Facility Increase Effective Date definition
Examples of Facility Increase Effective Date in a sentence
If the Seller elects to increase the Facility Limit in accordance with this clause (g), the Seller shall pay to each Purchaser an “Accordion Closing Fee” as set forth in the Fee Letter on the relevant Facility Increase Effective Date.
The parties agree that on the Facility Increase Effective Date, the Administrative Agent shall provide the Seller, the Servicer and the Purchasers with an updated Schedule I reflecting the changes in Commitments and Accordion Commitments after giving effect to the increase in Commitments on such Facility Increase Effective Date pursuant to this Section 2.03(g), which shall replace Schedule I hereto and be binding on the parties absent manifest error.
Any such increase in the Facility Limit shall become effective on the applicable Facility Increase Effective Date, and on such Facility Increase Effective Date, each Purchaser’s Commitment (if any) shall be increased by an amount equal to the product of (x) such Purchaser’s Accordion Commitment Percentage multiplied by (y) the amount by which the Facility Limit is increased on such date.