Limit. (i) Subject to all of the terms and conditions hereof, the Lenders hereby agree to lend to Borrower, and Borrower may borrow, reborrow and repay from time to time sums (the “Loan Advances”) between the date hereof and the Maturity Date; provided, that (a) the aggregate of (1) the outstanding principal balance of the Loan plus (2) the L/C Exposure, shall at no time exceed (b) the least of (1) the Established Loan Amount, (2) the Total Commitment, or (3) the Availability (the least of (1), (2) or (3), the “Maximum Loan Amount”). (ii) The obligations of the Lenders hereunder are several and independent and not joint. Failure of any Lender to fulfill its obligations hereunder shall not result in any other Lender becoming obligated to advance more than its Commitment Percentage of the Loan. (iii) Provided no Default or Event of Default shall then be in existence, the Borrower may, on any one (1) or more occasions prior to the Maturity Date, request an increase the Established Loan Amount; provided, however, that (i) the amount of each such increase shall not be less than Ten Million ($10,000,000.00) Dollars, (ii) the aggregate amount of all such increases shall not cause the Established Loan Amount to exceed Two Hundred Fifty Million ($250,000,000.00) Dollars, and (iii) after any such increase the Established Loan Amount shall not exceed the Total Commitments (as such may be increased after the date hereof) as determined by the Administrative Agent. Such request may be made by the Borrower by written notice to the Administrative Agent, which election shall designate the desired increased Established Loan Amount. The Borrower shall execute, deliver and satisfy, and shall cause each Loan Party to execute, deliver, and satisfy, any and all documentation and other conditions reasonably required by the Administrative Agent and any Lender increasing its Commitment in order to evidence and effectuate the increase in the Established Loan Amount, including, without limitation, any new or replacement Note as may be required by any Lender increasing its Commitment or any new Lender issuing a new Commitment. Any such increase of the Established Loan Amount shall not be effective until written confirmation from the Administrative Agent to the Borrower and the Lenders of such increased amount and the confirmation that such amount does not exceed the Total Commitments. The Administrative Agent shall give the existing Lenders written notice of the Borrower’s request to so increase the Established Loan Amount hereunder, and the existing Lenders shall have a right of first refusal with respect to electing to increase their respective Commitments, which right must be exercised by providing the Administrative Agent with written notice of such election within ten (10) Business Days of the notice provided by the Administrative Agent. In the event the existing Lenders shall agree to increase their Commitments by an amount that is in excess of the requested increase, such increased Commitments shall be allocated by the Administrative Agent on a pro rata basis. In connection with any increase in the Established Loan Amount, no Lender shall be required to increase the amount of such Lender’s Commitment.
Appears in 2 contracts
Samples: Loan Agreement (Cedar Shopping Centers Inc), Loan Agreement (Cedar Shopping Centers Inc)
Limit. (i) Subject to all of the terms and conditions hereof, the Lenders hereby agree to lend to Borrower, and Borrower may borrow, reborrow and repay from time to time sums (the “Loan Advances”) between the date hereof and the Maturity Date; provided, that (a) the aggregate of (1) the outstanding principal balance of the Loan plus (2) the L/C ExposureLoan, shall at no time exceed (b) the least of (1) the Established Loan Amount, (2) the Total Commitment, or (3) the Availability (the least of (1), (2) or (3), the “Maximum Loan Amount”).
(ii) The obligations of the Lenders hereunder are several and independent and not joint. Failure of any Lender to fulfill its obligations hereunder shall not result in any other Lender becoming obligated to advance more than its Commitment Percentage of the Loan.
