Common use of Commitment Increase Clause in Contracts

Commitment Increase. So long as no Default or Event of Default exists, the Borrower may from time to time request that the Total Commitment be increased to an amount not to exceed $750,000,000 (the “Maximum Commitment”); provided, that the Borrower shall not make more than five (5) such requests during the term of this Agreement. Each request shall be in a minimum amount of $25,000,000. If the Borrower requests that the Total Commitment be increased, the Agent and the Borrower will cooperate with each other to obtain increased or additional commitments up to the amount of such request (not to exceed the Maximum Commitment), and to do so may obtain additional lenders subject to their mutual approval, such approval not to be unreasonably withheld or delayed, and without the necessity of approval from any of the Lenders, as long as such additional lenders constitute Eligible Institutions. No Lender shall have any obligation to increase its Lender Commitment pursuant to a request by the Borrower to increase the Total Commitment. The Borrower and each other Obligor shall execute an amendment to this Agreement (containing a reaffirmation of all representations and warranties in this Agreement and the Credit Documents and certifying the absence of a Default or Event of Default), additional Notes and other documents as the Agent may reasonably require to evidence each increase of the Total Commitment and, if necessary, the admission of additional Eligible Institutions as Lenders.

Appears in 2 contracts

Samples: Credit Agreement (Eastgroup Properties Inc), Credit Agreement And (Eastgroup Properties Inc)

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Commitment Increase. So long as no Default or Event of Default existsthe Borrower is not then in Default, the Borrower may from time on one (1) occasion prior to time the date two (2) years after the date of this Agreement, request that the Total Commitment be increased to an amount increased, so long as the Total Commitment does not to exceed $750,000,000 275,000,000.00 (the "Maximum Commitment"); provided, that the Borrower shall not make more than five (5) such requests during the term of this Agreement. Each request shall be in a minimum amount of $25,000,000. If the Borrower requests that the Total Commitment be increased, the Agent and the Borrower will cooperate with each other to obtain increased or additional commitments up to the amount of such request (not to exceed the Maximum Commitment), and to do so may obtain additional lenders subject to their mutual approval, such approval not to be unreasonably withheld or delayed, and without the necessity of approval from any of the Lenders, as long as such additional lenders constitute Eligible Institutions. No Lender shall have any obligation to increase its Lender Commitment pursuant to a request by the Borrower to increase the Total Commitment. The Borrower and each other Obligor shall execute an amendment to this Agreement (containing a reaffirmation of all representations and warranties in this Agreement and the Credit Documents and certifying the absence of a Default or Event of Default)Agreement, additional Notes and other documents as the Agent may reasonably require to evidence each the increase of the Total Commitment andCommitment, if necessary, and the admission of additional Eligible Institutions as Lenders, if necessary.

Appears in 1 contract

Samples: Credit Agreement (Eastgroup Properties Inc)

Commitment Increase. So long as no Default or Event of Default existsthe Borrower is not then in Default, the Borrower may from time to time on one (1) occasion, request that the Total Commitment be increased to an amount increased, so long as the Total Commitment does not to exceed $750,000,000 100,000,000 (the "Maximum Commitment"); provided, that the Borrower shall not make more than five (5) such requests during the term of this Agreement. Each request shall be in a minimum amount of $25,000,000. If the Borrower requests that the Total Commitment be increased, the Agent and the Borrower will cooperate with each other to obtain increased or additional commitments up to the amount of such request (not to exceed the Maximum Commitment), and to do so may obtain additional lenders subject to their mutual approval, such approval not to be unreasonably withheld or delayed, and without the necessity of approval from any of the Lenders, as long as such additional lenders constitute Eligible Institutions. No Lender shall have any obligation to increase its Lender Commitment pursuant to a request by the Borrower to increase the Total Commitment. The Borrower and each other Obligor shall execute an amendment to this Agreement (containing a reaffirmation of all representations and warranties in this Agreement and the Credit Documents and certifying the absence of a Default or Event of Default)Agreement, additional Notes and other documents as the Agent may reasonably require to evidence each the increase of the Total Commitment andCommitment, if necessary, and the admission of additional Eligible Institutions as Lenders, if necessary.

Appears in 1 contract

Samples: Term Loan Agreement (Eastgroup Properties Inc)

Commitment Increase. So long as no Default or Event of Default exists, the Borrower may from time to time request that the Total Commitment be increased to an amount not to exceed $750,000,000 450,000,000 (the “Maximum Commitment”); provided, that the Borrower shall not make more than five (5) such requests during the term of this Agreement. Each request shall be in a minimum amount of $25,000,000. If the Borrower requests that the Total Commitment be increased, the Agent and the Borrower will cooperate with each other to obtain increased or additional commitments up to the amount of such request (not to exceed the Maximum Commitment), and to do so may obtain additional lenders subject to their mutual approval, such approval not to be unreasonably withheld or delayed, and without the necessity of approval from any of the Lenders, as long as such additional lenders constitute Eligible Institutions. No Lender shall have any obligation to increase its Lender Commitment pursuant to a request by the Borrower to increase the Total Commitment. The Borrower and each other Obligor shall execute an amendment to this Agreement (containing a reaffirmation of all representations and warranties in this Agreement and the Credit Documents and certifying the absence of a Default or Event of Default), additional Notes and other documents as the Agent may reasonably require to evidence each increase of the Total Commitment and, if necessary, the admission of additional Eligible Institutions as Lenders.

