Incremental Facility Advances Sample Clauses
The Incremental Facility Advances clause allows a borrower to request additional loan amounts under an existing credit agreement, subject to certain conditions and lender approval. Typically, this clause outlines the process for requesting incremental advances, the maximum aggregate amount permitted, and any requirements for documentation or lender consent. Its core practical function is to provide flexibility for the borrower to access extra funding as business needs evolve, without the need to negotiate a completely new loan agreement, thereby streamlining the process and addressing future financing requirements efficiently.
Incremental Facility Advances. (a) Subject to the terms and conditions of this Agreement, the Borrower may request an Incremental Facility Commitment (which may be in the form of a revolver or term loan) on any Business Day; provided, however, that (i) the Borrower may not request any Incremental Facility Commitment or an Incremental Facility Advance after the occurrence and during the continuance of a Default or an Event of Default, including, without limitation, any Default or Event of Default that would result after giving effect to any Incremental Facility Advance and (ii) the aggregate amount of such Incremental Facilities shall not exceed $750,000,000.00 [or such aggregate amount as remains available on the Combination Date under the AMT Loan Agreement and the SSI Loan Agreement].1 No Incremental Facility Loans shall have a maturity date earlier than the Maturity Date. The decision of any Lender to provide an Incremental Facility Commitment to the Borrower shall be at such Lender’s sole discretion and shall be made in writing. The Incremental Facility Commitment of a Lender providing an Incremental Facility Commitment shall, at the request of such Lender, be evidenced by an Incremental Facility Note. Persons not then Lenders may be included as Lenders holding a portion of such Incremental Facility Commitment with the written approval of the Borrower and the Administrative Agent (such approval not to be unreasonably withheld, delayed, or conditioned). The Incremental Facility Commitments shall be governed by this Agreement and the other Loan Documents and be on terms and conditions no more restrictive than those set forth herein and therein. The terms and conditions in this Section 2.14 may be amended with the consent of the Majority Lenders and the Borrower, except to the extent that a specific Lender’s consent is otherwise required with respect to an issuance by such Lender of any Incremental Facility Commitment.”
(c) Amendments to Article 3,
Incremental Facility Advances. 35 ARTICLE 3
Incremental Facility Advances. (a) Subject to the terms and conditions of this Agreement, the Borrowers may request the Incremental Facility Commitments on any Business Day; provided, however, that the Borrowers may not request the Incremental Facility -------- ------- Commitments, or an Advance thereunder, during the continuance of any Default or Event of Default, including, without limitation, any Default or Event of Default that would result after giving effect thereto; and provided, further, that the -------- ------- Borrowers may not request Incremental Facility Commitments (each of which commitments may be from more than one Lender) which exceed $500,000,000.00 in the aggregate. The sum of the aggregate amount of the Incremental Facility Commitments and the aggregate amount of outstanding Incremental Facility Advances shall not exceed $500,000,000.00. The Incremental Facility Maturity Date shall be no earlier than six (6) calendar months after the Term Loan B Maturity Date. The decision of any Lender to make an Incremental Facility Commitment to the Borrowers shall be at such Lender's sole discretion. Persons not then Lenders may be included as Lenders having Incremental Facility Commitments with the written approval of the Borrowers and the Administrative Agent (such approval not to be unreasonably withheld, delayed or conditioned). The Incremental Facility Commitments (i) may be in the form of a revolving or a term credit facility, and (ii) must be governed by this Agreement and the other Loan Documents and be on terms and conditions no more restrictive