Additional Incremental Term Loan definition
Examples of Additional Incremental Term Loan in a sentence
Lender shall have received, prior the making of the initial Additional Incremental Term Loan, the duly executed original of the Additional Term Note dated as of the Effective Date.
Such pricing and maturity date with respect to any Additional Incremental Term Loan shall be set forth in the applicable Incremental Joinder Agreement (any such maturity date, a “Additional Incremental Term Loan Maturity Date”).
In connection with the correction of any Data Certification, Borrower shall use its commercially reasonable efforts to maximize the principal amount of the proposed Additional Incremental Term Loan to which such Data Certification relates.
Notwithstanding anything to the contrary contained in this Agreement, (i) Borrower shall not be obligated to submit any Borrowing Request with respect to any Incremental Data Certification unless the principal amount of the proposed Additional Incremental Term Loan is at least $10,000,000; and (ii) Lender shall not be obligated to make any Additional Incremental Term Loan unless the principal amount thereof is at least $2,500,000.
The request and acceptance by Borrower of the proceeds of any Additional Incremental Term Loan shall be deemed to constitute, as of the date thereof, (i) a representation and warranty by Borrower that the conditions in this Section 2.5 have been satisfied and (ii) a reaffirmation by Borrower of the granting and continuance of Lender’s Liens pursuant to the Collateral Documents.
Borrower shall have paid Lender the Incremental Closing Fee applicable to such Additional Incremental Term Loan, which amount shall be paid to Lender in immediately available funds, and which fee shall be fully earned as of the applicable Additional Incremental Advance Date and non-refundable.
Not later than 1:00 p.m. on the Effective Date, each Term Loan Lender will make available to the Administrative Agent for the account of the Borrower, at the Administrative Agent’s Office in immediately available funds, the amount of such Additional Incremental Term Loan to be made by such Term Loan Lender on the Effective Date.
Each of the Primary Incremental Advance and each Additional Incremental Term Loan is, and shall be deemed to be, an “Incremental Term Loan” and a “Term Loan” for all purposes of the Loan Documents having terms and conditions as set forth in the Loan Documents (including but not limited to this Amendment), as amended hereby, identical to those applicable to the Term Loans outstanding immediately prior to the Fifth Amendment Effective Date.
On each Additional Term Loan Effective Date on which an Additional Term Loan Commitment is effective, subject to the satisfaction of the foregoing terms and conditions, each Lender of such Additional Incremental Term Loan shall make an Additional Incremental Term Loan to Borrower in an amount equal to its Additional Term Loan Commitment.
Each Existing or Additional Incremental Term Loan Lender that elects to do so severally agrees to make a loan, in dollars.