Appears in 1 contract

Samples: Credit Agreement (Eastgroup Properties Inc)

Commitment Increase. So long as no Default or Event of Default existsthe Borrower is not then in Default, the Borrower may from time on one (1) occasion prior to time the date three (3) years after the date of this Agreement, request that the Total Commitment be increased to an amount increased, so long as the Total Commitment does not to exceed $750,000,000 325,000,000 (the "Maximum Commitment”); provided, that ") and the Borrower shall not make more than five (5) such requests during the term of this Agreement. Each request shall be in a the minimum amount of $25,000,000. If the Borrower requests that the Total Commitment be increased, the Agent and the Borrower will cooperate with each other to obtain increased or additional commitments up to the amount of such request (not to exceed the Maximum Commitment), and to do so may obtain additional lenders subject to their mutual approval, such approval not to be unreasonably withheld or delayed, and without the necessity of approval from any of the Lenders, as long as such additional lenders constitute Eligible Institutions. No Lender shall have any obligation to increase its Lender Commitment pursuant to a request by the Borrower to increase the Total Commitment. The Borrower and each other Obligor shall execute an amendment to this Agreement (containing a reaffirmation of all representations and warranties in this Agreement and the Credit Documents and certifying the absence of a Default or Event of Default)Agreement, additional Notes and other documents as the Agent may reasonably require to evidence each the increase of the Total Commitment andCommitment, if necessary, and the admission of additional Eligible Institutions as Lenders, if necessary.

Appears in 1 contract

Samples: Credit Agreement (Eastgroup Properties Inc)

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Commitment Increase. So long as no Default or Event of Default exists, the Borrower may from time to time request that the Total Commitment be increased to an amount not to exceed $750,000,000 500,000,000 (the “Maximum Commitment”); provided, that the Borrower shall not make more than five (5) such requests during the term of this Agreement. Each request shall be in a minimum amount of $25,000,000. If the Borrower requests that the Total Commitment be increased, the Agent and the Borrower will cooperate with each other to obtain increased or additional commitments up to the amount of such request (not to exceed the Maximum Commitment), and to do so may obtain additional lenders subject to their mutual approval, such approval not to be unreasonably withheld or delayed, and without the necessity of approval from any of the Lenders, as long as such additional lenders constitute Eligible Institutions. No Lender shall have any obligation to increase its Lender Commitment pursuant to a request by the Borrower to increase the Total Commitment. The Borrower and each other Obligor shall execute an amendment to this Agreement (containing a reaffirmation of all representations and warranties in this Agreement and the Credit Documents and certifying the absence of a Default or Event of Default), additional Notes and other documents as the Agent may reasonably require to evidence each increase of the Total Commitment and, if necessary, the admission of additional Eligible Institutions as Lenders.

Appears in 1 contract

Samples: Credit Agreement (Eastgroup Properties Inc)

Commitment Increase. So long as no Default or Event of Default existsthe Borrower is not then in Default, the Borrower may from time on one (1) occasion prior to time the date three (3) years after the date of this Agreement, request that the Total Commitment be increased to an amount increased, so long as the Total Commitment does not to exceed $750,000,000 300,000,000 (the "Maximum Commitment"); provided, that the Borrower shall not make more than five (5) such requests during the term of this Agreement. Each request shall be in a minimum amount of $25,000,000. If the Borrower requests that the Total Commitment be increased, the Agent and the Borrower will cooperate with each other to obtain increased or additional commitments up to the amount of such request (not to exceed the Maximum Commitment), and to do so may obtain additional lenders subject to their mutual approval, such approval not to be unreasonably withheld or delayed, and without the necessity of approval from any of the Lenders, as long as such additional lenders constitute Eligible Institutions. No Lender shall have any obligation to increase its Lender Commitment pursuant to a request by the Borrower to increase the Total Commitment. The Borrower and each other Obligor shall execute an amendment to this Agreement (containing a reaffirmation of all representations and warranties in this Agreement and the Credit Documents and certifying the absence of a Default or Event of Default)Agreement, additional Notes and other documents as the Agent may reasonably require to evidence each the increase of the Total Commitment andCommitment, if necessary, and the admission of additional Eligible Institutions as Lenders, if necessary.

Appears in 1 contract

Samples: Credit Agreement (Eastgroup Properties Inc)

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