Additional Facilities. (a) The Parent may, at its discretion, at any time or times after the Closing Date (and, in the case of an Additional Revolving Facility only, on one additional occasion prior to the Closing Date) establish one or more Additional Facilities each of which may be a term facility or a revolving facility and may, without limitation, be structured (at the election of the Parent) as an increase to and/or an additional tranche of an existing Facility (provided that, if structured as an increase and/or an additional tranche of an existing Facility, the Termination Date thereof is the same as that Facility, it is denominated in the same currency as that Facility and carries interest at the same interest rate applicable to that Facility) by delivery to the Agent of one or more duly completed Additional Facility Accession Deeds, duly executed by the Parent, each Additional Facility Lender for the Additional Facility being provided thereunder and each Additional Facility Borrower under the relevant Additional Facility, provided that: (i) in respect of each Additional Facility: (A) no Event of Default has occurred and is continuing on the date of such Additional Facility Accession Deed (for the avoidance of doubt, without prejudice to any Certain Funds Utilisation of such Additional Facility); (B) subject to the Agreed Security Principles, such Additional Facility shall be entitled to benefit from all or any part of the guarantees under the Finance Documents and the Transaction Security, and any guarantee and Security granted by any member of the Group in respect of obligations of the Group under an Additional Facility shall extend to Facility B, the Acquisition Facility, Delayed Draw Facility 1 and Delayed Draw Facility 2 and constitute Transaction Security for the purposes of this Agreement and the Intercreditor Agreement; (C) the proceeds of the relevant Additional Facility are to be applied in accordance with paragraph (f) of Clause 3.1 (Purpose); (D) any mandatory prepayments of the Facilities in accordance with Clause 12 (Mandatory Prepayment) shall be applied against that Additional Facility as set out in that Clause or, if specified in the relevant Additional Facility Accession Deed, on a junior basis (but not on a senior basis); (E) no Additional Term Facility may be Utilised if and for so long as there are Available Commitments (in respect of which no Utilisation Request has been submitted) under the Acquisition Facility and/or, after the Delayed Draw Facility 1 Purpose Switch Time has occurred, Delayed Draw Facility 1, unless all Available Commitments under the Acquisition Facility and/or Delayed Draw Facility 1 (as applicable) are utilised concurrently with the Utilisation of such Additional Term Facility; and (F) no member of the Group, a Sponsor or any Sponsor Affiliate may provide an Additional Facility; (ii) in respect of each Additional Term Facility: (A) the relevant Additional Term Facility has a Termination Date no earlier than the original Termination Date for Facility B; (B) such Additional Term Facility will be made available on a secured basis pari passu with Facility B in right of payment and in terms of recovery of Transaction Security proceeds (subject to the Agreed Security Principles); (C) such Additional Term Facility may include an amortisation profile customary for the financing of the relevant type, subject to the principal amount of any applicable scheduled repayment instalments falling prior to the original Termination Date for Facility B not exceeding an amount equal to 1.00% of the original principal amount of the relevant Additional Term Facility in aggregate in any Financial Year, unless all the Facility B Lenders at such time have also accepted an offer by the Company of an amortisation repayment per annum for each corresponding year in a number of basis points per annum equal to the amortisation repayment of such amortising Additional Term Facility in excess of 1.00%, provided that, for the purpose of this sub-paragraph
Appears in 1 contract
Additional Facilities.
(a) The Parent Subject to this Clause 2.2, the Company may, at its discretion, at any time or times after the Closing Date (and, in the case of an Additional Revolving Facility only, on one additional occasion prior and from time to the Closing Date) establish one or more Additional Facilities each of which may be a term facility or a revolving facility and may, without limitation, be structured (at the election of the Parent) as an increase to and/or an additional tranche of an existing Facility (provided that, if structured as an increase and/or an additional tranche of an existing Facility, the Termination Date thereof is the same as that Facility, it is denominated in the same currency as that Facility and carries interest at the same interest rate applicable to that Facility) time by delivery delivering to the Agent of one or more a duly completed Additional Facility Accession DeedsNotice complying with paragraphs (b) and (c) below, duly executed by the Parent, each establish an Additional Facility Lender for under this Agreement.
(b) No consent of any Finance Party is required to establish an Additional Facility at any time (other than the Additional Facility being provided thereunder and each Additional Facility Borrower under Lenders making available the relevant applicable Additional Facility), provided that:that (unless otherwise agreed by the Majority Lenders):
(i) in respect any Debt thereunder constitutes Permitted Debt pursuant to sub-paragraph (b)(i)(ii) of each Section 1 (Limitation on Debt) of Schedule 13 (General Undertakings);
(ii) such Additional FacilityFacility shall rank pari passu with Facility B;
(iii) the Termination Date of such Additional Facility shall fall on a date that is no earlier than the Termination Date for Facility B2 or Facility B3 (as at the First Amendment Effective Date);
(iv) if such Additional Facility is utilised within twelve (12) Months from the First Amendment Effective Date, either:
(A) no Event of Default has occurred and is continuing on the date of such Additional Facility Accession Deed (for the avoidance of doubt, without prejudice B Lenders have been offered an opportunity to any Certain Funds Utilisation of participate in such Additional Facility);
(B) subject pro forma for the incurrence of such Additional Facility, the Effective Yield applicable to such Additional Facility would not exceed the MFN Yield Cap; or
(C) the Margin in respect of Facility B2 and Facility B3 (as applicable) is increased by the amount by which, pro forma for the incurrence of such Additional Facility, the Effective Yield applicable to such Additional Facility exceeds the MFN Yield Cap;
(v) in relation to an Additional Facility which is amortising1, either:
(A) such Additional Facility does not amortise prior to the Agreed Security PrinciplesTermination Date for Facility B (as at the First Amendment Effective Date) at a rate (the "Maximum Additional Facility Amortisation Rate") of greater than one (1) per cent. per annum; or
1 NTD: Repayment/prepayment mechanics in respect of amortising Facilities to be added at the time of the relevant Additional Facility Notice.
(B) the Facility B2 Lenders and Facility B3 Lenders (as applicable) are offered a percentage amortisation per annum of not less than the percentage per annum by which the rate of amortisation applicable to such Additional Facility exceeds the Maximum Additional Facility Amortisation Rate, provided that each relevant Facility B Lender will be deemed to have declined any such offer, consented to the proposed amortisation of such Additional Facility and waived its rights under this sub-paragraph unless the Majority Lenders under Facility B have notified the Agent that they (x) accept such offer or (y) reject such offer and do not consent to the proposed amortisation of such Additional Facility, in each case by 11.00 a.m. (in Paris) on the date falling five (5) Business Days (or such longer period which the Company proposes) after the date of such offer, provided further that the consent of the Majority Lenders shall not be required for any Structural Adjustment to implement the acceptance of any offer under this paragraph (b)(v)(B);
(vi) if the terms of the relevant Additional Facility contain mandatory prepayment provisions in respect of that Additional Facility that are additional to the mandatory prepayment provisions applicable to Facility B2 and Facility B3 contained in this Agreement (in each case, as at the relevant Additional Facility Commencement Date) (the "Additional Mandatory Prepayment Provisions"), the Facility B2 Lenders and Facility B3 Lenders (as applicable) shall be offered the benefit of such Additional Mandatory Prepayment Provisions in respect of Facility B2 and Facility B3 (as applicable), provided that each relevant Facility B Lender will be deemed to have declined any such offer, consented to the Additional Mandatory Prepayment Provisions in relation to the relevant Additional Facility and waived its rights under this sub-paragraph unless the Majority Lenders under Facility B have notified the Agent that they accept such offer by 11.00 a.m. (in Paris) on the date falling five (5) Business Days (or such longer period which the Company proposes) after the date of such offer, provided further that the consent of the Majority Lenders shall not be required for any Structural Adjustment to implement the acceptance of any offer under this paragraph (b)(vi)(B);
(vii) the purpose of such Additional Facility shall be entitled to benefit from all or any part of the guarantees under the Finance Documents and the Transaction Security, and any guarantee and Security granted by any member of the Group as set out in respect of obligations of the Group under an Additional Facility shall extend to Facility B, the Acquisition Facility, Delayed Draw Facility 1 and Delayed Draw Facility 2 and constitute Transaction Security for the purposes of this Agreement and the Intercreditor Agreement;
(C) the proceeds of the relevant Additional Facility are to be applied in accordance with paragraph (fd) of Clause 3.1 (Purpose);
(Dviii) such Additional Facility may not be utilised prior to the date on which the Available Commitments in respect of Facility B3 are zero (provided that, for the avoidance of doubt, such Additional Facility may be utilised contemporaneously with the Available Commitments in respect of Facility B3 being reduced to zero).
(c) The Additional Facility Notice shall not be regarded as having been duly completed unless it is signed by each party thereto and specifies the following matters in respect of such Additional Facility:
(i) the proposed borrower(s) in respect of the Additional Facility (which shall be the Company);
(ii) the person(s) to become Additional Facility Lenders in respect of the Additional Facility and the amount of the commitments of such Additional Facility allocated to each Additional Facility Lender;
(iii) the aggregate amount of the commitments of the Additional Facility and the currency being made available and any other or optional currency or currencies (if any) which are available for utilisation under such Additional Facility;
(iv) the Margin applicable to the Additional Facility and any applicable interest basis and margin ratchet;
(v) the Additional Facility Commencement Date and Availability Period for the Additional Facility; and
(vi) the Termination Date, repayment profile, ranking and related provisions, amortisation schedule (if any) and any mandatory prepayments prepayment provisions (including whether the Additional Facility will share rateably or less than rateably in mandatory prepayments), and such Additional Facility Notice shall be deemed to have been duly completed if it is signed by the Company and specifies the matters in sub-paragraphs (c)(i) to (c)(vi) above in respect of such Additional Facility.
(d) Any Additional Facility established pursuant to this Clause 2.2 may share rateably in any mandatory prepayment of the Facilities Term Facilities.
(e) Subject to the conditions set out in paragraph (b) above being satisfied, following receipt by the Agent of a duly completed Additional Facility Notice and with effect from the relevant Additional Facility Commencement Date (or any later date on which the conditions set out in paragraph (f) below are satisfied) the relevant Additional Facility shall come into effect and be established in accordance with Clause 12 its terms and:
(Mandatory Prepaymenti) shall be applied against that the Additional Facility as set out in that Clause or, if specified Lenders participating in the relevant Additional Facility Accession Deed, on a junior basis (but not on a senior basis)shall make available that Additional Facility in the aggregate amount set out in the Additional Facility Notice;
(Eii) no the Borrower and each Additional Term Facility may be Utilised if Lender under the relevant Additional Facility shall assume such obligations towards one another and/or acquire such rights against one another as the Borrower and for so long as there are Available Commitments (such Additional Facility Lenders would have assumed and/or acquired had the Additional Facility Lenders been Original Lenders in respect of the relevant Additional Facility;
(iii) in relation to an Additional Facility Lender which no Utilisation Request has been submitted) is not already a Lender, each Additional Facility Lender under the Acquisition relevant Additional Facility and/or, after the Delayed Draw shall become a Party as a Lender;
(iv) each Additional Facility 1 Purpose Switch Time has occurred, Delayed Draw Facility 1, unless all Available Commitments Lender under the Acquisition relevant Additional Facility shall become a Party as a "Lender" and each Additional Facility Lender under the relevant Additional Facility and each of the other Finance Parties shall assume such obligations towards one another and acquire such rights against one another as those Additional Facility Lenders and those Finance Parties would have assumed and/or Delayed Draw acquired had the Additional Facility 1 (as applicable) are utilised concurrently with Lenders been Original Lenders in respect of the Utilisation of such relevant Additional Term Facility; and
(Fv) the Commitments of the other Lenders shall continue in full force and effect.
(f) The establishment of an Additional Facility will only be effective on:
(i) the execution of the Additional Facility Notice relating to such Additional Facility by the Company and/or the relevant Borrower(s) and the relevant Additional Facility Lender(s) and delivery of such executed notice to the Agent;
(ii) in relation to an Additional Facility Lender which is not already a Lender, receipt by the Agent of an Additional Facility Lender Accession Notice from each person referred to in the relevant Additional Facility Notice as an Additional Facility Lender and the accession of each Additional Facility Lender to the Intercreditor Agreement in the capacity of a "Senior Lender" (as defined in the Intercreditor Agreement); and
(iii) in relation to an Additional Facility Lender which is not already a Lender, the performance by the Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that Additional Facility Lender making available an Additional Facility, the completion of which the Agent shall promptly notify to the Company, and (unless agreed otherwise with the applicable Additional Facility Lender) no member Utilisation Request in relation to an Additional Facility shall be valid unless prior to (or simultaneously with) the delivery of the Grouprelevant Utilisation Request in relation to such Additional Facility, the requirements of this Clause 2.2 have been satisfied.
(g) Each Finance Party irrevocably authorises, empowers and instructs:
(i) the Agent promptly (upon request of (and as reasonably requested by) the Company) to acknowledge, execute and confirm acceptance of each Additional Facility Notice; and
(ii) the Agent and the Security Agent promptly (upon request of (and as reasonably requested by) the Company) to acknowledge, execute and confirm acceptance of each Additional Facility Lender Accession Notice and if applicable, the documentation required for the Additional Facility Lender to accede to the Intercreditor Agreement and to execute any necessary additional Transaction Security Documents, amendments, confirmations, supplements or revisions to any Finance Document as may be required in order to ensure that any Additional Facility ranks and benefits from the Transaction Security in accordance with the provisions set out in the Additional Facility Notice.
(h) The Agent and the Security Agent (if applicable) shall as soon as reasonably practicable send to the Company a Sponsor copy of each executed Additional Facility Notice and, if applicable, Additional Facility Lender Accession Notice and if applicable, the documentation required for the Additional Facility Lender to accede to the Intercreditor Agreement.
(i) Except to the extent provided in paragraph (b) above, the terms applicable to any Additional Facility (including ranking, security and intercreditor rights) will be those agreed by the Additional Facility Lenders in respect of that Additional Facility and the Company. If there is any inconsistency between any such term agreed in respect of an Additional Facility and any other term of a Finance Document, the term agreed in respect of the Additional Facility shall prevail with respect to such Additional Facility (subject to the conditions in paragraph (b) above). Notwithstanding any provision of a Finance Document to the contrary, there shall be no obligation or requirement to enter into any Sponsor Affiliate hedging arrangement or other derivative transaction in relation to any Additional Facility.
(j) Each Additional Facility Lender, by executing the relevant Additional Facility Notice confirms (for the avoidance of doubt) that the Agent has authority to execute on its behalf any consent, release, waiver or amendment that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the relevant Additional Facility becomes effective and that it is bound by that decision and by the operations of any other provisions of this Agreement in relation to such consent, release, waiver or amendment.
(k) No Lender will have any obligation to participate in an Additional Facility (unless it has executed and delivered an Additional Facility Lender Accession Notice or otherwise become an Additional Facility Lender in respect of that Additional Facility). By signing an Additional Facility Notice as an Additional Facility Lender, each such entity agrees to commit the Additional Facility Commitments set out against its name in that Additional Facility Notice.
