Incremental Term Loan Amendment Clause Samples
An Incremental Term Loan Amendment is a contractual provision that allows a borrower to increase the amount of term loans available under an existing credit agreement, typically by amending the agreement to add new lenders or increase commitments from current lenders. This clause outlines the process for requesting additional loan amounts, the conditions that must be met (such as lender consent and compliance with financial covenants), and the terms that will apply to the new loans, which may differ from the original terms. Its core practical function is to provide the borrower with flexibility to access additional financing as needed, without the need to negotiate an entirely new loan agreement, thereby streamlining the process and addressing future funding needs efficiently.
Incremental Term Loan Amendment. Each Commitment Increase for an Incremental Term Loan Facility may be made hereunder pursuant to an amendment or an amendment and restatement (each, an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by Borrower, each Incremental Term Lender participating in such tranche and the Administrative Agent. Each Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 1.15. All Incremental Term Loans (i) shall rank pari passu in right of payment with Revolving Loans and the existing Term Loans and shall not be secured by any additional collateral or guaranteed by any additional Guarantors than the existing Term Loans, (ii) shall not mature earlier than the latest Maturity Date for any then-existing Facility (but may have amortization prior to such date), and (iii) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans, the existing Term Loans and each other tranche of Incremental Term Loans; provided that (I) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Maturity Date for each then-existing Term Facility may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Maturity Date for such existing Term Facility and (II) each tranche of Incremental Term Loans may be priced differently than the 2027 Term Loans and any other tranche of Incremental Term Loans. Each applicable Incremental Term Lender shall fund the applicable Incremental Term Loans in accordance with the requirements of the applicable Incremental Term Loan Amendment.
Incremental Term Loan Amendment. Each Commitment Increase may be made hereunder pursuant to an amendment or restatement (each, an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by Borrower, each Incremental Term Lender participating in such tranche and the Administrative Agent. Each Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 1.15. All Incremental Term Loans (i) shall rank pari passu in right of payment with the Term Loans, (ii) shall not mature earlier than the latest Maturity Date for any then-existing Facility (but may have amortization prior to such date), and (iii) shall be treated substantially the same as (and in any event no more favorably than) the Term Loans and each other tranche of Incremental Term Loans; provided that (I) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Maturity Date for the Term Facility may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Maturity Date for the Term Facility and (II) each tranche of Incremental Term Loans may be priced differently than the Term Loans and any other tranche of Incremental Term Loans. Each applicable Incremental Term Lender shall fund the applicable Incremental Term Loans in accordance with the requirements of the applicable Incremental Term Loan Amendment.
Incremental Term Loan Amendment. Incremental Term Loans shall become Loans under this Agreement pursuant to an amendment (an “Incremental Term Loan Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by each Borrower, each Lender agreeing to provide such Incremental Term Loan, if any, each Incremental Lender, if any, and the Administrative Agent. The Incremental Term Loan Amendment may effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this Section 2.17.
Incremental Term Loan Amendment. This Amendment constitutes an Incremental Term Loan Agreement as referred to in Section 2.12 of the Term Loan Agreement. Each Lender with a Term Loan M Commitment (a) confirms that it has received a copy of the Term Loan Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (b) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender Party and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Term Loan Agreement; (c) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Term Loan Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (d) agrees that it will perform in accordance with the terms of the Term Loan Agreement, all obligations that are required to be performed by it as a Lender.
Incremental Term Loan Amendment. In connection with the making of any Incremental Term Loan, the Loan Parties, the Administrative Agent, any Increasing Lender and any New Lenders shall have executed and delivered an amendment to this Agreement to reflect the economic terms of the Incremental Term Loans (an “Incremental Term Loan Amendment”) which shall include an amendment and restatement of Schedule 1.1A and Schedule 1.1B hereto.