(iii) Provided no Default or Event of Default shall then be in existence, the Borrower may, on any one (1) or more occasions prior to the Maturity Date, request an increase the Established Loan Amount; provided, however, that (i) the amount of each such increase shall not be less than Ten Million ($10,000,000.00) Dollars, (ii) the aggregate amount of all such increases shall not cause the Established Loan Amount to exceed Two Hundred Fifty Million ($250,000,000.00) Dollars, and (iii) after any such increase the Established Loan Amount shall not exceed the Total Commitments (as such may be increased after the date hereof) as determined by the Administrative Agent. Such request may be made by the Borrower by written notice to the Administrative Agent, which election shall designate the desired increased Established Loan Amount. The Borrower shall execute, deliver and satisfy, and shall cause each Loan Party to execute, deliver, and satisfy, any and all documentation and other conditions reasonably required by the Administrative Agent and any Lender increasing its Commitment in order to evidence and effectuate the increase in the Established Loan Amount, including, without limitation, any new or replacement Note as may be required by any Lender increasing its Commitment or any new Lender issuing a new Commitment. Any such increase of the Established Loan Amount shall not be effective until written confirmation from the Administrative Agent to the Borrower and the Lenders of such increased amount and the confirmation that such amount does not exceed the Total Commitments. The Administrative Agent shall give the existing Lenders written notice of the Borrower’s request to so increase the Established Loan Amount hereunder, and the existing Lenders shall have a right of first refusal with respect to electing to increase their respective Commitments, which right must be exercised by providing the Administrative Agent with written notice of such election within ten (10) Business Days of the notice provided by the Administrative Agent. In the event the existing Lenders shall agree to increase their Commitments by an amount that is in excess of the requested increase, such increased Commitments shall be allocated by the Administrative Agent on a pro rata basis. In connection with any increase in the Established Loan Amount, no Lender shall be required to increase the amount of such Lender’s Commitment.
Appears in 1 contract
Limit. (ia) Subject to all of the terms and conditions hereof, the Lenders hereby agree to lend to Borrower, and Borrower may borrow, reborrow and repay from time to time sums make revolving loan advances (the “Loan Advances”) to the Borrower between the date hereof and the Maturity Date; provided, that (a) the aggregate of (1) the outstanding principal balance of the Loan plus (2) the L/C Exposure, Total Outstandings shall at no time exceed (b) the least lesser of (1) the Established Loan Amount, (2i) the Total Commitment, or Commitment and (3ii) the Availability Borrowing Base Value (the least lesser of (1), i) and (2) or (3ii), the “Maximum Loan Amount”). Loan Advances may be repaid and reborrowed in accordance with the provisions of this Agreement.
(iib) The obligations of the Lenders hereunder are several and independent and not joint. Failure of any No Lender to fulfill its obligations hereunder shall not result in any other Lender becoming become obligated to advance more than its Commitment Percentage of the LoanLoan including, without limitation, as a result of the failure of any Lender to fulfill its obligations hereunder.
(iiic) Provided no Default or Event of Default shall then be in existence, the Borrower mayshall have the right, on any one (1) or more occasions prior to the Maturity Date, request an to elect to increase the Established Loan AmountTotal Commitment; provided, however, that (i) the amount of each such increase shall not be less than Ten Twenty Million Dollars ($10,000,000.0020,000,000) Dollars, and (ii) the aggregate amount of all such increases shall not cause the Established Loan Amount Total Commitment to exceed Two Four Hundred Fifty Million Dollars ($250,000,000.00) Dollars, and (iii) after any such increase the Established Loan Amount shall not exceed the Total Commitments (as such 400,000,000). Such right may be increased after the date hereof) as determined by the Administrative Agent. Such request may be made exercised by the Borrower by written notice to the Administrative Agent, which election shall designate the desired requested increased Established Loan Amountin the Total Commitment. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten (10) Business Days from the date of delivery of such notice to the Lenders), and each Lender shall endeavor to respond as promptly as possible within such time period. Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment (which decision shall be in its sole discretion) and, if so, whether by an amount equal to, greater than, or less than its Commitment Percentage of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. The Administrative Agent shall notify the Borrower shall execute, deliver and satisfy, each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and shall cause each Loan Party subject to execute, deliver, and satisfy, any and all documentation and other conditions reasonably required by the approval of the Administrative Agent and any Lender increasing its Commitment in order to evidence and effectuate the increase in the Established Loan Amount, including, without limitation, any new or replacement Note as may be required by any Lender increasing its Commitment or any new Lender issuing a new Commitment. Any such increase of the Established Loan Amount L/C Issuer (which approvals shall not be effective until written confirmation from unreasonably withheld, conditioned or delayed), the Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent to and its counsel. If the Total Commitment is increased in accordance with this Section, the Administrative Agent and the Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation of such increased amount and the confirmation that increase (with such amount does not exceed the Total Commitments. The Administrative Agent shall give the increase being pro rata among existing Lenders written notice of the Borrower’s request to so increase the Established Loan Amount hereunder, and the existing Lenders shall have a right of first refusal with respect to electing choosing to increase their respective Commitmentscommitments) and the Increase Effective Date. As a condition precedent to such increase, which right must be exercised by providing the Borrower shall deliver to the Administrative Agent with written notice a certificate of the Borrower dated as of the Increase Effective Date signed by an Authorized Officer of the Borrower (i) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such increase, and (ii) certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in Article 6 and the other Loan Documents are true and correct in all material respects on and as of the Increase Effective 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 election within ten (10) Business Days earlier date, and except that for purposes of this Section 2.1.1(c), the notice provided by representations and warranties contained in Section 6.8 shall be deemed to refer to the most recent statements furnished to the Administrative Agent, and (B) no Default or Event of Default exists. In the event the existing Lenders The Borrower shall agree to increase their Commitments by an amount that is in excess prepay amounts of the requested increase, such increased Commitments shall be allocated by Loan outstanding on the Administrative Agent on a pro rata basis. In connection Increase Effective Date (and pay any additional amounts required pursuant to Section 2.3.15) to the extent necessary to keep the outstanding Loan ratable with any revised Commitment Percentages arising from any non-ratable increase in the Established Loan Amount, no Lender Commitments under this Section. This Section shall be required to increase supersede any provisions inSection 12.2 or 13.4.1to the amount of such Lender’s Commitmentcontrary.
Appears in 1 contract
Limit. (ia) Subject to all of the terms and conditions hereof, the Lenders hereby agree to lend to Borrower, and Borrower may borrow, reborrow and repay from time to time sums make revolving loan advances (the “"Revolving Loan Advances”") to the Borrower between the date hereof and the Maturity Date; provided, however, that (a) the aggregate of (1) the outstanding principal balance of the Loan plus (2) the L/C Exposure, Total Outstandings shall at no time exceed (b) the least lesser of (1) the Established Loan Amount, (2i) the Total Commitment, or Commitment and (3ii) the Availability Borrowing Base Value (the least lesser of (1), i) and (2) or (3ii), the “"Maximum Loan Amount”"). Revolving Loan Advances may be repaid and reborrowed in accordance with the provisions of this Agreement.
(iib) The obligations of the Lenders hereunder are several and independent and not joint. Failure of any No Lender to fulfill its obligations hereunder shall not result in any other Lender becoming become obligated to advance more than its Commitment Percentage of the LoanCredit Facility including, without limitation, as a result of the failure of any Lender to fulfill its obligations hereunder.
