Term Loan Increase. (a) The Borrower shall give the Administrative Agent irrevocable notice prior to 11:00 A.M., New York City time, three Business Days prior to the anticipated Amendment No. 4 Effective Date, specifying (A) the aggregate principal amount of New Term Loans to be borrowed and (B) the requested Borrowing Date. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify the Fronting Lender. The Fronting Lender will make available the full amount of the Term Loan Increase to the Administrative Agent for the account of the Borrower at the Funding Office prior to 11:00 A.M., New York City time, on the borrowing date requested by the Borrower in funds immediately available to the Administrative Agent. Notwithstanding anything herein to the contrary, the Term Loan Increase funded on the Amendment No. 4 Effective Date shall be funded as Eurodollar Loans which shall be deemed to have an initial Interest Period identical to the Interest Period of the Term Loans that are outstanding immediately prior to the Amendment No. 4 Effective Date (which Interest Period shall end on the last Business Day of May).
(b) Subject to the terms and conditions set forth herein, on the Amendment No. 4 Effective Date the Fronting Lender agrees to fund a New Term Loan in a principal amount equal to the Term Loan Increase.
(c) The Fronting Lender, by delivering its signature page to this Amendment and funding the Term Loan Increase on the Amendment No. 4 Effective Date, shall be deemed to have acknowledged receipt of, and consented to and approved, this Amendment (such consent and approval effective as of the Amendment No. 4 Effective Date), each Loan Document and each other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Amendment No. 4
Term Loan Increase. Upon the effectiveness of this Amendment, each Lender, severally and not jointly, shall reset the Term Loan by making available to Borrowers an additional Advance thereunder in an amount equal to such Lender’s Term Loan Commitment Percentage of the principal amount of $5,000,000.00 (“Term Loan Increase”). The outstanding principal balance of the Term Loan (including the Term Loan Increase) as of the date hereof is $7,909,523.84. Lenders shall fund the Term Loan Increase to Borrowers upon the effectiveness of this Amendment. Notwithstanding anything to the contrary contained in Section 2.3(a) of the Loan Agreement, which shall be amended hereby as and to the extent inconsistent with this paragraph, the reset balance of the Term Loan shall be, with respect to principal, payable as follows, subject to acceleration upon the occurrence of an Event of Default under this Agreement or termination of this Agreement: eighty-three (83) consecutive installments each in the amount of $94,161.00 commencing July 1, 2020 and continuing on the first day of each month thereafter followed by an 84th payment of all unpaid principal, accrued and unpaid interest and all unpaid fees and epxenses. The Term Loan shall be evidenced by one or more secured promissory notes (collectively, the “Term Note”) in substantially the form attached to the Loan Agreement as Exhibit 2.3(a). The Term Loan may consist of Domestic Rate Loans or LIBOR Rate Loans, or a combination thereof, as Borrowing Agent may request; and in the event that Borrowers desire to obtain or extend any portion of the Term Loan as a LIBOR Rate Loan or to convert any portion of the Term Loan from a Domestic Rate Loan to a LIBOR Rate Loan, Borrowing Agent shall comply with the notification requirements set forth in Sections 2.2(b) and/or (e) of the Loan Agreement and the provisions of Sections 2.2(b) through (h) of the Loan Agreement shall apply.
Term Loan Increase. (a) The Increasing Lender agrees, subject to the terms and conditions of the Credit Agreement, that on the Effective Date (as defined below) it shall provide a Term Loan Increase (the “2023 Increase Term Loan Commitments”) and make Term Loans thereunder (the “2023 Increase Term Loans”) which shall constitute and be an addition to the “2023 Term Loans” under the Credit Agreement with an aggregate principal amount set forth opposite its name under the heading “2023 Increase Term Loan Commitments” on Schedule I attached hereto.
(b) The parties hereto each hereby agree that (x) the 2023 Increase Term Loans made pursuant to this Supplement by the Increasing Lender shall constitute 2023 Term Loans for all purposes under the Credit Agreement notwithstanding that they are made pursuant to this Supplement and not under Section 2.2(a) of the Credit Agreement, (y) all terms of 2023 Increase Term Loans made pursuant to this Supplement by the Increasing Lender shall be the same as the terms of the existing 2023 Term Loans as set forth in the Credit Agreement and (z) the Credit Agreement is hereby deemed amended accordingly to reflect the foregoing clauses (x) and (y) in accordance with Section 2.17 of the Credit Agreement.
Term Loan Increase. The Agent will notify the Lenders of the Increase Election on the same Business Day that it notifies the Borrower pursuant to Section 2.1(b). Each Lender will provide to the Agent such Lender’s pro rata amount of the Term Loan Increase Amount in Immediately Available Funds not later than 11:00 A.M. (Minneapolis, Minnesota time) on the Business Day immediately following its receipt of such notice. Unless the Agent determines that any applicable condition specified in Article III has not been satisfied, and following receipt by the Agent of duly executed originals of the Replacement Notes, the Agent will promptly provide the Term Loan Increase Amount in Immediately Available Funds to the Borrower on such Business Day, provided, that, if the conditions specified in this Section 2.2(b) are not satisfied by 12:00 noon (Minneapolis, Minnesota time) on such Business Day, the Agent shall provide such funds on the immediately succeeding Business Day.
