Common use of Incremental Loan Clause in Contracts

Incremental Loan. The Borrower may request an additional Commitment for the making of one additional Loan under this Agreement following the Closing Date upon not less than 10 Business Days’ notice to the Administrative Agent (or such lesser period of time permitted by the Administrative Agent), so long as (a) the requested additional Commitment is not more than $14,893,617.00, (b) the Insurance Policy limit has increased by at least such requested Commitment amount (less any agreed retention) and is offered on the same terms as the Loans made on the Closing Date, except as otherwise agreed by the Lenders, (c) the Borrower does not permit Liquidity to be less than the Interest Escrow Required Amount, calculated on a pro forma basis immediately after giving effect to each of (i) the establishment of such additional Commitment and (ii) the incurrence of such additional Loan (using Liquidity calculated as of the date of such establishment and/or incurrence (as applicable) and immediately after giving effect thereto, and the Interest Escrow Required Amount equal to the aggregate amount of the four (4) immediately following interest payments owed on the Loans) and (d) unless otherwise agreed by the Lenders, the Borrower shall use the proceeds of any such additional Loans solely for general corporate purposes. The Administrative Agent shall promptly notify the Lenders of the requested additional Commitment and, within ten (10) Business Days thereafter (or such other period agreed by the Administrative Agent and the Borrower), each Lender shall notify the Administrative Agent if and to what extent such Lender agrees to provide such additional Commitment. Any Lender not accepting in writing within such period shall be deemed to have declined to provide the requested additional Commitment. The Administrative Agent and the Borrower may allocate, in their discretion, any additional Commitments among committing existing Lenders. Any additional Commitment established pursuant to this Section 2.06 shall be established at the requested amount (or such lesser amount committed by existing Lenders and agreed by the Borrower) on the date requested by the Borrower and agreed upon by the Administrative Agent and the Lenders providing such incremental Commitment, provided the conditions set forth in Section 7.01 are satisfied at such time. The Administrative Agent, the Borrower, and the existing Lenders shall execute and deliver such documents and agreements as the Administrative Agent deems appropriate to evidence the establishment of any additional Commitments and the making of any additional Loans, in each case, pursuant to this Section 2.06. Any incremental Commitment and Loan made pursuant to this Section 2.06 shall have the same interest rate, maturity date and other terms as the Loans made on the Closing Date.

Incremental Loan. The Borrower may request an additional Commitment for the making of one additional Loan under this Agreement following (a) After the Closing Date upon not less than 10 Business Days’ has occurred, the Borrower may, on a single occasion, following written notice to the Administrative Agent (or such lesser period of time permitted by Lenders and, if applicable, the Administrative Agent), so long as (a) the requested additional request an Incremental Commitment is not more than $14,893,617.00, (b) the Insurance Policy limit has increased by at least such requested Commitment amount (less any agreed retention) and is offered on the same terms as the Loans made on the Closing Date, except as otherwise agreed by the Lenders, (c) the Borrower does not permit Liquidity to be less than the Interest Escrow Required Amount, calculated on a pro forma basis immediately after giving effect to each of (i) the establishment of such additional Commitment and (ii) the incurrence of such additional Loan (using Liquidity calculated as of the date of such establishment and/or incurrence (as applicable) and immediately after giving effect thereto, and the Interest Escrow Required Amount equal to the in an aggregate amount of the four not to exceed $[***] from one or more Incremental Lenders (4) immediately following interest payments owed on the Loans) and (d) unless otherwise agreed by the Lenders, the Borrower shall use the proceeds of any such additional Loans solely for general corporate purposes. The Administrative Agent shall promptly notify the Lenders of the requested additional Commitment and, within ten (10) Business Days thereafter (or such other period agreed by the Administrative Agent and the Borrower), each Lender shall notify the Administrative Agent if and to what extent such Lender agrees to provide such additional Commitment. Any Lender not accepting in writing within such period shall be deemed to have declined to provide the requested additional Commitment. The Administrative Agent and the Borrower may allocate, in their discretion, any additional Commitments among committing existing Lenders. Any additional Commitment established pursuant to this Section 2.06 shall be established at the requested amount (or such lesser amount committed by existing Lenders and agreed by the Borrower) on the date requested by the Borrower and agreed upon by the Administrative Agent and the Lenders providing such incremental Commitment, provided the conditions set forth in Section 7.01 are satisfied at such time. The Administrative Agent, the Borrower, and the existing Lenders shall execute and deliver such documents and agreements as the Administrative Agent deems appropriate to evidence the establishment of any additional Commitments and the making of any additional Loanswhich, in each case, may include any existing Lender) willing to provide such Incremental Commitment in their sole discretion. Such notice shall set forth the amount of the Incremental Commitment being requested. The Incremental Lenders and the Borrower shall determine the effective date for such Incremental Facility and, if applicable, the final allocation of such Incremental Commitments among the Incremental Lenders; provided that such date shall be a Business Day at least thirty (30) days after delivery of the request for such Incremental Facility (or such shorter period approved by the Required Lenders or, if applicable, the Administrative Agent) and at least ninety (90) days prior to the Maturity Date. Notwithstanding anything herein to the contrary, no Lender shall have any obligation to agree to provide any Incremental Commitment pursuant to this Section 2.06. Any incremental Commitment 2.12 and Loan made pursuant any election to this Section 2.06 do so shall have be in the same interest rate, maturity date sole discretion of such Lender. (b) The Borrower and each Incremental Lender shall execute and deliver an Incremental Assumption Agreement and such other terms documentation as the Loans made on Incremental Lenders and, if applicable, the Closing Date.Administrative Agent shall reasonably specify to evidence the Incremental Commitment of such Incremental