(l) With respect to an Additional Facility, without the prior written consent of the Company (in its sole and absolute discretion), there shall be no obligation (and neither the Agent nor the Security Agent shall be permitted) to notify any Finance Party who is not participating in such Additional Facility Commitments as an Additional Facility Lender of the existence (or the terms) of such Additional Facility Notice until the conditions to the availability of such Additional Facility Commitments have been waived or satisfied and the first Utilisation Date has occurred with respect to such Additional Facility. Thereafter, the Agent may provide (after consultation with the Company) disclose the terms of such Additional Facility Notice to any of the other Finance Parties.
(m) Clause 24.6 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this Clause 2.2 in relation to an Additional Facility Lender as if references in that Clause to:
(i) an Existing Lender were references to all the Lenders immediately prior to the establishment of the relevant Additional Facility;
(ii) the New Lender were references to that Additional Facility Lender; and
(iii) a re-transfer and re-assignment were references to respectively a transfer and assignment.
(n) The Finance Parties shall be required to enter into any amendment to the Finance Documents (including in relation to any changes to, the taking of, or the release coupled with the retaking of, Transaction Security in accordance with the Intercreditor Agreement) required by the Company in order to facilitate or reflect any of the matters contemplated by this Clause 2.2. The Agent and the Security Agent are each authorised and instructed by each Finance Party (without any consent, sanction, authority or further confirmation from them) to execute any such amended or replacement Finance Documents (and shall do so on the request of and at the cost of the Company).
(o) Any member of the Group may pay to an Additional Facility Lender a fee in the amount and at the times agreed between any member of the Group and the Additional Facility Lender in a Fee Letter.
(p) The Borrower and Topco confirms that all Transaction Security granted by it will, subject only to the terms of the Transaction Security Documents, extend to include the Additional Facility Loans and any other obligations arising under or in respect of each the Additional Term Facility:Facility Commitments.
(Aq) the relevant The establishment, terms or conditions or use of proceeds of any Additional Term Facility has a Termination Date no earlier than the original Termination Date for Facility B;
shall be governed by this Clause 2.2 which shall apply irrespective and notwithstanding any other provision of this Agreement (Bincluding Clause 7 (Illegality, Voluntary Prepayment and Cancellation), Clause 30.6 (Partial payments), Clause 36 (Amendments and Waivers) such Additional Term Facility will be made available on a secured basis pari passu with Facility B in right of payment and in terms of recovery of Transaction Security proceeds Schedule 8 (subject to the Agreed Security Principles);
(C) and whether such Additional Term Facility may include an amortisation profile customary for the financing of the relevant type, subject to the principal amount of any applicable scheduled repayment instalments falling is in place prior to the original Termination Additional Facility Commencement Date for Facility B not exceeding an amount equal to 1.00% of the original principal amount of the relevant Additional Term Facility in aggregate in any Financial Year, unless all the Facility B Lenders at such time have also accepted an offer by the Company of an amortisation repayment per annum for each corresponding year in a number of basis points per annum equal to the amortisation repayment of such amortising Additional Term Facility in excess of 1.00%, provided that, for the purpose purposes of this sub-paragraphAgreement.
Appears in 1 contract
Additional Facilities.
(a) By at least two Business Days’ notice to the Administrative Agent (or such shorter period as the Administrative Agent shall agree), and pursuant to the terms and conditions in this Section 2.14 and in the applicable Additional Facility Joinder Agreement or Increase Confirmation, an Additional Facility or an Increase (as defined below) may be provided to any Loan Party in an aggregate principal amount not to exceed the Additional Facility Available Amount (as determined on the date of Incurrence thereof); provided that (i) on the date of the proposed Additional Facility Loan all representations and warranties to be made in a Request for Credit Extension in accordance with Section 4.03 are true and correct in all material respects (or, with respect to any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) on and as of the date of the proposed Additional Facility Loan with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, with respect to any such representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) as of such earlier date, and (ii) no Event of Default is continuing on such date or would occur after giving effect to the proposed advance; provided, further, that in connection with any Additional Facility the primary purpose of which is to finance a Limited Condition Transaction, the conditions set forth in the Section 2.14(a)(i) and (ii) shall not be required to be satisfied (other than to the extent required by the Additional Facility Lenders party thereto).
(b) Any person may become a Lender under this Agreement by delivering to the Administrative Agent an Additional Facility Joinder Agreement which must be duly executed by that person, the Administrative Agent, the applicable Borrower and the applicable Additional Borrower, if any. That person shall become a Lender on the date specified in the Additional Facility Joinder Agreement. Additional Facilities may be provided by any existing Lender, but no existing Lender will have an obligation to make an Additional Facility Commitment nor will the applicable Borrower have any obligation to approach any existing Lender to provide any Additional Facility Commitment.
(c) Upon the relevant person becoming a Lender, the total of the Commitments under this Agreement shall be increased by the amount set out in the relevant Additional Facility Joinder Agreement as that Lender’s Additional Facility Commitment.
(d) Each Lender under an Additional Facility will grant to the applicable Borrower a term or revolving loan facility in the amount specified in the relevant Additional Facility Joinder Agreement during the Additional Facility Availability Period specified in the Additional Facility Joinder Agreement, subject to the terms of this Agreement.
(e) No Additional Facility shall have the benefit of any guarantee unless the existing Lenders also share in such guarantee. The Parent mayexecution by the applicable Borrower, at the Guarantors and the relevant Additional Borrower of the Additional Facility Joinder Agreement shall constitute confirmation by each Guarantor that its discretion, obligations under the Guaranty shall extend to the total of the Commitments as increased by the addition of the relevant Lender’s Commitment and shall be owed to each Secured Party including the relevant Lender but otherwise shall continue unaffected. 95007600_2
(f) The aggregate amount of all outstanding Additional Facility Loans under an Additional Facility shall not at any time or times after exceed the Closing Date relevant Total Additional Facility Commitments for that Additional Facility.
(and, g) The aggregate amount of the participations of a Lender in Additional Facility Loans under an Additional Facility shall not at any time exceed that Lender’s Additional Facility Commitment for that Additional Facility at that time.
(h) No Additional Facility shall have the benefit of any security unless the existing Lenders also share in such security (except in the case of an Additional Revolving Facility only, on one additional occasion prior to a security interest in any Escrow Account during the Closing Date) establish one or more Additional Facilities each of which may be a term facility or a revolving facility and may, without limitation, be structured (at the election of the Parent) as an increase to and/or an additional tranche of an existing Facility (provided that, if structured as an increase and/or an additional tranche of an existing Facility, the Termination Date thereof is the same as that Facility, it is denominated in the same currency as that Facility and carries interest at the same interest rate escrow period applicable to such Additional Facility); provided that Facility) by delivery to the Agent of one or more duly completed Additional Facility Accession Deeds, duly executed by Borrowers and the Parent, each relevant Additional Facility Lender for the may agree that an Additional Facility being provided thereunder and each shares in the Collateral on a junior basis to the other Facilities. The effectiveness of an Additional Facility Borrower under shall be subject to customary reaffirmation in respect of any Collateral Documents and, to the relevant Additional Facilityextent reasonably requested by the Administrative Agent, provided that:delivery of a written opinion of counsel to the Loan Parties in form and substance reasonably satisfactory to the Administrative Agent.
(i) in respect of each Additional Facility:
(i) each Additional Facility Borrower for that Additional Facility is a Loan Party;
(ii) the principal amount, interest rate, interest periods, Latest Maturity Date, use of proceeds, repayment schedule, availability, fees, incorporation of relevant clauses relating to, or in connection with, any Additional Facility and related provisions, and the currency of that Additional Facility shall be agreed by the relevant Additional Facility Borrowers and the relevant Additional Facility Lenders (and, in the case of currency and incorporation of the relevant clauses relating to, or in connection with, any Additional Facility which is a revolving facility, the Administrative Agent) and set out in the relevant Additional Facility Joinder Agreement;
(iii) the relevant Additional Facility Joinder Agreement shall specify whether that Additional Facility is in form of a term loan or a revolving loan;
(iv) notwithstanding anything to the contrary in this Agreement, (A) any Additional Revolving Facility may provide for the ability on a voluntary basis to permanently repay and terminate or reduce any Revolving Credit Commitments on a pro rata basis, less than or greater than a pro rata basis with other outstanding revolving Facilities hereunder and (B) any Additional Facility Loan in the form of a term loan may participate on a pro rata basis, less than or greater than a pro rata basis in any voluntary or mandatory prepayments of the Term Loans;
(v) any Additional Facility Commitments may, at the election of the applicable Borrower, be designated as Financial Covenant Commitments;
(vi) each Additional Facility Joinder Agreement may provide for the consent of the Additional Facility Lenders under the applicable Additional Facility (including any Increase in respect thereof) to one or more amendments to this Agreement and the other Loan Documents (in addition to those amendments contemplated by this Section 2.14(vi)), and each party to this Agreement acknowledges and agrees that such consent shall be binding on all Additional Facility Lenders in respect of such Additional Facility and shall be counted for purposes of the definition of determining whether the consent of the Required Lenders, Required Class Lenders, Required Financial Covenant Lenders and affected Lenders has been obtained, and for all other relevant purposes under Section 10.01; and
(vii) subject to sub-clauses (i), (ii), (iv), (v) and (vi) above, the general terms of that Additional Facility shall be consistent in all material respects with the terms of this Agreement.
(j) The Borrowers may pay to any Additional Facility Lender a fee in the amount and at the times agreed between the applicable Borrower and that Additional Facility Lender. 95007600_2
(k) Each Additional Facility Lender shall become a party to this Agreement and be entitled to share in the Collateral in accordance with this Agreement, any applicable Intercreditor Agreement and the Collateral Documents pari passu with the Lenders under the other Facilities; provided that the Additional Facility Borrowers and the relevant Additional Facility Lender may agree that an Additional Facility shares in the Collateral on a junior basis to the other Facilities which, if so agreed, shall be set out in the relevant Additional Facility Joinder Agreement. In addition, each Additional Facility Lender shall be subject to any applicable Intercreditor Agreement or enter into equivalent intercreditor arrangements having a similar effect.
(l) Each party to this Agreement (other than each proposed Additional Facility Lender, the applicable Borrower and each Additional Facility Borrower) irrevocably authorizes and instructs the Administrative Agent to execute on its behalf any Additional Facility Joinder Agreement which has been duly completed and signed on behalf of each proposed Additional Facility Lender, the applicable Borrower and each proposed Additional Facility Borrower and each Loan Party agrees to be bound by such joinder.
(m) On the Additional Facility Commencement Date:
(i) each Additional Facility Lender party to that Additional Facility Joinder Agreement, each other Finance Party and the Loan Parties shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had each Additional Facility Lender been a Lender on the 2021 Amendment Effective Date or Effective Date, as applicable, with the rights and/or obligations assumed by it as a result of that accession and with the Commitment specified by it as its Additional Facility Commitment; and
(ii) each Additional Facility Lender shall become a party to this Agreement as an “Additional Facility Lender”.
(n) [Reserved.]
(o) With the prior written consent of the Borrowers, the Administrative Agent is authorized and instructed to enter into such documentation as is reasonably required to amend this Agreement and any other Loan Document (in accordance with the terms of this Section 2.14) to reflect the terms of each Additional Facility without the consent of any Lender other than each applicable Additional Facility Lender, including amendments as deemed necessary by the Administrative Agent in its reasonable judgment to effect any lien or payment subordination and associated rights of the applicable Lenders to the extent any Additional Facilities are to rank junior in right of security or payment or to address technical issues relating to funding and payments.
(p) This Section 2.14 shall supersede any provisions in Section 2.13 or Section 10.01 to the contrary.
(q) The facilities under which any Term Commitments or Revolving Credit Commitments have been made available may be increased by any amount (an “Increase”) which shall not exceed the Additional Facility Available Amount by the execution by any Lender or Additional Facility Lender of one or more Additional Facility Joinder Agreements or Increase Confirmations (under which the Maturity Date, Applicable Rate and any other economic terms applicable to the relevant Additional Facility Commitments are the same as those applicable to the existing Term Commitments or Revolving Credit Commitments, as applicable). Following any such Increase, references to Term Loans and Revolving Credit Loans, as applicable, and the Lenders in respect of the Term Loans and Revolving Credit Loans, as applicable, shall include Lenders and Loans made under any such Additional Facility Joinder Agreements or Increase Confirmations. In respect of any such Increase:
(i) (A) on the date of the proposed Increase, all representations and warranties to be made in a Request for Credit Extension in accordance with Section 4.03 shall be true and correct in all material respects (or, with respect to any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) on and as of the date of the proposed Increase with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, with respect to any such representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in 80 95007600_2 all respects) as of such earlier date, and (B) no Event of Default has occurred and is continuing on such date or would occur after giving effect to the date proposed advance; provided that, in connection with any such Increase the primary purpose of such Additional Facility Accession Deed (for which is to finance a Limited Condition Transaction, the avoidance of doubt, without prejudice to any Certain Funds Utilisation of such Additional Facility);
conditions set forth in Section 2.14(q)(i)(A) and (B) subject shall not be required to be satisfied (other than to the Agreed Security Principles, such extent required by any Lender or Additional Facility shall be entitled to benefit from all or any part of the guarantees under the Finance Documents and the Transaction Security, and any guarantee and Security granted by any member of the Group Lender in respect of obligations of the Group under an Additional Facility shall extend to Facility B, the Acquisition Facility, Delayed Draw Facility 1 and Delayed Draw Facility 2 and constitute Transaction Security for the purposes of this Agreement and the Intercreditor Agreement;
(C) the proceeds of the relevant Additional Facility are to be applied in accordance with paragraph (f) of Clause 3.1 (Purposesuch Increase);
(D) any mandatory prepayments of the Facilities in accordance with Clause 12 (Mandatory Prepayment) shall be applied against that Additional Facility as set out in that Clause or, if specified in the relevant Additional Facility Accession Deed, on a junior basis (but not on a senior basis);
(E) no Additional Term Facility may be Utilised if and for so long as there are Available Commitments (in respect of which no Utilisation Request has been submitted) under the Acquisition Facility and/or, after the Delayed Draw Facility 1 Purpose Switch Time has occurred, Delayed Draw Facility 1, unless all Available Commitments under the Acquisition Facility and/or Delayed Draw Facility 1 (as applicable) are utilised concurrently with the Utilisation of such Additional Term Facility; and
(F) no member of the Group, a Sponsor or any Sponsor Affiliate may provide an Additional Facility;
(ii) each party to this Agreement (other than the relevant Lender or Additional Facility Lender and the applicable Borrower) irrevocably authorizes and instructs the Administrative Agent to execute on its behalf any Additional Facility Joinder Agreement or Increase Confirmation which has been duly completed and signed on behalf of each Lender or proposed Additional Facility Lender, the applicable Borrower and each Loan Party agrees to be bound by such joinder; and
(iii) with the prior written consent of the Borrowers, the Administrative Agent is authorized and instructed to enter into such documentation as is reasonably required to amend this Agreement and any other Loan Document (in accordance with the terms of this Section 2.14) to reflect the terms of each Increase without the consent of any Lender other than each applicable Additional Facility Lender.
