Incremental Revolving Increases Clause Samples
Incremental Revolving Increases. On any Increase Effective Date on which an Incremental Revolving Increase is effective, the participations held by the Revolving Lenders in the L/C Obligations and Swing Line Loans immediately prior to such increase will be reallocated so as to be held by the Revolving Lenders ratably in accordance with their respective Applicable Percentages after giving effect to such Incremental Revolving Increase. If, on the date of an Incremental Revolving Increase, there are any Revolving Loans outstanding, the applicable Borrower shall prepay such Revolving Loans in accordance with this Agreement on the date of effectiveness of such Incremental Revolving Increase (but such Borrower may finance such prepayment with a concurrent borrowing of Revolving Loans from the Revolving Lenders in accordance with their Applicable Percentages after giving effect to such Incremental Revolving Increase).
Incremental Revolving Increases. (i) The Company may, by written notice to the Administrative Agent from time to time prior to the Revolving Commitment Termination Date, request Incremental Revolving Commitments in an amount not to exceed the Incremental Revolving Amount from one or more Incremental Revolving Lenders (which may include any existing Lender) willing to provide such Incremental Revolving Advances in their sole discretion; provided that each Incremental Revolving Lender (which is not an existing Lender) shall (x) be subject to the approval requirements of Section 9.07 and (y) have, unless the Company and the Administrative Agent shall otherwise agree, a minimum Incremental Revolving Commitment of $5,000,000. Such notice shall set forth (A) the amount of the Incremental Revolving Commitments being requested (which shall be in multiples of $10,000,000) and (B) the date on which such Incremental Revolving Commitments are requested to become effective (the “Increased Revolver Amount Date”). No Lender shall be obligated to increase its Revolving Commitments pursuant to this Section 2.20(a) unless it so agrees.
(ii) The Company and each Incremental Revolving Lender shall execute and deliver to the Administrative Agent an agreement in form and substance reasonably satisfactory to the Administrative Agent (each, an “Incremental Revolving Assumption Agreement”) to evidence the Incremental Revolving Commitment of such Incremental Revolving Lender. Each Incremental Revolving Assumption Agreement shall specify the terms of the Incremental Revolving Advances to be made thereunder; provided that, except as provided in clause (C) of the proviso below, the Incremental Revolving Advances thereunder shall be made on terms and conditions identical to the terms and conditions of the existing Revolving Facility with the latest Revolving Commitment Termination Date; provided that (A) the Incremental Revolving Advances shall rank pari passu in right of payment with all other Advances, (B) such Incremental Revolving Facility shall be included in the existing Revolving Facility with the latest Revolving Commitment Termination Date and (C) in the event that the Applicable Margin for such Incremental Revolving Facility is greater than the Applicable Margin for the existing Revolving Facility with the latest Revolving Commitment Termination Date, then the Applicable Margin for the existing Revolving Facility with the latest Revolving Commitment Termination Date shall be increased to the extent necessary...
Incremental Revolving Increases. With respect to any Incremental Revolving Increase, if any Revolving Loans are outstanding on the date of such increase, (A) each Lender providing such Incremental Revolving Increase shall make Revolving Loans, the proceeds of which shall be applied by the Administrative Agent to prepay Revolving Loans of the existing Lenders, in an amount necessary such that after giving effect thereto the outstanding Revolving Loans are held ratably among all of the Lenders with a Revolving Commitment and (B) the Borrower shall pay an amount required pursuant to Section 3.05 as a result of any such prepayment of Revolving Loans of existing Lenders; and (iii) the existing Lenders with a Revolving Commitment shall on the effective date of such Incremental Revolving Increase be deemed to have made such assignments (which assignments shall not be subject to the requirements set forth in Section 10.06(b)) of the outstanding participation interests in Letters of Credit and Swing Line Loans to the Lenders providing such Incremental Revolving Increase and the Administrative Agent may make such adjustments to the Register as are necessary so that, after giving effect to such assignments and adjustments, each Lender with a Revolving Commitment (including the Lenders providing such Incremental Revolving Increase) will hold participation interests in Letters of Credit and Swing Line Loans equal to its pro rata share thereof.