), (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, Series and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (c) The Administrative Agent shall notify the Lenders promptly upon receipt of Borrower’s notice of each Increased Amount Date and in respect thereof the Series of New Term Loan Commitments (or increase in Initial Term Loans) and the New Term Loan Lenders of such Series. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes the Loans. In any event (i) the Weighted Average Life to Maturity of all New Term Loans of any Series shall be no shorter than the Weighted Average Life to Maturity of the existing Initial Term Loans; provided that , (iii) the applicable New Term Loan Maturity Date of each Series shall be no earlier shorter than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identicalDate, (iiiii) the rate of interest and the amortization schedule yield applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that Agreement and (iv) the weighted average life amortization schedule applicable to maturity any Series of all New Term Loans shall be no shorter than determined by the weighted average life to maturity Borrower and the applicable holders of New Term Loans; provided, however, that the Initial Term Loans and (iii) all other terms yield applicable to the New Term Loans (after giving effect to all upfront or similar fees, original issue discount payable or Eurodollar or Base Rate “floor” with respect to such New Term Loans with any such upfront or similar fees or original issue discount being equated to the interest rates in a manner reasonably determined by the Administrative Agent based on an assumed four-year life to maturity, but exclusive of each Series that differ from customary arrangement, commitment, underwriting and similar fees payable to the existing Arrangers or any of their respective Affiliates) shall not be greater than the applicable yield payable pursuant to the terms of this Agreement as amended through the date of such calculation with respect to Loans (including any upfront fees or original issue discount payable to the initial Lenders hereunder by more than 50 basis points (but exclusive of customary arrangement, commitment, underwriting and similar fees payable to the Arrangers or any of their respective Affiliates) or Eurodollar or Base Rate “floor” applicable to Initial Term Loans shall be incurred on the Closing Date) unless the interest rate with respect to the Loans is increased so as to cause the then applicable yield under this Agreement on the Loans to equal the yield then applicable to the New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable to all lenders (but excluding customary arranger and underwriting fees) or Eurodollar or Base Rate “floor” with respect to such New Term Loans with any such upfront or similar fees or original issue discount being equated to the interest rates in a manner reasonably acceptable to determined by the Administrative Agent (as evidenced by its execution based on an assumed four-year life to maturity, but exclusive of the applicable Joinder Agreement). The terms customary arrangement, commitment, underwriting and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical similar fees payable to the Revolving Credit Loans and the Revolving Credit Commitments. (eArrangers or any of their respective Affiliates) minus 50 basis points. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision of this Section 2.142.22. (e) The New Term Loans and New Term Loan Commitments established pursuant to this Section 2.22 shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably with the Obligations from the Guarantors and security interests created by the Security Documents. Each Series of New Term Loans or New Term Loans incurred as an increase to the Initial Term Loans shall be entitled to share in mandatory prepayments on a ratable basis with the Initial Term Loans and the other Series of New Term Loans (unless the holders of the New Term Loans of any Series agree to take a lesser share of certain prepayments). The Loan Parties shall take any actions reasonably required by the Administrative Agent to ensure and/or demonstrate that the Lien and security interests granted by the Security Documents continue to be perfected under the Uniform Commercial Code or otherwise after giving effect to the establishment of any such Class of New Term Loans or any such New Term Loan Commitments. (f) This Section 2.22 shall supersede any provisions of Section 10.05 to the contrary.

Appears in 1 contract

Samples: Senior Secured Term Loan Facility Agreement (Home Loan Servicing Solutions, Ltd.)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $500,000,000 in the aggregate and not less than $100,000,000 50,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $500,000,000 and all such New Term Loan Commitments obtained on or prior to such date), and integral multiples of $25,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Term Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to Administrative Agent and (B) the Administrative Agent. The Borrower may approach any identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Term Loan Lender”) to provide all or a whom Borrower proposes any portion of such New Term Loan Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that no Person other than the Syndication Agent (or its designated Affiliate) may be offered a New Term Loan Commitment unless Borrower has offered such New Term Loan Commitment to the Syndication Agent (or its designated Affiliate) and the Syndication Agent has declined in writing to provide the requested New Term Loan Commitment; provided, further, that Administrative Agent may elect or decline to arrange such New Term Loan Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such Such New Term Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 Sections 3.3 and 3.4 shall be satisfied; (iii3) Parent and its Subsidiaries shall be in pro forma compliance with the covenant set forth in Section 6.7 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Term Loan Commitments; (4) the New Term Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by Borrower, the Borrower New Term Loan Lender and Administrative Agent, and each of which shall be recorded in the Register and each New Term Loan Lender shall be subject to the requirements set forth in Section 5.4(d2.20(d); (iv5) the Borrower shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Term Loan Commitments, as applicable; and (v6) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) . On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series shall be deemed for all purposes a Term Loan Commitment and the New Term Loans of such Series made pursuant thereto. (d) thereto shall be deemed for all purposes, Term Loans. Administrative Agent shall notify Lenders promptly upon receipt of Borrower’s notice of each Increased Amount Date and in respect thereof the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series. The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that . In any event (i) the applicable weighted average life to maturity of all New Term Loan Maturity Date Loans of any Series shall be no shorter than the weighted average life to maturity of the Revolving Loans or the Term Loans (whichever is longest), (ii) the applicable maturity date of each Series shall be no earlier shorter than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) latest of the New final maturity of the Revolving Loans and the Term Loans and the existing Initial Term Loans shall be identical, (iiiii) the rate of interest and the amortization schedule Weighted Average Yield applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision provisions of this Section 2.142.25.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Valeant Pharmaceuticals International, Inc.)

Incremental Facilities. (a) The Parent Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of (when taken together with the Maximum Incremental Facilities Amount amount (the “Excess Amount”) by which the aggregate amount, without duplication, of the ABL Facility and any Permitted Receivables Financing exceeds $2,000,000,000 on the date such New Loan Commitments become effective) $1,500,000,000 in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount $1,500,000,000 and all such New Loan Commitments (when taken together with the Excess Amount on the date such New Loan Commitments become effective) obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Parent Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Parent Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the Parent Borrower and its Restricted Subsidiaries shall be in Pro Forma Compliance with the covenant set forth in Section 10.9 as of the last day of the most recently ended fiscal quarter after giving effect to such New Loan Commitments and any Investment to be consummated in connection therewith; (iv) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Parent Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d5.4(e) and (f); (ivv) the Parent Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (vvi) the Parent Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. The Parent Borrower shall give the Administrative Agent prompt written notice of any increase in the aggregate amount committed in respect of the ABL Facility. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies)currencies, such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Parent Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Tranche B Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Tranche B Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Tranche B Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Parent Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Tranche B Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Tranche B Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 1 contract

Samples: Credit Agreement (Hca Inc/Tn)

Incremental Facilities. (a) The Borrower On one or more occasions at any time after the Effective Date, the Borrowers may by written notice to the Administrative Agent elect to request the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and), together with the by up to an aggregate amount not to exceed $140,000,000 for all New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes Borrowers propose that the such New Term Loan Commitments shall be effective, which shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion Administrative Agent and/or its Affiliates shall use commercially reasonable efforts, with the assistance of the Borrowers, to arrange a syndicate of Lenders or other Persons that are Eligible Assignees willing to hold the requested New Term Loan Commitments; provided that (x) any New Term Loan Commitments on any Increased Amount Date shall be in the minimum aggregate amount of $5,000,000, and in integral multiples of $5,000,000 in excess thereof, (y) any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign will first be afforded the opportunity to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of provide the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of on a pro rata basis, and if any Series are effectiveLender so approached fails to respond, subject such Lender shall be deemed to the satisfaction of the foregoing terms and conditions, (i) each Lender with a have declined to provide such New Term Loan Commitment Commitments, and (z) any Lender or other Person that is an Eligible Assignee (each, a “New Term Loan Lender”, as applicable) to whom any portion of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its such New Term Loan Commitment shall be allocated shall be subject to the approval of the Borrowers and the Administrative Agent (such Seriesapproval not to be unreasonably withheld or delayed), and (ii) each unless such New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant theretois an existing Lender. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 1 contract

Samples: Term Loan Agreement (GPT Operating Partnership LP)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or ), (y) increases in Revolving Credit Commitments of any Class (the “New Revolving Credit Commitments”) and/or (z) additional tranches of Revolving Credit Commitments (the “Additional Revolving Credit Commitments” and, together with the New Revolving Loan Commitments, the “Incremental Revolving Credit Commitments”; and, together with the New Revolving Credit Commitments and the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 25,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default (except in connection with a Limited Condition Acquisition, in which case only no Event of Default under Section 11.1 or Section 11.5 shall exist at the time a definitive purchase agreement is entered into for such Limited Condition Acquisition) shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; , (ii) both before the representations and after giving effect warranties under Section 8 hereto shall be true and correct in all material respects on and as of the date of the incurrence of the New Loan Commitments (although any representations and warranties that expressly relate to a given date or period shall be required only to be true and correct in all material respects as of the respective date or for the respective period, as the case may be), (except in connection with a Limited Condition Acquisition, in which case this clause (ii) shall only apply to the making of any Series of New Term Loans or New Revolving LoansSpecified Representations), each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); 5.4(e) and (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. Each New Loan shall be secured by the same Collateral securing all of the other Obligations hereunder. (b) On any Increased Amount Date on which New Incremental Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) with respect to New Revolving Credit Commitments, each of the Lenders with Revolving Credit Commitments of such Class shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsCommitments of such Class, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans of such Class will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments of such Class after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments and (b) with respect to Incremental Revolving Credit Commitments, (bi) each New Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and and, each Loan made thereunder under a New Revolving Credit Commitment (a “New Revolving Credit Loan”) and each Loan made under an Additional Revolving Credit Commitment (an “Additional Revolving Credit Loan” and, together with New Revolving Credit Loans, the “Incremental Revolving Credit Loan”) shall be deemed, for all purposes, a Revolving Credit Loan Loans and (cii) each New Revolving Loan Lender and each Lender with an Additional Revolving Credit Commitment (each an “Additional Revolving Loan Lender” and, together with the New Revolving Loan Lenders, the “Incremental Revolving Loan Lenders”) shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto; provided that the Administrative Agent, the Swingline Lender and the Letter of Credit Issuer shall have consented (not to be unreasonably withheld or delayed) to such Lender’s or Incremental Revolving Loan Lender’s providing such Incremental Revolving Credit Commitment to the extent such consent, if any, would be required under Section 13.6(b) for an assignment of Revolving Loans or Revolving Credit Commitments, as applicable, to such Lender or Incremental Revolving Loan Lender. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan” and together with the Incremental Revolving Credit Loans, the “New Loans”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise be on terms and documentation set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of Agreement as determined by the existing Initial Term LoansBorrower; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, Date; (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and Loans, (iii) all other terms the pricing, interest rate margins, discounts, premiums, rate floors, fees, call protection (if any) and amortization schedule applicable to the any New Term Loans of each Series that differ from the existing Initial Term Loans shall be determined by the Borrower and the applicable New Term Loan Lenders; and (iv) to the extent such terms and documentation are not substantially consistent with the Initial Term Loans (except to the extent permitted by clause (i), (ii) or (iii) above), they shall be reasonably acceptable satisfactory to the Administrative Agent (as evidenced by its execution except for covenants or other provisions applicable only applicable after the Latest Maturity Date or any existing New Term Loan existing at the time such New Term Loan is incurred) (it being understood that, to the extent that any financial maintenance covenant is added for the benefit of any New Term Loan, no consent shall be required from the Administrative Agent or any of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical Term Loan Lenders to the Revolving Credit Loans and extent that such financial maintenance covenant is (1) also added for the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent benefit of any other Lenders, effect such amendments to this Agreement and existing Loans or (2) only applicable after the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14Latest Maturity Date).

Appears in 1 contract

Samples: Credit Agreement (RBC Bearings INC)

Incremental Facilities. (a) The Borrower Company may by written notice to Administrative Agent elect to request (A) prior to the Revolving Commitment Termination Date, an increase to the existing Revolving Loan Commitments (any such increase, the "NEW REVOLVING LOAN COMMITMENTS") and/or (B) the establishment of one or more (x) additional tranches of new term loans loan commitments (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”"NEW TERM LOAN COMMITMENTS"), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $25,000,000 in the aggregate and not less than $100,000,000 5,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $5,000,000 and all such New Revolving Loan Commitments and New Term Loan Commitments obtained on or prior to such date), and integral multiples of $1,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”"INCREASED AMOUNT DATE") on which the Borrower Company proposes that the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to Administrative Agent and (B) the Administrative Agent. The Borrower may approach any identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person"NEW REVOLVING LOAN LENDER" or "NEW TERM LOAN LENDER", as applicable) to provide all or a whom the Company proposes any portion of the such New Revolving Loan Commitments or New Term Loan Commitments, as applicable, be allocated and the amounts of such allocations; provided that any Lender offered or approached to provide all or a portion of the New Revolving Loan Commitments or New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Revolving Loan Commitment or a New Term Loan Commitment. In each case, such Such New Revolving Loan Commitments or New Term Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.2 shall be satisfied; (iii3) the Company and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in Section 6.8 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable; (4) the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Company, Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d2.20(c); (iv5) the Borrower Company shall make any payments in respect of breakage or non-commencement of an Interest Period required pursuant to Section 2.11 2.18(c) in connection with the New Revolving Loan Commitments or New Term Loan Commitments, as applicable; and (v6) the Borrower Company shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”"SERIES") of New Term Loans for all purposes of this Agreement. ; and (b7) the Leverage Ratio on a pro forma basis as of the last day of the most recently ended Fiscal Quarter after giving effect to any Loans made pursuant to such New Revolving Loan Commitments on the Increased Amount Date or New Term Loan Commitments, as applicable and after giving effect to use of proceeds thereof, shall be the Leverage Ratio as set forth for such Fiscal Quarter in Section 6.8(b) minus 0.25. On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLoan Lenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Revolving Credit Loan Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Loan Commitments after giving effect to the addition of such New Revolving Credit Loan Commitments to the Revolving Credit Loan Commitments, (b) each New Revolving Credit Loan Commitment shall be deemed for all purposes a Revolving Credit Loan Commitment and each Loan made thereunder (a “New Revolving Loan”"NEW REVOLVING LOAN") shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (c) . On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower Company (a “New Term Loan”"NEW TERM LOAN") in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. . Administrative Agent shall notify Lenders promptly upon receipt of the Company's notice of each Increased Amount Date and in respect thereof (dy) the New Revolving Loan Commitments and the New Revolving Loan Lenders or the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series, as applicable, and (z) in the case of each notice to any Revolving Loan Lender, the respective interests in such Revolving Loan Lender's Revolving Loans, in each case subject to the assignments contemplated by this Section. The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes the Tranche B Term Loans. The terms and provisions of the existing Initial Term New Revolving Loans shall be identical to the Revolving Loans; provided that . In any event (i) the weighted average life to maturity of all New Term Loans of any Series shall be no shorter than the weighted average life to maturity of the Tranche B Terms Loans, (ii) the applicable New Term Loan Maturity Date of each Series shall be no earlier shorter than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) final maturity of the New Term Revolving Loans and the existing Initial Tranche B Term Loans shall be identicalLoans, (iiiii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower Company and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided however that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms interest rate applicable to the New Term Loans of each Series shall not be greater than the highest interest rate that differ from the existing Initial may, under any circumstances, be payable with respect to Tranche B Term Loans shall be reasonably acceptable plus 0.50% per annum unless the interest rate with respect to the Tranche B Term Loan is increased so as to equal the interest rate applicable to the New Term Loans and (iv) to the extent deemed necessary by Administrative Agent (as evidenced by Agent, in its execution of the applicable Joinder Agreement). The terms and sole discretion, provisions shall have been made to ensure that no less than 50% of the New Revolving Loans and Loan Commitments remain funded through the applicable New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Term Loan Maturity Date. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.142.24.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (American Achievement Corp)

