Increase in Total Commitments Clause Samples
The "Increase in Total Commitments" clause allows the total amount of funds or credit available under an agreement to be raised beyond the original limit. Practically, this clause sets out the conditions and procedures for increasing the commitments, such as requiring lender consent, specifying notice periods, and possibly setting a maximum cap for the increase. Its core function is to provide flexibility for the borrower to access additional financing as needed, while ensuring that all parties agree to the new terms and that the process is orderly and transparent.
Increase in Total Commitments. (a) At any time and from time to time on or after the Effective Date, so long as no Default or Event of Default then exists or would arise therefrom, (i) the Lead Borrower shall have the right to request an increase of the then outstanding Domestic Commitments (which Commitment Increase may take the form of a term loan tranche) by such amount as would cause the Domestic Total Commitments not to exceed in the aggregate (A) $3,000,000,000 minus (B) the then outstanding Canadian Commitments (after taking into effect the amount of any increases in the Canadian Commitments requested pursuant to this SECTION 2.02(a) on or after the Effective Date), minus (C) all outstanding Tranche A-1 Loans, and (ii) the Canadian Borrower shall have the right to request an increase of the then outstanding Canadian Commitments to an amount not to exceed the Canadian Total Commitment Increase Amount (which Commitment Increase may take the form of a term loan tranche). The Lead Borrower may approach any Lender or any other Person (other than a natural person) to provide all or a portion of any such requested Commitment Increase; provided that, to the extent existing Lenders and Persons approached by the Lead Borrower have declined to provide the requested Commitment Increase, the Administrative Agent, in consultation with the Lead Borrower, will use its reasonable best efforts to arrange for other Persons to become a Domestic Lender or Canadian Lender, as applicable, hereunder and to issue commitments in an amount equal to the amount of the Commitment Increase requested by the Lead Borrower and/or the Canadian Borrower (each such increase by either means, a “Commitment Increase,” and each Person issuing, or Lender increasing, its Commitment, an “Additional Commitment Lender”); provided, however, that (i) no Lender shall be obligated to provide a Commitment Increase as a result of any such request by the Lead Borrower or the Canadian Borrower, as applicable, (ii) any Additional Commitment Lender which is not an existing Lender shall be subject to the approval of the Administrative Agent, the Issuing Banks and the Lead Borrower (which approval shall not be unreasonably withheld), and (iii) each Additional Commitment Lender which is a Canadian Lender shall be in compliance with the provisions of SECTION 2.23(j). Each Commitment Increase (other than any such Commitment Increase made on the Effective Date) shall be in a minimum aggregate amount of at least $25,000,000 and in integral m...
Increase in Total Commitments. (a) Upon notice to the Administrative Agent (which shall promptly notify the Lenders) and with the consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed), the Borrowers may request additional increases in the Facility (any such increase in the Total Commitments shall be referred to as an “Upsize”); provided that:
(i) the Loans under the Upsize shall for all purposes be Loans borrowed pursuant to the terms of this Credit Agreement and shall have the same terms as the existing Loans,
(ii) the financial institutions providing such Upsize shall be reasonably acceptable to the Administrative Agent and the Borrowers (but shall not in any event include an Ineligible Assignee),
(iii) (x) immediately after giving effect to the first Upsize (the “Initial Upsize”), which for the avoidance of doubt, shall occur on the Phase 2 Closing Date, the Total Commitments do not exceed $925,000,000 and (y) immediately after giving effect to the second Upsize (the “Subsequent Upsize”) or any further Upsize, the Total Commitments do not exceed $1,110,000,000,
(iv) (x) immediately after giving effect to such Upsize, the LTV Percentage will not exceed the Maximum LTV Percentage then in-effect and (y) the Borrowers shall have delivered to the Administrative Agent and the Lenders a Valuation Report confirming that clause (x) will be satisfied,
(v) both immediately before and after giving effect to such Upsize, no Default or Event of Default shall have occurred and be continuing,
(vi) immediately after giving effect to such Upsize (and the designation of any proceeds of the Upsize deposited in the applicable Borrower’s Collection Account as part of the Cash Reserve Amount), the Cash Reserve Amount shall not be less than the Cash Reserve Required Amount, and
(vii) in the case of each Upsize, the Borrowers shall have received additional assets from LGE or its Affiliates (other than any other Borrower or Guarantor), if any, as may be necessary for the aggregate fair market value (as reasonably determined by the Borrower using the same methodology as the most recently-delivered Valuation Report) of the aggregate assets of the Borrowers to be at least equal to (x) the sum of the (i) the total outstanding principal amount of the Loans issued prior to the applicable Upsize and (ii) the amount of such Upsize divided by (y) the Maximum LTV Percentage that will be in effect immediately after giving effect to such Upsize. Each Lender shall have the right...
Increase in Total Commitments. (a) At any time from the date falling three months after the date of the Agreement until the Final Maturity Date, the Total Commitments may be increased to an amount not exceeding £250,000,000, by either the voluntary increase of the Lenders’ Commitments or by incorporating Additional Lender(s) willing to participate in the increase on the terms of this
Increase in Total Commitments. (a) Before the first Drawdown Date, the Total Commitments may be increased to an amount not exceeding Euro 3,500,000,000 by incorporating Additional Bank(s) willing to participate in the increase on the terms of this Agreement.
(b) Any increase in the Total Commitments under paragraph (a) above will only be effective if the Agent has notified the Borrower and the Banks that it has received all of the documents set out in Part II of Schedule 2 in form and substance satisfactory to the Agent, which the Agent shall do promptly on receipt and the Agent, the Borrower, the existing Banks and the -------------------------------------------------------------------------------- 12 BK:796867.10 -------------------------------------------------------------------------------- Additional Banks have entered into a Supplemental Agreement. The Agent is authorised, and agrees, to execute any Supplemental Agreement on behalf of the Banks.
(c) Any increase in the Total Commitments effected in accordance with paragraphs (a) and (b) above will be binding on all the parties to this Agreement.
(d) Following the notification from the Agent referred to in paragraph (b) above, references in this Agreement to Banks include any Additional Banks.
Increase in Total Commitments. The Total Revolving Facility Commitments may be increased in accordance with this clause 9.
Increase in Total Commitments. (a) The Company may, at any time after the date of this Agreement, request an increase in the Total Commitments of:
(i) up to USD150,000,000 (provided that the Agent has been provided with a copy of a resolution of the Board of Directors of the Company (certified by a director or by a Financial Officer as being correct, complete and in full force and effect) approving any increase pursuant to this Clause 2.2 in form and substance reasonably satisfactory to it); or
(ii) if the Commitment of a Defaulting Lender has been repaid and cancelled in accordance with paragraph (d) of Clause 16.5 (
Increase in Total Commitments