Term Loan Increase. (1) At any time from the execution of this Agreement but no later than the 90th day preceding the maturity date of the Credit the Borrower may request a one-time increase of the amount of the credit facilities hereunder by adding a term loan facility (a “term loan increase”), subject to the following conditions:
(a) the amount of the term loan increase may not exceed US $100,000,000; provided that such $100,000,000 limit shall be reduced by the amount of any increase in the Credit effected pursuant to Section 2.9.
(b) the term loan increase shall be made available by [REDACTED] or a Subsidiary of [REDACTED] that qualifies as a permitted assignee under Section 10.2;
(c) the terms and conditions of the term loan increase shall be substantially as set forth in Schedule J; and
(d) the Lenders and the term loan lender reaching an agreement on the other amendments to this Agreement that shall be required to give effect to the term loan increase (including the amendments to the provisions of Section 9.7 on the administration of the Credit), it being understood that in any circumstance, the Lenders or, as the case may be, the term loan lenders will have separate class voting on any matter that affects their class differently from the two classes generally. Without limitation, the consent of the Lenders shall be required to amend or waive compliance with the conditions precedent to the obligations of the Lenders to make any Advance (or of the Issuing Bank to issue any Letter of Credit) or waive any Default or Event of Default for the purpose of satisfying the conditions precedent to the obligations of the Lenders to make any Advance (or of the Issuing Bank to issue any Letter of Credit).
(2) The term loan increase and related amendments shall be documented by way of an amendment and restatement of this Agreement that shall require the unanimous consent of the Lenders.
Term Loan Increase. (a) Pursuant to Section 2.14(a) and (d) of the Credit Agreement, upon the funding of the New Term Loans on the Effective Date, the New Term Loans shall be deemed a Term Loan Increase and automatically and without further action by any Person shall constitute additional Initial Term Loans (and shall have the same terms as the Initial Term Loans (including the same Applicable Margin)) for all purposes of the Credit Agreement and the other Credit Documents (other than to the extent a reference to the Initial Term Loans in the Credit Agreement or such other Credit Documents is qualified by reference to the Closing Date (including, for the avoidance of doubt, all references to the Initial Term Loans in Section 6 of the Credit Agreement)).
Term Loan Increase. Subject to the terms and conditions set forth herein, the Incremental Lender agrees to make a New Tranche B Term Loan to the Borrower on the Term Loan Increase Effective Date (as defined below) in an amount equal to the amount set forth under the heading “New Tranche B Commitment” opposite the Incremental Lender’s name on Annex II hereto (such commitment, the “Term Loan Increase”). The proceeds of the Term Loan Increase will be used by the Borrower solely to prepay a portion of the Non-Extended Term Loans and to pay fees and expenses in connection with the establishment of the Term Loan Increase. The New Tranche B Term Loan made pursuant to the Term Loan Increase shall be made in accordance with the procedures set forth in Section 2.03 of the Credit Agreement.
Term Loan Increase. On the date hereof, each Lender with a Term Loan Commitment agrees (severally, not jointly or jointly and severally) to make an additional term loan (collectively, the “Supplemental Term Loan”) to Borrowers in an amount equal to such Lender’s Pro Rata Share of the Term Loan Amount minus the aggregate outstanding principal amount, on the date immediately prior to the date hereof, of the Term Loan. The Supplemental Term Loan shall, for all purposes hereof, be deemed an advance of the Term Loan, shall be combined and added to, on the date hereof, the principal amount of the Term Loan outstanding on the date immediately prior to the date hereof, and shall be payable in consecutive monthly principal installments of $183,333.33 each. After giving effect to the Supplemental Term Loan, the outstanding principal amount of the Term Loan (after adding the principal amount of the Supplemental Term Loan to the principal amount of the Term Loan outstanding on the date immediately prior to the date hereof) shall be equal to the Term Loan Amount. Nothing contained herein is intended to limit, prejudice or otherwise impair Agent’s and Lenders’ rights, or Borrower’s obligations, under Section 2.2 of the Loan Agreement.
Term Loan Increase. For purposes of calculating the Incremental Cap on and after the Third Amendment Effective Date, the Term Loan Increase shall be deemed not to be an incurrence of Incremental Loans, and shall be disregarded for purposes of any such calculation of the Incremental Cap.
Term Loan Increase. A Term Loan Increase in an amount of not less than $25,500,000 shall have become effective contemporaneously with the Effective Date and, in relation thereto, the Administrative Agent shall have received an officer’s certificate stating that each of the conditions set forth or referred to in Section 2.06(f)(i) of the Credit Agreement have been satisfied; provided that the requirements of Section 2.06(f)(i)(A) shall be waived with respect to any Assuming Lender or Increasing Lender providing a portion of such Term Loan Increase.