Incremental Facilities. (a) The Any Borrower may by written notice to Administrative the Agent elect to request the establishment of one or more (x) additional tranches of term loans of any class in Dollars, Euros, Sterling, Yen, Canadian Dollars or any other currency reasonably acceptable to the Agent or new Commitments to increase any existing Class of Term Loans (the commitments theretodescribed in this clause (x), the “New Term Loan Commitments”) and/or ), (y) increases in Revolving Credit Commitments under one or more of the then existing Revolving Facilities or new revolving commitments under a new revolving facility (a “New Revolving Facility”) (any such commitments described in this clause (y), the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate ) in a Dollar Equivalent amount at any time not to exceed (other than in excess the case of any New Commitments with respect to Refinancing Term Loans and/or Replacement Revolving Commitments) the Maximum Incremental Facilities Amount in the aggregate at such time and not less than the Dollar Equivalent of $100,000,000 25.0 million individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such dateentire remaining availability hereunder). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the applicable Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten five Business Days after the date on which such notice is delivered to Agent (or such shorter period as may be agreed by the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments); provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such Such New Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i) subject to Section 1.10, no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) subject to Section 1.10, both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 4.02 shall be satisfied; (iii) subject to Section 1.10, the U.S. Borrower and the Restricted Subsidiaries shall be in pro forma compliance with Section 6.10 as of the last day of the most recently ended fiscal quarter prior to such Increased Amount Date and as in effect on such Increased Amount Date after giving effect to such New Commitments and any Investment to be consummated in connection therewith; (iv) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements supplements to this Agreement executed and delivered by the Borrower and Administrative AgentLoan Parties, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicableLenders and the Agent; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transactionsupplement shall provide that each New Lender shall automatically become party to the Loss Sharing Agreement pursuant to such supplement. Any The Euro Term A Loans and any other New Term Loans (other than the Canadian Term A Loans funded pursuant to the Additional Canadian Term A Commitments and any other New Term Loans which are designated as an increase in the amount of any previously established Class of Term Loans) made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. In connection with the obtaining of any New Commitments pursuant to this Section 2.19(a), the U.S. Borrower shall, or shall cause the other applicable Loan Parties to, make such amendments to the Collateral Documents and take such other customary actions, if any, as the Agent may reasonably request in order to preserve and protect the Liens on the Collateral securing the Obligations (either prior to or within 30 days (or such longer period as to which the Agent may consent) following the Increased Amount Date for such New Commitments). (b) On any Increased Amount Date on which New Revolving Credit Commitments are effectedeffected under any existing Revolving Facility (but not any New Revolving Facility being established on such date), subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments under the applicable Revolving Facility shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsCommitments under the applicable Revolving Facility, at the principal amount thereof and in the applicable currency(ies)thereof, such interests in the Revolving Credit Loans outstanding under the applicable Revolving Facility on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Lenders Loans under the applicable Revolving Facility and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments Ratable Portions after giving effect to the addition of such New Revolving Credit Commitments to the such Revolving Credit CommitmentsFacility, (b) each such New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment under the applicable Revolving Facility and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan under the applicable Revolving Facility and (c) each New Revolving Loan Lender with a New Revolving Commitment under an existing Revolving Facility shall become a Lender under the applicable Revolving Facility with respect to the New Revolving Credit Commitment and all matters relating thereto. On any Increased Amount Date on which New Revolving Commitments are effected under any New Revolving Facility, subject to the satisfaction of the foregoing terms and conditions, the Agent and the Borrowers shall enter into an amendment to this Agreement to incorporate the terms of such New Revolving Facility hereunder on substantially the same terms as were applicable to the existing Revolving Facilities (except with respect to the rate of interest and the Scheduled Termination Date applicable to such New Revolving Facility and except as otherwise reasonably acceptable to the Agent). (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series Class are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series Class shall make a Loan to the applicable Borrower (a “New Term Loan”) in the requested currency in an amount equal to its New Term Loan Commitment of such SeriesClass, and (ii) each New Term Loan Lender of any Series Class shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series Class and the New Term Loans of such Series Class made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreementsupplement relating thereto, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable final maturity date of the New Term Loan Maturity Date of each Series Loans shall be no earlier than (x) in the Initial case of Refinancing Term Loans, the Term Loans or Revolving Commitments refinanced therewith, (y) in the case of New Term A Loans, the U.S. Term A Loan Maturity Date and (z) in the case of any other New Term Loans, the U.S. Term B-1 Loan Maturity Date, and, in the case of all New Term Loans, the mandatory prepayment and other payment rights (other than scheduled amortization) of provisions applicable to the New Term Loans and the existing Initial shall not require that any mandatory prepayment pursuant to Section 2.09 apply to such New Term Loans shall be identicalon a greater basis than ratable basis then outstanding Term Loans, (ii) the currency, optional prepayment provisions, rate of interest and the amortization schedule applicable to the any New Term Loans of each Series shall be determined by the applicable Borrower and the applicable new Lenders and shall be set forth in each the applicable Joinder Agreementsupplement relating thereto; provided that (A) the weighted average life Weighted Average Life to maturity Maturity of all any New Term Loans will be no shorter than (x) in the case of Refinancing Term Loans, the Weighted Average Life to Maturity of the Term Loans refinanced or Revolving Commitments replaced thereby, (y) in the case of New Term A Loans, the then remaining Weighted Average Life to Maturity of the U.S. Term A Loans or Canadian Term A Loans and (z) in the case of any other New Term Loans, the then remaining Weighted Average Life to Maturity of the U.S. Term B-1 Loans and, (B) if the Effective Yield of any New Term Loans (other than Refinancing Term Loans) denominated in Dollars established on any Increased Amount Date occurring on or prior to the twelve (12) month anniversary of the Closing Date exceeds the Effective Yield of the U.S. Term B Loans by more than 50 basis points, the Applicable Rates for the U.S. Term B Loans shall be increased to the extent necessary so that, after giving effect to such increase, the Effective Yield of the U.S. Term B Loans is equal to the Effective Yield of such New Term Loans minus 50 basis points and (C) if the Effective Yield of any New Term Loans (other than Refinancing Term Loans) denominated in Dollars established on any Increased Amount Date occurring on or prior to the twelve (12) month anniversary of the Incremental Amendment No. 2 Effective Date exceeds the Effective Yield of the U.S. Term B-1 Loans by more than 50 basis points, the Applicable Rates for the U.S. Term B-1 Loans shall be increased to the extent necessary so that, after giving effect to such increase, the Effective Yield of the U.S. Term B-1 Loans is equal to the Effective Yield of such New Term Loans minus 00 xxxxx xxxxxx, (xxx) New Term Loans shall not be no shorter than the weighted average life to maturity guaranteed by any Subsidiary of the Initial Term Loans U.S. Borrower that is not a Loan Party and shall be secured on a pari passu basis with the other Obligations pursuant to the Collateral Documents and (iiiiv) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreementsupplement relating thereto). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments forming an increase in any then existing Revolving Facility shall be identical to the Revolving Credit Loans and the Revolving Credit CommitmentsCommitments under such Revolving Facility; provided that, with respect to any New Revolving Facility, (i) the Scheduled Termination Date with respect thereto shall be set forth in the applicable supplement and shall be no earlier than the Scheduled Termination Date of any then outstanding Revolving Facility in effect at such time, (ii) the rate of interest and fees applicable thereto shall be determined by the applicable Borrower and the applicable new Lenders and shall be set forth in the applicable supplement relating thereto, (iii) such New Revolving Facility shall not be guaranteed by any Subsidiary of the U.S. Borrower that is not a Loan Party and shall be secured on a pari passu basis with the other Obligations pursuant to the Collateral Documents and (iv) all other terms applicable thereto that differ from the existing Revolving Loans and Revolving Commitments under the existing Revolving Facilities (including but not limited to any currency available under or any Borrower of such New Revolving Facility) shall be reasonably acceptable to the Agent (as evidenced by the execution of the applicable supplement relating thereto). (ei) Any Borrower may at any time and from time to time request that all or a portion of the Term Loans under any Term Loan Facility of such Borrower (an “Existing Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans and/or amended to lower the Effective Yield thereof (any such Term Loans which have been so converted and/or extended, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.19(e). In order to establish any Extended Term Loans, the applicable Borrower shall provide a notice to the Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Class) (an “Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to the Term Loans of the Existing Class from which they are to be converted except (w) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Class, (x) (A) the interest rate and fee provisions with respect to the Extended Term Loans may be different from those applicable to the Term Loans of such Existing Class (and Extended Term Loans may provide for prepayment protection that is different from those applicable to such Existing Class) and/or (B) additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), (y) the supplement providing for such Extended Term Loans may provide for other terms applicable to such Extended Term Loans so long as either (A) such additional terms do not apply until all Term Loans and Commitments outstanding immediately prior to the establishment of such Extended Term Loans have been repaid, terminated or returned as applicable, (B) such additional terms are less favorable to the holders of the Extended Term Loans than the corresponding Existing Class or (C) such additional terms have been approved by the Required Lenders and (z) the mandatory prepayment rights of the Extended Term Loans and such Existing Class may be different so long as the proportion (if any) of the proceeds thereof to which such Extended Term Loans are entitled is no greater on a proportionate basis than the portion of such proceeds to which the Existing Class is entitled to receive. (ii) The Borrowers shall provide the applicable Extension Request at least five (5) Business Days prior to the date on which Lenders under the Existing Class are requested to respond (or such shorter period as may be agreed by the Agent). Any Lender (an “Extending Lender”) wishing to have all or a portion of its Term Loans of the Existing Class subject to such Extension Request converted into Extended Term Loans shall notify the Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term Loans of the Existing Class which it has elected to convert into Extended Term Loans. In the event that the aggregate amount of Term Loans of the Existing Class subject to Extension Elections exceeds the amount of Extended Term Loans requested pursuant to the Extension Request, Term Loans subject to Extension Elections shall be converted to Extended Term Loans on a pro rata basis based on the amount of Term Loans included in each such Extension Election (subject to such rounding as the Agent deems expedient). For the avoidance of doubt, each Lender agrees that any Term Loan that is converted to an Extended Term Loan (and the Extending Lender providing such Extended Term Loan) shall continue to be subject to the Loss Sharing Agreement to the same extent as the Term Loan from which such Extended Term Loan was converted. Any Extended Term Loans shall be established on the date set forth in the applicable supplement entered into by the applicable Borrower and the Agent pursuant to this Section 2.19(e) (it being understood that by providing an Extension Election, an Extending Lender will agree to be bound thereby). (f) Each Joinder Agreement supplement pursuant to this Section 2.19 may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative AgentAgent and the Joint Lead Arrangers, to effect the provision of this Section 2.142.19. (g) The provisions of this Section 2.19 shall override any provisions of Section 9.02 to the contrary and, for the avoidance of doubt Section 2.09(b).

Appears in 1 contract

Samples: Incremental Amendment (Aramark)

Incremental Facilities. (a) A. The Borrower may by written notice to the Co-Syndication Agents and the Administrative Agent elect to request from time to time (i) prior to the Revolving Loan Commitment Termination Date, an increase to the existing Revolving Loan Commitments (any such increase, the “New Revolving Loan Commitments”) and/or (ii) the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by denominated in U.S. Dollars in an aggregate amount not in excess of (x) $400,000,000 in the Maximum Incremental Facilities Amount aggregate, or (y) $800,000,000 in the aggregate if all of the Cotai Strip Excluded Subsidiaries in which a Cotai Strip Investment has been made have become Restricted Subsidiaries (and the associated Excluded Casino Hotel Resort thereby becomes (or before the closing of such loan, will become) an asset of a Loan Party) pursuant to the terms of this Agreement, and in either case not less than $100,000,000 25,000,000 individually (or such lesser amount as (x) may which shall be approved by the Co-Syndication Agents and the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such dateAgent). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Revolving Loan Commitments or New Term Loan Commitments, as the case may be, shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to each Co-Syndication Agent and the Administrative Agent. The When available, the Co-Syndication Agents will deliver a notice to the Borrower may approach any and each Lender and the Administrative Agent setting forth the identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Term Loan Lender” or a “New Revolving Loan Lender”, as applicable) to provide all or a which the Co-Syndication Agents have allocated any portion of such New Revolving Loan Commitments or New Term Loan Commitments and the New amounts of such allocations, and in the case of each notice to any Revolving Loan CommitmentsLender, the respective interests in such Revolving Loan Lender’s Revolving Loans, in each case subject to the assignments contemplated by this Section; provided that any Lender offered or approached to provide all or a portion of the New Revolving Loan Commitments or New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Revolving Loan Commitment or New Term Loan Commitment. In each case, such . B. Such New Revolving Loan Commitments or New Term Loan Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) no Potential Event of Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Loan Commitments, as applicableCommitments or New Term Loan Commitments and the related Credit Extensions; (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 4.2 shall be satisfied; (iii3) the conditions set forth in Sections 3.3 and 3.4 of the Disbursement Agreement have been or shall be satisfied with respect to the applicable Cotai Strip Investment Project on each Increased Amount Date relating to New Term Loans or New Revolving Loan Commitments in an amount that, when aggregated with all Extensions of Credit previously made pursuant to this subsection 2.9 would exceed $400,000,000, before or after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments and the related Credit Extensions; (4) the Borrower shall be in pro forma compliance with each of the covenants set forth in Section 7.6 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments; (5) the New Revolving Loan Commitments or New Term Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Borrower, the Co-Syndication Agents and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(dsubsection 2.7B(iii); (iv6) the Borrower shall make any payments required pursuant to Section 2.11 subsection 2.6D in connection with the New Revolving Loan Commitments or New Term Loan Commitments, as applicable; and (v7) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent or any Co-Syndication Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this AgreementAgreement (all New Term Loans or New Term Loan Commitments of any Series, a “New Term Loan Facility”). (b) C. On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Loan Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLoan Lenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Revolving Credit Loan Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Loan Commitments after giving effect to the addition of such New Revolving Credit Loan Commitments to the Revolving Credit Loan Commitments, (b) each New Revolving Credit Loan Commitment shall be deemed for all purposes a Revolving Credit Loan Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (c) D. On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any such Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any such Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. Proceeds of any Series of New Term Loans shall be deposited in the Term Loan Disbursement Account. (d) E. The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes the Term B Funded Loans. The terms and provisions of the existing Initial Term New Revolving Loans shall be identical to the Revolving Loans; provided that . In any event (i) the weighted average life to maturity of all New Term Loans of any Series shall be no shorter than the remaining weighted average life to maturity of the Term B Funded Loans, (ii) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) final maturity of the New Term Loans and the existing Initial Term Loans shall be identicalB Funded Loans, (iiiii) the rate of interest and the amortization schedule any applicable original issue discount applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided however that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable yield per annum with respect to the New Term Loans (consisting of each Series that differ from the existing Initial interest rate applicable to such New Term Loans plus any applicable original issue discount with respect thereto (which original issue discount shall be reasonably acceptable equated to interest rates based on an assumed four-year average life to maturity)) shall not be greater at any time than the interest rate then applicable to any Term B Funded Loans (on a pro forma basis for the borrowing of such New Term Loans) plus 0.25% per annum, unless the Applicable Margins with respect to the Administrative Agent (Term B Funded Loans are increased so as evidenced by its execution of to comply with the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) this sentence. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Co-Syndication Agents and the Administrative Agent, to effect the provision of this Section 2.142.9.

