Increases in Commitments. 2.1 Commencing as of the Effective Date, the Commitment of each of the Banks shall be increased from the amounts set forth, with respect to each Bank on Schedule A to Amendment No. 1, to the respective amounts set forth opposite the name of each of the Banks on Schedule A annexed hereto, and the Temporary Commitment shall be increased from Ten Million ($10,000,000) Dollars to Fifteen Million ($15,000,000) Dollars. 2.2 In order to evidence the Loans made by each of the Banks under the Commitments as amended hereby, the Borrower shall execute and deliver to each of the Banks a new note substantially in the form attached to the Loan Agreement as Exhibit B-1, reflecting the Commitment of each Bank respectively as amended hereby, dated the Effective Date and otherwise duly completed (collectively, all of the above-described promissory notes are defined as the "New Bank Notes"). In order to evidence the Temporary Loans by the Temporary Lender under the Temporary Commitment as amended hereby, the Borrower shall execute and deliver to the Temporary Lender a new note substantially in the form attached to the Loan Agreement as Exhibit B-2 reflecting the Temporary Commitment amount as amended hereby, dated the Effective Date and otherwise duly completed (hereinafter, the "New Temporary Note" and together with the New Bank Notes, collectively, the "New Notes"). Upon execution and delivery by the Borrower of the New Notes, the Agent shall cause each of the Notes being replaced by a New Note to be marked "Replaced by New Note", and returned to the Borrower. 2.3 All references in the Loan Agreement, Loan Documents and all other instruments, documents and agreements executed and delivered pursuant to any of the foregoing, to "the ratable benefit of the Banks", "pro rata", or terms of similar effect shall be deemed to refer to the ratable interests of the Banks, as their respective pro rata interests shall be adjusted to reflect the increase in the Commitments of each of the Banks as set forth on Schedule A annexed hereto. 2.4 In order to reflect the foregoing, if necessary, the Banks shall, as of the Effective Date, make appropriate adjustments among themselves in order that the amount of Loans outstanding to the Borrower from each Bank under the Loan Agreement are in principal amounts, as of the Effective Date, which are in the same proportion to the outstanding principal amount of all Loans that each Bank's Commitment, respectively, bears to the aggregate Commitments of all the Banks, after giving effect to the increased amount of the Commitments; provided, --------- however, that the foregoing adjustments shall not be made as of the Effective ------- Date in respect of Loans bearing interest at a rate subject to an Interest Period outstanding immediately prior to the Effective Date but such adjustments shall be made on the first day on which the foregoing adjustments can be made without incurring "breakage costs" in respect of each respective Interest Period, so that the foregoing adjustment shall be made as of the Effective Date only in respect of borrowings from and after the Effective Date or borrowings that are not subject to an Interest Period, provided further that in no event -------- ------- shall any Bank be required to lend any amount in excess of its Commitment. The Borrower agrees and consents to the terms of this Article II.
Appears in 1 contract
Sources: Loan Agreement (Linc Capital Inc)
Increases in Commitments. 2.1 Commencing as of the Effective DateProceeds Receipt Date (as hereinafter defined), the Commitment of each of the Banks shall be increased from the amounts set forth, with respect to each Bank Bank, on Schedule A to Amendment No. 1, the signature pages of the Loan Agreement to the respective amounts set forth opposite the name of each of the Banks on Schedule A annexed hereto, hereto and the Temporary Commitment shall be increased from Five Million ($5,000,000) Dollars to Ten Million ($10,000,000) Dollars to Fifteen Million ($15,000,000) Dollars.
2.2 In order to evidence the Loans made by each of the Banks under the Commitments as amended hereby, the Borrower Borrowers shall execute and deliver to each of the Banks a new note substantially in the form attached to the Loan Agreement as Exhibit B-1, reflecting the Commitment of each Bank respectively as amended hereby, dated the Effective Proceeds Receipt Date and otherwise duly completed (collectively, all of the above-described promissory notes are defined as the "New Bank Notes"). In order to evidence the Temporary Loans by the Temporary Lender under the Temporary Commitment as amended hereby, the Borrower Borrowers shall execute and deliver to the Temporary Lender a new note substantially in the form attached to the Loan Agreement as Exhibit B-2 reflecting the Temporary Commitment amount as amended hereby, dated the Effective Proceeds Receipt Date and otherwise duly completed (hereinafter, the "New Temporary Note" and together with the New Bank Notes, collectively, the "New Notes"). Upon execution and delivery by the Borrower Borrowers of the New Notes, the Agent shall cause each of the Notes being replaced by a New Note to be marked "Replaced by New Note", and returned to the BorrowerBorrowers.
2.3 All references in the Loan Agreement, Loan Documents and all other instruments, documents and agreements executed and delivered pursuant to any of the foregoing, to "the ratable benefit of the Banks", "pro rata", or terms of similar effect shall be deemed to refer to the ratable interests of the Banks, as their respective pro rata interests shall be adjusted to reflect the --- ---- increase in the Commitments of each of the Banks as set forth on Schedule A annexed hereto.
2.4 In order to reflect the foregoing, if necessary, the Banks shall, as of the Effective Proceeds Receipt Date, make appropriate adjustments among themselves in order that the amount of Loans outstanding to the Borrower Borrowers from each Bank under the Loan Agreement are in principal amounts, as of the Effective Proceeds Receipt Date, which are in the same proportion to the outstanding principal amount of all Loans that each Bank's Commitment, respectively, bears to the aggregate Commitments of all the Banks, after giving effect to the increased amount of the Commitments; provided, --------- however, that the foregoing adjustments shall not be made -------- ------- as of the Effective ------- Proceeds Receipt Date in respect of Loans bearing interest at a rate subject to an Interest Period outstanding immediately prior to the Effective Proceeds Receipt Date but such adjustments shall be made on the first day on which the foregoing adjustments can be made without incurring "breakage costs" in respect of each respective Interest Period, so that the foregoing adjustment shall be made as of the Effective Proceeds Receipt Date only in respect of borrowings from and after the Effective Proceeds Receipt Date or borrowings that are not subject to an Interest Period, provided further that in no event -------- ------- shall any Bank be required to lend any amount in excess of its Commitment. The Borrower agrees Borrowers agree and consents consent to the terms of this Article II.
Appears in 1 contract
Sources: Loan Agreement (Linc Group Inc)