Incremental Term Loan definition
Examples of Incremental Term Loan in a sentence
The effectiveness of any such incremental Revolving Commitments or Incremental Term Loan shall be subject to receipt by the Administrative Agent from the Borrower of such resolutions and certificates (consistent with those delivered pursuant to clauses (b), (e), (f) and (j) of Section 4.01) and other documents as the Administrative Agent may reasonably request.
All amounts owing under or in connection with Incremental Increases and Commitments shall constitute senior (and not subordinated) obligations and shall be repaid ratably on a pari passu basis (with the understanding that scheduled principal and interest payments and scheduled maturity dates may differ between Commitments, Incremental Revolving Commitments and Incremental Term Loan Commitments).
The Borrower may, after giving such notice, offer the increase (which may be declined by any Lender in its sole discretion) in the total Revolving Commitments and Incremental Term Loan on either a ratable basis to the Lenders or on a non pro-rata basis to one or more Lenders and/or to other financial institutions or entities reasonably acceptable to the Administrative Agent, Swingline Lenders and Issuing Banks.
Upfront fees, the Applicable Margin, the pricing grid, the scheduled maturity date, and scheduled principal payments, if applicable, for the applicable Incremental Revolving Commitments and/or Incremental Term Loan Commitments (and related extensions of credit hereunder) shall be determined by the applicable Lenders extending commitments under the applicable Incremental Increase and the Borrower on the effective date of such Incremental Increase.
Such payments shall not apply to extensions of credit under Incremental Revolving Commitments or Incremental Term Loan Commitments.