(iiic) Provided no Default or Event of Default shall then be in existence, the Borrower mayshall have the right, on any one (1) or more occasions prior to the Maturity date which is the one (1) year anniversary of the Closing Date, request an to elect to increase the Established Loan AmountTotal Commitment; provided, however, that (i) the amount of each such increase shall not be less than Ten Million Dollars ($10,000,000.0010,000,000) Dollars, and (ii) the aggregate amount of all such increases shall not cause the Established Loan Amount Total Commitment to exceed Two Hundred Fifty Seventy Million Dollars ($250,000,000.00) Dollars, and (iii) after any such increase the Established Loan Amount shall not exceed the Total Commitments (as such 70,000,000). Such right may be increased after the date hereof) as determined by the Administrative Agent. Such request may be made exercised by the Borrower by written notice to the Administrative AgentAgent (who will in turn promptly notify the Lenders), which election shall designate the desired increased Established Loan Amountrequested increase in the Total Commitment. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten (10) Business Days from the date of delivery of such notice to the Lenders), and each Lender shall endeavor to respond as promptly as possible within such time period. Each Lender shall notify the Administrative Agent within such time period whether or not such Lender agrees to increase its Commitment (which decision shall be in its sole discretion) and, if so, whether by an amount equal to, greater than, or less than its Commitment Percentage of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. The Administrative Agent shall notify the Borrower and each Lender of the Lenders' responses to each request made hereunder. To achieve the full amount of a requested increase (in the event that one or more of the Lenders does not agree to increase its Commitment(s) by the amount of the Borrower's requested increase) and subject to the approval of the Administrative Agent, the Swing Line Lender and the L/C Issuer (which approvals shall executenot be unreasonably withheld, deliver conditioned or delayed), the Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and satisfy, and shall cause each Loan Party substance reasonably satisfactory to execute, deliver, and satisfy, any and all documentation and other conditions reasonably required by the Administrative Agent and any Lender increasing its Commitment counsel (it being understood that the Lenders will have the first opportunity to increase their Commitments in order response to evidence and effectuate the Borrower's request for increase in the Established Loan Amount, including, without limitation, any new or replacement Note hereunder before an Eligible Assignee can be considered as may be required by any Lender increasing its Commitment or any new Lender issuing a new CommitmentLender). Any such increase of If the Established Loan Amount shall not be effective until written confirmation from Total Commitment is increased in accordance with this Section, the Administrative Agent to and the Borrower shall determine the effective date (the "Increase Effective Date") and the final allocation of such increase, and Schedule 1.1(a) will be revised accordingly, if requested by any Lender. The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation of such increased amount and the confirmation that increase (with such amount does not exceed the Total Commitments. The Administrative Agent shall give the increase being pro rata among existing Lenders written notice of the Borrower’s request to so increase the Established Loan Amount hereunder, and the existing Lenders shall have a right of first refusal with respect to electing choosing to increase their respective Commitmentscommitments) and the Increase Effective Date. As a condition precedent to such increase, which right must be exercised by providing the Borrower shall deliver to the Administrative Agent with written notice a certificate of the Borrower dated as of the Increase Effective Date signed by an Authorized Officer of the Borrower (i) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such increase, and (ii) certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in Article 6 and the other Loan Documents are true and correct in all material respects on and as of the Increase Effective 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 election within ten (10) Business Days earlier date, and except that for purposes of this Section 2.1.1(c), the notice provided by representations and warranties contained in Section 6.8 shall be deemed to refer to the most recent statements furnished to the Administrative Agent, and (B) to Borrower's knowledge, no Default or Event of Default exists. In the event the existing Lenders The Borrower shall agree to increase their Commitments by an amount that is in excess prepay amounts of the requested increase, such increased Commitments shall be allocated by Credit Facility outstanding on the Administrative Agent on a pro rata basis. In connection Increase Effective Date (and pay any additional amounts required pursuant to Section 2.3.15) to the extent necessary to keep the outstanding Credit Facility ratable with any revised Commitment Percentages arising from any non-ratable increase in the Established Loan Amount, no Lender Commitments under this Section. This Section shall be required supersede any provisions in Section 12.2 or 13.4.1 to increase the amount of such Lender’s Commitmentcontrary.
Appears in 1 contract
Samples: Revolving Credit Agreement (Mid America Apartment Communities Inc)
Limit. (i) Subject to all of the terms and conditions hereof, the Lenders hereby agree to lend to Borrower, and Borrower may borrow, reborrow and repay from time to time sums (the “"Loan Advances”") between the date hereof and the Maturity Date; provided, (i) provided that (a) the aggregate of (1) the outstanding principal balance of the Loan plus (2) the L/C Exposure, shall at no time exceed (ba) the least lesser of (1) the Established Loan Amount, (2) the Total CommitmentCommitments, or (3) the Availability (the least lesser of (1), (2) or (3), the “"Maximum Loan Amount”"), and (ii) provided, further, unless and until the repayment in full of the Obligations or the demand by the Administrative Agent for payment in full of the Obligations, the Borrower shall not repay any Loan Advances such that the aggregate of (a) outstanding principal balance of the Loan plus (b) the L/C Exposure, shall be at any time less than the Minimum Loan Amount (such limitation being the "Minimum Loan Amount Limitation").
