Incremental Revolving Facility Commitments Sample Clauses
The Incremental Revolving Facility Commitments clause allows a borrower to increase the total amount available under an existing revolving credit facility, subject to lender approval and certain conditions. In practice, this means the borrower can request additional commitments from existing or new lenders, often up to a specified cap, and these new commitments will be governed by the same or similar terms as the original facility. This clause provides flexibility for the borrower to access more funds as needed without renegotiating the entire credit agreement, thereby supporting business growth or addressing unforeseen financing needs.
Incremental Revolving Facility Commitments. (a) Each Incremental Lender party hereto hereby agrees to commit to provide its respective Incremental Revolving Facility Commitment as set forth on Schedule 1 annexed hereto, on the terms and subject to the conditions set forth below.
(b) On the Initial Effective Date, (i) each of the existing Lenders shall assign to each of the Incremental Lenders, and each of the Incremental Lenders shall purchase from each of the existing Lenders, at the principal amount thereof, such interests in the outstanding Loans and participations in Letters of Credit and Swingline Loans outstanding on the Initial Effective Date that will result in, after giving effect to all such assignments and purchases, such Loans and participations in Letters of Credit and Swingline Loans being held by existing Lenders and the Incremental Lenders ratably in accordance with their Commitments after giving effect to the addition of the Incremental Revolving Facility Commitments hereby; (ii) each Incremental Revolving Facility Commitment shall be deemed, for all purposes, a Commitment and each loan made thereunder shall be deemed, for all purposes, a Loan and have the same terms as any existing Loan and (iii) each Incremental Lender shall become a Lender with respect to the Incremental Revolving Facility Commitments and all matters relating thereto.
(c) Each Incremental Lender (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender or agent thereunder and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.
(d) For purposes of t...
Incremental Revolving Facility Commitments. Each Lender having an Incremental Revolving Facility Commitment agrees, subject to the terms and conditions set forth in the applicable Incremental Assumption Agreement, to make Incremental Revolving Facility Loans to any Borrower, in a U.S. Dollar Equivalent aggregate principal amount not to exceed its Incremental Revolving Facility Commitment.
Incremental Revolving Facility Commitments. (a) This Fifth Amendment represents Borrower’s request for Incremental Revolving Facility Commitments to be provided on the terms set forth herein on the Effective Date and for the Incremental Revolving Facility Loans to be made thereunder to be funded from time to time after the Effective Date in accordance with the Amended Credit Agreement.
(b) The Incremental Revolving Facility Commitments may be drawn from time to time after the Effective Date in accordance with Section 2.01(a) of the Amended Credit Agreement and shall terminate as set forth in Section 2.04(a)(iv) of the Amended Credit Agreement. The Incremental Revolving Facility Loans borrowed under the Incremental Revolving Facility Commitments shall be repaid in accordance with Section 3.01(a) of the Amended Credit Agreement. To the extent necessary for the Revolving Loans and participation interests in L/C Liabilities and Swingline Loans to be held by the Revolving Lenders and the Incremental Revolving Facility Lenders ratably in accordance with their respective Revolving Commitments after giving effect to this Fifth Amendment, the Revolving Lenders and Incremental Revolving Facility Lenders shall assign, transfer or purchase, as applicable, interests in the Revolving Loans, L/C Liabilities and Swingline Loans in accordance with Section 2.12(d) of the Amended Credit Agreement as if the Incremental Revolving Facility Commitments were Incremental Revolving Commitments incurred on the Effective Date.
Incremental Revolving Facility Commitments. (a) Section 1.01 of the Credit Agreement is hereby amended as follows: (i) By inserting the following defined terms:
Incremental Revolving Facility Commitments. (a) The Borrower has requested $350,000,000 of Incremental Revolving Facility Commitments and that the date on which such Incremental Revolving Facility Commitments become effective be the Sixth Amendment Effective Date, and each Extended 2023 Revolving Lender has severally agreed to provide an Incremental Revolving Facility Commitment in the amount equal to the excess of the amount set forth opposite such Extended 2023 Revolving Lender on Schedule 2.01 hereto over its Existing Revolving Commitment.
(b) On the Sixth Amendment Effective Date immediately following the effectiveness of the other amendments set forth in Sections 2, 3 and 7 above (other than the amendments set forth in Section 2(b), Section 2(c), Section 2(e), Section 2(f), Section 2(g) and Section 3(b)) and immediately prior to the effectiveness of the amendments set forth in Section 2(b), Section 2(c), Section 2(e), Section 2(f), Section 2(g), Section 3(b), Section 4, Section 5 and Section 6, this Amendment shall constitute an “Incremental Assumption Agreement” pursuant to Section 2.20 of the Credit Agreement, the Incremental Revolving Facility Commitments referred to in Section 9(a) above shall constitute additional “Revolving Facility Commitments” and any loans made pursuant to such Incremental Revolving Facility Commitments shall constitute “Revolving Facility Loans” under the Credit Agreement as set forth in this Section 9. After giving effect to the Incremental Revolving Facility Commitments referred to in Section 9(a) above, as of the Sixth Amendment Effective Date, the Revolving Facility Lenders shall be sufficient to constitute Required Lenders for purposes of the amendments set forth in Section 2(b), Section 2(c), Section 2(e), Section 2(f), Section 2(g), Section 3(b), Section 4, Section 5 and Section 6.
(c) The Incremental Revolving Facility Commitments shall have the same terms and conditions as those of the Existing Revolving Commitments existing immediately prior to the Sixth Amendment Effective Date, including, for the avoidance of doubt, each of the terms and conditions existing under the Credit Agreement as amended by this Amendment.
(d) Following the Sixth Amendment Effective Date, the Incremental Revolving Facility Commitments referred to in Section 9(a) shall be Extended 2023 Revolving Commitments and all Revolving Facility Loans shall be made in accordance with the aggregate Revolving Facility Commitments of the Revolving Facility Lenders after giving effect to the Increme...
Incremental Revolving Facility Commitments. The Incremental Revolving Facility Lender hereby agrees to provide Incremental Revolving Facility Commitments on the ABL Incremental Effective Date (as defined below) on the terms and conditions set forth herein and in the amount and on the terms and conditions set forth on Annex I attached hereto. Incremental Revolving Facility Commitments provided pursuant to this First ABL Incremental Agreement shall be (i) subject to all of the terms and conditions set forth in the ABL Credit Agreement, including, without limitation, Section 2.15, as supplemented by the First ABL Incremental Agreement and (ii) commitments to make “Other Revolving Loans”, subject in each case to all the terms and conditions therefor set forth in the ABL Credit Agreement, as supplemented by this First ABL Incremental Agreement.
Incremental Revolving Facility Commitments. Subject to the satisfaction or waiver of the conditions set forth in Section 4 hereof and substantially concurrently with but immediately after the effectiveness of the Required Lender Amendments, on the Amendment No. 4
Incremental Revolving Facility Commitments. Schedule 1.1 of the Credit Agreement is hereby replaced by Schedule 2 hereof.