Appears in 1 contract

Samples: Credit Agreement (Las Vegas Sands Corp)

Incremental Facilities. (a) The Borrower Company may by written notice to Administrative Agent elect to request the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $20,000,000, which amount shall be in the an aggregate minimum amount of $5,000,000 and not less than integral multiples of $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)100,000 in excess of that amount. Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower Company proposes that the New Term Loan Commitments shall be effective, which shall be a date not less than ten 15 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender Upon receipt of such notice Administrative Agent shall arrange a syndicate of lenders to provide the new Term Loans, which syndicate shall consist of existing Lenders or any Person other Persons that are Eligible Assignees and reasonably acceptable to Administrative Agent (other than each, a natural person“New Term Loan Lender”) to provide all or a whom Company proposes any portion of such New Term Loan Commitments be allocated and the amounts of such allocations; provided that Company shall first offer each Lender that then holds Term Loans be allocated its Pro Rata Share of the New Term Loan Commitments; provided that , but any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such Such New Term Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that that, except as otherwise agreed in writing by the New Term Loan Lenders in connection with any Limited Condition Acquisition, (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.02 shall be satisfied; (iii) Company and its Subsidiaries shall demonstrate that, after giving effect to such New Term Loan Commitments and the funding of such New Term Loans, the Leverage Ratio is less than the then in effect Leverage Multiple (provided, that, the proceeds of any New Term Loans shall not be included in the amount of Consolidated Net Cash for purposes of calculating the Leverage Ratio pursuant to this clause (iii)); (iv) the New Term Loan Commitments shall be effected pursuant to one or more Joinder Agreements or other documentation reasonably acceptable to Administrative Agent, executed and delivered by the Borrower Company, Administrative Agent and Administrative Agenteach New Term Loan Lender, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d2.19(c); (ivv) the Borrower Company shall make any payments required pursuant to Section 2.11 2.17(c) in connection with the New Term Loan Commitments, as applicable; and (vvi) the Borrower Company shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans Class for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) . On any Increased Amount Date on which any New Term Loan Commitments of any Series tranche are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series Lender shall make a Loan to the Borrower Company (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such SeriesCommitment, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) . Administrative Agent shall notify Lenders promptly upon receipt of Company’s notice of each Increased Amount Date and in respect thereof the New Term Loan Commitments and the New Term Loan Lenders, as applicable. The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes the Term Loans. In any event (i) the weighted average life to maturity of all New Term Loans of any tranche shall be no shorter than the then remaining weighted average life to maturity of the existing Initial Term Revolving Loans and the Terms Loans; provided that , (iii) the applicable New Term Loan Maturity Date of each Series shall be no earlier shorter than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) latest of final maturity of the New Term Revolving Loans and the existing Initial Term Loans shall be identicalLoans, and (iiiii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower Company and the applicable new New Term Loan Lenders and shall be set forth in each applicable Joinder Agreement; provided however that if the weighted average life interest rates, fees and/or other forms of consideration that are to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from are, in the aggregate, more than 50 basis points higher than the interest rates, fees and/or other consideration applicable to the existing Initial Term Loans immediately prior to the proposed date of increase (such excess above 50 basis points, the “Excess”), then the interest rates, fees and other consideration applicable to the existing Term Loans shall be reasonably acceptable immediately prior to the Administrative Agent (as evidenced proposed Increased Amount Date be automatically increased by its execution an amount that is equal to the amount of the Excess, effective on the applicable Joinder Agreement)Increased Amount Date. The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provision of this Section 2.142.23. Notwithstanding the foregoing provisions of this Section 2.23 or any other provision of any Credit Document, if the proceeds of any New Term Loan are intended to be applied to finance a Limited Condition Acquisition, to the extent the Company has obtained on or prior to the signing of definitive acquisition agreements for such Limited Condition Acquisition binding commitments of the applicable New Term Loan Lenders to fund such New Term Loans on the basis of clause (i) and clause (ii) below, then: (i) the conditions precedent to the funding of such New Term Loans for a Limited Condition Acquisition shall be limited to the following: (A) to the extent the definitive acquisition agreements for such Limited Condition Acquisition are executed and delivered prior to the funding of the applicable New Term Loans, no Default or Event of Default shall have occurred and be continuing as of the date such definitive acquisition agreements are executed and delivered, (B) no Specified Event of Default shall have occurred and be continuing on the date of closing of such Limited Condition Acquisition and the funding of the applicable New Term Loans, and (C) the only representations and warranties the accuracy of which shall be a condition to funding such advance shall be the Specified Representations and the Specified Acquisition Agreement Representations, which shall be true and correct in all material respects (or, in the case of any such representation that is qualified by materiality, in all respects) as of the Increased Amount Date; and (ii) for purposes of determining compliance on a Pro Forma Basis with any financial covenants in Section 6.08, or whether any Specified Event of Default has occurred and is continuing, in each case, solely for the purpose of satisfying the conditions precedent set forth in of clause (i) above, the date of determination of the relevant financial covenants may, at Company’s option, be the date the definitive acquisition agreements for such Limited Condition Acquisition are entered into and, subject to the proviso contained in this clause (ii), calculated as if the Limited Condition Acquisition (and the other transactions to be entered into in connection therewith (including the incurrence of Indebtedness and the use of proceeds thereof)) were consummated on such date; provided, that, if Company has made such an election to have such determination occur at the time of entry into the applicable definitive acquisition agreements (and not at the time of consummation of the Limited Condition Acquisition), (A) the New Term Loans to be incurred shall be deemed to be incurred and outstanding thereafter for purposes of calculating, on a Pro Forma Basis, any applicable financial ratios or baskets in this Agreement (even if unrelated to such Limited Condition Acquisition) as of any date on or following such election and prior to the earlier of (x) the date on which such Limited Condition Acquisition is consummated or (y) the date on which the definitive agreement for such Limited Condition Acquisition is terminated without actually consummating the Limited Condition Acquisition, and (B) such Limited Condition Acquisition must close within sixty (60) days of the signing of the applicable definitive acquisition agreements for such Limited Condition Acquisition and the Company’s election to calculate the financial covenants on such date.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Madison Square Garden Co)

Incremental Facilities. (a) The Borrower Company may by written notice to the Administrative Agent elect to request prior to the Maturity Date, the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount US$100,000,000 in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)aggregate. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower Company proposes that the New Loan Commitments Term Commitments, as applicable, shall be effective, which shall be a date not less than ten 3 Business Days (or such shorter period agreed by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (B) the identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Term Lender”) to provide all or a whom the Company proposes any portion of such New Term Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that any Lender offered or approached to provide all or a portion of the New Loan Term Commitments may elect or decline, in its sole discretion, to provide a New Loan Term Commitment. In each case, such Such New Loan Term Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Term Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, the representations and warranties contained in Article V shall be true and correct as of the Increased Amount Date, as though made on and as of such date; (3) the Company shall be in pro forma compliance with each of the conditions covenants set forth in Section 7 shall be satisfied7.09 and 7.10 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Term Commitments; (iii4) the Company shall reimburse the Administrative Bank for all reasonable costs and expenses (including Attorney Costs) incurred in connection with the New Term Commitments; and (5) the New Loan Term Commitments shall be effected pursuant to one or more joinder agreements in form and substance satisfactory to the Administrative Agent (the “Joinder Agreements Agreement”) executed and delivered by the Borrower Company, the New Term Lender and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan loan to the Borrower Company (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such SeriesCommitment, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (dc) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, be identical to one or more Classes of the existing Initial Term Loans; provided , it being understood that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule Weighted Average Yield applicable to the New Term Loans of each Series shall not be determined by the Borrower and greater than the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that Weighted Average Yield payable pursuant to the weighted average life to maturity terms of all New this Agreement as amended through the date of such calculation with respect the Term Loans shall be no shorter than unless the weighted average life interest rate with respect to maturity of the Initial Term Loans and (iii) all other terms is increased so as to cause the then applicable Weighted Average Yield under this Agreement on the Term Loans to equal the Weighted Average Yield then applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement)Loans. The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision of this Section 2.14.

Appears in 1 contract

Samples: Loan Agreement (Gruma Sab De Cv)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans New Tranche B-1 Term Loan commitments (the commitments thereto, the “New Tranche B-1 Term Loan Commitments”) and/or (y) increases in New Revolving Credit Commitments (the “New Revolving Credit CommitmentsCommitment” and, together with the New Tranche B-1 Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $600,000,000 in the aggregate and not less than $100,000,000 75,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $600,000,000 and all such New Loan Commitments obtained on or prior to such date), and integral multiples of $5,000,000 in excess of that amount. Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The ; provided that the Borrower may approach any Lender or any Person (other than shall first offer the Lenders, on a natural person) pro rata basis, the opportunity to provide all or a portion of the New Loan CommitmentsCommitments prior to offering any other Person that is an eligible assignee pursuant to Section 13.6(b); provided provided, further, that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such Such New Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Tranche B-1 Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii3) Borrower and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in Sections 10.9 and 10.10 as of the last day of the most recently ended fiscal quarter after giving effect to such New Loan Commitments and any Investment to be consummated in connection therewith; (4) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv5) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v6) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Tranche B-1 Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Tranche B-1 Term Loans for all purposes of this Agreement. (b) . On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Lenders Loans and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (c) . On any Increased Amount Date on which any New Tranche B-1 Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Tranche B-1 Term Loan Commitment (each, a “New Term Tranche B-1 Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Tranche B-1 Term Loan”) in an amount equal to its New Tranche B-1 Term Loan Commitment of such Series, and (ii) each New Tranche B-1 Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Tranche B-1 Term Loan Commitment of such Series and the New Tranche B-1 Term Loans of such Series made pursuant thereto. (d) . The terms and provisions of the New Tranche B-1 Term Loans and New Tranche B-1 Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Tranche B-1 Term Loans; provided provided, however, that (i) the applicable New Tranche B-1 Term Loan Maturity Date of each Series shall be no earlier shorter than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) final maturity of the New Revolving Credit Loans and the Tranche B-1 Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Tranche B-1 Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) . Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 1 contract

Samples: Credit Agreement (PanAmSat Holding CORP)

Incremental Facilities. (a) The Borrower may Borrowers may, by written notice to the Administrative Agent Agent, elect to request prior to the establishment applicable Commitment Termination Date, an increase to any then-existing Class of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the any such increase, “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than to exceed $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)50,000,000. Each such notice shall specify (i) the date (each, an “Increased Amount Date”) on which the Borrower proposes Borrowers propose that the New Loan Revolving Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (ii) the identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Revolving Lender”) to provide all or a whom the Borrowers propose any portion of such New Revolving Commitments be allocated and the New Loan Commitmentsamounts of such allocations, which Eligible Assignee must be reasonably acceptable to the Administrative Agent (it being understood that a Lender or an Affiliate of a Lender or an Approved Fund shall be deemed reasonably acceptable); provided that the Administrative Agent may elect or decline to arrange such New Revolving Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Loan Revolving Commitments may elect or decline, in its sole discretion, to provide a New Loan Revolving Commitment. In each case, such Such New Loan Revolving Commitments shall become effective as of the applicable such Increased Amount Date; provided that (iA) no Default or Event of Default shall exist on such Increased Amount Date before or both prior to and after giving effect to such New Loan Revolving Commitments, as applicable; (iiB) both before all of the representations and after warranties contained herein or in any Loan Document shall be true and correct in all material respects on and as of such Increased Amount Date to the same extent as though made on and as of such Increased Amount Date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; (C) the Parent Borrower and the Subsidiaries shall be in pro forma compliance with Sections 7.09, 7.10, 7.11, and 7.12 giving effect to the making of any Series of New Term Loans or such New Revolving LoansCommitments and appropriate pro forma adjustments, each including any acquisitions or dispositions after the beginning of the conditions set forth relevant determination period but prior to or simultaneously with the Incurrence of such New Revolving Commitments and any borrowing thereunder; and (D) each New Revolving Commitment is in Section 7 shall be satisfied; a minimum amount of $10,000,000 and in additional increments of $5,000,000. In connection with any New Revolving Commitments, (iiix) the all New Loan Revolving Commitments shall be effected pursuant to one or more Joinder Agreements joinders to this Agreement executed and delivered by the Borrower Borrowers, the New Revolving Lenders and the Administrative Agent, and each of which shall be recorded in the Register and each New Revolving Lender shall be subject to the requirements set forth in Section 5.4(d3.01(e); (ivy) the Borrower Borrowers shall make any payments required pursuant to Section 2.11 3.04 in connection with the New Loan Revolving Commitments, as applicable; and (vz) the Borrower Borrowers shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (ai) (A) each of the Revolving Lenders with Revolving Credit Commitments of the relevant Class shall assign to each Lender with a of the New Revolving Credit Commitment (eachLenders, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Revolving Lenders with Revolving Credit Commitmentsof the relevant Class, at the principal amount thereof and in the applicable currency(ies)thereof, such interests in the Revolving Credit Loans of the relevant Class outstanding on such Increased Amount Date and (B) each of the Revolving Lenders of the relevant Class will automatically and without further act be deemed to have assigned to each of the New Revolving Lenders, and each of the New Revolving Lenders will automatically and without further act be deemed to have assumed a portion of such Revolving Lender’s participations hereunder in outstanding Facility LCs and LC Obligations, if applicable, in each case of clauses (A) and (B) as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans Exposure will be held by then-existing Revolving Credit Lenders of the relevant Class and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (bii) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (ciii) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments . For the avoidance of any Series are effectivedoubt, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical documented solely as an increase, and shall be identical, to the then-existing Revolving Credit Loans Commitments (other than, for the avoidance of doubt, any upfront fees paid to the New Revolving Lenders). The Administrative Agent shall notify Lenders promptly upon receipt of a Borrower's notice of each Increased Amount Date and in respect thereof (x) the New Revolving Commitments and the New Revolving Credit Commitments. Lenders and (ey) Each Joinder the respective interests in such Lender’s Revolving Loans, in each case subject to the assignments contemplated by this Section 2.13. Notwithstanding anything to the contrary in this Agreement, each of the parties hereto hereby agrees that, on any Increased Amount Date, this Agreement may, may be amended to the extent (but only to the extent) necessary to reflect the New Revolving Commitments with respect thereto. Any such amendment may be effected in writing by the Administrative Agent and the Borrowers and furnished to the other parties hereto but without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14party hereto.