(r) Upon any Additional Facility Commencement Date on which Revolving Credit Commitments in respect of an Additional Revolving Facility (the “Additional Revolving Credit Commitments”) are effected through an increase in the Revolving Credit Commitments with respect to any existing Facility (the “Original Revolving Credit Facility”) pursuant to this Section 2.14, (a) each of the Revolving Credit Lenders under such Facility shall assign to each of the Additional Term Facility:
(A) the relevant Additional Term Facility has a Termination Date no earlier than the original Termination Date for Facility B;
(B) Lenders under such Additional Term Revolving Facility will be made available on a secured basis pari passu with Facility B in right of payment (the “Additional Revolving Credit Lenders”), and in terms of recovery of Transaction Security proceeds (subject to the Agreed Security Principles);
(C) such Additional Term Facility may include an amortisation profile customary for the financing each of the relevant typeAdditional Revolving Credit Lenders shall purchase from each of the Revolving Credit Lenders, subject to at the principal amount of any applicable scheduled repayment instalments falling prior thereof, such interests in the Revolving Credit Loans outstanding on such Additional Facility Commencement Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Credit Loans will be held by existing Revolving Credit Lenders and Additional Revolving Credit Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the original Termination Date for Facility B not exceeding an amount equal addition of such Additional Revolving Credit Commitments to 1.00% of the original principal amount of Revolving Credit Commitments; provided that the relevant Additional Term Facility in aggregate in any Financial Year, unless all the Facility B Lenders at such time have also accepted an offer by Administrative Agent and the Company of an amortisation repayment per annum for each corresponding year in a number of basis points per annum equal may agree to give effect to the amortisation repayment of such amortising foregoing provisions on or after the next Interest Payment Date with respect to any Revolving Credit Loans outstanding under the Original Revolving Credit Facility on the Additional Term Facility Commencement Date. The Administrative Agent and the Lenders hereby agree that the minimum borrowing and prepayment requirements in excess of 1.00%, provided that, for this Agreement shall not apply to the purpose of this sub-paragraphtransactions effected pursuant to the immediately preceding sentence.
Appears in 1 contract
Additional Facilities.
(a) By at least two Business Days’ notice to the Administrative Agent (or such shorter period as the Administrative Agent shall agree), and pursuant to the terms and conditions in this Section 2.14 and in the applicable Additional Facility Joinder Agreement or Increase Confirmation, an Additional Facility or an Increase (as defined below) may be provided to any Loan Party in an aggregate principal amount not to exceed the Additional Facility Available Amount (as determined on the date of Incurrence thereof); provided that (i) on the date of the proposed Additional Facility Loan all representations and warranties to be made in a Request for Credit Extension in accordance with Section 4.03 are true and correct in all material respects (or, with respect to any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) on and as of the date of the proposed Additional Facility Loan with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, with respect to any such representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) as of such earlier date, and (ii) no Event of Default is continuing on such date or would occur after giving effect to the proposed advance; provided, further, that in connection with any Additional Facility the primary purpose of which is to finance a Limited Condition Transaction, the conditions set forth in the Section 2.14(a)(i) and (ii) shall not be required to be satisfied (other than to the extent required by the Additional Facility Lenders party thereto).
(b) Any person may become a Lender under this Agreement by delivering to the Administrative Agent an Additional Facility Joinder Agreement which must be duly executed by that person, the Administrative Agent, the applicable Borrower and the applicable Additional Borrower, if any. That person shall become a Lender on the date specified in the Additional Facility Joinder Agreement. Additional Facilities may be provided by any existing Lender, but no existing Lender will have an obligation to make an Additional Facility Commitment nor will the applicable Borrower have any obligation to approach any existing Lender to provide any Additional Facility Commitment.
(c) Upon the relevant person becoming a Lender, the total of the Commitments under this Agreement shall be increased by the amount set out in the relevant Additional Facility Joinder Agreement as that Lender’s Additional Facility Commitment.
(d) Each Lender under an Additional Facility will grant to the applicable Borrower a term or revolving loan facility in the amount specified in the relevant Additional Facility Joinder Agreement during the Additional Facility Availability Period specified in the Additional Facility Joinder Agreement, subject to the terms of this Agreement.
(e) No Additional Facility shall have the benefit of any guarantee unless the existing Lenders also share in such guarantee. The Parent mayexecution by the applicable Borrower, at the Guarantors and the relevant Additional Borrower of the Additional Facility Joinder Agreement shall constitute confirmation by each Guarantor that its discretion, obligations under the Guaranty shall extend to the total of the Commitments as increased by the addition of the relevant Lender’s Commitment and shall be owed to each Secured Party including the relevant Lender but otherwise shall continue unaffected.
(f) The aggregate amount of all outstanding Additional Facility Loans under an Additional Facility shall not at any time or times after exceed the Closing Date relevant Total Additional Facility Commitments for that Additional Facility.
(and, g) The aggregate amount of the participations of a Lender in Additional Facility Loans under an Additional Facility shall not at any time exceed that ▇▇▇▇▇▇’s Additional Facility Commitment for that Additional Facility at that time.
(h) No Additional Facility shall have the benefit of any security unless the existing Lenders also share in such security (except in the case of an Additional Revolving Facility only, on one additional occasion prior to a security interest in any Escrow Account during the Closing Date) establish one or more Additional Facilities each of which may be a term facility or a revolving facility and may, without limitation, be structured (at the election of the Parent) as an increase to and/or an additional tranche of an existing Facility (provided that, if structured as an increase and/or an additional tranche of an existing Facility, the Termination Date thereof is the same as that Facility, it is denominated in the same currency as that Facility and carries interest at the same interest rate escrow period applicable to such Additional Facility); provided that Facility) by delivery to the Agent of one or more duly completed Additional Facility Accession Deeds, duly executed by Borrowers and the Parent, each relevant Additional Facility Lender for the may agree that an Additional Facility being provided thereunder and each shares in the Collateral on a junior basis to the other Facilities. The effectiveness of an Additional Facility Borrower under shall be subject to customary reaffirmation in respect of any Collateral Documents and, to the relevant Additional Facilityextent reasonably requested by the Administrative Agent, provided that:delivery of a written opinion of counsel to the Loan Parties in form and substance reasonably satisfactory to the Administrative Agent.
(i) in respect of each Additional Facility:
(i) each Additional Facility Borrower for that Additional Facility is a Loan Party;
(ii) the principal amount, interest rate, interest periods, Latest Maturity Date, use of proceeds, repayment schedule, availability, fees, incorporation of relevant clauses relating to, or in connection with, any Additional Facility and related provisions, and the currency of that Additional Facility shall be agreed by the relevant Additional Facility Borrowers and the relevant Additional Facility Lenders (and, in the case of currency and incorporation of the relevant clauses relating to, or in connection with, any Additional Facility which is a revolving facility, the Administrative Agent) and set out in the relevant Additional Facility Joinder Agreement;
(iii) the relevant Additional Facility Joinder Agreement shall specify whether that Additional Facility is in form of a term loan or a revolving loan;
(iv) notwithstanding anything to the contrary in this Agreement, (A) any Additional Revolving Facility may provide for the ability on a voluntary basis to permanently repay and terminate or reduce any Revolving Credit Commitments on a pro rata basis, less than or greater than a pro rata basis with other outstanding revolving Facilities hereunder and (B) any Additional Facility Loan in the form of a term loan may participate on a pro rata basis, less than or greater than a pro rata basis in any voluntary or mandatory prepayments of the Term Loans;
(v) [Reserved];
(vi) each Additional Facility Joinder Agreement may provide for the consent of the Additional Facility Lenders under the applicable Additional Facility (including any Increase in respect thereof) to one or more amendments to this Agreement, the other Loan Documents and the Proceeds Loan Finance Documents (in addition to those amendments contemplated by this Section 2.14(i)(vi)), and each party to this Agreement acknowledges and agrees that such consent shall be binding on all Additional Facility Lenders in respect of such Additional Facility and shall be counted for purposes of the definition of determining whether the consent of the Required Lenders, Required Class Lenders and affected Lenders has been obtained, and for all other relevant purposes under Section 10.01; and
(vii) subject to sub-clauses (i), (ii), (iv) and (vi) above, the general terms of that Additional Facility shall be consistent in all material respects with the terms of this Agreement.
(j) The Borrowers may pay to any Additional Facility Lender a fee in the amount and at the times agreed between the applicable Borrower and that Additional Facility Lender.
(k) Each Additional Facility Lender shall become a party to this Agreement and be entitled to share in the Collateral in accordance with this Agreement, any applicable Collateral Sharing Agreement (prior to the SPV Structure Termination Date), any applicable Intercreditor Agreement (on or after the SPV Structure Termination Date) and the Collateral Documents pari passu with the Lenders under the other Facilities; provided that the Additional Facility Borrowers and the relevant Additional Facility Lender may agree that an Additional Facility shares in the Collateral on a junior basis to the other Facilities which, if so agreed, shall be set out in the relevant Additional Facility Joinder Agreement. In addition, each Additional Facility Lender shall be subject to any applicable Collateral Sharing Agreement (prior to the SPV Structure Termination Date), any applicable Intercreditor Agreement (on or after the SPV Structure Termination Date) or enter into equivalent collateral sharing or intercreditor arrangements having a similar effect.
(l) Each party to this Agreement (other than each proposed Additional Facility Lender, the applicable Borrower and each Additional Facility Borrower) irrevocably authorizes and instructs the Administrative Agent to execute on its behalf any Additional Facility Joinder Agreement which has been duly completed and signed on behalf of each proposed Additional Facility Lender, the applicable Borrower and each proposed Additional Facility Borrower and each Loan Party agrees to be bound by such joinder.
(m) On the Additional Facility Commencement Date:
(i) each Additional Facility Lender party to that Additional Facility Joinder Agreement, each other Finance Party and the Loan Parties shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had each Additional Facility Lender been a Lender on the 2021 Amendment Effective Date or Effective Date, as applicable, with the rights and/or obligations assumed by it as a result of that accession and with the Commitment specified by it as its Additional Facility Commitment; and
(ii) each Additional Facility Lender shall become a party to this Agreement as an “Additional Facility Lender”.
(n) [Reserved.]
(o) With the prior written consent of the Borrowers, the Administrative Agent is authorized and instructed to enter into such documentation as is reasonably required to amend this Agreement, any other Loan Document and any Proceeds Loan Finance Document (in accordance with the terms of this Section 2.14) to reflect the terms of each Additional Facility without the consent of any Lender other than each applicable Additional Facility Lender, including amendments as deemed necessary by the Administrative Agent in its reasonable judgment to effect any lien or payment subordination and associated rights of the applicable Lenders to the extent any Additional Facilities are to rank junior in right of security or payment or to address technical issues relating to funding and payments.
(p) This Section 2.14 shall supersede any provisions in Section 2.13 or Section 10.01 to the contrary.
(q) The facilities under which any Term Commitments or Revolving Credit Commitments have been made available may be increased by any amount (an “Increase”) which shall not exceed the Additional Facility Available Amount by the execution by any Lender or Additional Facility Lender of one or more Additional Facility Joinder Agreements or Increase Confirmations (under which the Maturity Date, Applicable Rate and any other economic terms applicable to the relevant Additional Facility Commitments are the same as those applicable to the existing Term Commitments or Revolving Credit Commitments, as applicable). Following any such Increase, references to Term Loans and Revolving Credit Loans, as applicable, and the Lenders in respect of the Term Loans and Revolving Credit Loans, as applicable, shall include Lenders and Loans made under any such Additional Facility Joinder Agreements or Increase Confirmations. In respect of any such Increase:
(i) (A) on the date of the proposed Increase, all representations and warranties to be made in a Request for Credit Extension in accordance with Section 4.03 shall be true and correct in all material respects (or, with respect to any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) on and as of the date of the proposed Increase with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, with respect to any such representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) as of such earlier date, and (B) no Event of Default has occurred and is continuing on such date or would occur after giving effect to the date proposed advance; provided that, in connection with any such Increase the primary purpose of such Additional Facility Accession Deed (for which is to finance a Limited Condition Transaction, the avoidance of doubt, without prejudice to any Certain Funds Utilisation of such Additional Facility);
conditions set forth in Section 2.14(q)(i)(A) and (B) subject shall not be required to be satisfied (other than to the Agreed Security Principles, such extent required by any Lender or Additional Facility shall be entitled to benefit from all or any part of the guarantees under the Finance Documents and the Transaction Security, and any guarantee and Security granted by any member of the Group Lender in respect of obligations of the Group under an Additional Facility shall extend to Facility B, the Acquisition Facility, Delayed Draw Facility 1 and Delayed Draw Facility 2 and constitute Transaction Security for the purposes of this Agreement and the Intercreditor Agreement;
(C) the proceeds of the relevant Additional Facility are to be applied in accordance with paragraph (f) of Clause 3.1 (Purposesuch Increase);
(D) any mandatory prepayments of the Facilities in accordance with Clause 12 (Mandatory Prepayment) shall be applied against that Additional Facility as set out in that Clause or, if specified in the relevant Additional Facility Accession Deed, on a junior basis (but not on a senior basis);
(E) no Additional Term Facility may be Utilised if and for so long as there are Available Commitments (in respect of which no Utilisation Request has been submitted) under the Acquisition Facility and/or, after the Delayed Draw Facility 1 Purpose Switch Time has occurred, Delayed Draw Facility 1, unless all Available Commitments under the Acquisition Facility and/or Delayed Draw Facility 1 (as applicable) are utilised concurrently with the Utilisation of such Additional Term Facility; and
(F) no member of the Group, a Sponsor or any Sponsor Affiliate may provide an Additional Facility;
(ii) each party to this Agreement (other than the relevant Lender or Additional Facility Lender and the applicable Borrower) irrevocably authorizes and instructs the Administrative Agent to execute on its behalf any Additional Facility Joinder Agreement or Increase Confirmation which has been duly completed and signed on behalf of each Lender or proposed Additional Facility Lender, the applicable Borrower and each Loan Party agrees to be bound by such joinder; and
(iii) with the prior written consent of the Borrowers, the Administrative Agent is authorized and instructed to enter into such documentation as is reasonably required to amend this Agreement, any other Loan Document and any Proceeds Loan Finance Document (in accordance with the terms of this Section 2.14) to reflect the terms of each Increase without the consent of any Lender other than each applicable Additional Facility Lender.
