Incremental Loan. (a) Subject to the terms and conditions set forth herein and in the Credit Agreement (as amended by this Amendment), the Incremental Lender agrees to make the Incremental Loan to the Borrower in a single drawing on the First Amendment Effective Date (the commitment of the Incremental Lender to make such Incremental Loan being called its “Incremental Commitment”). Amounts repaid in respect of the Incremental Loan may not be reborrowed.
(b) The terms of the Incremental Loan shall be identical to the terms of the Term Loans made on the Closing Date and outstanding immediately prior to the effectiveness of this Amendment (such Term Loans, being referred to herein as the “Existing Loans”), except as such terms shall have been modified hereby.
(c) Subject to the terms and conditions set forth herein and effective as of the First Amendment Effective Date, for all purposes of the Credit Documents, (i) the Incremental Loan made hereunder shall constitute an increase in the aggregate amount of the Existing Loans incurred, (ii) the Incremental Loan made hereunder shall be a “Borrowing” and “Term Loan” under the Credit Agreement and shall constitute a Borrowing of the same Type as the Existing Loans, and (iii) the Incremental Lender shall be a “Lender” under the Credit Agreement, shall be a party to the Credit Agreement as a Lender and shall have all the rights and obligations of, and benefits accruing to, a Lender under the Credit Agreement and shall be bound by all agreements, acknowledgements and other obligations of the Lenders. Without limiting the foregoing, the Incremental Loan made hereunder shall mature on the Maturity Date, shall participate in any mandatory or voluntary prepayments on a pro rata basis with the Existing Loans and shall bear interest at the rate specified in the Credit Agreement, as applicable to the Existing Loans. Each reference to the Credit Agreement in this paragraph (c) shall be deemed to be a reference to the Credit Agreement as amended by this Amendment.
Incremental Loan. (a) At any time prior to the Revolving Line Maturity Date, provided no Event of Default has occurred and is continuing and subject to the conditions set forth in clauses (b) and (d) below, upon prior written notice to Bank, Borrower may request up to two (2) increases to the Revolving Line (each, an “Incremental Revolving Line Commitment”) in an aggregate additional amount of Twenty-Five Million Dollars ($25,000,000) for all such increases. Any Incremental Revolving Line Commitment shall be in the amount of at least Five Million Dollars ($5,000,000) or such lower amount that represents all remaining availability pursuant to this Section 1.9(a).
(b) At the time of sending such notice, Borrower shall specify the time period (such period, the “Election Period”) within which Bank is requested to respond (which Election Period shall in no event be less than ten (10) Business Days from the date of delivery of such notice to Bank); provided, that if such notice indicates that it is conditioned upon the occurrence of a specified event, such notice may be revoked if such event does not occur prior to the requested funding date. Bank shall not be obligated to participate in the Incremental Revolving Line Commitment, and Bank’s determination shall be in Bank’s sole and absolute discretion. If Bank does not respond by the end of such Election Period, Bank shall be deemed to have declined to increase the Revolving Line by the Incremental Revolving Line Commitment.
(c) If the Revolving Line is increased in accordance with this Section 1.9, Bank and Borrower shall determine the effective date (the “Increase Effective Date”), and Bank shall promptly notify Borrower of the Increase Effective Date.
(d) Each of the following shall be conditions precedent to the making of the Incremental Revolving Line Commitment:
1. Borrower shall deliver to Bank a certificate of Borrower dated as of the Increase Effective Date signed by a Responsible Officer of Borrower certifying and attaching the resolutions adopted by Borrower approving or consenting to such Incremental Revolving Line Commitment.
2. Each of the conditions precedent set forth in Section 2.2 shall be satisfied.
3. Borrower shall have delivered to Bank a Compliance Statement certifying as to compliance with the requirements of clause (2) above.
4. Borrower shall (x) deliver to Bank any promissory note requested by Bank in connection with the making of the increased Incremental Revolving Line Commitment and in form and subst...
