Common use of Adjustments of Borrowings upon Effectiveness of Increase Clause in Contracts

Adjustments of Borrowings upon Effectiveness of Increase. In the event that the Administrative Agent shall have received notice from the Company as to any agreement with respect to a Commitment Increase on or prior to the Commitment Increase Date and the actions provided for in clause (ii) above shall have occurred by 9:00 a.m., New York City time, on such Commitment Increase Date, the Administrative Agent shall notify the Lenders (including any Assuming Lenders) of the occurrence of such Commitment Increase Date promptly on such date by facsimile transmission or electronic messaging system. On the date of such Commitment Increase, the Borrowers Credit Agreement shall (A) prepay the outstanding Committed Loans (if any) in full, (B) if so required in accordance with the terms hereof, simultaneously borrow new Committed Loans hereunder in an amount equal to such prepayment, so that, after giving effect thereto, the Committed Loans are held ratably by the Lenders in accordance with their respective Commitments of such Lenders (after giving effect to such Commitment Increase) and (C) pay to the Lenders the amounts, if any, payable under Section 5.05.

Appears in 2 contracts

Samples: Credit Agreement (Newell Rubbermaid Inc), Credit Agreement (Newell Rubbermaid Inc)

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Adjustments of Borrowings upon Effectiveness of Increase. In the event that the Administrative Agent shall have received notice from the Company as to any agreement with respect to a Commitment Increase on or prior to the relevant Commitment Increase Date and the actions provided for in clause clauses (iiii)(A) through (ii)(C) above shall have occurred by 9:00 11:00 a.m., New York City time, on such Commitment Increase Date, the Administrative Agent shall notify the Lenders (including any Assuming Lenders) of the occurrence of such Commitment Increase Date promptly on such date by facsimile transmission or electronic messaging system. On the date of such Commitment Increaseincrease, the Borrowers Credit Agreement Company shall (A) each prepay the outstanding Committed Loans Advances (if any) in full, (B) if so required in accordance with the terms hereof, and shall simultaneously borrow new Committed Loans Advances hereunder in an amount equal to such prepayment, so that, after giving effect thereto, the Committed Loans Advances of the Lenders are held ratably by the Lenders in accordance with their respective Commitments of such Lenders (after giving effect to such Commitment Increase). Prepayments made under this clause (iv) and (C) pay shall not be subject to the Lenders the amounts, if any, payable under notice requirements of Section 5.052.11.

Appears in 2 contracts

Samples: Credit Agreement (Progress Energy Inc), Credit Agreement (Progress Energy Inc)

Adjustments of Borrowings upon Effectiveness of Increase. In the event that the Administrative Agent shall have received notice from the Company Borrower as to any agreement with respect to a Commitment Increase on or prior to the relevant Commitment Increase Date and the actions provided for in clause clauses (iiii)(x) through (ii)(z) above shall have occurred by 9:00 a.m., New York City time, on such Commitment Increase Date, the Administrative Agent shall notify the Lenders (including any Assuming Lenders) of the occurrence of such Commitment Increase Date promptly on such date by facsimile transmission or electronic messaging system. On the date of such Commitment Increaseincrease, the Borrowers Credit Agreement Borrower shall (A) each prepay the their respective then outstanding Committed Loans (if any) in full, (B) if so required in accordance with the terms hereof, and shall simultaneously borrow new Committed Loans hereunder in an amount equal to such prepayment, so that, after giving effect thereto, the Committed Loans of the respective Lenders to each Borrower are held ratably by the Lenders in accordance with their respective Commitments of such Lenders (after giving effect to such Commitment IncreaseIncreases). Prepayments made under this clause (iv) and (C) pay shall not be subject to the Lenders the amounts, if any, payable under notice requirements of Section 5.052.9.

Appears in 1 contract

Samples: Credit Agreement (Allegheny Energy Inc)

Adjustments of Borrowings upon Effectiveness of Increase. In the event that the Administrative Agent shall have received notice from the Company Borrower as to any agreement with respect to a Commitment Increase on or prior to the relevant Commitment Increase Date and the actions provided for in clause clauses (iiii)(x) through (ii)(z) above shall have occurred by 9:00 a.m., New York City time, on such Commitment Increase Date, the Administrative Agent shall notify the Lenders (including any Assuming Lenders) of the occurrence of such Commitment Increase Date promptly on such date by facsimile transmission or electronic messaging system. On the date of such Commitment Increase, the Borrowers Credit Agreement Borrower shall (A) prepay the outstanding Committed Syndicated Loans (if any) in full, (B) if so required in accordance with the terms hereof, simultaneously borrow new Committed Syndicated Loans hereunder in an amount equal to such prepayment, so that, after giving effect thereto, the Committed Syndicated Loans are held ratably by the Lenders in accordance with their the respective Commitments of such Lenders (after giving effect to such Commitment Increase) and (C) pay to the Lenders the amounts, if any, payable under Section 5.052.15.