(ii) The obligations of the Lenders hereunder are several and independent and not joint. Failure of any Lender Borrower shall have a one time right to fulfill its obligations hereunder shall not result in any other Lender becoming obligated elect to advance more than its Commitment Percentage of the Loan.
(iii) Provided no Default or Event of Default shall then be in existence, the Borrower may, on any one (1) or more occasions prior to the Maturity Date, request an increase the Established Loan AmountAmount to an amount not to exceed One-Hundred and Twenty-Five Million ($125,000,000.00) Dollars; provided, however, that (i) the amount of each such increase shall not be less than Ten Million ($10,000,000.00) Dollars, (ii) the aggregate amount of all such increases shall not cause the Established Loan Amount to exceed Two Hundred Fifty Million ($250,000,000.00) Dollars, and (iii) after any such increase the Established Loan Amount shall not exceed the Total Commitments (as such may be increased after the date hereof) as determined by the Administrative Agent. Such request right may be made exercised by the Borrower by written notice to the Administrative AgentAgent on or before sixty (60) days after the date hereof, which election shall designate the desired increased Established Loan AmountAmount and shall be accompanied by payment of the required commitment fee in accordance with Section 2.
4.1. The Borrower shall execute, deliver and satisfy, and shall cause each Loan Party to execute, deliver, and satisfy, any and all documentation and other conditions reasonably required by the Administrative Agent and any Lender increasing its Commitment in order to evidence and effectuate the increase in the Established Loan Amount, including, without limitation, any new or replacement Note as may be required by any Lender increasing its Commitment or any new Lender issuing a new Commitment. Any such increase of the Established Loan Amount shall not be effective until written confirmation from the Administrative Agent to the Borrower and the Lenders of such increased amount and the confirmation that such amount does not exceed the Total Commitments. The Administrative Agent shall give the existing Lenders written notice of the Borrower’s request to so increase the Established Loan Amount hereunder, and the existing Lenders shall have a right of first refusal with respect to electing to increase their respective Commitments, which right must be exercised by providing the Administrative Agent with written notice of such election within ten (10) Business Days of the notice provided by the Administrative Agent. In the event the existing Lenders shall agree to increase their Commitments by an amount that is in excess of the requested increase, such increased Commitments shall be allocated by the Administrative Agent on a pro rata basis. In connection with any increase in the Established Loan Amount, no Lender shall be required to increase the amount of such Lender’s 's Commitment.
(iii) The Lenders and the Borrower agree that if none of the Collateral Properties are located in the State of New York, the Minimum Loan Amount and the Minimum Loan Amount Limitation shall not be applicable, Further, if at any time any new Borrowing Base Property is located in the State of New York, the Minimum Loan Amount Limitation shall be deemed to be in effect for an adjusted Minimum Loan Amount as mutually agreed to by the Administrative Agent and the Borrower.
(iv) The obligations of the Lenders hereunder are independent and not joint. Failure of any Lender to fulfill its obligations hereunder shall not result in any other Lender becoming obligated to advance more than its Commitment Percentage of any Loan.
Appears in 1 contract
Limit. (ia) Subject to all of the terms and conditions hereof, the Lenders hereby agree to lend to Borrower, and Borrower may borrow, reborrow and repay from time to time sums make revolving loan advances (the “Loan Advances”) to the Borrower between the date hereof and the Maturity Date; provided, that (a) the aggregate of (1) the outstanding principal balance of the Loan plus (2) the L/C Exposure, Total Outstandings shall at no time exceed (b) the least lesser of (1) the Established Loan Amount, (2i) the Total Commitment, or Commitment and (3ii) the Availability Borrowing Base Value (the least lesser of (1), i) and (2) or (3ii), the “Maximum Loan Amount”). Loan Advances may be repaid and reborrowed in accordance with the provisions of this Agreement.