(r) Upon any Additional Facility Commencement Date on which Revolving Credit Commitments in respect of an Additional Revolving Facility (the “Additional Revolving Credit Commitments”) are effected through an increase in the Revolving Credit Commitments with respect to any existing Facility (the “Original Revolving Credit Facility”) pursuant to this Section 2.14, each of the Revolving Credit Lenders under such Facility shall assign to each of the Additional Term Facility:
(A) the relevant Additional Term Facility has a Termination Date no earlier than the original Termination Date for Facility B;
(B) Lenders under such Additional Term Revolving Facility will be made available on a secured basis pari passu with Facility B in right of payment (the “Additional Revolving Credit Lenders”), and in terms of recovery of Transaction Security proceeds (subject to the Agreed Security Principles);
(C) such Additional Term Facility may include an amortisation profile customary for the financing each of the relevant typeAdditional Revolving Credit Lenders shall purchase from each of the Revolving Credit Lenders, subject to at the principal amount of any applicable scheduled repayment instalments falling prior thereof, such interests in the Revolving Credit Loans outstanding on such Additional Facility Commencement Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Credit Loans will be held by existing Revolving Credit Lenders and Additional Revolving Credit Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the original Termination Date for Facility B not exceeding an amount equal addition of such Additional Revolving Credit Commitments to 1.00% of the original principal amount of Revolving Credit Commitments; provided that the relevant Additional Term Facility in aggregate in any Financial Year, unless all the Facility B Lenders at such time have also accepted an offer by Administrative Agent and the Company of an amortisation repayment per annum for each corresponding year in a number of basis points per annum equal may agree to give effect to the amortisation repayment of such amortising foregoing provisions on or after the next Interest Payment Date with respect to any Revolving Credit Loans outstanding under the Original Revolving Credit Facility on the Additional Term Facility Commencement Date. The Administrative Agent and the Lenders hereby agree that the minimum borrowing and prepayment requirements in excess of 1.00%, provided that, for this Agreement shall not apply to the purpose of this sub-paragraphtransactions effected pursuant to the immediately preceding sentence.
Appears in 1 contract
Additional Facilities.
At any time following the Closing Date, the Canadian Borrower, on behalf of itself and the other Borrowers, may, on no more than three (3) occasions, designate certain additional Subsidiaries of the Canadian Borrower (except for any Subsidiary organized under the laws of the United States, Canada, the United Kingdom, Mexico or any political subdivision of any of the foregoing) as an Additional Facility Borrower in connection with the establishment of Additional Facilities in an aggregate amount over the term of the Credit Facility not to exceed the lesser of (a) The Parent may, at its discretion, at the difference of (i) $30,000,000 less (ii) the amount of any time or times increase in the Mexican Facility after the Closing Date pursuant to Section 5.2 and (andb) the difference of (i) the Maximum Facility Amount less (ii) the sum of (A) the aggregate principal amount of all other Additional Facilities requested pursuant to this Section 5.4, in the case of an Additional Revolving Facility only, on one additional occasion (B) any prior increases to the Closing DateRevolving Commitment made pursuant to Section 2.9 and (C) establish one or more Additional Facilities each of which may be a term facility or a revolving facility and may, without limitation, be structured (any prior increases to the Mexican Facility Commitment made pursuant to Section 5.2; provided that at the election time of the Parent) as an increase to and/or an additional tranche of an existing Facility (provided that, if structured as an increase and/or an additional tranche of an existing Facility, the Termination Date thereof is the same as that Facility, it is denominated in the same currency as that Facility and carries interest at the same interest rate applicable to that Facility) by delivery to the Agent of one or more duly completed Additional Facility Accession Deeds, duly executed by the Parent, each Additional Facility Lender for the Additional Facility being provided thereunder and each Additional Facility Borrower under the relevant Additional Facility, provided thatsuch designation:
(i) in respect of each Additional Facility:
(A) no Default or Event of Default has shall have occurred and is be continuing on the date of or would result from any such requested Additional Facility Accession Deed or borrowings thereunder;
(for ii) the avoidance Canadian Borrower and its Consolidated Subsidiaries shall provide the Administrative Agent with an Officer's Compliance Certificate demonstrating pro forma compliance with each of doubtthe covenants contained in Article X after giving effect to such proposed Additional Facility and any Additional Facility Extensions of Credit thereunder;
(iii) each Additional Facility shall be in an aggregate principal amount of at least $5,000,000 or a whole multiple of $1,000,000 in excess thereof, without prejudice or in each case, if less, the remaining principal amount of Additional Facilities that are available under this Section 5.4;
(iv) the Administrative Agent and the Required Lenders shall have consented to any Certain Funds Utilisation the establishment of such Additional Facility);
(v) the Canadian Borrower and its applicable Subsidiaries shall have complied with the applicable provisions of Section 9.11;
(vi) in connection with each proposed Additional Facility, the Canadian Borrower, on behalf of itself and the other Borrowers, may solicit commitments from (A) any Lender (provided that no Lender shall have an obligation to commit to all or a portion of the proposed increase) or (B) any third party, financial institutions that are Eligible Assignees or that are otherwise reasonably acceptable to both the Administrative Agent and the Canadian Borrower;
(vii) each new Additional Facility Lender shall have delivered such additional documents, instruments and other agreements as are reasonably requested by the Administrative Agent to evidence such new Additional Facility Lender's agreement to be bound by and subject to the Agreed Security Principles, such Additional Facility shall be entitled to benefit from all or any part of the guarantees under the Finance Documents applicable terms and the Transaction Security, and any guarantee and Security granted by any member of the Group in respect of obligations of the Group under an Additional Facility shall extend to Facility B, the Acquisition Facility, Delayed Draw Facility 1 and Delayed Draw Facility 2 and constitute Transaction Security for the purposes conditions of this Agreement and the Intercreditor Agreement;
(C) the proceeds of the relevant Additional Facility are to be applied in accordance with paragraph (f) of Clause 3.1 (Purpose);
(D) any mandatory prepayments of the Facilities in accordance with Clause 12 (Mandatory Prepayment) shall be applied against that Additional Facility as set out in that Clause or, if specified in the relevant Additional Facility Accession Deed, on a junior basis (but not on a senior basis);
(E) no Additional Term Facility may be Utilised if and for so long as there are Available Commitments (in respect of which no Utilisation Request has been submitted) under the Acquisition Facility and/or, after the Delayed Draw Facility 1 Purpose Switch Time has occurred, Delayed Draw Facility 1, unless all Available Commitments under the Acquisition Facility and/or Delayed Draw Facility 1 (as applicable) are utilised concurrently with the Utilisation of such Additional Term Facilityother applicable Loan Documents; and
(Fviii) no member of subject to Section 5.5, the Group, a Sponsor or any Sponsor Affiliate may provide an Additional Facility;
(ii) in respect terms and conditions of each Additional Term Facility:
Facility Loan Document (including, without limitation, the ranking, the pricing, the tenor, the availability of swingline loans or letters of credit, and collateral and guaranty matters) executed in connection with the establishment of such requested Additional Facility (which documents must be duly authorized, executed and delivered prior to giving effect thereto) shall (A) be subject to the relevant terms and conditions of Section 5.1 (mutatis mutandis to refer to such new Additional Term Facility has a Termination Date no earlier rather than the original Termination Date for Facility B;
Mexican Facility), (B) include such other terms as such Additional Term Facility will be made available on a secured basis pari passu Lenders deem reasonably necessary (to the extent such terms and conditions are not otherwise inconsistent with Facility B in right of payment and in the terms of recovery of Transaction Security proceeds this Agreement or the other Loan Documents) and (C) be subject to the Agreed Security Principles);
(C) such Additional Term Facility may include an amortisation profile customary for the financing approval of the relevant type, subject Administrative Agent (such approval not to the principal amount of any applicable scheduled repayment instalments falling prior to the original Termination Date for Facility B not exceeding an amount equal to 1.00% of the original principal amount of the relevant Additional Term Facility in aggregate in any Financial Year, unless all the Facility B Lenders at such time have also accepted an offer by the Company of an amortisation repayment per annum for each corresponding year in a number of basis points per annum equal to the amortisation repayment of such amortising Additional Term Facility in excess of 1.00%, provided that, for the purpose of this sub-paragraphbe unreasonably withheld).
Appears in 1 contract
Sources: Credit Agreement (Cott Corp /Cn/)
Additional Facilities. (i) Each Additional Facility (A) shall rank pari passu in right of payment with the Revolving Loans, (B) shall not mature earlier than the last day of the Commitment Period (but may have amortization prior to such date), (C) shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans, and (D) may have mandatory prepayments, which amounts shall be shared pro rata with the Revolving Lenders after the occurrence of an Event of Default, at the discretion of the Revolving Lenders; provided that (1) the terms and conditions applicable to any Additional Facility maturing after the last day of the Commitment Period may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the last day of the Commitment Period, and (2) may be priced differently than Revolving Loans; provided that, if the applicable interest rates for an Additional Facility are greater than fifty (50.00) basis points in excess of the interest rates of any existing Loans, the interest rates with respect to such existing Loans shall be automatically increased by the number of basis points of such excess.
(aii) The Parent An Additional Facility may be added hereunder pursuant to an amendment or restatement (an “Additional Facility Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by ▇▇▇▇▇▇▇▇, each Lender providing a commitment with respect to such Additional Facility and each Additional Lender providing a commitment with respect to such Additional Facility, and Agent. An Additional Facility Amendment may, at its discretionwithout the consent of any other Lenders, at any time effect such amendments to this Agreement and the other Loan Documents as may be necessary or times after the Closing Date (andappropriate, in the case reasonable opinion of an Additional Revolving Facility onlyAgent, on one additional occasion prior to effect the Closing Dateprovisions of Section 2.06(b) establish one or more Additional Facilities each of which may be a term facility or a revolving facility and may(c) hereof (including, without limitation, be structured (at the election of the Parent) as an increase to and/or an additional tranche of an existing Facility (provided that, if structured as an increase and/or an additional tranche of an existing Facility, the Termination Date thereof is the same as that Facility, it is denominated in the same currency as that Facility and carries interest at the same interest rate applicable to that Facility) by delivery amendments to the Agent of one or more duly completed Additional Facility Accession Deeds, duly executed by the Parent, each Additional Facility Lender for the Additional Facility being provided thereunder and each Additional Facility Borrower under the relevant Additional Facility, provided that:
(i) definitions in respect of each Additional Facility:
(A) no Event of Default has occurred and is continuing on the date of such Additional Facility Accession Deed (for the avoidance of doubt, without prejudice to any Certain Funds Utilisation of such Additional Facility);
(B) subject to the Agreed Security Principles, such Additional Facility shall be entitled to benefit from all or any part of the guarantees under the Finance Documents and the Transaction Security, and any guarantee and Security granted by any member of the Group in respect of obligations of the Group under an Additional Facility shall extend to Facility B, the Acquisition Facility, Delayed Draw Facility 1 and Delayed Draw Facility 2 and constitute Transaction Security for the purposes of this Agreement and the Intercreditor Agreement;
(C) the proceeds of the relevant Additional Facility are to be applied in accordance with paragraph (f) of Clause 3.1 (Purpose);
(D) any mandatory prepayments of the Facilities in accordance with Clause 12 (Mandatory Prepayment) shall be applied against that Additional Facility as set out in that Clause or, if specified in the relevant Additional Facility Accession Deed, on a junior basis (but not on a senior basis);
(E) no Additional Term Facility may be Utilised if and for so long as there are Available Commitments (in respect of which no Utilisation Request has been submitted) under the Acquisition Facility and/or, after the Delayed Draw Facility 1 Purpose Switch Time has occurred, Delayed Draw Facility 1, unless all Available Commitments under the Acquisition Facility and/or Delayed Draw Facility 1 (as applicable) are utilised concurrently with the Utilisation of such Additional Term Facility; and
(F) no member of the Group, a Sponsor or any Sponsor Affiliate may provide an Additional Facility;
(ii) in respect of each Additional Term Facility:
(A) the relevant Additional Term Facility has a Termination Date no earlier than the original Termination Date for Facility B;
(B) such Additional Term Facility will be made available on a secured basis pari passu with Facility B in right of payment and in terms of recovery of Transaction Security proceeds (subject to the Agreed Security Principles);
(C) such Additional Term Facility may include an amortisation profile customary for the financing of the relevant type, subject to the principal amount of any applicable scheduled repayment instalments falling prior to the original Termination Date for Facility B not exceeding an amount equal to 1.00% of the original principal amount of the relevant Additional Term Facility in aggregate in any Financial Year, unless all the Facility B Lenders at such time have also accepted an offer by the Company of an amortisation repayment per annum for each corresponding year in a number of basis points per annum equal to the amortisation repayment of such amortising Additional Term Facility in excess of 1.00%, provided that, Section 9.8 hereof for the purpose of this sub-paragraphtreating such Additional Facility pari passu with Revolving Loans).
Appears in 1 contract
Additional Facilities.
(a) By at least two Business Days’ notice to the Administrative Agent (or such shorter period as the Administrative Agent shall agree), and pursuant to the terms and conditions in this Section 2.14 and in the applicable Additional Facility Joinder Agreement, an Additional Facility may be provided to any Loan Party in an aggregate principal amount not to exceed the Additional Facility Available Amount, provided that (i) on the date of the proposed Additional Facility Loan all representations and warranties to be made in a Request for Credit Extension in accordance with Section 4.03 are true and correct in all material respects (or, with respect to any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, in all respects) on and as of the date of the proposed Additional Facility Loan with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, with respect to any such representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, in all respects) as of such earlier date, and (ii) no Event of Default is continuing on such date or would occur after giving effect to the proposed advance; provided, further, that in connection with any Additional Facility the primary purpose of which is to finance a Limited Condition Transaction, the conditions set forth in the foregoing clauses (i) and (ii) shall not be required to be satisfied (other than to the extent required by the Additional Facility Lenders party thereto).
(b) Any person may become a Lender under this Agreement by delivering to the Administrative Agent an Additional Facility Joinder Agreement which must be duly executed by that person, the Administrative Agent, the applicable Borrower and the relevant Additional Borrower (if any). That person shall become a Lender on the date specified in the Additional Facility Joinder Agreement. Additional Facilities may be provided by any existing Lender, but no existing Lender will have an obligation to make an Additional Facility Commitment nor will the applicable Borrower have any obligation to approach any existing Lender to provide any Additional Facility Commitment.
(c) Upon the relevant person becoming a Lender, the total of the Commitments under this Agreement shall be increased by the amount set out in the relevant Additional Facility Joinder Agreement as that Lender’s Additional Facility Commitment.
(d) Each Lender under an Additional Facility will grant to the applicable Borrower a term or revolving loan facility in the amount specified in the relevant Additional Facility Joinder Agreement during the Additional Facility Availability Period specified in the Additional Facility Joinder Agreement, subject to the terms of this Agreement.
(e) No Additional Facility shall have the benefit of any guarantee unless the existing Lenders also share in such guarantee. The Parent mayexecution by the applicable Borrower, at the Guarantors and the relevant Additional Borrower of the Additional Facility Joinder Agreement shall constitute confirmation by each Guarantor that its discretion, obligations under the Guaranty shall extend to the total of the Commitments as increased by the addition of the relevant Lender’s Commitment and shall be owed to each Secured Party including the relevant Lender but otherwise shall continue unaffected.
(f) The aggregate amount of all outstanding Additional Facility Loans under an Additional Facility shall not at any time or times after exceed the Closing Date relevant Total Additional Facility Commitments for that Additional Facility.
(and, g) The aggregate amount of the participations of a Lender in Additional Facility Loans under an Additional Facility shall not at any time exceed that Lender’s Additional Facility Commitment for that Additional Facility at that time.