Appears in 1 contract

Samples: Credit Agreement (FGL Holdings)

Incremental Facilities. (a) The At any time or from time to time after the Closing Date, the Borrower may by written notice to the Administrative Agent elect to request (i) prior to the Revolving Termination Date, one or more increases in the amount of Revolving Commitments (each, a “Revolving Facility Increase”) or (ii) prior to the Term Maturity Date, the establishment of one or more new term loan commitments which may be of the same tranche as such existing Term Loans (xeach, a “Term Loan Increase”) additional tranches or a separate tranche of new term loans (the commitments theretocollectively with any Term Loan Increase, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with and the New Term Loan Commitments, collectively with any Revolving Facility Increase, the “New Loan Incremental Commitments”), by . Each Incremental Commitment shall be in an aggregate principal amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and that is not less than $100,000,000 5,000,000 individually (and in integral multiples of $1,000,000 in excess of that amount. Notwithstanding anything to the contrary herein, the amount of Incremental Commitments and Incremental Notes issued pursuant to Section 2.26 shall not, individually or such lesser amount as (x) may be approved by in the Administrative Agent or (y) shall constitute aggregate, exceed the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)Amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan such Incremental Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (B) the identity of each existing Lender or any other Person that is an Assignee (other than each, a natural person“New Revolving Lender” or “New Term Lender,” as applicable) to provide all or a whom the Borrower proposes any portion of such Incremental Commitments, be allocated and the New Loan Commitmentsamounts of such allocations; provided that (w) any Lender offered or approached to provide all or a portion of the New Loan Incremental Commitments may elect or decline, in its sole discretion, to provide a New Loan an Incremental Commitment (it being understood that there is no obligation to approach any existing Lenders to provide any Incremental Commitment. In ), (x) each of the Borrower, the Administrative Agent, the Issuing Lender and the Swingline Lender, as the case may be, shall have consented to such Person’s providing such Incremental Commitments if such consent of the Borrower, the Administrative Agent, the Issuing Lender or Swingline Lender, respectively, would be required under Section 10.6 for an assignment of Loans or Commitments to such Person (in each case, such consent not to be unreasonably withheld, except to the extent that the Borrower may grant such consent in its sole discretion in the instances specifically described in Section 10.6), (y) with respect to New Loan Term Commitments, any Affiliated Lender providing a New Term Commitment shall be subject to the same restrictions set forth in Section 10.6(c) as it would otherwise be subject to with respect to any purchase by or assignment to such Affiliated Lender of Term Loans and (z) Affiliated Lenders may not provide any Revolving Facility Increase. Such Incremental Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on or prior to such Increased Amount Date before or after giving effect to such New Loan Incremental Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of Incremental Commitments will share in the conditions set forth in Section 7 shall be satisfiedCollateral on a pari passu basis; (iii3) the New Loan Commitments Incremental Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements (each, an “Incremental Joinder Agreement”) executed and delivered by the Borrower and Administrative AgentBorrower, the New Revolving Lender or New Term Lender, as applicable, and to the extent applicable, the Administrative Agent and the Issuing Lender and the Swingline Lender, or another form of incremental amendment, each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d)Register; (iv4) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitmentspay, as applicable; and (v) the Borrower shall deliver or cause to be delivered paid, all fees and expenses owing in respect of such Incremental Commitments to the Administrative Agent, the Collateral Agent and the Lenders (other than any Defaulting Lender); (5) the representations and warranties of Holdings, the Borrower and its Restricted Subsidiaries set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects (or, in the case of any such representation or warranty already qualified as to materiality or Material Adverse Effect, it shall be true in all respects) on and as of such Increased Amount Date except to the extent that such representations and warranties specifically relate to an earlier date, in which case they shall be true and correct as of such earlier date; and (6) the Administrative Agent shall have received such legal opinions or and other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreementtherewith. (b) On any Increased Amount Date on which New a Revolving Credit Commitments are Facility Increase is effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment Facility Increase shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (cb) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment Facility Increase and all matters relating thereto. (c) Any New Term Loans effected through the establishment of one or more New Term Loans made on an Increased Amount Date shall be designated a separate tranche of New Term Loans for all purposes of this Agreement. On any Increased Amount Date on which any New Term Loan Commitments of any Series tranche are effectiveeffected (including through any Term Loan Increase), subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series such tranche shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Seriestranche, and (ii) each New Term Loan Lender of any Series such tranche shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series tranche and the New Term Loans of such Series tranche made pursuant thereto. On any Increased Amount Date on which any Revolving Facility Increase is effected, subject to the satisfaction of the foregoing terms and conditions, (i) each New Revolving Lender of such Revolving Facility Increase shall make its Commitment available to the Borrower in an amount equal to its Revolving Commitment of such Revolving Facility Increase, and (ii) each New Revolving Lender of such Revolving Facility Increase shall become a Lender hereunder with respect to the Revolving Facility Increase and the Revolving Loans made pursuant thereto. Notwithstanding the foregoing, New Term Loans may have identical terms to the Term Loans and be treated as the same tranche as the Term Loans. (d) The terms Administrative Agent shall notify Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and in respect thereof (x) the Revolving Facility Increase and the New Revolving Lenders of such Revolving Facility Increase or the tranche of New Term Commitments and the New Term Lenders of such tranche, as applicable, and (y) in the case of each notice to any Revolving Lender with respect to an increase in the applicable Revolving Commitments, the respective interests in such Revolving Lender’s Revolving Commitments, in each case subject to the assignments contemplated by clause (b) of this Section 2.25. (e) The terms, provisions and documentation of the New Term Loans and New Term Loan Commitments of any Series tranche shall bebe as agreed between the Borrower and the New Term Lenders providing such New Term Loans and New Term Commitments, and except as otherwise set forth herein or in herein, to the applicable Joinder Agreement, extent not identical to one or more Classes of the existing Initial Term Loans; provided that , shall be reasonably satisfactory to Administrative Agent. In any event: (i) the applicable Weighted Average Life to Maturity of all New Term Loan Loans of any tranche shall be no shorter than the Weighted Average Life to Maturity Date of each Series the then outstanding Term Loans on the date of incurrence of such New Term Loans; (ii) the final maturity date of any tranche of the New Term Loans shall be no earlier than the Initial original Term Loan Maturity Date and mandatory prepayment and other payment rights Date; (other than scheduled amortizationiii) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all any New Term Loans shall be no shorter than on the weighted average life same terms and pursuant to maturity of the Initial same documentation as the Term Loans increased thereby or as may be otherwise agreed between the Lenders providing such Incremental Commitments or New Term Loans and reasonably satisfactory to the Administrative Agent; (iiiiv) all other terms applicable to the New Term Loans may participate on a pro rata basis or less than pro rata basis (but not on a greater than pro rata basis) in any voluntary or mandatory prepayments of each Series Term Loans hereunder, as specified in the applicable Incremental Joinder Agreement; (v) if the All-in Yield relating to any New Term Loan exceeds the All-In Yield of the initial Term Facility by more than 50 basis points, the All-in Yield relating to such Term Facility shall be adjusted to be equal to the applicable All-In Yield relating to such New Term Loan minus 50 basis points; provided any amendments to the applicable margin on any initial Term Facility that differ from became effective subsequent to the existing Initial Closing Date but prior to the time of such New Term Loan shall also be included in such calculations; provided further that if the New Term Loans are subject to an interest rate floor greater than the interest rate floor applicable to the initial Term Loans, such increased amount shall be equated to the applicable interest rate margin for purposes of determining whether an increase to the Applicable Margin for the initial Term Loans shall be reasonably acceptable required, to the Administrative Agent extent an increase in the interest rate floor for the initial Term Loans would cause an increase in the interest rate then in effect thereunder, and in such case the interest rate floor (as evidenced by its execution but not the Applicable Margin) applicable to the initial Term Loans set forth in the last sentence of the applicable Joinder Agreement). definitions of Eurodollar Base Rate and ABR, respectively, shall be increased by such amount; and (vi) the New Term Loans will rank pari passu in right of payment with existing Term Loans and the liens securing the New Term Loans will rank pari passu with the liens securing the existing Term Loans. (f) The terms terms, provisions and provisions documentation of the New Revolving Commitments and any Revolving Loans and New under the Revolving Credit Commitments Facility Increase shall be identical to the Revolving Credit Loans and the Revolving Credit CommitmentsCommitments and notwithstanding anything to the contrary in this Section 2.25 or otherwise. (eg) Each Incremental Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, Agent and the Borrower to effect the provision provisions of this Section 2.142.25, and for the avoidance of doubt, this Section 2.25 shall supersede any provisions in Section 10.1 or 10.7 to the contrary. (h) The Loans and Commitments extended or established pursuant to this Section 2.25 shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guarantee Obligations and security interests created by the Security Documents. The Loan Parties shall take any actions reasonably required by the Administrative Agent to ensure and/or demonstrate that the Lien granted by the Collateral Documents continue to be perfected under the UCC or otherwise after giving effect to the extension or establishment of any such Loans or any such Commitments.

Appears in 1 contract

Samples: Credit Agreement (Macquarie Infrastructure CO LLC)

Incremental Facilities. (a) The At any time following the Second Restatement Effective Date, the Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in or replacement classes of Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount (which amount for purposes of this limitation shall be calculated exclusive of (A) the amount any New Term Loan Commitments in respect of Refinancing Term Loans and Ratio First Lien Indebtedness and (B) the amount of any Replacement Revolving Credit Commitments that were not established in reliance on subclause (a)(y) of the proviso to Section 2.14(b)(ii)) not in excess of (when taken together with the Maximum Incremental Facilities Amount amount (the “Excess Amount”) by which the aggregate amount, without duplication, of the ABL Facility and any Permitted Receivables Financing exceeds $2,000,000,000 on the date such New Loan Commitments become effective) $1,500,000,000 in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount $1,500,000,000 and all such New Loan Commitments (when taken together with the Excess Amount on the date such New Loan Commitments become effective) obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days (or such shorter period as the Administrative Agent may reasonably agree) after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the Borrower and its Restricted Subsidiaries shall be in Pro Forma Compliance with the covenant set forth in Section 10.8 as of the last day of the most recently ended fiscal quarter after giving effect to such New Loan Commitments and any Investment to be consummated in connection therewith; (iv) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (ivv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (vvi) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On Agreement unless they are specified to be an increase in any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction previously established class of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series . The Borrower shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to give the Administrative Agent (as evidenced by its execution prompt written notice of any increase in the aggregate amount committed in respect of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit CommitmentsABL Facility. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 1 contract

Samples: Credit Agreement (HCA Holdings, Inc.)

Incremental Facilities. (a) The Borrower Company may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans loan commitments in Dollars (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (” and the “New Revolving Credit Commitments” and, together with the New Term Loan Commitmentslenders providing such commitments, the “New Term Loan CommitmentsLenders”), in each instance by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)15,000,000. Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower Company proposes that the New Term Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such Such New Term Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that that: (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Term Loan Commitments, as applicable; ; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; ; (iii) the Consolidated Secured Debt to Consolidated EBITDA Ratio as of such Increased Amount Date and the Consolidated EBITDA to Consolidated Interest Expense Ratio for the then most recently ended Test Period, each calculated on a Pro Forma Basis (treating as outstanding Indebtedness the full amount of such New Term Loan Commitments, irrespective of whether such commitments shall be drawn upon the effectiveness thereof) after giving effect to such New Term Loan Commitments and any Investment to be consummated in connection therewith shall be less than or equal to 7.00 to 1.00 and greater than or equal to 2.00 to 1.00, respectively; (iv) the New Term Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Company, the Administrative Agent and Administrative Agenteach lender agreeing to make New Term Loan Commitments, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d) and (e); ; (ivv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Term Loan Commitments, as applicable; and and (vvi) the Borrower Company shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, Series and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (dc) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial final maturity of the Term Loan Maturity Loans outstanding on the Increased Amount Date with respect to such New Term Loans and the mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower Company and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that , (iii) the weighted average life to maturity of all New Term Loans borrower thereof shall be no shorter than the weighted average life to maturity of the Initial Term Loans Borrower or a Subsidiary Guarantor and (iiiiv) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (ed) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.14.

Appears in 1 contract

Samples: Second Lien Credit Agreement (IPC Systems Holdings Corp.)

Incremental Facilities. (a) The Borrower Agent may by written notice to Administrative Agent elect to request request, on behalf of Borrowers, prior to the establishment of one or more Revolver Termination Date, an increase to the existing Revolver Commitments (x) additional tranches of term loans (the commitments theretoany such increase, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Revolver Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $75,000,000 in the aggregate and not less than $100,000,000 20,000,000 individually (or such lesser amount as which (xi) may shall be approved by the Administrative Agent or (yii) shall constitute the difference between the Maximum Incremental Facilities Amount $75,000,000 and all such New Loan Revolver Commitments obtained on or prior to such date), and integral multiples of $5,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower proposes Borrowers propose that the New Loan Revolver Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to Agent and (B) the Administrative Agent. The Borrower may approach any identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Lender”) to provide all or a whom Borrowers propose any portion of such New Revolver Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that Agent may elect or decline to arrange such New Revolver Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Loan Revolver Commitments may elect or decline, in its sole discretion, to provide a New Loan Revolver Commitment. In each case, such Such New Loan Revolver Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Revolver Commitments, as applicable; (ii2) both before Borrower Agent shall have delivered pro forma financial statements and a pro forma Compliance Certificate, dated as of the Increased Amount Date, in form and substance satisfactory to Agent, demonstrating that immediately after giving effect to such New Revolver Commitment, the making Fixed Charge Coverage Ratio (recomputed for the most recent Fiscal Quarter for which financial statements have been delivered) is at least 1.10 to 1.00 for the period of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfiedtwelve fiscal months then most recently ended; (iii3) the New Loan Revolver Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by Borrowers, the Borrower New Lender and Administrative Agent, and each of which shall be recorded in the Register and by Agent, (4) each New Lender shall be subject to the requirements set forth in Section 5.4(d)in, and shall deliver the documents required to be delivered pursuant to, Sections 5.10.1 and 5.10.2; (iv5) the Borrower Borrowers shall make any payments required pursuant to Section 2.11 3.9 in connection with the New Loan Commitments, as applicableRevolver Commitments and the re-allocation of loans contemplated by Section 2.1.7(b) below; and (v6) the Borrower Borrowers shall deliver or cause to be delivered any customary legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Revolver Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (ai) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a of the New Revolving Credit Commitment (eachLenders, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Revolver Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit such Revolver Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Revolver Commitments after giving effect to the addition of such New Revolving Credit Revolver Commitments to the Revolving Credit Revolver Commitments, (bii) each New Revolving Credit Revolver Commitment shall be deemed for all purposes a Revolving Credit Revolver Commitment and each Loan made thereunder (a “New Revolving Revolver Loan”) shall be deemed, for all purposes, a Revolving Credit Revolver Loan and (ciii) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Revolver Commitment and all matters relating thereto. (c) On any Agent shall notify Lenders promptly upon receipt of Borrower Agent’s notice of each Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, in respect thereof (i) each Lender with a the New Term Loan Commitment (each, a “Revolver Commitments and the New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such SeriesLenders, and (ii) the respective interests in each New Term Loan Lender of any Series shall become a Lender hereunder with respect Lender’s Revolver Loans subject to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant theretoassignments contemplated by this Section 2.1.7. (d) The terms and provisions of the New Term Revolver Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Revolver Loans. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision of this Section 2.142.1.7.

