Incremental Loan. The Borrower may request an additional Commitment for the making of one additional Loan under this Agreement following the Closing Date upon not less than 10 Business Days’ notice to the Administrative Agent (or such lesser period of time permitted by the Administrative Agent), so long as (a) the requested additional Commitment is not more than $14,893,617.00, (b) the Insurance Policy limit has increased by at least such requested Commitment amount (less any agreed retention) and is offered on the same terms as the Loans made on the Closing Date, except as otherwise agreed by the Lenders, (c) the Borrower does not permit Liquidity to be less than the Interest Escrow Required Amount, calculated on a pro forma basis immediately after giving effect to each of (i) the establishment of such additional Commitment and (ii) the incurrence of such additional Loan (using Liquidity calculated as of the date of such establishment and/or incurrence (as applicable) and immediately after giving effect thereto, and the Interest Escrow Required Amount equal to the aggregate amount of the four (4) immediately following interest payments owed on the Loans) and (d) unless otherwise agreed by the Lenders, the Borrower shall use the proceeds of any such additional Loans solely for general corporate purposes. The Administrative Agent shall promptly notify the Lenders of the requested additional Commitment and, within ten (10) Business Days thereafter (or such other period agreed by the Administrative Agent and the Borrower), each Lender shall notify the Administrative Agent if and to what extent such Lender agrees to provide such additional Commitment. Any Lender not accepting in writing within such period shall be deemed to have declined to provide the requested additional Commitment. The Administrative Agent and the Borrower may allocate, in their discretion, any additional Commitments among committing existing Lenders. Any additional Commitment established pursuant to this Section 2.06 shall be established at the requested amount (or such lesser amount committed by existing Lenders and agreed by the Borrower) on the date requested by the Borrower and agreed upon by the Administrative Agent and the Lenders providing such incremental Commitment, provided the conditions set forth in Section 7.01 are satisfied at such time. The Administrative Agent, the Borrower, and the existing Lenders shall execute and deliver such documents and agreements as the Administrative Agent deems app...
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. (a) At any time prior to the Revolving Line Maturity Date, provided no Default or Event of Default has occurred and is continuing and subject to the conditions set forth in clause (d) below, upon prior written notice to Bank, Borrower may request one increase to the Revolving Line (the “Incremental Revolving Line Commitment”), in an aggregate amount not to exceed Five Million Dollars ($5,000,000.00).
(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 fifteen (15) 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 extend to Borrower any portion of the Incremental Revolving Line Commitment, and Bank’s determination shall be in Bank’s sole but reasonable 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.
(c) If the Revolving Line is increased in accordance with this Section 2.8, 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 are conditions precedent to the making of an Incremental Revolving Line Commitment:
(1) Borrower shall deliver to Bank a certificate of each Borrower dated as of the Increase Effective Date signed by a Responsible Officer of each such Borrower certifying and attaching the resolutions adopted by such Borrower approving or consenting to such Incremental Revolving Line Commitment.
(2) Each of the conditions precedent set forth in Section 3.2 shall be satisfied.
(3) Borrower shall be in compliance with the financial covenants set forth in Section 6.9 hereof both as of the end of the most recently ended calendar month prior to the making of the Incremental Revolving Line Commitment and immediately after giving effect to the making of the Incremental Revolving Line Commitment on a pro forma basis (treating any Incremental Revolving Line Commitment as fully funded).
(4) Borrower shall have delivered to Bank a Compliance Certificate certifying as to compliance with the requirements of clauses (2) and (3) above, together with a...
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. Section 1.9 (Incremental Loan) of the Loan Agreement hereby is deleted in its entirety.
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. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not be reborrowed.”
Incremental Loan. The full amount of the Incremental Loan shall have been advanced to the Borrower.
Incremental Loan. This term shall have the meaning set forth in Section 4.7(e)(iv).