(h) No Additional Facility shall have the case benefit of any security unless the existing Lenders also share in such security. The effectiveness of an Additional Revolving Facility onlyshall be subject to customary reaffirmation in respect of any Collateral Documents and, on one additional occasion prior to the Closing Date) establish one or more Additional Facilities each extent reasonably requested by the Administrative Agent, delivery of which may be a term facility or a revolving facility and may, without limitation, be structured (at the election written opinion of the Parent) as an increase to and/or an additional tranche of an existing Facility (provided that, if structured as an increase and/or an additional tranche of an existing Facility, the Termination Date thereof is the same as that Facility, it is denominated in the same currency as that Facility and carries interest at the same interest rate applicable to that Facility) by delivery counsel to the Agent of one or more duly completed Additional Facility Accession Deeds, duly executed by Loan Parties in form and substance reasonably satisfactory to the Parent, each Additional Facility Lender for the Additional Facility being provided thereunder and each Additional Facility Borrower under the relevant Additional Facility, provided that:Administrative Agent.
(i) in respect of each Additional Facility:
(Ai) no Event of Default has occurred and is continuing on the date of such each Additional Facility Accession Deed (Borrower for the avoidance of doubt, without prejudice to any Certain Funds Utilisation of such that Additional Facility)Facility is a Loan Party;
(Bii) subject to the Agreed Security Principlesprincipal amount, such interest rate, interest periods, Latest Maturity Date, use of proceeds, repayment schedule, availability, fees, incorporation of relevant clauses relating to, or in connection with, any Additional Facility and related provisions, and the currency of that Additional Facility shall be entitled to benefit from all or any part agreed by the relevant Additional Facility Borrowers and the relevant Additional Facility Lenders (and, in the case of currency and incorporation of the guarantees under the Finance Documents and the Transaction Securityrelevant clauses relating to, and or in connection with, any guarantee and Security granted by any member of the Group in respect of obligations of the Group under an Additional Facility shall extend to Facility Bwhich is a revolving facility, the Acquisition Facility, Delayed Draw Administrative Agent) and set out in the relevant Additional Facility 1 and Delayed Draw Facility 2 and constitute Transaction Security for the purposes of this Agreement and the Intercreditor Joinder Agreement;
(Ciii) the proceeds of the relevant Additional Facility are to be applied Joinder Agreement shall specify whether that Additional Facility is in accordance with paragraph (f) form of Clause 3.1 (Purpose)a term loan or a revolving loan;
(Div) Notwithstanding anything to the contrary in this Agreement, (A) any Additional Revolving Facility may provide for the ability on a voluntary basis to permanently repay and terminate or reduce any Revolving Credit Commitments on a pro rata basis, less than or greater than a pro rata basis with other outstanding revolving Facilities hereunder and (B) any Additional Facility Loan in the form of a term loan may participate on a pro rata basis, less than or greater than a pro rata basis in any voluntary prepayments of the Term Loans hereunder under other outstanding Classes of Term Loans, and on a pro rata basis or less than a pro rata basis in any mandatory prepayments of the Facilities Term Loans hereunder under other outstanding Classes of Term Loans; and
(v) subject to sub-clauses (i), (ii) and (iv) above, the general terms of that Additional Facility shall be consistent in all material respects with the terms of this Agreement.
(j) The Borrowers may pay to any Additional Facility Lender a fee in the amount and at the times agreed between the applicable Borrower and that Additional Facility Lender.
(k) Each Additional Facility Lender shall become a party to this Agreement and be entitled to share in the Collateral in accordance with Clause 12 (Mandatory Prepayment) the terms of the Intercreditor Agreements and the Collateral Documents pari passu with the Lenders under the other Facilities provided that the Additional Facility Borrowers and the relevant Additional Facility Lender may agree that an Additional Facility shares in the Collateral on a junior basis to the other Facilities which, if so agreed, shall be applied against that Additional Facility as set out in that Clause or, if specified in the relevant Additional Facility Accession DeedJoinder Agreement. In addition, on each Additional Facility Lender shall be subject to the Existing Intercreditor Agreement or enter into equivalent intercreditor arrangements having a junior basis (but not on a senior basis);similar effect.
(El) no Each party to this Agreement (other than each proposed Additional Term Facility may be Utilised if Lender, the applicable Borrower and for so long as there are Available Commitments (in respect of each Additional Facility Borrower) irrevocably authorizes and instructs the Administrative Agent to execute on its behalf any Additional Facility Joinder Agreement which no Utilisation Request has been submittedduly completed and signed on behalf of each proposed Additional Facility Lender, the applicable Borrower and each proposed Additional Facility Borrower and each Loan Party agrees to be bound by such joinder.
(m) under On the Acquisition Additional Facility and/orCommencement Date:
(i) each Additional Facility Lender party to that Additional Facility Joinder Agreement, after each other Finance Party and the Delayed Draw Loan Parties shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had each Additional Facility 1 Purpose Switch Time has occurredLender been a Lender on the Closing Date, Delayed Draw Facility 1, unless all Available Commitments under the Acquisition Facility and/or Delayed Draw Facility 1 (as applicable) are utilised concurrently with the Utilisation rights and/or obligations assumed by it as a result of such that accession and with the Commitment specified by it as its Additional Term FacilityFacility Commitment; and
(Fii) no member each Additional Facility Lender shall become a party to this Agreement as an “Additional Facility Lender”.
(n) [Reserved].
(o) With the prior written consent of the GroupCompany, a Sponsor the Administrative Agent is authorized and instructed to enter into such documentation as is reasonably required to amend this Agreement and any other Loan Document (in accordance with the terms of this Section 2.14) to reflect the terms of each Additional Facility without the consent of any Lender other than each applicable Additional Facility Lender, including amendments as deemed necessary by the Administrative Agent in its reasonable judgment to effect any lien or payment subordination and associated rights of the applicable Lenders to the extent any Sponsor Affiliate Additional Facilities are to rank junior in right of security or payment or to address technical issues relating to funding and payments.
(p) This Section 2.14 shall supersede any provisions in Sections 2.13 or 10.01 to the contrary.
(q) The facilities under which any Term Commitments or Revolving Credit Commitments have been made available may provide be increased by any amount by the execution by any Lender or Additional Facility Lender of one or more Additional Facility Joinder Agreements (under which the Maturity Date, Applicable Rate and any other economic terms applicable to the relevant Additional Facility Commitments are the same as those applicable to the existing Term Commitments or Revolving Credit Commitments); provided, however, that any such increase shall only be permitted if the Indebtedness represented thereby has been incurred in compliance with the conditions set out under this Section 2.14 for the provision of an Additional Facility;
(ii) Facility to any Loan Party. Following any such increase, references to Term Loans and Revolving Credit Loans, as applicable, and the Lenders in respect of each Additional the Term Facility:
(A) the relevant Additional Term Facility has a Termination Date no earlier than the original Termination Date for Facility B;
(B) Loans and Revolving Credit Loans, as applicable, shall include Lenders and Loans made under any such Additional Term Facility will be made available on a secured basis pari passu with Facility B in right of payment and in terms of recovery of Transaction Security proceeds (subject to the Agreed Security Principles);
(C) such Additional Term Facility may include an amortisation profile customary for the financing of the relevant type, subject to the principal amount of any applicable scheduled repayment instalments falling prior to the original Termination Date for Facility B not exceeding an amount equal to 1.00% of the original principal amount of the relevant Additional Term Facility in aggregate in any Financial Year, unless all the Facility B Lenders at such time have also accepted an offer by the Company of an amortisation repayment per annum for each corresponding year in a number of basis points per annum equal to the amortisation repayment of such amortising Additional Term Facility in excess of 1.00%, provided that, for the purpose of this sub-paragraphJoinder Agreements.
Appears in 1 contract
Additional Facilities.
(a) By at least two Business Days’ notice to the Administrative Agent (or such shorter period as the Administrative Agent shall agree), and pursuant to the terms and conditions in this Section 2.14 and in the applicable Additional Facility Joinder Agreement or Increase Confirmation, an Additional Facility or an Increase (as defined below) may be provided to any Loan Party in an aggregate principal amount not to exceed the Additional Facility Available Amount (as determined on the date of Incurrence thereof); provided that (i) on the date of the proposed Additional Facility Loan all representations and warranties to be made in a Request for Credit Extension in accordance with Section 4.03 are true and correct in all material respects (or, with respect to 71 any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) on and as of the date of the proposed Additional Facility Loan with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, with respect to any such representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) as of such earlier date, and (ii) no Event of Default is continuing on such date or would occur after giving effect to the proposed advance; provided, further, that in connection with any Additional Facility the primary purpose of which is to finance a Limited Condition Transaction, the conditions set forth in Section 2.14(a)(i) and (ii) shall not be required to be satisfied (other than to the extent required by the Additional Facility Lenders party thereto).
(b) Any person may become a Lender under this Agreement by delivering to the Administrative Agent an Additional Facility Joinder Agreement which must be duly executed by that person, the Administrative Agent, the applicable Borrower and the applicable Additional Borrower, if any. That person shall become a Lender on the date specified in the Additional Facility Joinder Agreement. Additional Facilities may be provided by any existing Lender, but no existing Lender will have an obligation to make an Additional Facility Commitment nor will the applicable Borrower have any obligation to approach any existing Lender to provide any Additional Facility Commitment.
(c) Upon the relevant person becoming a Lender, the total of the Commitments under this Agreement shall be increased by the amount set out in the relevant Additional Facility Joinder Agreement as that Lender’s Additional Facility Commitment.
(d) Each Lender under an Additional Facility will grant to the applicable Borrower a term or revolving loan facility in the amount specified in the relevant Additional Facility Joinder Agreement during the Additional Facility Availability Period specified in the Additional Facility Joinder Agreement, subject to the terms of this Agreement.
(e) No Additional Facility shall have the benefit of any guarantee unless the existing Lenders also share in such guarantee. The Parent mayexecution by the applicable Borrower, at the Guarantors and the relevant Additional Borrower of the Additional Facility Joinder Agreement shall constitute confirmation by each Guarantor that its discretion, obligations under the Guaranty shall extend to the total of the Commitments as increased by the addition of the relevant Lender’s Commitment and shall be owed to each Secured Party including the relevant Lender but otherwise shall continue unaffected.
(f) The aggregate amount of all outstanding Additional Facility Loans under an Additional Facility shall not at any time or times after exceed the Closing Date relevant Total Additional Facility Commitments for that Additional Facility.
(and, g) The aggregate amount of the participations of a Lender in Additional Facility Loans under an Additional Facility shall not at any time exceed that Lend▇▇’▇ ▇dditional Facility Commitment for that Additional Facility at that time.
(h) No Additional Facility shall have the benefit of any security unless the existing Lenders also share in such security (except in the case of an Additional Revolving Facility only, on one additional occasion prior to a security interest in any Escrow Account during the Closing Date) establish one or more Additional Facilities each of which may be a term facility or a revolving facility and may, without limitation, be structured (at the election of the Parent) as an increase to and/or an additional tranche of an existing Facility (provided that, if structured as an increase and/or an additional tranche of an existing Facility, the Termination Date thereof is the same as that Facility, it is denominated in the same currency as that Facility and carries interest at the same interest rate escrow period applicable to such Additional Facility); provided that Facility) by delivery to the Agent of one or more duly completed Additional Facility Accession Deeds, duly executed by Borrowers and the Parent, each relevant Additional Facility Lender for the may agree that an Additional Facility being provided thereunder and each shares in the Collateral on a junior basis to the other Facilities. The effectiveness of an Additional Facility Borrower under shall be subject to customary reaffirmation in respect of any Collateral Documents and, to the relevant Additional Facilityextent reasonably requested by the Administrative Agent, provided that:delivery of a written opinion of counsel to the Loan Parties in form and substance reasonably satisfactory to the Administrative Agent.
(i) in respect of each Additional Facility:
(i) each Additional Facility Borrower for that Additional Facility is a Loan Party;
(ii) the principal amount, interest rate, interest periods, Latest Maturity Date, use of proceeds, repayment schedule, availability, fees, incorporation of relevant clauses relating to, or in connection with, any Additional Facility and related provisions, and the currency of that Additional Facility shall be agreed by the relevant Additional Facility Borrowers and the relevant Additional Facility Lenders (and, in the case of currency and incorporation of the relevant clauses relating to, or in connection with, any Additional Facility which is a revolving facility, the Administrative Agent) and set out in the relevant Additional Facility Joinder Agreement;
(iii) the relevant Additional Facility Joinder Agreement shall specify whether that Additional Facility is in form of a term loan or a revolving loan; 72
(iv) notwithstanding anything to the contrary in this Agreement, (A) any Additional Revolving Facility may provide for the ability on a voluntary basis to permanently repay and terminate or reduce any Revolving Credit Commitments on a pro rata basis, less than or greater than a pro rata basis with other outstanding revolving Facilities hereunder and (B) any Additional Facility Loan in the form of a term loan may participate on a pro rata basis, less than or greater than a pro rata basis in any voluntary or mandatory prepayments of the Term Loans;
(v) any Additional Facility Commitments may, at the election of the applicable Borrower, be designated as Financial Covenant Commitments;
(vi) each Additional Facility Joinder Agreement may provide for the consent of the Additional Facility Lenders under the applicable Additional Facility (including any Increase in respect thereof) to one or more amendments to this Agreement and the other Loan Documents (in addition to those amendments contemplated by this Section 2.14(vi)), and each party to this Agreement acknowledges and agrees that such consent shall be binding on all Additional Facility Lenders in respect of such Additional Facility and shall be counted for purposes of the definition of determining whether the consent of the Required Lenders, Required Class Lenders, Required Financial Covenant Lenders and affected Lenders has been obtained, and for all other relevant purposes under Section 10.01; and
(vii) subject to sub-clauses (i), (ii), (iv), (v) and (vi) above, the general terms of that Additional Facility shall be consistent in all material respects with the terms of this Agreement.
(j) The Borrowers may pay to any Additional Facility Lender a fee in the amount and at the times agreed between the applicable Borrower and that Additional Facility Lender.
(k) Each Additional Facility Lender shall become a party to this Agreement and be entitled to share in the Collateral in accordance with this Agreement, any applicable Intercreditor Agreement and the Collateral Documents pari passu with the Lenders under the other Facilities; provided that the Additional Facility Borrowers and the relevant Additional Facility Lender may agree that an Additional Facility shares in the Collateral on a junior basis to the other Facilities which, if so agreed, shall be set out in the relevant Additional Facility Joinder Agreement. In addition, each Additional Facility Lender shall be subject to any applicable Intercreditor Agreement or enter into equivalent intercreditor arrangements having a similar effect.
(l) Each party to this Agreement (other than each proposed Additional Facility Lender, the applicable Borrower and each Additional Facility Borrower) irrevocably authorizes and instructs the Administrative Agent to execute on its behalf any Additional Facility Joinder Agreement which has been duly completed and signed on behalf of each proposed Additional Facility Lender, the applicable Borrower and each proposed Additional Facility Borrower and each Loan Party agrees to be bound by such joinder.
(m) On the Additional Facility Commencement Date:
(i) each Additional Facility Lender party to that Additional Facility Joinder Agreement, each other Finance Party and the Loan Parties shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had each Additional Facility Lender been a Lender on the 2021 Amendment Effective Date or Effective Date, as applicable, with the rights and/or obligations assumed by it as a result of that accession and with the Commitment specified by it as its Additional Facility Commitment; and
(ii) each Additional Facility Lender shall become a party to this Agreement as an “Additional Facility Lender”.
(n) [Reserved.]