Appears in 1 contract

Samples: Loan and Security Agreement (Olympic Steel Inc)

Incremental Facilities. (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of one or more (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicable; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement; provided that (A) if the use of proceeds of such New Loan Commitments is an acquisition or investment permitted under this Agreement, if agreed among the Borrower and the New Revolving Loan Lenders and/or New Term Loan Lenders, as applicable, customary “SunGard” limited conditionality shall apply to the effectiveness of such new Loan Commitments in lieu of the conditions set forth in clauses (i), (ii) and if applicable, (v), above and (B) if such New Loan Commitments are being used to replace or refinance Term Loans or Revolving Credit Commitments pursuant to clause (iii) of the definition of Maximum Incremental Facilities Amount (“Refinancing Commitments”), the conditions set forth in clauses (i) and (ii) above shall not apply. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial 2018B Second New Term Loan Maturity Date (or in the case of New Term Loans that are Refinancing Commitments, no earlier than that of the Term Loans being refinanced) and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest fees, pricing and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial 2018B Second New Term Loans (or in the case of New Term Loans that are Refinancing Commitments, no shorter than that of the Term Loans being refinanced) and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the 20162020 Revolving Credit Loans and the 20162020 Revolving Credit Commitments; provided that New Revolving Credit Commitments may provide for (a) a commitment termination date that is later than the commitment termination date of the 20162020 Revolving Credit Commitments (or in the case of New Revolving Credit Commitments that are Refinancing Commitments, later than the commitment termination date of the Revolving Credit Commitments being refinanced) and (b) fees and pricing as agreed between the Borrower and the Lenders providing such New Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14. (i) The Borrower may at any time and from time to time request that all or a portion of the Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for other terms consistent with this Section 2.14(f). In order to establish any

Appears in 1 contract

Samples: Credit Agreement (First Data Corp)

Incremental Facilities. (a) The Borrower may by written notice (A) prior to Administrative Agent elect to request the establishment Revolving Credit Termination Date of any Class, increase the aggregate outstanding amount of the existing Revolving Credit Commitments of such Class (any such increase, the “New Revolving Credit Commitments” and the revolving loans made thereunder, the “New Revolving Loans”) and/or (B) increase the aggregate outstanding principal amount of the Term Loans of any Class and/or establish one or more Classes of new term loan commitments (x) additional tranches of any such increase or new term loans (the commitments theretoloan commitment, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (” and the “New Revolving Credit Commitments” and, together with the New Term Loan Commitmentsterm loans made thereunder, the “New Loan CommitmentsTerm Loans”), in each case by an aggregate amount not delivering a Commitment Amount Increase Notice (a “Commitment Amount Increase Notice”) substantially in excess the form attached hereto as Exhibit H or in such other form reasonably acceptable to the Administrative Agent at least three (3) Business Days prior to the stated effective date, unless the Administrative Agent shall have determined in its sole discretion to accept such Commitment Amount Increase Notice on such effective date (the “Increased Amount Date”) such increase or new commitment (the “Commitment Amount Increase”) identifying (i) any existing Lenders and/or any new lender(s) (each, a “New Revolving Lender” or “New Term Lender,” as applicable), subject, in the case of New Revolving Lenders and New Term Lenders, to the reasonable consent of the Maximum Incremental Facilities Amount Administrative Agent (and in the aggregate case of any New Revolving Lenders, the Swing Line Lender and L/C Issuer) to the extent such consent would be required under Section 13.12 in respect of an assignment hereunder and (ii) the amount of such Lender’s New Revolving Credit Commitment or New Term Loan Commitments and in the case of New Term Loans that are part of an existing Class of Term Loans, identifying such existing Class of Term Loans; provided, however, that (i) any Commitment Amount Increase shall be in an amount not less than $100,000,000 individually 5,000,000 (or such lesser amount as (x) may which shall be approved by the Administrative Agent or represents all remaining availability under the limit set forth in this clause (yi)) shall constitute and in the difference between the Maximum Incremental Facilities Amount and aggregate for all such New Loan Commitments obtained increases not greater than (A) $150,000,000 (less the aggregate amount outstanding of Incremental Equivalent Debt incurred pursuant to clause (i)(x) of the proviso to Section 8.7(o)), plus (B) in the case of any Commitment Amount Increase that effectively extends the Revolving Credit Termination Date or any maturity date with respect to any Class of Loans or commitments hereunder, an amount equal to the prepayment to be made with respect to any Term Loans and/or the permanent commitment reduction to be made with respect to the Revolving Credit Facility, in each case to be replaced with such Commitment Amount Increase, plus (C) additional amounts in U.S. Dollars so long as, after giving effect to such additional amounts, the Secured Leverage Ratio does not exceed 2.75:1.00, calculated on a Pro Forma Basis (which (i) if in connection with an Acquisition, as of the last day of the most recent fiscal quarter for which financial statements are available on or prior to such date). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or declinedefinitive documentation for such Acquisition (or, in its sole discretionif earlier, to provide a New Loan Commitment. In each case, such New Loan Commitments shall become effective as of the applicable Increased Amount Date; provided ), (ii) shall assume that all debt incurred pursuant to this Section 1.16 and clause (ii)(y) of the proviso to Section 8.7(o) is secured on a pari passu basis with the Credit Facilities and, if consisting of revolving commitments, is fully drawn, and (iii) shall exclude from the “net debt” portion of such Pro Forma calculation the cash proceeds from the borrowing of the Commitment Amount Increase) (with the Borrower to select, on the date such Commitment Amount Increase is obtained, utilization under clauses (A), (B) or (C) in its sole discretion), (ii) except in connection with an Acquisition or other Investment permitted hereunder on the applicable Increased Amount Date (in which case, Section 1.16(g) shall be applicable), (x) no Default or Event of Default shall exist have occurred and be continuing on such the Increased Amount Date before or (both prior to and after giving effect to such Commitment Amount Increase) and (y) each of the representations and warranties set forth herein and in the other Loan Documents shall be true and correct in all material respects (or in all respects if otherwise qualified by “material” or “material adverse effect”) as of said time, except to the extent the same expressly relate to an earlier date (in which case, such representation and warranty shall be true and correct in all material respects as of such earlier date), (iii) with respect to any Commitment Amount Increase in respect of New Loan Revolving Credit Commitments, the New Revolving Credit Commitments material terms shall have all of the same terms and conditions as applicable; such existing Revolving Credit Commitments, (iiiv) both before and after giving effect to the making of any Series of New Term Loans or New Revolving borrowed hereunder may be part of an existing Class of Term Loans, each in which case such New Term Loans shall have all of the same terms and conditions set forth as such existing Term Loans, or may constitute a new Class of Term Loans, in Section 7 which case such New Term Loans shall have such terms and conditions as the Borrower and the applicable New Term Lenders shall agree (and which are satisfactory to the Administrative Agent (it being understood that terms not substantially consistent with the then-existing applicable Class of Term Loans which are applicable only after the maturity and payment in full of such Term Loans are acceptable to the Administrative Agent)); provided that, (A) the applicable maturity date of any such New Term Loans shall be satisfied; no earlier than the final maturity date of the then outstanding Term Loans, (iiiB) the Weighted Average Life to Maturity of all New Loan Commitments Term Loans shall be effected no shorter than the Weighted Average Life to Maturity of the existing Term Loans, (C) the interest rate applicable to the New Term Loans shall be determined by the Borrower and the applicable New Term Lenders; provided, however, that the interest rate (as determined by the Administrative Agent in accordance with this clause (C) and in consultation with the Borrower) applicable to any such New Term Loans shall not be greater than 50 basis points above the applicable interest rate (including the Applicable Margin) payable pursuant to the terms of this Agreement as amended through the date of such calculation with respect to any existing Term Loans unless the interest rate applicable to the existing Term Loans is increased (which increase shall not require the consent of any Lender or the Borrower) to the extent necessary so that the interest rate applicable to such New Term Loans is no greater than 50 basis points above the interest rates of the existing Term Loans; provided, that in determining the applicable interest rate: (x) margins as well as all upfront and similar fees and original issue discount paid in the primary syndication of the Commitment Amount Increase or the existing Term Loans (based on an assumed four year average life to maturity for the applicable facilities), and any amendments to the Applicable Margin under this Agreement that became effective subsequent to the Closing Date but prior to the time of such Commitment Amount Increase shall be included in such calculation, (b) arrangement, commitment, structuring and underwriting fees and any amendment fees paid or payable to the Arrangers (or their affiliates) in its capacity as such in connection with any of the existing Term Loans or to one or more Joinder Agreements executed arrangers (or their affiliates) in their capacities as applicable to any Commitment Amount Increase shall be excluded from such calculation and delivered by (c) if the New Term Loans include an interest rate floor greater than that applicable to the existing Term Loans or Revolving Credit Commitments, such excess amount shall be equated to interest margin for determining the increase, and (D) the New Term Loans shall share ratably in any prepayments of the existing Term Loans unless the Borrower and Administrative Agent, and each the Lenders in respect of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicableTerm Loans elect lesser payments; and and (v) the Borrower shall deliver New Revolving Credit Commitments and/or New Term Loan Commitments will rank pari passu in right of payment and pari passu with respect to Liens on any Collateral with the existing Revolving Credit Commitments or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. existing Term Loans. (b) Any New Term Loans made effected through the establishment of one or more new series of Term Loans on an Increased Amount Date shall be designated, designated a separate series (a “Series”) Class of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments Loans are made that constitute an increase to an existing Class of any Series are effectiveTerm Loans (with all of the same terms and conditions as such existing Class of Term Loans), subject to the satisfaction of the foregoing terms and conditions, (i) each applicable existing Term Loan Lender with and New Term Lender of such Class shall make a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such SeriesClass (it being understood that any New Term Loan Facility may provide for delayed draw term loans to be made on a date after the Increased Amount Date), (ii) any New Term Loan made by an existing Term Loan Lender and/or a New Term Lender pursuant to a Commitment Amount Increase shall be deemed a “Term Loan” for all purposes of this Agreement and (iiiii) each New Term Lender with a New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment such Class of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments Facility and all matters relating thereto. (d) On any Increased Amount Date (or such later date as shall be applicable to any delayed draw Term Loan) on which any New Term Loans are made that constitute a new Class of any Series shall beTerm Loans, except as otherwise set forth herein or in subject to the applicable Joinder Agreement, identical to one or more Classes satisfaction of the existing Initial Term Loans; provided that foregoing terms and conditions, (i) the each applicable existing Term Loan Lender and New Term Lender of such Class shall make a New Term Loan Maturity Date to the Borrower in an amount equal to its New Term Loan Commitment (or, in the case of each Series any delayed draw Term Loan, relevant portion thereof) of such Class, (ii) any New Term Loan of such Class made by an existing Term Loan Lender and/or a New Term Lender pursuant to a Commitment Amount Increase shall be no earlier than the Initial deemed a “Term Loan” made pursuant to a separate Class of Term Credit Facility for all purposes of this Agreement and (iii) each New Term Lender with a New Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) shall become a Lender with respect to such Class of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower Loan Facility and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitmentsmatters relating thereto. (e) On any Increased Amount Date on which any New Revolving Credit Commitments are effected as an increase to one or more existing Classes of Revolving Credit Commitments, subject to the satisfaction of the foregoing terms and conditions, (i) at such time and in such manner as the Borrower and the Administrative Agent shall agree, each of the existing Revolving Lender’s shall assign to each New Revolving Lender, and each New Revolving Lender shall purchase from each of the existing Revolving Lenders, at the principal amount thereof (together with accrued interest), such interests in the Revolving Loans of such Class outstanding on the date of such Increased Amount Date as shall be necessary such that, after giving effect to all such assignments and purchases, such Revolving Loans will be held by existing Revolving Lenders and New Revolving Lenders ratably in accordance with their Revolving Credit Commitments of such Class after giving effect to such Commitment Amount Increase, (ii) each New Revolving Credit Commitment obtained by a Revolving Lender pursuant to a Commitment Amount Increase shall be deemed for all purposes a Revolving Credit Commitment of such Class and each Loan made thereunder shall be deemed, for all purposes of this Agreement, a “Revolving Loan” and (iii) each Lender with a New Revolving Credit Commitment shall become a Lender with respect to such Class of New Revolving Credit Commitment and all matters relating thereto. (f) The Borrower agrees to pay the reasonable documented out-of-pocket expenses of the Administrative Agent relating to any Commitment Amount Increase. Notwithstanding anything herein to the contrary, no Lender shall have any obligation to increase its Revolving Credit Commitment or advance New Term Loans and no Lender’s Revolving Credit Commitment shall be increased without its consent thereto, and each Lender may at its option, unconditionally and without cause, decline to increase its Revolving Credit Commitment or advance New Term Loans. Each Joinder Agreement Commitment Amount Increase Notice entered into in connection with any Commitment Amount Increase may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.141.16 and, for the avoidance of doubt, this Section 1.16 shall supersede any provisions of this Agreement (including, without limitation, Section 1.3, Section 1.9, Section 1.15, Section 3, Section 13.7 and Section 13.13) or any other Loan Document that may otherwise prohibit or conflict with any New Revolving Credit Commitment, New Term Loan Commitments or other increases in Term Loans or Revolving Credit Commitments as contemplated by this Section. (g) Notwithstanding anything to the contrary in this Agreement or any other provision of any Loan Document, if the proceeds of any New Term Loans are intended to be applied to finance an Acquisition or other Investment permitted hereunder (x) with the consent of the Lenders providing such New Term Loans, the availability thereof shall be subject to customary “SunGard” or “certain funds” conditionality, (y) the availability thereof shall be subject to the existence of no Event of Default under Sections 9.1(a), (j) or (k) and (z) compliance with the Secured Leverage Ratio will be determined as of the date of the execution of the definitive agreement with respect thereto.

Appears in 1 contract

Samples: Credit Agreement (Dave & Buster's Entertainment, Inc.)

