Common use of Incremental Loan Clause in Contracts

Incremental Loan. Borrower has requested that Lender temporarily increase the principal amount of the Loan and the Lender has agreed to temporarily increase the principal amount of the Loan upon the terms and conditions as set forth herein (such increase, the “Incremental Facility” and the loan made pursuant to such Incremental Facility, the “Incremental Loan”) in an aggregate principal amount not to exceed $12,500,000. Such Incremental Loan shall be due and payable in full on the Incremental Loan Termination Date; provided that Borrower may voluntarily prepay amounts due under the Incremental Loan prior to the Incremental Loan Termination Date without penalty. Subject to the foregoing limitations, and the other terms and provisions of this Agreement, Borrower may not repay and reborrow amounts under the Incremental Loan. Upon the Incremental Loan Termination Date, at Lender’s request, Borrower shall execute an amended and restated note reflecting a Commitment of $30,000,000.

Appears in 2 contracts

Sources: Credit and Security Agreement (loanDepot, Inc.), Credit and Security Agreement (loanDepot, Inc.)

Incremental Loan. Borrower has requested that Lender temporarily increase the principal amount of the Loan and the Lender has agreed to temporarily increase the principal amount of the Loan upon the terms and conditions as set forth herein (such increase, the “Incremental Facility” and the loan made pursuant to such Incremental Facility, the “Incremental Loan”) in an aggregate principal amount not to exceed $12,500,00010,000,000. Such Incremental Loan shall be due and payable in full on the Incremental Loan Termination Date; provided that Borrower may voluntarily prepay amounts due under the Incremental Loan prior to the Incremental Loan Termination Date without penalty. Subject to the foregoing limitations, and the other terms and provisions of this Agreement, Borrower may not repay and reborrow amounts under the Incremental Loan. Upon the Incremental Loan Termination Date, at Lender’s request, Borrower shall execute an amended and restated note reflecting a Commitment of $30,000,000.

Appears in 1 contract

Sources: Credit and Security Agreement (loanDepot, Inc.)