(o) With the prior written consent of the Borrowers, the Administrative Agent is authorized and instructed to enter into such documentation as is reasonably required to amend this Agreement and any other Loan Document (in accordance with the terms of this Section 2.14) to reflect the terms of each Additional Facility without the consent of any Lender other than each applicable Additional Facility Lender, including amendments as deemed necessary by the Administrative Agent in its reasonable judgment to effect any lien or payment subordination and associated rights of the applicable Lenders to the extent any Additional Facilities are to rank junior in right of security or payment or to address technical issues relating to funding and payments.
(p) This Section 2.14 shall supersede any provisions in Section 2.13 or Section 10.01 to the contrary.
(q) The facilities under which any Term Commitments or Revolving Credit Commitments have been made available may be increased by any amount (an “Increase”) which shall not exceed the Additional Facility Available Amount by the execution by any Lender or Additional Facility Lender of one or more Additional Facility Joinder Agreements or Increase Confirmations (under which the Maturity Date, Applicable Rate and any other economic terms applicable to the relevant Additional Facility Commitments are the same as those applicable to the existing Term Commitments or Revolving Credit Commitments, as applicable). Following any such Increase, references to Term Loans and Revolving Credit Loans, as applicable, and the Lenders in respect of the Term Loans and Revolving Credit Loans, as applicable, shall include Lenders and Loans made under any such Additional Facility Joinder Agreements or Increase Confirmations. In respect of any such Increase:
(i) (A) on the date of the proposed Increase, all representations and warranties to be made in a Request for Credit Extension in accordance with Section 4.03 shall be true and correct in all material respects (or, with respect to any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) on and as of the date of the proposed Increase with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, with respect to any such representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) as of such earlier date, and (B) no Event of Default has occurred and is continuing on such date or would occur after giving effect to the date proposed advance; provided that, in connection with any such Increase the primary purpose of such Additional Facility Accession Deed (for which is to finance a Limited Condition Transaction, the avoidance of doubt, without prejudice to any Certain Funds Utilisation of such Additional Facility);
conditions set forth in Section 2.14(q)(i)(A) and (B) subject shall not be required to be satisfied (other than to the Agreed Security Principles, such extent required by any Lender or Additional Facility shall be entitled to benefit from all or any part of the guarantees under the Finance Documents and the Transaction Security, and any guarantee and Security granted by any member of the Group Lender in respect of obligations of the Group under an Additional Facility shall extend to Facility B, the Acquisition Facility, Delayed Draw Facility 1 and Delayed Draw Facility 2 and constitute Transaction Security for the purposes of this Agreement and the Intercreditor Agreement;
(C) the proceeds of the relevant Additional Facility are to be applied in accordance with paragraph (f) of Clause 3.1 (Purposesuch Increase);
(D) any mandatory prepayments of the Facilities in accordance with Clause 12 (Mandatory Prepayment) shall be applied against that Additional Facility as set out in that Clause or, if specified in the relevant Additional Facility Accession Deed, on a junior basis (but not on a senior basis);
(E) no Additional Term Facility may be Utilised if and for so long as there are Available Commitments (in respect of which no Utilisation Request has been submitted) under the Acquisition Facility and/or, after the Delayed Draw Facility 1 Purpose Switch Time has occurred, Delayed Draw Facility 1, unless all Available Commitments under the Acquisition Facility and/or Delayed Draw Facility 1 (as applicable) are utilised concurrently with the Utilisation of such Additional Term Facility; and
(F) no member of the Group, a Sponsor or any Sponsor Affiliate may provide an Additional Facility;
(ii) each party to this Agreement (other than the relevant Lender or Additional Facility Lender and the applicable Borrower) irrevocably authorizes and instructs the Administrative Agent to execute on its behalf any Additional Facility Joinder Agreement or Increase Confirmation which has been duly completed and signed on behalf of each Lender or proposed Additional Facility Lender, the applicable Borrower and each Loan Party agrees to be bound by such joinder; and
(iii) with the prior written consent of the Borrowers, the Administrative Agent is authorized and instructed to enter into such documentation as is reasonably required to amend this Agreement and any other Loan Document (in accordance with the terms of this Section 2.14) to reflect the terms of each Increase without the consent of any Lender other than each applicable Additional Facility Lender.
(r) Upon any Additional Facility Commencement Date on which Revolving Credit Commitments in respect of an Additional Revolving Facility (the “Additional Revolving Credit Commitments”) are effected through an increase in the Revolving Credit Commitments with respect to any existing Facility (the “Original Revolving Credit Facility”) pursuant to this Section 2.14, (a) each of the Revolving Credit Lenders under such Facility shall assign to each of the Additional Term Facility:
(A) the relevant Additional Term Facility has a Termination Date no earlier than the original Termination Date for Facility B;
(B) Lenders under such Additional Term Revolving Facility will be made available on a secured basis pari passu with Facility B in right of payment (the “Additional Revolving Credit Lenders”), and in terms of recovery of Transaction Security proceeds (subject to the Agreed Security Principles);
(C) such Additional Term Facility may include an amortisation profile customary for the financing each of the relevant typeAdditional Revolving Credit Lenders shall purchase from each of the Revolving Credit Lenders, subject to at the principal amount of any applicable scheduled repayment instalments falling prior thereof, such interests in the Revolving Credit Loans outstanding on such Additional Facility Commencement Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Credit Loans will be held by existing Revolving Credit Lenders and Additional Revolving Credit Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the original Termination Date for Facility B not exceeding an amount equal addition of such Additional Revolving Credit Commitments to 1.00% of the original principal amount of Revolving Credit Commitments; provided that the relevant Additional Term Facility in aggregate in any Financial Year, unless all the Facility B Lenders at such time have also accepted an offer by Administrative Agent and the Company of an amortisation repayment per annum for each corresponding year in a number of basis points per annum equal may agree to give effect to the amortisation repayment of such amortising foregoing provisions on or after the next Interest Payment Date with respect to any Revolving Credit Loans outstanding under the Original Revolving Credit Facility on the Additional Term Facility Commencement Date. The Administrative Agent and the Lenders hereby agree that the minimum borrowing and prepayment requirements in excess of 1.00%, provided that, for this Agreement shall not apply to the purpose of this sub-paragraphtransactions effected pursuant to the immediately preceding sentence.
Appears in 1 contract
Additional Facilities.
(a) By at least two Business Days’ notice to the Administrative Agent (or such shorter period as the Administrative Agent shall agree), and pursuant to the terms and conditions in this Section 2.14 and in the applicable Additional Facility Joinder Agreement or Increase Confirmation, an Additional Facility or an Increase (as defined below) may be provided to any Loan Party in an aggregate principal amount not to exceed the Additional Facility Available Amount (as determined on the date of Incurrence thereof); provided that (i) on the date of the proposed Additional Facility Loan all representations and warranties to be made in a Request for Credit Extension in accordance with Section 4.03 are true and correct in all material respects (or, with respect to any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) on and as of the date of the proposed Additional Facility Loan with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, with respect to any such representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) as of such earlier date, and (ii) no Event of Default is continuing on such date or would occur after giving effect to the proposed advance; provided, further, that in connection with any Additional Facility the primary purpose of which is to finance a Limited Condition Transaction, the conditions set forth in the Section 2.14(a)(i) and (ii) shall not be required to be satisfied (other than to the extent required by the Additional Facility Lenders party thereto).
(b) Any person may become a Lender under this Agreement by delivering to the Administrative Agent an Additional Facility Joinder Agreement which must be duly executed by that person, the Administrative Agent, the applicable Borrower and the applicable Additional Borrower, if any. That person shall become a Lender on the date specified in the Additional Facility Joinder Agreement. Additional Facilities may be provided by any existing Lender, but no existing Lender will have an obligation to make an Additional Facility Commitment nor will the applicable Borrower have any obligation to approach any existing Lender to provide any Additional Facility Commitment.
(c) Upon the relevant person becoming a Lender, the total of the Commitments under this Agreement shall be increased by the amount set out in the relevant Additional Facility Joinder Agreement as that Lender’s Additional Facility Commitment.
(d) Each Lender under an Additional Facility will grant to the applicable Borrower a term or revolving loan facility in the amount specified in the relevant Additional Facility Joinder Agreement during the Additional Facility Availability Period specified in the Additional Facility Joinder Agreement, subject to the terms of this Agreement.
(e) No Additional Facility shall have the benefit of any guarantee unless the existing Lenders also share in such guarantee. The Parent mayexecution by the applicable Borrower, at the Guarantors and the relevant Additional Borrower of the Additional Facility Joinder Agreement shall constitute confirmation by each Guarantor that its discretion, obligations under the Guaranty shall extend to the total of the Commitments as increased by the addition of the relevant Lender’s Commitment and shall be owed to each Secured Party including the relevant Lender but otherwise shall continue unaffected.
(f) The aggregate amount of all outstanding Additional Facility Loans under an Additional Facility shall not at any time or times after exceed the Closing Date relevant Total Additional Facility Commitments for that Additional Facility.
(and, g) The aggregate amount of the participations of a Lender in Additional Facility Loans under an Additional Facility shall not at any time exceed that Lender’s Additional Facility Commitment for that Additional Facility at that time.
(h) No Additional Facility shall have the benefit of any security unless the existing Lenders also share in such security (except in the case of an Additional Revolving Facility only, on one additional occasion prior to a security interest in any Escrow Account during the Closing Date) establish one or more Additional Facilities each of which may be a term facility or a revolving facility and may, without limitation, be structured (at the election of the Parent) as an increase to and/or an additional tranche of an existing Facility (provided that, if structured as an increase and/or an additional tranche of an existing Facility, the Termination Date thereof is the same as that Facility, it is denominated in the same currency as that Facility and carries interest at the same interest rate escrow period applicable to such Additional Facility); provided that Facility) by delivery to the Agent of one or more duly completed Additional Facility Accession Deeds, duly executed by Borrowers and the Parent, each relevant Additional Facility Lender for the may agree that an Additional Facility being provided thereunder and each shares in the Collateral on a junior basis to the other Facilities. The effectiveness of an Additional Facility Borrower under shall be subject to customary reaffirmation in respect of any Collateral Documents and, to the relevant Additional Facilityextent reasonably requested by the Administrative Agent, provided that:delivery of a written opinion of counsel to the Loan Parties in form and substance reasonably satisfactory to the Administrative Agent.
(i) in respect of each Additional Facility:
(i) each Additional Facility Borrower for that Additional Facility is a Loan Party;
(ii) the principal amount, interest rate, interest periods, Latest Maturity Date, use of proceeds, repayment schedule, availability, fees, incorporation of relevant clauses relating to, or in connection with, any Additional Facility and related provisions, and the currency of that Additional Facility shall be agreed by the relevant Additional Facility Borrowers and the relevant Additional Facility Lenders (and, in the case of currency and incorporation of the relevant clauses relating to, or in connection with, any Additional Facility which is a revolving facility, the Administrative Agent) and set out in the relevant Additional Facility Joinder Agreement;
(iii) the relevant Additional Facility Joinder Agreement shall specify whether that Additional Facility is in form of a term loan or a revolving loan;
(iv) notwithstanding anything to the contrary in this Agreement, (A) any Additional Revolving Facility may provide for the ability on a voluntary basis to permanently repay and terminate or reduce any Revolving Credit Commitments on a pro rata basis, less than or greater than a pro rata basis with other outstanding revolving Facilities hereunder and (B) any Additional Facility Loan in the form of a term loan may participate on a pro rata basis, less than or greater than a pro rata basis in any voluntary prepayments of the Term Loans hereunder under other outstanding Classes of Term Loans, and on a pro rata basis or less than a pro rata basis in any mandatory prepayments of the Term Loans hereunder under other outstanding Classes of Term Loans;
(v) any Additional Facility Commitments may, at the election of the applicable Borrower, be designated as Financial Covenant Commitments;
(vi) each Additional Facility Joinder Agreement may provide for the consent of the Additional Facility Lenders under the applicable Additional Facility (including any Increase in respect thereof) to one or more amendments to this Agreement, the other Loan Documents and the Proceeds Loan Finance Documents (in addition to those amendments contemplated by this Section 2.14(vi)), and each party to this Agreement acknowledges and agrees that such consent shall be binding on all Additional Facility Lenders in respect of such Additional Facility and shall be counted for purposes of the definition of determining whether the consent of the Required Lenders, Required Class Lenders, Required Financial Covenant Lenders and affected Lenders has been obtained, and for all other relevant purposes under Section 10.01; and
(vii) subject to sub-clauses (i), (ii), (iv), (v) and (vi) above, the general terms of that Additional Facility shall be consistent in all material respects with the terms of this Agreement.
(j) The Borrowers may pay to any Additional Facility Lender a fee in the amount and at the times agreed between the applicable Borrower and that Additional Facility Lender.
(k) Each Additional Facility Lender shall become a party to this Agreement and be entitled to share in the Collateral in accordance with this Agreement, any applicable Collateral Sharing Agreement (prior to the SPV Structure Termination Date), any applicable Intercreditor Agreement (on or after the SPV Structure Termination Date) and the Collateral Documents pari passu with the Lenders under the other Facilities; provided that the Additional Facility Borrowers and the relevant Additional Facility Lender may agree that an Additional Facility shares in the Collateral on a junior basis to the other Facilities which, if so agreed, shall be set out in the relevant Additional Facility Joinder Agreement. In addition, each Additional Facility Lender shall be subject to any applicable Collateral Sharing Agreement (prior to the SPV Structure Termination Date), any applicable Intercreditor Agreement (on or after the SPV Structure Termination Date) or enter into equivalent collateral sharing or intercreditor arrangements having a similar effect.
(l) Each party to this Agreement (other than each proposed Additional Facility Lender, the applicable Borrower and each Additional Facility Borrower) irrevocably authorizes and instructs the Administrative Agent to execute on its behalf any Additional Facility Joinder Agreement which has been duly completed and signed on behalf of each proposed Additional Facility Lender, the applicable Borrower and each proposed Additional Facility Borrower and each Loan Party agrees to be bound by such joinder.
(m) On the Additional Facility Commencement Date:
(i) each Additional Facility Lender party to that Additional Facility Joinder Agreement, each other Finance Party and the Loan Parties shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had each Additional Facility Lender been a Lender on the Effective Date, with the rights and/or obligations assumed by it as a result of that accession and with the Commitment specified by it as its Additional Facility Commitment; and
(ii) each Additional Facility Lender shall become a party to this Agreement as an “Additional Facility Lender”.
(n) [Reserved.]
(o) With the prior written consent of the Borrowers, the Administrative Agent is authorized and instructed to enter into such documentation as is reasonably required to amend this Agreement, any other Loan Document and any Proceeds Loan Finance Document (in accordance with the terms of this Section 2.14) to reflect the terms of each Additional Facility without the consent of any Lender other than each applicable Additional Facility Lender, including amendments as deemed necessary by the Administrative Agent in its reasonable judgment to effect any lien or payment subordination and associated rights of the applicable Lenders to the extent any Additional Facilities are to rank junior in right of security or payment or to address technical issues relating to funding and payments.
(p) This Section 2.14 shall supersede any provisions in Section 2.13 or Section 10.01 to the contrary.