Incremental Facilities. (a) The Borrower may Borrowers may, by written notice to the Administrative Agent from time to time, elect to request prior to the Term Loan Maturity Date, the establishment of (i) term loan commitments under one or more new term loan tranches (xany such term loan commitment, a “New Term Loan Commitment”; any Loan made in respect thereof, a “New Term Loan”) or (ii) one additional tranches of term loans revolving credit facility (the commitments theretoany such revolving commitment, a “New Revolving Loan Commitment” and together any New Term Loan Commitment, the “New Term Loan Commitments”) and/or (y) increases ; any Loan made in Revolving Credit Commitments (the respect thereof, a “New Revolving Credit CommitmentsLoanand, and together with the any New Term Loan CommitmentsLoan, the “New Loan CommitmentsLoans)) that: (i) do not exceed the Incremental Amount at the time any such New Commitment is established; provided, that New Loans may be incurred without regard to the Incremental Amount, to the extent that the proceeds from such New Term Loans are used on the date of incurrence (or substantially concurrent with the date of incurrence) of such New Term Loans to either prepay Loans in accordance with the procedures set forth in Section 2.12 or to permanently reduce commitments under a revolving credit facility permitted under Section 6.01(g) by an amount equal to the aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and New Revolving Loan Commitments so provided; and (ii) are individually not less than $100,000,000 individually 20,000,000 (or such any lesser amount as (x) may be that is approved by the Administrative Agent Agent) and integral multiples of $5,000,000 in excess of that amount, or equal to the remaining Incremental Amount (y) shall constitute or any lesser amount that is approved by the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such dateAdministrative Agent). Each such notice shall specify (A) the date (each, an “Increased Amount New Loan Date”) on which the Borrower proposes Borrowers propose that the New Loan Commitments shall be effective, which shall be a date not less than ten five Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (B) the identity of each Lender or any Affiliate of a Lender or other Person that is consented to by the Administrative Agent (other than a natural personsuch consent not to be unreasonably withheld or delayed) to provide all or a whom the Borrowers propose any portion of such New Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, portion of such New Loan Commitments Commitments. Such New Commitments, as applicable, shall become effective as of the applicable Increased Amount such New Loan Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount New Loan Date before or after giving effect to such New Loan Commitments, as applicablethe case may be, except, in the case of a provision of any New Loan in connection with a Permitted Acquisition or an Acquisition, to the extent such condition is omitted by the applicable Incremental Facility Joinder Agreement; (ii2) both before and after giving effect to the making of any Series of such New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii) the New Loan Commitments shall be effected pursuant to one or more Incremental Facility Joinder Agreements executed and delivered by the Borrower and Loan Parties to the Administrative Agent, Agent and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d)2.20; (iv3) the Borrower Borrowers shall make any payments required pursuant to Section 2.11 2.16 in connection with such New Commitments; (4) the interest rate margins, original issue discount, upfront fees (if any) and interest rate floors (if any) for any New Loan shall be determined by the Borrowers and the applicable Lender; provided that if the Yield in respect of any New Term Loans exceeds the Yield with respect to the Term Loan by more than 50 basis points, the Applicable Percentage with respect to the Term Loan shall be automatically increased on the New Loan CommitmentsDate with respect to the Term Loan so that the Yield for the Term Loan is equal to the Yield with respect to such New Term Loans minus 50 basis points; provided further that, if the Adjusted LIBO Rate in respect of such New Term Loan includes a floor greater than the floor applicable to the Term Loan and such floor is greater than the Adjusted LIBO Rate in effect for a 3-month interest period at such time, such excess amount (above the greater of such floor and such Adjusted LIBO Rate) shall be equated to interest rate for purposes of determining the applicable interest rate under such New Term Loan; provided further this clause (4) shall not apply to (i) any New Term Loan with a final maturity date that occurs 24 months after the Term Loan Maturity Date or later or (ii) any New Term Loan that ranks junior in right of security to the Term Loan Facility, (5) the final maturity date of any New Term Loan shall be no earlier than the Term Loan Maturity Date and such New Term Loan shall have a Weighted Average Life to Maturity no shorter than that of the remaining Term Loans; (6) all representations and warranties made in the Loan Documents shall be true and correct in all material respects immediately prior to, and after giving effect to, such New Commitments on such date; provided that to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as applicableof such earlier date; (7) the New Loans shall be senior secured obligations and shall rank pari passu with or, at the Borrowers’ option, junior in right of security to the Term Loan Facility; provided that, if such New Loans rank junior in right of security with the Term Loan Facility, (i) such New Loan will be established as a separate facility from the Term Loan Facility, and (vii) such New Loan shall be subject to an Intercreditor Agreement, (8) the New Revolving Loans will mature no earlier than the loans provided under the Revolving Credit Agreement and all other terms of any New Revolving Loans (other than pricing, maturity, financial maintenance covenants, participation in mandatory prepayments, borrowing mechanics, assignments and participations or other provisions customarily found in revolving credit facilities or asset based revolving credit facilities) shall be substantially similar to the Term Loan Facility or otherwise reasonably acceptable to the Administrative Agent, (9) with respect to mandatory prepayments of any New Term Loan, no New Term Loan shall participate on a greater than pro rata basis than the Term Loans, and (10) the Borrower Borrowers shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Once any New Commitments shall become effective as of their respective New Loan Dates in accordance with this Section 2.24(a), extensions of credit may be made thereunder in accordance with the terms of the applicable Incremental Facility Joinder Agreement without any additional conditions thereto; provided that, with respect to each such extension of credit, each of the conditions set forth in Sections 4.02 shall be satisfied. Any New Term Loans made pursuant to New Commitments that become effective on an Increased Amount Date a New Loan Date, as well as the Term Loans, shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. Notwithstanding the foregoing, if the proceeds of any New Loan will be used to consummate a Permitted Acquisition or an Acquisition, the condition set forth in clause (6) above that representations and warranties made in the Loan Documents shall be true and correct in all material respects immediately prior to, and after giving effect to, such New Commitments on such date may instead be limited in accordance with the terms of the applicable Incremental Facility Joinder Agreement to the accuracy in all material respects of (i) the Specified Representations as are referred to in the definition of “Specified Representations” and (ii) any representations and warranties made by or with respect to the target, its Subsidiaries and respective businesses in the acquisition, sale or purchase documentation in connection with such Permitted Acquisition or an Acquisition as are material to the interests of the Lenders (in their capacities as such) but only to the extent that Holdings or any of its Affiliate has the right to terminate its obligations under the applicable acquisition, sale or purchase documentation or decline to consummate the applicable acquisition as a result of a breach of such representation. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction The Administrative Agent shall notify Lenders promptly upon receipt of the foregoing terms Borrowers’ notice of each New Loan Date and conditionsin respect thereof the New Loan Commitments, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of providing such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating theretotheir respective interests therein. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and Term Loan, except as otherwise reasonably satisfactory to the Revolving Credit CommitmentsAdministrative Agent or explicitly permitted by this Section 2.24. (ed) Each Joinder Agreement mayof the parties hereto hereby agrees that, without upon the consent effectiveness of any other LendersIncremental Facility Joinder Agreement, effect such amendments to this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the terms of the New Commitments evidenced thereby. Any such deemed amendment may be memorialized in writing by the Administrative Agent with the Borrowers’ consent (not to be unreasonably withheld) and furnished to the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14parties hereto.

Appears in 1 contract

Samples: Term Loan Credit Agreement (Houghton Mifflin Harcourt Co)

Incremental Facilities. (a) The Borrower may may, by written notice to the Administrative Agent Agent, elect to request (i) the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (yii) increases in prior to the latest Revolving Credit Maturity Date at such time, an increase to the existing Revolving Commitments (any such increase, the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate in a principal amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and (A) not less than $100,000,000 50,000,000 individually (or such lesser amount as (x) may which shall be reasonably approved by the Administrative Agent or (y) that shall constitute the difference between remaining available amount of New Commitments permitted to be established pursuant to and in accordance with this Section 2.24(a) after giving effect to the Maximum Incremental Facilities Amount aggregate amount of New Commitments established pursuant to this Section 2.24(a) after the Closing Date and all such New Loan Commitments obtained on or prior to such date), and integral multiples of $5,000,000 in excess thereof, and (B) not to exceed, for all New Commitments established pursuant to this Section 2.24(a), an aggregate amount equal to the greater of (1) $750,000,000 and (2) an amount equal to the Consolidated Cash Flow of the Borrower for the period of four consecutive fiscal quarters most recently ended on or prior to the date on which such New Commitments are established multiplied by 25% (less, in the case of each of clause (1) and clause (2), the aggregate principal amount of any New Commitments established prior to such date), subject to any restrictions thereon set forth in Sections 6.01 and 6.02. Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Loan Commitments shall be effective, which shall be a date not less than ten Business Days after the date on which such notice is delivered to the Administrative Agent. The ; provided that the Borrower may approach any Lender or any Person (other than shall first offer the Lenders, on a natural person) pro rata basis, the opportunity to provide all or a portion of the New Loan CommitmentsCommitments prior to offering such opportunity to any other Person that is an eligible assignee pursuant to and in accordance with Section 9.04(b); provided provided, further, that any Lender offered or approached to provide all or a portion of the New Loan Commitments may elect or decline, in its sole discretion, to provide a New Loan Commitment. In each case, such Such New Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date immediately before or immediately after giving effect to such New Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 4.01 shall be satisfied; (iii3) the Borrower and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in Sections 6.11 and 6.12 as of the last day of the most recently ended fiscal quarter for which financial statements are required to be delivered pursuant to Sections 5.04(a) and 5.04(b) immediately after giving effect to such New Commitments and any Investment to be consummated in connection therewith; (4) the New Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Borrower, the Lenders providing such New Commitments and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d)Register; (iv5) the Borrower shall make any payments required pursuant to Section 2.11 2.16 in connection with the New Loan Commitments, as applicable; and (v6) the Borrower shall deliver or cause to be delivered any customary and appropriate legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction; and (7) the requirements set forth in Section 9.17 shall have been satisfied. Any New Term Loans made on an Increased Amount Date shall be designated, designated as a separate series (a “Series”) of New Term Loans for all purposes of this AgreementAgreement and the other Loan Documents. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (ai) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Lenders Loans and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (bii) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposesapplicable purposes and as of the Increased Amount Date, a Revolving Credit Loan and (ciii) each New Revolving Loan Lender shall become a Lender as of the Increased Amount Date with respect to the its New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the its New Term Loan Commitment of such Series and the New Term Loans of such Series made by such Lender pursuant thereto. (d) The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date and in respect thereof (i) the Series of New Term Commitments and New Term Lenders of such Series or the New Revolving Commitments and New Revolving Lenders, as applicable, and (ii) in the case of each notice to any Lender with Revolving Loans, the respective interests in such Lender’s Revolving Loans subject to the assignments contemplated by Section 2.24(b). (e) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes the Term Loans as of the existing Initial Term LoansIncreased Amount Date; provided provided, however, that (i) the New Term Maturity Date for any Series shall be determined by the Borrower and the applicable New Term Loan Lenders and shall be set forth in the applicable Joinder Agreement; provided that (x) the Weighted Average Life to Maturity of all New Term Loans of any Series shall be no shorter than the Weighted Average Life to Maturity of the Class of Term Loans having the Latest Maturity Date of all Classes of Term Loans and (y) the applicable New Term Maturity Date of each Series shall be no earlier shorter than the Initial Term Loan Latest Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New all Classes of Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new New Term Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The As of the Increased Amount Date, the terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be such that they shall be identical to the extent applicable to those of the Revolving Credit Loans and the Revolving Credit Commitments as in effect on the Increased Amount Date with respect to such New Revolving Loans and New Revolving Commitments. (ef) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative AgentAgent and the Borrower, to effect the provision provisions of this Section 2.142.24.

Appears in 1 contract

Samples: Credit Agreement (NRG Energy, Inc.)

Incremental Facilities. (a) The Borrower Company may by written notice to Administrative Agent GSCP elect to request (A) prior to the Revolving Commitment Termination Date, an increase to the existing Revolving Loan Commitments (any such increase, the “New Revolving Loan Commitments”) and/or (B) the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount $100,000,000 in the aggregate and not less than $100,000,000 5,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent and GSCP or (y) such lesser amount that shall constitute the difference between the Maximum Incremental Facilities Amount $100,000,000 and all such New Revolving Loan Commitments and New Term Loan Commitments obtained on or prior to such date), and integral multiples of $5,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrower Company proposes that the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effective, which shall be a date not less than ten (ten) 10 Business Days after the date on which such notice is delivered to GSCP and (B) the Administrative Agent. The Borrower may approach any identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Revolving Loan Lender” or “New Term Loan Lender”, as applicable) to provide all or a whom Company proposes any portion of the such New Revolving Loan Commitments or New Term Loan Commitments, as applicable, be allocated and the amounts of such allocations; provided that any Lender offered or approached to provide all or a portion of the New Revolving Loan Commitments or New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Revolving Loan Commitment or a New Term Loan Commitment. In each case, such Such New Revolving Loan Commitments or New Term Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable; (ii2) both before and after giving effect to the making of any New Revolving Loan or Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 3.2 shall be satisfied; (iii3) Company and its Subsidiaries shall be in compliance with each of the covenants set forth in Section 6.6 on a Pro Forma Basis as of the last day of the most recently ended Fiscal Quarter after giving effect to any Loans made pursuant to such New Revolving Loan Commitments on the Increased Amount Date or New Term Loan Commitments, as applicable and after giving effect to use of proceeds thereof; (4) the Leverage Ratio on a Pro Forma Basis as of the last day of the most recently ended Fiscal Quarter after giving effect to any Loans made pursuant to such New Revolving Loan Commitments on the Increased Amount Date or New Term Loan Commitments, as applicable and after giving effect to use of proceeds thereof, shall be the Leverage Ratio as set forth for such Fiscal Quarter in Section 6.6(b) minus 0.25; (5) the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Company, and GSCP, Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d2.20(c) and Section 2.20(d); (iv6) the Borrower Company shall make any payments required pursuant to Section 2.11 2.18(c) in connection with the New Revolving Loan Commitments or New Term Loan Commitments, as applicable; and (v7) the Borrower Company shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “of the New Revolving Loan Lender”) Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLoan Lenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Revolving Credit Loan Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Loan Commitments after giving effect to the addition of such New Revolving Credit Loan Commitments to the Revolving Credit Loan Commitments, (b) each New Revolving Credit Loan Commitment shall be deemed for all purposes a Revolving Credit Loan Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Loan Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower Company (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (d) Administrative Agent shall notify Lenders promptly upon receipt of Company’s notice of each Increased Amount Date and in respect thereof (y) the New Revolving Loan Commitments and the New Revolving Loan Lenders or the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series, as applicable, and (z) in the case of each notice to any Revolving Loan Lender, the respective interests in such Revolving Loan Lender’s Revolving Loans, in each case subject to the assignments contemplated by this Section 2.25. (e) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes the Tranche D Term Loans. The terms and provisions of the existing Initial Term New Revolving Loans shall be identical to the Revolving Loans; provided that . In any event (i) the weighted average life to maturity of all New Term Loans of any Series shall be no shorter than the weighted average life to maturity of the Tranche D Terms Loans, (ii) the applicable New Term Loan Maturity Date of each Series shall be no earlier shorter than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) final maturity of the New Tranche D Term Loans and the existing Initial Term Loans shall be identical, (iiiii) the interest rate of interest and the amortization schedule margins applicable to the New Term Loans of each Series shall be determined by the Borrower Company and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided however that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms interest rate applicable to the New Term Loans of each Series shall not be greater than the highest interest rate that differ from the existing Initial may, under any circumstances, be payable with respect to Tranche D Term Loans shall be reasonably acceptable plus 0.50% per annum unless the interest rate with respect to the Administrative Agent (Tranche D Term Loan is increased so as evidenced by its execution of to be equal to or be 0.50% per annum lower than, the interest rate applicable Joinder Agreement). The terms and provisions of to the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit CommitmentsTerm Loans. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Simmons Co)

