Loan Increase Clause Samples
A Loan Increase clause allows the borrower to request an increase in the total amount of the loan under the existing agreement. Typically, this clause outlines the conditions under which the borrower can make such a request, such as obtaining lender approval, meeting certain financial criteria, or adhering to specified notice periods. By providing a structured process for increasing the loan amount, this clause offers flexibility to the borrower while ensuring the lender retains control over additional credit exposure.
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Loan Increase. An increase in the aggregate outstanding principal balance of the Loans to not more than $400,000,000.00 pursuant to §2.11. Manager. Mid-America Apartments, L.P., a Tennessee limited partnership. Material Adverse Effect. A material adverse effect on (a) the business, properties, assets, condition (financial or otherwise) or results of operations of REIT and its Subsidiaries considered as a whole; (b) the ability of the Borrower or any Guarantor to perform any of its obligations under the Loan Documents; or (c) the validity or enforceability of any of the Loan Documents or the rights or remedies of Agent or the Lenders thereunder.
Loan Increase. Subject to the terms and conditions of this Agreement, Lenders hereby grant to Borrower and Borrower hereby accepts an increase in Lenders’ aggregate Revolving Commitments to FIFTY MILLION AND NO/100THS DOLLARS ($50,000,000.00) (the “Increased Commitment”). All references in the Loan Documents to the Revolving Commitments are hereby amended to reference the Increased Commitment. Schedule 1 to the Credit Agreement is hereby deleted and replaced with Schedule 1 attached hereto. Notwithstanding the foregoing, Borrower may only access, subject to the other conditions to disbursement set forth in the Credit Agreement, up to Forty-Five Million and No/100ths Dollars ($45,000,000.00) of the Revolving Commitment until (i) the documented, undepreciated cost of Borrower’s Stabilized Owned Real Estate Portfolio, calculated in a manner consistent with the real estate methodology contained in the Total Asset Value definition, is at least Three Hundred Million and No/100ths Dollars ($300,000,000.00), subject to Administrative Agent’s confirmation, and (ii) Borrower has satisfied all of the requirements of the Post-Closing Covenants (as hereinafter defined).
Loan Increase. (a) Pursuant to Section 3.2 of the Loan Agreement, the Lender and the Closing Date Borrowers agree to the Sixth Mortgage Loan Increase corresponding to the 2020-1C Component, 2020-2C Component and the 2020-2R Component.
Loan Increase. Subject to the terms and conditions of this Agreement, Lenders hereby grant to Borrower and Borrower hereby accepts an increase in Lenders’ aggregate Revolving Commitments to FORTY MILLION AND NO/100THS DOLLARS ($40,000,000.00) (the “Increased Commitment”). All references in the Loan Documents to the Revolving Commitments are hereby amended to reference the Increased Commitment. Schedule 1 to the Credit Agreement is hereby deleted and replaced with Schedule 1 attached hereto.
Loan Increase. Subject to Borrower's execution and delivery of, and satisfaction of all of the terms and conditions of this Agreement, the Lender shall contemporaneously herewith increase the amount of the Loan, and the maximum principal amount that may be outstanding at any one time under the Loan, to the sum of Three Million and no/100 Dollars ($3,000,000.00). The additional Loan principal shall be disbursed in accordance with the terms and conditions of the Loan Agreement.
Loan Increase. Borrower requests Lender to increase the amount available for advance under the terms of the Note by S750,000.00. Borrower and Lender acknowledge that the Note is a revolving line of credit and therefore, Borrower promises to pay the order of Lender, the sum of S1,500,000.00, or the unpaid principal balance outstanding from all advances made under the Note in accordance with the terms of the Loon Agreement, as amended.
Loan Increase. The Loan is hereby increased to $130,000,000.00 and in that regard, the Loan Agreement, the Mortgage, and all of the other Loan Documents are hereby modified and amended to reflect the amount of the Loan is $130,000,000.00.
Loan Increase. (a) Pursuant to Section 3.2 of the Loan Agreement, the Lender and the Closing Date Borrowers agree to the Ninth Mortgage Loan Increase corresponding to the 2022-1C Component and the 2022-1R Component.
Loan Increase. An increase in the aggregate outstanding principal balance of the Loans to not more than $250,000,000.00 pursuant to §2.11.
Loan Increase. (a) Pursuant to Section 3.2 of the Loan Agreement, the Lender and the Borrowers agree to the Second Loan Increase, constituting the Component described in Section 2.01.