A Practice Note discussing the concept of fungibility of incremental term loans. It explains why achieving fungibility is important for creating a deeper and more liquid trading market, particularly in the term loan B market. It also highlights a common but often overlooked hurdle to true fungibility, calibrating amortization terms, and demonstrates how simplistic drafting of amortization provisions for incremental debt can lead to economic differences between the new and original loan tranches, even when the stated rates are identical. The Note further examines how prior voluntary or mandatory prepayment events can introduce additional complexities to the amortization profile, creating another potential barrier to fungibility.