Incremental Facilities. (a) The Borrower Borrowers may on one or more occasions, by written notice to the Administrative Agent elect to Agent, request the establishment of (i) one or more increases in the amount of the Revolving Commitments of any Class (x) additional tranches of term loans (the commitments theretoeach such increase, the an New Term Loan CommitmentsIncremental Revolving Commitment Increase”) and/or (yii) increases in the establishment of Incremental Term Commitments for the U.S. Borrower; provided that the Dollar Equivalent of the aggregate amount of all the Incremental Revolving Credit Commitment Increases and Incremental Term Commitments to be established hereunder on any date shall not exceed the greater of (A) the “New Incremental Base Amount as of such date and (B) assuming that the full amount of such Incremental Revolving Credit Commitments” and, together with the New Commitment Increases and/or Incremental Term Loan Commitments, and all previously established Incremental Revolving Commitment Increases and Incremental Term Commitments then in effect, shall have been funded as Loans on such date, an additional aggregate amount, such that, after giving Pro Forma Effect to the “New Loan Commitments”establishment of any Incremental Revolving Commitment Increases and/or Incremental Term Commitments and the use of proceeds thereof, the Borrowers shall be in Pro Forma Compliance, recomputed as of the last day of the most recently ended Test Period for which financial statements have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of any such financial statements, the last day of the last fiscal quarter included in the Pro Forma Financial Statements), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less with a Senior Secured Leverage Ratio that is no greater than $100,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)2.50:1.00. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the applicable Borrower proposes that the New Loan Commitments Incremental Revolving Commitment Increases or the Incremental Term Commitments, as applicable, shall be effective, which shall be a date not less than ten 10 Business Days (or such shorter period as may be agreed to by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach Agent and (B) the amount of the Incremental Revolving Commitment Increase or Incremental Term Commitments, as applicable, being requested (it being agreed that (x) any Lender or any Person (other than a natural person) to provide all or a portion of the New Loan Commitments; provided that any Lender offered or approached to provide all any Incremental Revolving Commitment Increase or a portion of the New Loan Commitments Incremental Term Commitment may elect or decline, in its sole discretion, to provide such Incremental Revolving Commitment Increase or Incremental Term Commitments, (y) the Borrowers shall not be required to approach existing Lenders first to provide any Incremental Revolving Commitment Increase or Incremental Term Commitment or offer any existing Lenders a New right of first refusal to provide any Incremental Revolving Commitment Increase or Incremental Term Commitment and (z) any Person that the applicable Borrower proposes to become a Lender under any Incremental Term Commitment or Incremental Revolving Commitment Increase, if such Person is not then a Lender, must be an Eligible Assignee and, if any consent of the Administrative Agent would be required for an assignment of Loans or Commitment to such Lender, must be reasonably acceptable to the Administrative Agent and, in the case of any proposed Incremental Revolving Commitment Increase, if any consent of each Issuing Bank and the Swingline Lender would be required for an assignment of Revolving Loans or a Revolving Commitment to such Lender, each Issuing Bank and the Swingline Lender). (b) The terms and conditions of any Loans and Commitments pursuant to any Incremental Revolving Commitment Increase shall be the same as those of the Revolving Commitments and Revolving Loans of the Class that is being increased and shall be treated as a single Class with such Revolving Commitments and Revolving Loans; provided that any interest margins, commitment fees, pricing and rate floors applicable to any Incremental Revolving Commitment Increase may exceed the interest margins, commitment fees, pricing and rate floors payable with respect to the Revolving Loans and/or Revolving Commitments pursuant to the terms of this Agreement, as amended through the date of such calculation, in which case the Applicable Rate and/or the fee payable pursuant to Section 2.12(a), in each case as in effect for the other Revolving Loans and Revolving Commitments, shall be automatically increased to eliminate such excess (it being understood that additional upfront or similar fees may be payable to the Lenders participating in such Incremental Revolving Commitment Increase without any requirement to pay such amounts to any existing Revolving Lenders). The terms and conditions of any Incremental Term Commitments and the Incremental Term Loans to be made thereunder shall be set forth in the applicable Incremental Facility Agreement and shall be identical to those of the Term Commitments and the Term Loans (other than with respect to maturity, amortization, prepayment, fees and pricing, which shall be, subject to the following proviso, determined by the applicable Borrowers and the Lenders thereunder as set forth in documentation to be determined by the Borrowers and reasonably satisfactory to the Administrative Agent); provided that (A) the Weighted Average Life to Maturity of any Incremental Term Loans shall be no shorter than the longest remaining Weighted Average Life to Maturity of any Class of Term Loans then outstanding, (B) no Incremental Term Loan CommitmentMaturity Date shall be earlier than the latest Maturity Date then in effect, (C) any Incremental Term Loans may participate in any mandatory prepayment under Sections 2.11(c) and (e) on a pro rata basis (or on less than pro rata basis), but not on a greater than pro rata basis with the other Term Loans, (D) any Incremental Term Loan shall rank pari passu in right of payment and of security with the Initial Term Loans and shall be secured only by the Collateral securing the Obligations, (E) any Incremental Term Loan shall be denominated in Dollars and (F) any Previously Absent Financial Maintenance Covenant shall be permitted so long as the Administrative Agent shall be given prompt written notice thereof and this Agreement is amended to include such Previously Absent Financial Maintenance Covenant for the benefit of all Lenders. In Any Incremental Term Commitments established pursuant to an Incremental Facility Agreement that have identical terms and conditions, and any Incremental Term Loans made thereunder, may be (x) designated as a separate Series of Incremental Term Commitments and Incremental Term Loans for all purposes of this Agreement or (y) effected as an increase to an existing Class of Term Loans. (c) The Incremental Term Commitments and any Incremental Revolving Commitment Increase shall be effected pursuant to one or more Incremental Facility Agreements executed and delivered by the applicable Borrower, each caseIncremental Lender providing such Incremental Term Commitments or Incremental Revolving Commitment Increase, such New Loan as the case may be, and the Administrative Agent; provided that no Incremental Term Commitments or Incremental Revolving Commitment Increases shall become effective as of the applicable Increased Amount Date; provided that unless: (i) no Default or Event of Default shall exist have occurred and be continuing on such Increased Amount Date before or the date of effectiveness thereof, both immediately prior to and immediately after giving effect to such New Loan Commitments, as applicable; Incremental Term Commitments or Incremental Revolving Commitment Increases and the making of Loans and issuance of Letters of Credit thereunder to be made on such date; (ii) on the date of effectiveness thereof, both before immediately prior to and immediately after giving effect to such Incremental Term Commitments or Incremental Revolving Commitment Increases and the making of Loans and issuance of Letters of Credit thereunder to be made on such date, the representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct (A) in the case of the representations and warranties qualified as to materiality, in all respects and (B) otherwise, in all material respects, in each case on and as of such date, except in the case of any Series such representation and warranty that expressly relates to a prior date, in which case such representation and warranty shall be so true and correct on and as of New such prior date; provided that in the case of any Incremental Term Loans or New Incremental Revolving LoansCommitment Increase used to finance an acquisition permitted hereunder and whose consummation is not conditioned upon the availability of, each of or on obtaining, third party financing, to the conditions set forth extent the Lenders participating in Section 7 such Incremental Term Loans or Incremental Revolving Commitment Increase agree, this clause (ii) shall be satisfied; require only customary “specified representations” and “acquisition agreement representations” requested by the applicable Incremental Lenders; (iii) after giving Pro Forma Effect to the New Loan establishment of any Incremental Revolving Commitment Increase or Incremental Term Commitment, the incurrence of any Loans thereunder and the use of the proceeds thereof, and assuming that the full amount of such Incremental Revolving Commitment Increases and/or Incremental Term Commitments shall have been funded as Loans on such date, the Borrowers shall be effected in Pro Forma Compliance with each Financial Maintenance Covenant, recomputed as of the last day of the most recently ended Test Period for which financial statements have been delivered pursuant to one Section 5.01(a) or more Joinder Agreements executed and delivered by 5.01(b) (or, prior to the Borrower and Administrative Agentdelivery of any such financial statements, and each the last day of which shall be recorded the last fiscal quarter included in the Register and shall be subject to the requirements set forth in Section 5.4(dPro Forma Financial Statements); ; (iv) the applicable Borrower shall make any payments required to be made pursuant to Section 2.11 2.16 in connection with such Incremental Term Commitments or Incremental Revolving Commitment Increase and the New related transactions under this Section. Each Incremental Facility Agreement may, without the consent of any Lender, effect such amendments to this Agreement and the other Loan CommitmentsDocuments as may be necessary or appropriate, as applicable; and (v) in the Borrower shall deliver or cause opinion of the Administrative Agent, to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes give effect to the provisions of this AgreementSection. (bd) On Upon the effectiveness of an Incremental Term Commitment or Incremental Revolving Commitment Increase of any Increased Amount Date on which New Incremental Lender, (i) such Incremental Lender shall be deemed to be a “Lender” (and a Lender in respect of Commitments and Loans of the applicable Class) hereunder, and henceforth shall be entitled to all the rights of, and benefits accruing to, Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder and shall be bound by all agreements, acknowledgements and other obligations of Lenders (or Lenders in respect of Commitments and Loans of the applicable Class) hereunder and under the other Loan Documents, and (ii) in the case of any Incremental Revolving Credit Commitments are effectedCommitment Increase, (A) if the applicable Lender does not already have a Revolving Commitment, such Incremental Revolving Commitment Increase shall constitute the Revolving Commitment of such Lender as provided in the Incremental Facility Agreement applicable to such Incremental Revolving Commitment Increase, (B) if the applicable Lender already has a Revolving Commitment, the Revolving Commitment of such Lender shall be increased as provided in the Incremental Facility Agreement applicable to such Incremental Revolving Commitment Increase and (C) the Aggregate Revolving Commitment shall be increased by the amount of such Incremental Revolving Commitment Increase, in each case, subject to further increase or reduction from time to time as set forth in the satisfaction definition of the foregoing terms and conditionsterm “Revolving Commitment.” For the avoidance of doubt, (a) each upon the effectiveness of any Incremental Revolving Commitment Increase, the Revolving Exposure of the Lenders with Revolving Credit Commitments Lender making such Incremental Revolving Commitment Increase, and the Applicable Percentage of all the Revolving Lenders, shall automatically be adjusted to give effect thereto. (e) On the date of effectiveness of any Incremental Revolving Commitment Increase, each Revolving Lender shall assign to each Revolving Lender with a New making such Incremental Revolving Credit Commitment (eachIncrease, a “New Revolving Loan Lender”) and each of the New such Revolving Loan Lenders Lender making such Incremental Revolving Commitment Increase shall purchase from each of the Lenders with Revolving Credit CommitmentsLender, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Loans and participations in Letters of Credit Loans outstanding on such Increased Amount Date date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Loans and participations in Letters of Credit Loans will be held by existing all the Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments Applicable Percentages after giving effect to the addition effectiveness of such New Incremental Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating theretoIncrease. (cf) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject Subject to the satisfaction of the foregoing terms and conditionsconditions set forth herein and in the applicable Incremental Facility Agreement, (i) each Lender with a New holding an Incremental Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan loan to the applicable Borrower (a “New Term Loan”) in an amount equal to its New such Incremental Term Loan Commitment of on the date specified in such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant theretoIncremental Facility Agreement. (dg) The terms and provisions of Administrative Agent shall notify the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term Loans; provided that (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined Lenders promptly upon receipt by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to the Administrative Agent (as evidenced by its execution of any notice from the applicable Borrower referred to in Section 2.21(a) and of the applicable Joinder Agreement). The terms and provisions effectiveness of any Incremental Term Commitments, in each case advising the Lenders of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriatedetails thereof and, in the opinion case of effectiveness of any Incremental Revolving Commitment Increase, of the Administrative Agent, Applicable Percentages of the Revolving Lenders after giving effect thereto and of the assignments required to effect the provision of this be made pursuant to Section 2.142.21(e).

Appears in 1 contract

Samples: Credit Agreement (Ingevity Corp)

Incremental Facilities. (a) The Either Borrower may by written notice to Administrative Agent the Agents elect to request request, prior to the establishment of one or more Revolving Commitment Termination Date, an increase to the applicable existing Revolving Commitments (x) additional tranches of term any such increase, the “New Revolving Commitments” and the loans (the commitments made pursuant thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan CommitmentsLoans”), by an aggregate amount (such amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not to be less than $100,000,000 25,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (yAgent) shall constitute and integral multiples of $1,000,000 in excess of that amount) not in excess of the difference between the Maximum Incremental Facilities Amount and all such New Loan Commitments obtained on or prior to such date)remainder of $250.0 million. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the applicable Borrower proposes that the New Loan Revolving Commitments shall be effective, which shall be a date not less than ten 10 Business Days (or such shorter time as may be approved by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agents; and (B) the identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Lender”) to provide all or a whom the applicable Borrower proposes any portion of such New Revolving Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that any Lender offered or approached to provide all or a portion of the New Loan Revolving Commitments may elect or decline, in its sole discretion, to provide a New Loan Revolving Commitment. In each case, such Such New Loan Revolving Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that (i1) subject to Section 1.6, no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Revolving Commitments; (2) the other terms of the New Revolving Commitments (including the Applicable Margin) shall be documented solely as an increase to the Revolving Commitments, as applicablewith identical terms; (ii) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the conditions set forth in Section 7 shall be satisfied; (iii3) the New Loan Revolving Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the applicable Borrower and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d2.19(c); (iv4) the applicable Borrower shall make any payments required pursuant to Section 2.11 2.17(d) in connection with the New Loan Revolving Commitments, as applicable; and (v5) the applicable Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (ai) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a of the New Revolving Credit Commitment (eachLenders, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit CommitmentsLenders, at the principal amount thereof and in the applicable currency(ies(together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the such Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit CommitmentsCommitment, (bii) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) Loan shall be deemed, for all purposes, a Revolving Credit Loan and (ciii) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any The Administrative Agent shall notify Lenders promptly upon receipt of the applicable Borrower’s notice of each Increased Amount Date on which any and in respect thereof the New Term Loan Revolving Commitments of any Series are effectiveand the New Lenders and the respective interests in such Lender’s Revolving Loans, in each case subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant theretoassignments contemplated by this Section. (d) The At any time on or prior to the Revolving Commitment Termination Date, either Borrower may request an extension of the Revolving Commitments (a “Proposed Extension”) by notice to the Administrative Agent, the Lenders, the Issuing Banks and the Swing Line Lenders. Each such notice shall specify the proposed extended revolving commitment termination date and any other terms or conditions with respect to the Proposed Extension. Neither the Administrative Agent nor any Lender, Issuing Bank or Swing Line Lender shall be obligated in any capacity to provide any such extension of its Revolving Commitments pursuant to any Proposed Extension or enter into any negotiations with respect to any Proposed Extension. Each Lender, Issuing Bank and Swing Line Lender, as applicable, choosing to extend its Revolving Commitment pursuant to a Proposed Extension (each, an “Extending Lender”) and the applicable Borrowers may prepare appropriate documentation necessary to reflect the terms and provisions conditions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes of the existing Initial Term LoansProposed Extension; provided that (i) no amendments or modifications to any Credit Documents will be permitted prior to the applicable New Term Loan Maturity Revolving Commitment Termination Date unless the Administrative Agent, in its sole discretion, consents to any such amendments or modifications (subject in each case to the requirements of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, Section 10.5); (ii) amendments or modifications to any Credit Document shall be permitted with the rate consent of interest the Administrative Agent and the amortization schedule applicable Extending Lenders (but solely to the New Term Loans of each Series shall be determined by extent such amendments and modifications apply only following the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder AgreementRevolving Commitment Termination Date); provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the weighted average life to maturity of the Initial Term Loans and (iii) all other terms applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable to unless the Administrative Agent (has agreed in its sole discretion to act as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of Administrative Agent for the New Revolving Loans and New Revolving Credit Commitments shall be identical to Extending Lenders following the Revolving Credit Loans and Commitment Termination Date, a successor Administrative Agent shall have been appointed by the Extending Lenders to act as administrative agent commencing on the Revolving Credit CommitmentsCommitment Termination Date. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this Section 2.14.

