Common use of no Default exists Clause in Contracts

no Default exists. The Borrower shall prepay any Revolving Credit Loans outstanding on the Revolving Credit Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Revolving Credit Loans ratable with any revised Applicable Revolving Credit Percentages arising from any nonratable increase in the Revolving Credit Commitments under this Section. The Applicable Rate for any such increase will be determined by the Borrower and the Revolving Credit Lenders (including any new Revolving Credit Lenders) at the time such increase is made; provided that if such Applicable Rate would exceed the Applicable Rate for the Revolving Credit Facility or the Term Loan Facility, the Applicable Rate for the Revolving Credit Facility and the Term Loan Facility (including any prior increases to the Revolving Credit Facility or Term Loan Facility) shall be automatically increased to equal the Applicable Rate on the new Revolving Credit Loans or new Term Loans.