No Incremental Sample Clauses
The "No Incremental" clause prohibits any increases to the principal amount of a loan or credit facility beyond the originally agreed sum. In practice, this means that the borrower cannot request, and the lender is not obligated to provide, additional funds or incremental loans under the existing agreement. This clause ensures that the lender's risk exposure remains capped at the initial commitment, preventing unexpected increases in liability and maintaining financial predictability for both parties.
No Incremental. Term Loans shall become effective unless and until each of the following conditions has been satisfied:
(i) Any such Incremental Term Loan shall be in a minimum principal amount of $25,000,000 and in integral multiples of $1,000,000 in excess thereof, unless otherwise agreed by the Borrower and the Agent;
(ii) The Borrower, the Agent, and any Additional Lender shall have executed and delivered an Incremental Term Amendment;
(iii) The Borrower shall have paid such fees and other compensation to the Additional Lenders and to the Agent as the Borrower, the Agent and such Additional Lenders shall agree;
(iv) The Borrower shall deliver on the closing date of any Incremental Term Loan a certificate certifying that (A) (other than with respect to an Incremental Term Loan in connection with an acquisition or any other Investment or refinancing, unless required by the Lenders providing such Incremental Term Loan) the representations and warranties made by Holdings, the Borrower and each Guarantor contained herein and in the other Loan Documents are true and correct in all material respects on and as of such closing date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects, as of such specified earlier date, and (B) no Specified Default has occurred and is continuing; and
(v) The Borrower and Additional Lenders shall have delivered such other instruments, documents and agreements as the Agent may reasonably have requested in order to effectuate the documentation of the foregoing.
No Incremental. Equivalent Debt shall be incurred by or subject to any Guarantee by any Person other than the Borrower and the Guarantors, respectively, and shall not be secured by any property or assets of any Loan Party other than Collateral; provided, further, if such Incremental Equivalent Debt:
No Incremental. Equivalent Debt shall be incurred by or subject to any Guaranty by any Person other than the Company and the Guarantors, respectively, and shall not be secured by any property or assets of any Note Party other than Collateral; provided, further, if such Incremental Equivalent Debt:
No Incremental. Term Loans shall become effective unless and until each of the following conditions has been satisfied: (i) Any such Incremental Term Loan shall be in a minimum principal amount of $25,000,000 and in integral multiples of $1,000,000 in excess thereof, unless otherwise agreed by the Borrower and the Agent;
No Incremental. Term Assumption Agreement shall become effective unless (i) the Administrative Agent has approved such Incremental Term Assumption Agreement, (ii) the Administrative Agent has received a certificate executed by a Responsible Officer of the Borrowers to the effect that (A) the conditions set forth in Sections 6.2(a) and 6.2(b) are satisfied on the date of the Incremental Term Assumption Agreement and the proposed effective date and (B) Holdings would have been in compliance with Sections 8.1(a) and 8.1(b) as of the last day of the most recent fiscal quarter of Holdings for which financial statements have then been delivered, after giving effect on a pro forma basis to the Incremental Term Commitments provided by such Incremental Term Assumption Agreement and the funding of all loans committed thereunder and application of the proceeds thereof, all as if funded and applied on the first day of the 12-month period then ended, and (iii) the Administrative Agent has received such amendments to the Security Documents, additional Security Documents, legal opinions, board resolutions, certificates and documentation as required by such Incremental Term Assumption Agreement or reasonably requested by the Administrative Agent.
No Incremental. Term Loans shall become effective unless and until each of the following conditions has been satisfied:
(i) Any such Incremental Term Loan shall be in a minimum principal amount of $10,000,000 and in integral multiples of $1,000,000 in excess thereof, unless otherwise agreed by the Borrower and the Administrative Agent;
(ii) The Borrower, the Administrative Agent, and any Additional Lender shall have executed and delivered an Incremental Term Amendment;
(iii) The Borrower shall have paid such fees and other compensation to the Additional Lenders and to the Administrative Agent as the Borrower, the Administrative Agent and such Additional Lenders shall agree;
(iv) On the closing date of any Incremental Term Loan, (A) the representations and warranties made by the Borrower and each Guarantor contained herein and in the other Loan Documents shall be true and correct in all material respects on and as of such closing date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall have been true and correct in all material respects, as of such earlier date (provided that in connection with any Limited Condition Acquisition, the only representations and warranties that will be required to be true and correct in all material respects as of the applicable closing date, except for such representations and warranties that specifically refer to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date, shall be the Specified Representations) (provided further that, to the extent any such representation and warranty is qualified by, or subject to, “materiality”, “Material Adverse Effect” or similar language, the same shall be true and correct in all respects); (B) no Event of Default (or, in connection with a Limited Condition Acquisition, no Specified Default) shall have occurred and be continuing; and (C) the Borrower shall have delivered on such closing date an Officers’ Certificate certifying the satisfaction of the conditions set forth in the foregoing clauses (A) and (B); and
(v) The Borrower and Additional Lenders shall have delivered such other instruments, documents and agreements as the Administrative Agent may reasonably have requested in order to effectuate the documentation of the foregoing.
No Incremental. Equivalent Debt shall have a weighted average life to maturity of less than the weighted average life to maturity as then in effect for the Term Loans outstanding as of the time of incurrence of such Incremental Equivalent Debt (prior to any extension thereto), (viii) any Incremental Equivalent Debt (to the extent secured by all or a portion of the Collateral on a pari passu basis with the Obligations) may provide for the ability to participate on a pro rata basis or less than pro rata basis (but not greater than a 770954218 pro rata basis) in any voluntary repayments or prepayments of principal of Term Loans hereunder and on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis other than in connection with a refinancing thereof permitted hereunder) in any mandatory repayments or prepayments of principal of Term Loans hereunder and (ix) the covenants and events of default applicable to such Incremental Equivalent Debt shall not be, when taken as a whole, materially more favorable, to the holders of such Indebtedness than those applicable to the Revolving Loans and the Term Loans (except for (1) covenants or other provisions applicable only to periods after the Latest Maturity Date or (2) where this Agreement is amended such that the Lenders under the applicable Facility also receive the benefits of such more favorable terms other than any such provisions that apply after the Latest Maturity Date).