Appears in 1 contract

Samples: Credit Agreement (Brunswick Corp)

Adjustments of Borrowings upon Effectiveness of Increase. In the event that the Administrative Agent shall have received notice from the Company as to any agreement with respect to a Commitment Increase on or prior to the relevant Commitment Increase Date and the actions provided for in clause clauses (iiii)(x) through (ii)(z) above shall have occurred by 9:00 a.m., New York City time, on such Commitment Increase Date, the Administrative Agent shall notify the Lenders (including any Assuming Lenders) of the occurrence of such Commitment Increase Date promptly on such date by facsimile transmission or electronic messaging system. On the date of such Commitment Increaseincrease, the Borrowers Credit Agreement shall (A) each prepay the their respective then outstanding Committed Syndicated Loans (if any) in full, (B) if so required in accordance with the terms hereof, and shall simultaneously borrow new Committed Syndicated Loans hereunder in an amount equal to such prepayment, so that, after giving effect thereto, the Committed Syndicated Loans of the respective Lenders to each Borrower are held ratably by the Lenders in accordance with their respective Commitments of such Lenders (after giving effect to such Commitment Increase) and (C) pay to the Lenders the amounts, if any, payable under Section 5.05Increases).

Appears in 1 contract

Samples: 364 Day Credit Agreement (International Paper Co /New/)

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Adjustments of Borrowings upon Effectiveness of Increase. In the event that the Administrative Agent shall have received notice from the Company AESC as to any agreement with respect to a Commitment Increase on or prior to the relevant Commitment Increase Date and the actions provided for in clause clauses (iiii)(x) through (ii)(z) above shall have occurred by 9:00 a.m., New York City time, on such Commitment Increase Date, the Administrative Agent shall notify the Lenders (including any Assuming Lenders) of the occurrence of such Commitment Increase Date promptly on such date by facsimile transmission or electronic messaging system. On the date of such Commitment Increaseincrease, the Borrowers Credit Agreement shall (A) each prepay the their respective then outstanding Committed Loans (if any) in full, (B) if so required in accordance with the terms hereof, and shall simultaneously borrow new Committed Loans hereunder in an amount equal to such prepayment, so that, after giving effect thereto, the Committed Loans of the respective Lenders to each Borrower are held ratably by the Lenders in accordance with their respective Commitments of such Lenders (after giving effect to such Commitment IncreaseIncreases). Prepayments made under this clause (iv) and (C) pay shall not be subject to the Lenders the amounts, if any, payable under notice requirements of Section 5.052.9.

Appears in 1 contract

Samples: Credit Agreement (Allegheny Energy Inc)

Adjustments of Borrowings upon Effectiveness of Increase. In the event that the Administrative Agent shall have received notice from the Company as to any agreement with respect to a Commitment Increase on or prior to the relevant Commitment Increase Date and the actions provided for in clause clauses (iib)(i) and (b)(ii) above shall have occurred by 9:00 a.m., 11:00 a.m. (New York City time, ) on such Commitment Increase Date, the Administrative Agent shall notify the Lenders Banks (including any Assuming LendersBanks) of the occurrence of such Commitment Increase Date promptly on such date by facsimile transmission or electronic messaging system. On the date of such Commitment Increase, the Borrowers Credit Agreement Company shall (A) prepay the outstanding Committed Loans and borrow new Loans (if anywhich prepayments and borrowings may be made on a non-ratable basis) in full, (B) if so required in accordance with the terms hereof, simultaneously borrow new Committed Loans hereunder in an amount equal to such prepaymentamounts, so that, after giving effect thereto, the Committed Loans (and Interest Periods) are held ratably by the Lenders Banks in accordance with their the respective Commitments of such Lenders Banks (after giving effect to such Commitment Increase) and (Ciii) pay to the Lenders Banks the amounts, if any, payable under Section 5.053.4 as a result of any such prepayment.

Appears in 1 contract

Samples: Year Credit Agreement (Mgic Investment Corp)

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