(q) The facilities under which any Term Commitments or Revolving Credit Commitments have been made available may be increased by any amount (an “Increase”) which shall not exceed the Additional Facility Available Amount by the execution by any Lender or Additional Facility Lender of one or more Additional Facility Joinder Agreements or Increase Confirmations (under which the Maturity Date, Applicable Rate and any other economic terms applicable to the relevant Additional Facility Commitments are the same as those applicable to the existing Term Commitments or Revolving Credit Commitments, as applicable). Following any such Increase, references to Term Loans and Revolving Credit Loans, as applicable, and the Lenders in respect of the Term Loans and Revolving Credit Loans, as applicable, shall include Lenders and Loans made under any such Additional Facility Joinder Agreements or Increase Confirmations. In respect of any such Increase: (i) (A) on the date of the proposed Increase, all representations and warranties to be made in a Request for Credit Extension in accordance with Section 4.03 shall be true and correct in all material respects (or, with respect to any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) on and as of the date of the proposed Increase with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, with respect to any such representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) as of such earlier date, and (B) no Event of Default has occurred and is continuing on such date or would occur after giving effect to the date proposed advance; provided that, in connection with any such Increase the primary purpose of such Additional Facility Accession Deed (for which is to finance a Limited Condition Transaction, the avoidance of doubt, without prejudice to any Certain Funds Utilisation of such Additional Facility);
conditions set forth in Section 2.14(q)(i)(A) and (B) subject shall not be required to be satisfied (other than to the Agreed Security Principles, such extent required by any Lender or Additional Facility shall be entitled to benefit from all or any part of the guarantees under the Finance Documents and the Transaction Security, and any guarantee and Security granted by any member of the Group Lender in respect of obligations of the Group under an Additional Facility shall extend to Facility B, the Acquisition Facility, Delayed Draw Facility 1 and Delayed Draw Facility 2 and constitute Transaction Security for the purposes of this Agreement and the Intercreditor Agreement;
(C) the proceeds of the relevant Additional Facility are to be applied in accordance with paragraph (f) of Clause 3.1 (Purposesuch Increase);
(D) any mandatory prepayments of the Facilities in accordance with Clause 12 (Mandatory Prepayment) shall be applied against that Additional Facility as set out in that Clause or, if specified in the relevant Additional Facility Accession Deed, on a junior basis (but not on a senior basis);
(E) no Additional Term Facility may be Utilised if and for so long as there are Available Commitments (in respect of which no Utilisation Request has been submitted) under the Acquisition Facility and/or, after the Delayed Draw Facility 1 Purpose Switch Time has occurred, Delayed Draw Facility 1, unless all Available Commitments under the Acquisition Facility and/or Delayed Draw Facility 1 (as applicable) are utilised concurrently with the Utilisation of such Additional Term Facility; and
(F) no member of the Group, a Sponsor or any Sponsor Affiliate may provide an Additional Facility;
(ii) in respect of each Additional Term Facility:
(A) the relevant Additional Term Facility has a Termination Date no earlier than the original Termination Date for Facility B;
(B) such Additional Term Facility will be made available on a secured basis pari passu with Facility B in right of payment and in terms of recovery of Transaction Security proceeds (subject to the Agreed Security Principles);
(C) such Additional Term Facility may include an amortisation profile customary for the financing of the relevant type, subject to the principal amount of any applicable scheduled repayment instalments falling prior to the original Termination Date for Facility B not exceeding an amount equal to 1.00% of the original principal amount of the relevant Additional Term Facility in aggregate in any Financial Year, unless all the Facility B Lenders at such time have also accepted an offer by the Company of an amortisation repayment per annum for each corresponding year in a number of basis points per annum equal to the amortisation repayment of such amortising Additional Term Facility in excess of 1.00%, provided that, for the purpose of this sub-paragraph
Appears in 1 contract
Additional Facilities.
(a) By at least two Business Days’ notice to the Administrative Agent (or such shorter period as the Administrative Agent shall agree), and pursuant to the terms and conditions in this Section 2.14 and in the applicable Additional Facility Joinder Agreement or Increase Confirmation, an Additional Facility or an Increase (as defined below) may be provided to any Loan Party in an aggregate principal amount not to exceed the Additional Facility Available Amount (as determined on the date of Incurrence thereof); provided that (i) on the date of the proposed Additional Facility Loan all representations and warranties to be made in a Request for Credit Extension in accordance with Section 4.03 are true and correct in all material respects (or, with respect to any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) on and as of the date of the proposed Additional Facility Loan with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, with respect to any such representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) as of such earlier date, and (ii) no Event of Default is continuing on such date or would occur after giving effect to the proposed advance; provided, further, that in connection with any Additional Facility the primary purpose of which is to finance a Limited Condition Transaction, the conditions set forth in the Section 2.14(a)(i) and (ii) shall not be required to be satisfied (other than to the extent required by the Additional Facility Lenders party thereto).
(b) Any person may become a Lender under this Agreement by delivering to the Administrative Agent an Additional Facility Joinder Agreement which must be duly executed by that person, the Administrative Agent, the applicable Borrower and the applicable Additional Borrower, if any. That person shall become a Lender on the date specified in the Additional Facility Joinder Agreement. Additional Facilities may be provided by any existing Lender, but no existing Lender will have an obligation to make an Additional Facility Commitment nor will the applicable Borrower have any obligation to approach any existing Lender to provide any Additional Facility Commitment.
(c) Upon the relevant person becoming a Lender, the total of the Commitments under this Agreement shall be increased by the amount set out in the relevant Additional Facility Joinder Agreement as that Lender’s Additional Facility Commitment.
(d) Each Lender under an Additional Facility will grant to the applicable Borrower a term or revolving loan facility in the amount specified in the relevant Additional Facility Joinder Agreement during the Additional Facility Availability Period specified in the Additional Facility Joinder Agreement, subject to the terms of this Agreement.
(e) No Additional Facility shall have the benefit of any guarantee unless the existing Lenders also share in such guarantee. The Parent mayexecution by the applicable Borrower, at the Guarantors and the relevant Additional Borrower of the Additional Facility Joinder Agreement shall constitute confirmation by each Guarantor that its discretion, obligations under the Guaranty shall extend to the total of the Commitments as increased by the addition of the relevant Lender’s Commitment and shall be owed to each Secured Party including the relevant Lender but otherwise shall continue unaffected.
(f) The aggregate amount of all outstanding Additional Facility Loans under an Additional Facility shall not at any time or times after exceed the Closing Date relevant Total Additional Facility Commitments for that Additional Facility.
(and, g) The aggregate amount of the participations of a Lender in Additional Facility Loans under an Additional Facility shall not at any time exceed that Lender’s Additional Facility Commitment for that Additional Facility at that time.
(h) No Additional Facility shall have the benefit of any security unless the existing Lenders also share in such security (except in the case of an Additional Revolving Facility only, on one additional occasion prior to a security interest in any Escrow Account during the Closing Date) establish one or more Additional Facilities each of which may be a term facility or a revolving facility and may, without limitation, be structured (at the election of the Parent) as an increase to and/or an additional tranche of an existing Facility (provided that, if structured as an increase and/or an additional tranche of an existing Facility, the Termination Date thereof is the same as that Facility, it is denominated in the same currency as that Facility and carries interest at the same interest rate escrow period applicable to such Additional Facility); provided that Facility) by delivery to the Agent of one or more duly completed Additional Facility Accession Deeds, duly executed by Borrowers and the Parent, each relevant Additional Facility Lender for the may agree that an Additional Facility being provided thereunder and each shares in the Collateral on a junior basis to the other Facilities. The effectiveness of an Additional Facility Borrower under shall be subject to customary reaffirmation in respect of any Collateral Documents and, to the relevant Additional Facilityextent reasonably requested by the Administrative Agent, provided that:delivery of a written opinion of counsel to the Loan Parties in form and substance reasonably satisfactory to the Administrative Agent.
(i) in respect of each Additional Facility:
(i) each Additional Facility Borrower for that Additional Facility is a Loan Party;
(ii) the principal amount, interest rate, interest periods, Latest Maturity Date, use of proceeds, repayment schedule, availability, fees, incorporation of relevant clauses relating to, or in connection with, any Additional Facility and related provisions, and the currency of that Additional Facility shall be agreed by the relevant Additional Facility Borrowers and the relevant Additional Facility Lenders (and, in the case of currency and incorporation of the relevant clauses relating to, or in connection with, any Additional Facility which is a revolving facility, the Administrative Agent) and set out in the relevant Additional Facility Joinder Agreement;
(iii) the relevant Additional Facility Joinder Agreement shall specify whether that Additional Facility is in form of a term loan or a revolving loan;
(iv) notwithstanding anything to the contrary in this Agreement, (A) any Additional Revolving Facility may provide for the ability on a voluntary basis to permanently repay and terminate or reduce any Revolving Credit Commitments on a pro rata basis, less than or greater than a pro rata basis with other outstanding revolving Facilities hereunder and (B) any Additional Facility Loan in the form of a term loan may participate on a pro rata basis, less than or greater than a pro rata basis in any voluntary prepayments of the Term Loans hereunder under other outstanding Classes of Term Loans, and on a pro rata basis or less than a pro rata basis in any mandatory prepayments of the Term Loans hereunder under other outstanding Classes of Term Loans;
(v) any Additional Facility Commitments may, at the election of the applicable Borrower, be designated as Financial Covenant Commitments;
(vi) each Additional Facility Joinder Agreement may provide for the consent of the Additional Facility Lenders under the applicable Additional Facility (including any Increase in respect thereof) to one or more amendments to this Agreement and the other Loan Documents (in addition to those amendments contemplated by this Section 2.14(vi)), and each party to this Agreement acknowledges and agrees that such consent shall be binding on all Additional Facility Lenders in respect of such Additional Facility and shall be counted for purposes of the definition of determining whether the consent of the Required Lenders, Required Class Lenders, Required Financial Covenant Lenders and affected Lenders has been obtained, and for all other relevant purposes under Section 10.01; and
(vii) subject to sub-clauses (i), (ii), (iv), (v) and (vi) above, the general terms of that Additional Facility shall be consistent in all material respects with the terms of this Agreement.
(j) The Borrowers may pay to any Additional Facility Lender a fee in the amount and at the times agreed between the applicable Borrower and that Additional Facility Lender.
(k) Each Additional Facility Lender shall become a party to this Agreement and be entitled to share in the Collateral in accordance with this Agreement, any applicable Intercreditor Agreement and the Collateral Documents pari passu with the Lenders under the other Facilities; provided that the Additional Facility Borrowers and the relevant Additional Facility Lender may agree that an Additional Facility shares in the Collateral on a junior basis to the other Facilities which, if so agreed, shall be set out in the relevant Additional Facility Joinder Agreement. In addition, each Additional Facility Lender shall be subject to any applicable Intercreditor Agreement or enter into equivalent intercreditor arrangements having a similar effect.
(l) Each party to this Agreement (other than each proposed Additional Facility Lender, the applicable Borrower and each Additional Facility Borrower) irrevocably authorizes and instructs the Administrative Agent to execute on its behalf any Additional Facility Joinder Agreement which has been duly completed and signed on behalf of each proposed Additional Facility Lender, the applicable Borrower and each proposed Additional Facility Borrower and each Loan Party agrees to be bound by such joinder.
(m) On the Additional Facility Commencement Date:
(i) each Additional Facility Lender party to that Additional Facility Joinder Agreement, each other Finance Party and the Loan Parties shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had each Additional Facility Lender been a Lender on the Effective Date, with the rights and/or obligations assumed by it as a result of that accession and with the Commitment specified by it as its Additional Facility Commitment; and
(ii) each Additional Facility Lender shall become a party to this Agreement as an “Additional Facility Lender”.
(n) [Reserved.]
(o) With the prior written consent of the Borrowers, the Administrative Agent is authorized and instructed to enter into such documentation as is reasonably required to amend this Agreement and any other Loan Document (in accordance with the terms of this Section 2.14) to reflect the terms of each Additional Facility without the consent of any Lender other than each applicable Additional Facility Lender, including amendments as deemed necessary by the Administrative Agent in its reasonable judgment to effect any lien or payment subordination and associated rights of the applicable Lenders to the extent any Additional Facilities are to rank junior in right of security or payment or to address technical issues relating to funding and payments.
(p) This Section 2.14 shall supersede any provisions in Section 2.13 or Section 10.01 to the contrary.
(q) The facilities under which any Term Commitments or Revolving Credit Commitments have been made available may be increased by any amount (an “Increase”) which shall not exceed the Additional Facility Available Amount by the execution by any Lender or Additional Facility Lender of one or more Additional Facility Joinder Agreements or Increase Confirmations (under which the Maturity Date, Applicable Rate and any other economic terms applicable to the relevant Additional Facility Commitments are the same as those applicable to the existing Term Commitments or Revolving Credit Commitments, as applicable). Following any such Increase, references to Term Loans and Revolving Credit Loans, as applicable, and the Lenders in respect of the Term Loans and Revolving Credit Loans, as applicable, shall include Lenders and Loans made under any such Additional Facility Joinder Agreements or Increase Confirmations. In respect of any such Increase: (i) (A) on the date of the proposed Increase, all representations and warranties to be made in a Request for Credit Extension in accordance with Section 4.03 shall be true and correct in all material respects (or, with respect to any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) on and as of the date of the proposed Increase with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, with respect to any such representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) as of such earlier date, and (B) no Event of Default has occurred and is continuing on such date or would occur after giving effect to the date proposed advance; provided that, in connection with any such Increase the primary purpose of such Additional Facility Accession Deed (for which is to finance a Limited Condition Transaction, the avoidance of doubt, without prejudice to any Certain Funds Utilisation of such Additional Facility);
conditions set forth in Section 2.14(q)(i)(A) and (B) subject shall not be required to be satisfied (other than to the Agreed Security Principles, such extent required by any Lender or Additional Facility shall be entitled to benefit from all or any part of the guarantees under the Finance Documents and the Transaction Security, and any guarantee and Security granted by any member of the Group Lender in respect of obligations of the Group under an Additional Facility shall extend to Facility B, the Acquisition Facility, Delayed Draw Facility 1 and Delayed Draw Facility 2 and constitute Transaction Security for the purposes of this Agreement and the Intercreditor Agreement;
(C) the proceeds of the relevant Additional Facility are to be applied in accordance with paragraph (f) of Clause 3.1 (Purposesuch Increase);
(D) any mandatory prepayments of the Facilities in accordance with Clause 12 (Mandatory Prepayment) shall be applied against that Additional Facility as set out in that Clause or, if specified in the relevant Additional Facility Accession Deed, on a junior basis (but not on a senior basis);
(E) no Additional Term Facility may be Utilised if and for so long as there are Available Commitments (in respect of which no Utilisation Request has been submitted) under the Acquisition Facility and/or, after the Delayed Draw Facility 1 Purpose Switch Time has occurred, Delayed Draw Facility 1, unless all Available Commitments under the Acquisition Facility and/or Delayed Draw Facility 1 (as applicable) are utilised concurrently with the Utilisation of such Additional Term Facility; and
(F) no member of the Group, a Sponsor or any Sponsor Affiliate may provide an Additional Facility;
(ii) in respect of each Additional Term Facility:
(A) the relevant Additional Term Facility has a Termination Date no earlier than the original Termination Date for Facility B;
(B) such Additional Term Facility will be made available on a secured basis pari passu with Facility B in right of payment and in terms of recovery of Transaction Security proceeds (subject to the Agreed Security Principles);
(C) such Additional Term Facility may include an amortisation profile customary for the financing of the relevant type, subject to the principal amount of any applicable scheduled repayment instalments falling prior to the original Termination Date for Facility B not exceeding an amount equal to 1.00% of the original principal amount of the relevant Additional Term Facility in aggregate in any Financial Year, unless all the Facility B Lenders at such time have also accepted an offer by the Company of an amortisation repayment per annum for each corresponding year in a number of basis points per annum equal to the amortisation repayment of such amortising Additional Term Facility in excess of 1.00%, provided that, for the purpose of this sub-paragraph
Appears in 1 contract
Additional Facilities.