Incremental Loan. The obligations of the Lenders to make any Incremental Loans hereunder shall (x) not become effective until the date on which each of the conditions set forth in Section 6.01 and Section 6.02 are satisfied (or waived in accordance with Section 12.02) and (y) be subject to and conditioned upon each of the following conditions (or waiver thereof in accordance with Section 12.02) at the time of any such Incremental Loan:
(a) Administrative Agent shall have received Schedule 1.02D, the schedule of Xxxxxxx Facility Material Permits required for the Xxxxxxx Facility, together with (A) copies of each such Xxxxxxx Facility Material Permit listed on Part I of Schedule 1.02, each of which is in full force and effect and not subject to unsatisfied condition or, to the Borrower’s knowledge, appeal and (B) a certificate, signed by a Responsible Officer of the Borrower, stating that, (w) the Xxxxxxx Facility Material Permits as set forth on Part I of Schedule 1.02 constitute all of the Xxxxxxx Facility Material Permits which are, in such Responsible Officer’s opinion, in light of the status of the Xxxxxxx Facility as of the date thereof, required to have been obtained pursuant to applicable Governmental Requirements as of such date, (x) Part II of Schedule 1.02 lists all other Xxxxxxx Facility Material Permits required for the construction, development, use, operation, ownership, or maintenance and the performance of the Xxxxxxx Facility after the date thereof as contemplated as of the date thereof, and (y) the Xxxxxxx Facility Material Permits listed in Part II of Schedule 1.02 are, in such Responsible Officer’s opinion, in light of the status of the Xxxxxxx Facility as of the date thereof, obtainable not later than required by the applicable Governmental Authority without substantial difficulty, expense or delay and in a manner to allow the performance of the transactions contemplated thereby to proceed in accordance with the Capital Expenditure Plan and (z) the Xxxxxxx Facility Material Permits are not subject to any significant or material restriction, condition, limitation or pending written claims which could reasonably be expected to result in a Material Adverse Effect;
(b) With respect to any of the Xxxxxxx Facility Material Permits not yet required as of the date of such Borrowing and listed in Part II of Schedule 1.02, the Borrower, in its reasonable determination, has no reasonable basis to believe that any such Xxxxxxx Facility Material Permits will not be o...
Incremental Loan. Borrower has requested that Lender temporarily increase the principal amount of the Loan and the Lender has agreed to temporarily increase the principal amount of the Loan upon the terms and conditions as set forth herein (such increase, the “Incremental Facility” and the loan made pursuant to such Incremental Facility, the “Incremental Loan”) in an aggregate principal amount not to exceed $12,500,000. Such Incremental Loan shall be due and payable in full on the Incremental Loan Termination Date; provided that Borrower may voluntarily prepay amounts due under the Incremental Loan prior to the Incremental Loan Termination Date without penalty. Subject to the foregoing limitations, and the other terms and provisions of this Agreement, Borrower may not repay and reborrow amounts under the Incremental Loan. Upon the Incremental Loan Termination Date, at Lender’s request, Borrower shall execute an amended and restated note reflecting a Commitment of $30,000,000.
Incremental Loan provided, the Term B-1 Lender agrees that as of the Amendment No. 2 Effective Date, the Term B-1 Loan shall be a Eurodollar Rate Loan having the Interest Period set forth in the Committed Loan Notice delivered in connection with Amendment No. 2. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not be reborrowed.
Incremental Loan. The following new Section 2.8 is hereby inserted into the Loan Agreement as follows:
Incremental Loan. On the date hereof, Lenders shall make an advance to Joinder Borrowers and Existing Borrowers of the Incremental Loan. For the avoidance of doubt, the Incremental Loan is a “Term Loan” under the Loan Agreement, as amended and supplemented hereby. The Contract Rate applicable to the Incremental Loan shall be the Contract Rate set forth in the Loan Agreement. The Incremental Loan shall mature on the Maturity Date. 10.
Incremental Loan. The Company will apply the proceeds of any Incremental Loan to finance acquisitions permitted hereby, to refinance Indebtedness and for any working capital and other lawful corporate purposes of the Company and its Subsidiaries, including Capital Expenditures."
2.15. Addition of Section 2.6. Section 2 of the Credit Agreement is amended by adding immediately following Section 2.5 new Section 2.6 to read in its entirety as follows:
Incremental Loan. Section 2.01 is hereby amended by renumbering the text thereof to be subsection (a) and adding the following new subsection (b):
Incremental Loan. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not be reborrowed.”