(iib) The obligations of the Lenders hereunder are several and independent and not joint. Failure of any No Lender to fulfill its obligations hereunder shall not result in any other Lender becoming become obligated to advance more than its Commitment Percentage of the LoanLoan including, without limitation, as a result of the failure of any Lender to fulfill its obligations hereunder.
(iiic) Provided no Default or Event of Default shall then be in existence, the Borrower mayshall have the right, on any one (1) or more occasions prior to the Maturity Date, request an to elect to increase the Established Loan AmountTotal Commitment; provided, however, that (i) the amount of each such increase shall not be less than Ten Twenty Million Dollars ($10,000,000.0020,000,000) Dollars, and (ii) the aggregate amount of all such increases shall not cause the Established Loan Amount Total Commitment to exceed Two Four Hundred Fifty Million Dollars ($250,000,000.00) Dollars, and (iii) after any such increase the Established Loan Amount shall not exceed the Total Commitments (as such 400,000,000). Such right may be increased after the date hereof) as determined by the Administrative Agent. Such request may be made exercised by the Borrower by written notice to the Administrative Agent, which election shall designate the desired requested increased Established Loan Amountin the Total Commitment. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten (10) Business Days from the date of delivery of such notice to the Lenders), and each Lender shall endeavor to respond as promptly as possible within such time period. Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment (which decision shall be in its sole discretion) and, if so, whether by an amount equal to, greater than, or less than its Commitment Percentage of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. The Administrative Agent shall notify the Borrower shall execute, deliver and satisfy, each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and shall cause each Loan Party subject to execute, deliver, and satisfy, any and all documentation and other conditions reasonably required by the approval of the Administrative Agent and any Lender increasing its Commitment in order to evidence and effectuate the increase in the Established Loan Amount, including, without limitation, any new or replacement Note as may be required by any Lender increasing its Commitment or any new Lender issuing a new Commitment. Any such increase of the Established Loan Amount L/C Issuer (which approvals shall not be effective until written confirmation from unreasonably withheld, conditioned or delayed), the Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent to and its counsel. If the Total Commitment is increased in accordance with this Section, the Administrative Agent and the Borrower shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation of such increased amount and the confirmation that increase (with such amount does not exceed the Total Commitments. The Administrative Agent shall give the increase being pro rata among existing Lenders written notice of the Borrower’s request to so increase the Established Loan Amount hereunder, and the existing Lenders shall have a right of first refusal with respect to electing choosing to increase their respective Commitmentscommitments) and the Increase Effective Date. As a condition precedent to such increase, which right must be exercised by providing the Borrower shall deliver to the Administrative Agent with written notice a certificate of the Borrower dated as of the Increase Effective Date signed by an Authorized Officer of the Borrower (i) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such increase, and (ii) certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in Article 6 and the other Loan Documents are true and correct in all material respects on and as of the Increase Effective 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 election within ten (10) Business Days earlier date, and except that for purposes of this Section 2.1.1(c), the notice provided by representations and warranties contained in Section 6.8 shall be deemed to refer to the most recent statements furnished to the Administrative Agent, and (B) no Default or Event of Default exists. In the event the existing Lenders The Borrower shall agree to increase their Commitments by an amount that is in excess prepay amounts of the requested increase, such increased Commitments shall be allocated by Loan outstanding on the Administrative Agent on a pro rata basis. In connection Increase Effective Date (and pay any additional amounts required pursuant to Section 2.3.15) to the extent necessary to keep the outstanding Loan ratable with any revised Commitment Percentages arising from any non-ratable increase in the Established Loan Amount, no Lender Commitments under this Section. This Section shall be required supersede any provisions in Section 12.2 or 13.4.1 to increase the amount of such Lender’s Commitmentcontrary.
Appears in 1 contract