(a) By at least two Business Days’ notice to the Administrative Agent (or such shorter period as the Administrative Agent shall agree), and pursuant to the terms and conditions in this Section 2.14 and in the applicable Additional Facility Joinder Agreement or Increase Confirmation, an Additional Facility or an Increase (as defined below) may be provided to any Loan Party in an aggregate principal amount not to exceed the Additional Facility Available Amount (as determined on the date of Incurrence thereof); provided that (i) on the date of the proposed Additional Facility Loan all representations and warranties to be made in a Request for Credit Extension in accordance with Section 4.03 are true and correct in all material respects (or, with respect to any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) on and as of the date of the proposed Additional Facility Loan with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, with respect to any such representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) as of such earlier date, and (ii) no Event of Default is continuing on such date or would occur after giving effect to the proposed advance; provided, further, that in connection with any Additional Facility the primary purpose of which is to finance a Limited Condition Transaction, the conditions set forth in Section 2.14(a)(i) and (ii) shall not be required to be satisfied (other than to the extent required by the Additional Facility Lenders party thereto).
(b) Any person may become a Lender under this Agreement by delivering to the Administrative Agent an Additional Facility Joinder Agreement which must be duly executed by that person, the Administrative Agent, the applicable Borrower and the applicable Additional Borrower, if any. That person shall become a Lender on the date specified in the Additional Facility Joinder Agreement. Additional Facilities may be provided by any existing Lender, but no existing Lender will have an obligation to make an Additional Facility Commitment nor will the applicable Borrower have any obligation to approach any existing Lender to provide any Additional Facility Commitment.
(c) Upon the relevant person becoming a Lender, the total of the Commitments under this Agreement shall be increased by the amount set out in the relevant Additional Facility Joinder Agreement as that Lender’s Additional Facility Commitment.
(d) Each Lender under an Additional Facility will grant to the applicable Borrower a term or revolving loan facility in the amount specified in the relevant Additional Facility Joinder Agreement during the Additional Facility Availability Period specified in the Additional Facility Joinder Agreement, subject to the terms of this Agreement.
(e) No Additional Facility shall have the benefit of any guarantee unless the existing Lenders also share in such guarantee. The Parent mayexecution by the applicable Borrower, at the Guarantors and the relevant Additional Borrower of the Additional Facility Joinder Agreement shall constitute confirmation by each Guarantor that its discretion, obligations under the Guaranty shall extend to the total of the Commitments as increased by the addition of the relevant Lender’s Commitment and shall be owed to each Secured Party including the relevant Lender but otherwise shall continue unaffected.
(f) The aggregate amount of all outstanding Additional Facility Loans under an Additional Facility shall not at any time or times after exceed the Closing Date relevant Total Additional Facility Commitments for that Additional Facility.
(and, g) The aggregate amount of the participations of a Lender in Additional Facility Loans under an Additional Facility shall not at any time exceed that ▇▇▇▇▇▇’s Additional Facility Commitment for that Additional Facility at that time.
(h) No Additional Facility shall have the benefit of any security unless the existing Lenders also share in such security (except in the case of a security interest in any Escrow Account relating to an Additional Revolving 148928924_12 Facility only, on one additional occasion prior to during the Closing Date) establish one or more Additional Facilities each of which may be a term facility or a revolving facility and may, without limitation, be structured (at the election of the Parent) as an increase to and/or an additional tranche of an existing Facility (provided that, if structured as an increase and/or an additional tranche of an existing Facility, the Termination Date thereof is the same as that Facility, it is denominated in the same currency as that Facility and carries interest at the same interest rate escrow period applicable to such Additional Facility); provided that Facility) by delivery to the Agent of one or more duly completed Additional Facility Accession Deeds, duly executed by Borrowers and the Parent, each relevant Additional Facility Lender for the may agree that an Additional Facility being provided thereunder and each shares in the Collateral on a junior basis to the other Facilities. The effectiveness of an Additional Facility Borrower under shall be subject to customary reaffirmation in respect of any Collateral Documents and, to the relevant Additional Facilityextent reasonably requested by the Administrative Agent, provided that:delivery of a written opinion of counsel to the Loan Parties in form and substance reasonably satisfactory to the Administrative Agent.
(i) in respect of each Additional Facility:
(i) each Additional Facility Borrower for that Additional Facility is a Loan Party;
(ii) the principal amount, interest rate, interest periods, Latest Maturity Date, use of proceeds, repayment schedule, availability, fees, incorporation of relevant clauses relating to, or in connection with, any Additional Facility and related provisions, and the currency of that Additional Facility shall be agreed by the relevant Additional Facility Borrowers and the relevant Additional Facility Lenders (and, in the case of currency and incorporation of the relevant clauses relating to, or in connection with, any Additional Facility which is a revolving facility, the Administrative Agent) and set out in the relevant Additional Facility Joinder Agreement;
(iii) the relevant Additional Facility Joinder Agreement shall specify whether that Additional Facility is in form of a term loan or a revolving loan;
(iv) notwithstanding anything to the contrary in this Agreement, (A) any Additional Revolving Facility may provide for the ability on a voluntary basis to permanently repay and terminate or reduce any Revolving Credit Commitments on a pro rata basis, less than or greater than a pro rata basis with other outstanding revolving Facilities hereunder and (B) any Additional Facility Loan in the form of a term loan may participate on a pro rata basis, less than or greater than a pro rata basis in any voluntary prepayments of the Term Loans hereunder under other outstanding Classes of Term Loans, and on a pro rata basis or less than a pro rata basis in any mandatory prepayments of the Term Loans hereunder under other outstanding Classes of Term Loans;
(v) the Revolving Credit Commitments in respect of any Additional Revolving Facility may, at the election of the Company, be designated as Financial Covenant Revolving Credit Commitments;
(vi) each Additional Facility Joinder Agreement may provide for the consent of the Additional Facility Lenders under the applicable Additional Facility (including any Increase in respect thereof) to one or more amendments to this Agreement and the other Loan Documents (in addition to those amendments contemplated by Section 2.14(o)), and each party to this Agreement acknowledges and agrees that such consent shall be binding on all Additional Facility Lenders in respect of such Additional Facility and shall be counted for purposes of the definition of determining whether the consent of the Required Lenders, Required Class Lenders, Required Revolving Credit Lenders and affected Lenders has been obtained, and for all other relevant purposes under Section 10.01; and
(vii) subject to sub-clauses (i), (ii), (iv), (v) and (vi) above, the general terms of that Additional Facility shall be consistent in all material respects with the terms of this Agreement.
(j) The Borrowers may pay to any Additional Facility Lender a fee in the amount and at the times agreed between the applicable Borrower and that Additional Facility Lender.
(k) Each Additional Facility Lender shall become a party to this Agreement and be entitled to share in the Collateral in accordance with the terms of this Agreement, any applicable Intercreditor Agreement and the Collateral Documents pari passu with the Lenders under the other Facilities; provided that the Additional Facility Borrowers and the relevant Additional Facility Lender may agree that an Additional Facility shares in the Collateral on a junior basis to the other Facilities which, if so agreed, shall be set out in the relevant Additional Facility Joinder Agreement. In addition, each Additional Facility Lender shall be subject to any applicable Intercreditor Agreement or enter into equivalent intercreditor arrangements having a similar effect. 148928924_12
(l) Each party to this Agreement (other than each proposed Additional Facility Lender, the applicable Borrower and each Additional Facility Borrower) irrevocably authorizes and instructs the Administrative Agent to execute on its behalf any Additional Facility Joinder Agreement which has been duly completed and signed on behalf of each proposed Additional Facility Lender, the applicable Borrower and each proposed Additional Facility Borrower and each Loan Party agrees to be bound by such joinder.
(m) On the Additional Facility Commencement Date:
(i) each Additional Facility Lender party to that Additional Facility Joinder Agreement, each other Finance Party and the Loan Parties shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had each Additional Facility Lender been a Lender on the 2020 Amendment Effective Date, with the rights and/or obligations assumed by it as a result of that accession and with the Commitment specified by it as its Additional Facility Commitment; and
(ii) each Additional Facility Lender shall become a party to this Agreement as an “Additional Facility Lender”.
(n) [Reserved.]
(o) With the prior written consent of the Company, the Administrative Agent is authorized and instructed to enter into such documentation as is reasonably required to amend this Agreement and any other Loan Document (in accordance with the terms of this Section 2.14) to reflect the terms of each Additional Facility without the consent of any Lender other than each applicable Additional Facility Lender, including amendments as deemed necessary by the Administrative Agent in its reasonable judgment to effect any lien or payment subordination and associated rights of the applicable Lenders to the extent any Additional Facilities are to rank junior in right of security or payment or to address technical issues relating to funding and payments.
(p) This Section 2.14 shall supersede any provisions in Section 2.13 or Section 10.01 to the contrary.
(q) The facilities under which any Term Commitments or Revolving Credit Commitments have been made available may be increased by any amount (an “Increase”) which shall not exceed the Additional Facility Available Amount by the execution by any Lender or Additional Facility Lender of one or more Additional Facility Joinder Agreements or Increase Confirmations (under which the Maturity Date, Applicable Rate and any other economic terms applicable to the relevant Additional Facility Commitments are the same as those applicable to the existing Term Commitments or Revolving Credit Commitments, as applicable). Following any such Increase, references to Term Loans and Revolving Credit Loans, as applicable, and the Lenders in respect of the Term Loans and Revolving Credit Loans, as applicable, shall include Lenders and Loans made under any such Additional Facility Joinder Agreements or Increase Confirmations. In respect of any such Increase:
(i) (A) on the date of the proposed Increase, all representations and warranties to be made in a Request for Credit Extension in accordance with Section 4.03 shall be true and correct in all material respects (or, with respect to any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) on and as of the date of the proposed Increase with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, with respect to any such representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language, after giving effect to any qualification therein, in all respects) as of such earlier date, and (B) no Event of Default has occurred and is continuing on such date or would occur after giving effect to the date proposed advance; provided that, in connection with any such Increase the primary purpose of such Additional Facility Accession Deed which is to finance a Limited Condition Transaction, the conditions set forth in this Section 2.14(q)(i) and foregoing sub-clauses (for the avoidance of doubt, without prejudice to any Certain Funds Utilisation of such Additional Facility);
A) and (B) subject shall not be required to be satisfied (other than to the Agreed Security Principles, such extent required by any Lender or Additional Facility shall be entitled to benefit from all or any part of the guarantees under the Finance Documents and the Transaction Security, and any guarantee and Security granted by any member of the Group Lender in respect of obligations of the Group under an Additional Facility shall extend to Facility B, the Acquisition Facility, Delayed Draw Facility 1 and Delayed Draw Facility 2 and constitute Transaction Security for the purposes of this Agreement and the Intercreditor Agreement;
(C) the proceeds of the relevant Additional Facility are to be applied in accordance with paragraph (f) of Clause 3.1 (Purposesuch Increase);
(D) any mandatory prepayments of the Facilities in accordance with Clause 12 (Mandatory Prepayment) shall be applied against that Additional Facility as set out in that Clause or, if specified in the relevant Additional Facility Accession Deed, on a junior basis (but not on a senior basis);
(E) no Additional Term Facility may be Utilised if and for so long as there are Available Commitments (in respect of which no Utilisation Request has been submitted) under the Acquisition Facility and/or, after the Delayed Draw Facility 1 Purpose Switch Time has occurred, Delayed Draw Facility 1, unless all Available Commitments under the Acquisition Facility and/or Delayed Draw Facility 1 (as applicable) are utilised concurrently with the Utilisation of such Additional Term Facility; and
(F) no member of the Group, a Sponsor or any Sponsor Affiliate may provide an Additional Facility;
(ii) each party to this Agreement (other than the relevant Lender or Additional Facility Lender and the applicable Borrower) irrevocably authorizes and instructs the Administrative Agent to execute on its behalf any Additional Facility Joinder Agreement or Increase Confirmation which has been duly 148928924_12 completed and signed on behalf of each Lender or proposed Additional Facility Lender, the applicable Borrower and each Loan Party agrees to be bound by such joinder; and
(iii) with the prior written consent of the Company, the Administrative Agent is authorized and instructed to enter into such documentation as is reasonably required to amend this Agreement and any other Loan Document (in accordance with the terms of this Section 2.14) to reflect the terms of each Increase without the consent of any Lender other than each applicable Additional Facility Lender.
(r) Upon any Additional Facility Commencement Date on which Revolving Credit Commitments in respect of an Additional Revolving Facility (the “Additional Revolving Credit Commitments”) are effected through an increase in the Revolving Credit Commitments with respect to any existing Facility (the “Original Revolving Credit Facility”) pursuant to this Section 2.14, each of the Revolving Credit Lenders under such Facility shall assign to each of the Additional Term Facility:
(A) the relevant Additional Term Facility has a Termination Date no earlier than the original Termination Date for Facility B;
(B) Lenders under such Additional Term Revolving Facility will be made available on a secured basis pari passu with Facility B in right of payment (the “Additional Revolving Credit Lenders”), and in terms of recovery of Transaction Security proceeds (subject to the Agreed Security Principles);
(C) such Additional Term Facility may include an amortisation profile customary for the financing each of the relevant typeAdditional Revolving Credit Lenders shall purchase from each of the Revolving Credit Lenders, subject to at the principal amount of any applicable scheduled repayment instalments falling prior thereof, such interests in the Revolving Credit Loans outstanding on such Additional Facility Commencement Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Credit Loans will be held by existing Revolving Credit Lenders and Additional Revolving Credit Lenders ratably in accordance with their Revolving Credit Commitments after giving effect to the original Termination Date for Facility B not exceeding an amount equal addition of such Additional Revolving Credit Commitments to 1.00% of the original principal amount of Revolving Credit Commitments; provided that the relevant Additional Term Facility in aggregate in any Financial Year, unless all the Facility B Lenders at such time have also accepted an offer by Administrative Agent and the Company of an amortisation repayment per annum for each corresponding year in a number of basis points per annum equal may agree to give effect to the amortisation repayment of such amortising foregoing provisions on or after the next Interest Payment Date with respect to any Revolving Credit Loans outstanding under the Original Revolving Credit Facility on the Additional Term Facility Commencement Date. The Administrative Agent and the Lenders hereby agree that the minimum borrowing and prepayment requirements in excess of 1.00%, provided that, for this Agreement shall not apply to the purpose of this sub-paragraphtransactions effected pursuant to the immediately preceding sentence.
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