Appears in 1 contract

Samples: Revolving Credit and Guaranty Agreement (Zekelman Industries, Inc.)

Incremental Facilities. (a) The Borrower Company may by written notice to the Administrative Agent elect to request the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or in an amount that may be incurred in compliance with this Agreement (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” andincluding without limitation, together with the New Term Loan Commitments, the “New Loan Commitments”Sections 10.1 and 10.3), by each of which shall be in an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $100,000,000 25,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount Agent), and all such New Loan Commitments obtained on or prior to such date)integral multiples of $5,000,000 in excess of that amount. Each such notice shall specify (x) the date (each, an “Increased Amount Date”) on which the Borrower Company proposes that the New Term Loan Commitments shall be effective, which shall be a date not less than ten 10 Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (y) the identity of each Lender or any other Person (other than each, a natural person“New Term Loan Lender”) to provide all or a whom the Company proposes any portion of such New Term Loan Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such Such New Term Loan Commitments shall become effective effective, as of the applicable such Increased Amount Date; provided that that: (i) before and after giving effect to such New Term Loan Commitments, no Default or Event of Default shall exist have occurred and be continuing on such Increased Amount Date Date; (ii) before or and after giving effect to such New Term Loan Commitments, all representations and warranties made by any Credit Party contained in this Agreement or in the other Credit Documents shall be true and correct in all material respects with the same effect as applicable; though such representations and warranties had been made on and as of such Increased Amount Date (iiexcept where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of said earlier date and except for the representation in Section 8.9(b) both before and after giving effect of this Agreement which shall be deemed to relate to the making of any Series of New Term Loans or New Revolving Loans, each matter referred to therein on and as of the conditions set forth in Section 7 shall be satisfied; Tranche A-2 Signing Date); (iii) the New Term Loan Commitments shall be effected pursuant to one or more joinder agreements (collectively, for any New Term Loan Commitments and New Term Loans, a “New Term Loan Joinder Agreements Agreement”) in form and substance satisfactory to the Administrative Agent which shall be executed and delivered by Borrowers, the Borrower New Term Loan Lender and the Administrative Agent, and each of which shall be recorded in the Register and shall be subject to the requirements set forth in Section 5.4(d); Register; (iv) the Borrower Administrative Agent shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v) the Borrower shall deliver or cause to be delivered any have received legal opinions or and other documents reasonably requested by Administrative Agent in connection with any such transaction. Any transaction or required to be delivered under the applicable New Term Loan Joinder Agreement, provided that any acknowledgement of the Guaranty required to be delivered by any Guarantor and any confirmation that the Security Documents that secure the obligations of the Borrowers hereunder will continue in full force and effect, together with duly executed copies of any amendments or replacements of Security Documents that may be required shall be a condition subsequent to the applicable Increased Amount Date; and (v) The Administrative Agent shall have received a Notice of Borrowing in respect of the New Term Loans made on an Increased Amount Date shall be designated, a separate series (a “Series”) in writing meeting the requirements of New Term Loans for all purposes Section 2.3 of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) of any Series Lender shall make a Loan to the Borrower Borrowers (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Serieseither (i) to the extent expressly provided for in the applicable New Term Loan Joinder Agreement with respect thereto, and by tendering for exchange therefor non-cash consideration in an amount determined in the manner provided in the New Term Loan Joinder Agreement, to the extent applicable, or (ii) each by funding cash in the amount provided in the New Term Loan Joinder Agreement and in the manner described in Section 2.4 hereof. Each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (c) Administrative Agent shall notify Lenders promptly upon receipt of Borrowers’ notice of each Increased Amount Date and in respect thereof the New Term Loan Commitments and the New Term Loan Lenders. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments may be designated Loans of any Series shall be, an existing Tranche with terms identical thereto or designated as a new Tranche with terms except as otherwise set forth herein or in the applicable New Term Loan Joinder Agreement, identical to one the Tranche A-1 Loans or more Classes of the existing Initial Term Tranche A-2 Loans; provided that . In any event, (i) the applicable New Term Loan Maturity Date of each Series shall be no earlier than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identical, (ii) the rate of interest and the amortization schedule applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that the weighted average life to maturity of all New Term Loans shall be no shorter than the longer of the weighted average life to maturity of (x) the existing Tranche A-1 and (y) the existing Tranche A-2 Loans, (ii) the applicable New Term Loan Maturity Date shall be no earlier than the Initial Term Loans Maturity Date, and (iii) all other terms the Weighted Average Yield applicable to the New Term Loans of each Series that differ from the existing Initial Term Loans shall be reasonably acceptable determined by Borrowers and the applicable new Lenders and shall be set forth in the relevant New Term Loan Joinder Agreement. Notwithstanding anything herein to the Administrative Agent (as evidenced by its execution of the applicable Joinder Agreement). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement maycontrary, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents may be amended to effect such changes as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision provisions of this Section 2.142.14 (including, as to any New Term Loans, with respect to the final maturity and amortization schedule thereof, the interest rate thereon and the treatment thereof for purposes of prepayments and voting), which amendment (which may be incorporated into the applicable New Term Loan Joinder Agreement(s)) shall be executed by the Borrowers, the Administrative Agent and the applicable New Term Loan Lender(s) (but not any other Lenders). (l) Section 4.3 of the Credit Agreement is amended and restated in its entirety to read in full as follows: (a) The Tranche A-1 Commitment shall terminate upon the earlier of (i) the funding thereof on the Funding Date and (ii) 5:00 p.m. (London time) on the last day of the Availability Period. (b) The Tranche A-2 Commitment shall terminate upon the earlier of (i) the funding thereof on the Tranche A-2 Funding Date and (ii) 5:00 p.m. (London time) on the last day of the Tranche A-2 Availability Period. (c) Each New Term Loan Commitment shall terminate at the time provided in the applicable New Term Loan Joinder Agreement. (m) Schedule 1.1(e) to this Agreement is added as a new Schedule 1.1(e) to the Credit Agreement. (n) Schedule 8.10 to the Credit Agreement is deleted and replaced with Schedule 8.10 to this Agreement. (o) Schedule 8.13 to the Credit Agreement is deleted and replaced with Schedule 8.13 to this Agreement. (p) Schedule 8.15 to the Credit Agreement is deleted and replaced with Schedule 8.15 to this Agreement. (q) Schedule 8.18 to the Credit Agreement is deleted and replaced with Schedule 8.18 to this Agreement. (r) Paragraph 3 of Exhibit A (“Form of Assignment and Acceptance”) to the Credit Agreement is amended and restated to read in full as follows: Assigned Interest: $ [0.000000000 %]

Appears in 1 contract

Samples: Joinder and Amendment Agreement (NXP Semiconductors N.V.)

Incremental Facilities. (a) The Borrower may by written notice to the Administrative Agent elect to request the establishment of one or more new term loan commitments (x) additional tranches of term loans (the commitments thereto, the “New Term Loan Commitments”) and/or (y) increases in Revolving Credit Commitments (the “New Revolving Credit Commitments” and, together with the New Term Loan Commitments, the “New Loan Commitments”), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount greater of (x) $125,000,000 in the aggregate and (y) such amount that both before and after giving effect to the making of any Series of New Term Loans the Borrower shall be in compliance with a Corporate Leverage Ratio that is 0.25x lower than the Corporate Leverage Ratio for the relevant period set forth in Section 6.07(b) (i.e. if the required ratio in Section 6.07(b) is 3.00 to 1.0 the requirement to incur Indebtedness under this clause (y) shall be 2.75 to 1.0), in each case, not less than $100,000,000 50,000,000 individually (or such lesser amount as (x) may which shall be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount Agent), and all such New Loan Commitments obtained on or prior to such date)integral multiples of $10,000,000 in excess of that amount. Each such notice shall specify (i) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the New Term Loan Commitments shall be effective, which shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Administrative Agent. The Borrower may approach any Agent and (ii) the identity of each Lender or any other Person that is an Eligible Assignee (other than each, a natural person“New Term Loan Lender”) to provide all or a whom the Borrower proposes any portion of such New Term Loan Commitments be allocated and the New Loan Commitmentsamounts of such allocations; provided that Barclays Capital may elect or decline to arrange such New Term Loan Commitments in its sole discretion and any Lender offered or approached to provide all or a portion of the New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Term Loan Commitment. In each case, such Such New Term Loan Commitments shall become effective as of the applicable such Increased Amount Date; provided that (i1) as of the Increased Amount Date, no event shall have occurred and be continuing or would result from the consummation of the Borrowing of the New Term Loan that would constitute a Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Loan Commitments, as applicableDefault; (ii2) both before and after giving effect to the making of any Series of New Term Loans or New Revolving Loans, each of the following shall be satisfied: (i) the conditions set forth in Sections 3.01(h) (provided that each reference therein to Section 7 3.01 shall be satisfieddeemed a reference to this Section 2.22, each reference therein to the Closing Date shall be deemed a reference to the Increased Amount Date and each reference therein to the Specified Representations shall be deemed a reference to the representations and warranties contained herein and in the other Loan Documents) and (ii) the representations and warranties contained herein and in the other Loan Documents shall be true and correct in all material respects on and as of the Increased Amount Date (except to the extent such representations and warranties relate to an earlier date, in which case, such representations and warranties were true and correct in all material respects as of such earlier date); provided that to the extent any such representation or warranty is already qualified by materiality or material adverse effect, such representation or warranty shall be true and correct in all respects); (iii3) the Borrower shall be in pro forma compliance with each of the financial covenants set forth in Section 6.07 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Term Loan Commitments, provided that, for purposes of this clause (3) only, the LTV Ratio shall not exceed a percentage equal to 0.9 times the percentage that was otherwise required at such quarter end; (4) the New Term Loan Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower Borrower, New Term Loan Lender and the Administrative Agent, and each of which shall be recorded in the Register and each New Term Loan Lender shall be subject to the requirements set forth in Section 5.4(d2.18(c); (iv) the Borrower shall make any payments required pursuant to Section 2.11 in connection with the New Loan Commitments, as applicable; and (v5) the Borrower shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated, designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement. (b) On any Increased Amount Date on which New Revolving Credit Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Revolving Credit Commitments shall assign to each Lender with a New Revolving Credit Commitment (each, a “New Revolving Loan Lender”) and each of the New Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments, at the principal amount thereof and in the applicable currency(ies), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans will be held by existing Revolving Credit Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the addition of such New Revolving Credit Commitments to the Revolving Credit Commitments, (b) each New Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Credit Commitment and all matters relating thereto. (c) On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditionsconditions (including, but not limited to, delivery of a Borrowing Notice pursuant to Section 2.01(b)), (i) each Lender with a New Term Loan Commitment (each, a “New Term Loan Lender”) Lender of any Series shall make a Loan to the Borrower (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, Series and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto. (c) The Administrative Agent shall notify Lenders promptly upon receipt of Borrower’s notice of each Increased Amount Date and in respect thereof the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series. (d) The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth herein or in the applicable Joinder Agreement, identical to one or more Classes the Loans. In any event (i) the weighted average life to maturity of all New Term Loans of any Series shall be no shorter than the weighted average life to maturity of the existing Initial Term Loans; provided that , (iii) the applicable New Term Loan Maturity Date of each Series shall be no earlier shorter than the Initial Term Loan Maturity Date and mandatory prepayment and other payment rights (other than scheduled amortization) of the New Term Loans and the existing Initial Term Loans shall be identicalDate, (iiiii) the rate of interest and the amortization schedule yield applicable to the New Term Loans of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided that Agreement and (iv) the weighted average life amortization schedule applicable to maturity any Series of all New Term Loans shall be no shorter than determined by the weighted average life to maturity Borrower and the applicable holders of New Term Loans; provided, however, that the Initial Term Loans and (iii) all other terms yield applicable to the New Term Loans of each Series that differ from the existing Initial (after giving effect to all upfront or similar fees or original issue discount payable with respect to such New Term Loans shall be with any such upfront or similar fees or original issue discount being equated to the interest rates in a manner reasonably acceptable to determined by the Administrative Agent (as evidenced by its execution of based on an assumed four-year life to maturity) shall not be greater than the applicable Joinder Agreementyield payable pursuant to the terms of this Agreement as amended through the date of such calculation with respect to Loans (including any upfront fees or original issue discount payable to the initial Lenders hereunder) unless the interest rate with respect to the Loans is increased so as to cause the then applicable yield under this Agreement on the Loans to equal the yield then applicable to the New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such New Term Loans with any such upfront or similar fees or original issue discount being equated to the interest rates in a manner reasonably determined by the Administrative Agent based on an assumed four-year life to maturity). The terms and provisions of the New Revolving Loans and New Revolving Credit Commitments shall be identical to the Revolving Credit Loans and the Revolving Credit Commitments. (e) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, Agent to effect the provision of this Section 2.142.22. (e) The New Term Loans and New Term Loan Commitments established pursuant to this Section 2.22 shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably with the Obligations from the Subsidiary Guarantors and security interests created by the Security Documents. Each Series of New Term Loans shall be entitled to share in mandatory prepayments on a ratable basis with the Initial Term Loans and the other Series of New Term Loans (unless the holders of the New Term Loans of any Series agree to take a lesser share of certain prepayments). The Loan Parties shall take any actions reasonably required by the Administrative Agent to ensure and/or demonstrate that the Lien and security interests granted by the Security Documents continue to be perfected under the Uniform Commercial Code or otherwise after giving effect to the establishment of any such Class of New Term Loans or any such New Term Loan Commitments.

Appears in 1 contract

Samples: Senior Secured Term Loan Facility Agreement (Ocwen Financial Corp)

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