Increases in Commitments Clause Samples
The "Increases in Commitments" clause allows parties to raise the total amount of financial commitments or credit available under an agreement. Typically, this clause outlines the process for requesting and approving additional commitments, such as requiring lender consent or specifying notice periods. Its core function is to provide flexibility for borrowers to access more funds as needed, while ensuring that all parties agree to the revised terms, thereby accommodating changing financial needs without renegotiating the entire agreement.
Increases in Commitments. (a) Subject to the terms and conditions of this Agreement, on and from the Effective Date, the Borrower may by delivering to the Administrative Agent and the Lenders a Notice of Revolving Increase in the form of Exhibit E, request increases to the Lenders’ Commitments (each such request, an “Optional Increase”); provided that:
(i) the Borrower may not request any increase to the Commitments after the occurrence and during the continuance of a Default; (ii) each Optional Increase shall be in a minimum amount of $50,000,000 and (iii) the aggregate amount of all Optional Increases shall be no more than $250,000,000.
(b) Each Lender may, but shall not be obligated to, participate in any Optional Increase, subject to the approval of each Issuing Lender and the Swingline Lender (such approval not to be unreasonably withheld), and the decision of any Lender to commit to an Optional Increase shall be at such ▇▇▇▇▇▇’s sole discretion and shall be made in writing. The Borrower may, at its own expense, solicit additional Commitments from third party financial institutions reasonably acceptable to the Administrative Agent, the Swingline Lender and the Issuing Lenders. Any such financial institution (if not already a Lender hereunder) shall become a party to this Agreement as a Lender, pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and the Borrower.
(c) As a condition precedent to the Optional Increase, the Borrower shall deliver to the Administrative Agent a certificate of the Borrower dated the effective date of the Optional Increase, signed by a Responsible Officer of the Borrower, certifying that: (i) the resolutions adopted by the Borrower approving or consenting to such Optional Increase are attached thereto and such resolutions are true and correct and have not been altered, amended or repealed and are in full force and effect, (ii) before and after giving effect to the Optional Increase, (A) the representations and warranties contained in Article V and the other Loan Documents are true and correct in all material respects (except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be true and correct in all respects) on and as of the effective date of the Optional Increase, except to the extent that such representations and warranties specifically refer to an earlier date, in which c...
Increases in Commitments. The Total Committed Line Portions may be increased at any time prior to December 10, 2009 when the Total Committed Percentage is less than 100%; provided that (i) each Issuing Bank and Swing Line Bank approves each such increase (with respect to both Existing Banks and New Banks) and (ii) the following conditions are satisfied:
(a) Not more than forty-five (45) days and not less than thirty (30) days prior to the proposed effective date of such increase in the Total Committed Line Portions (or such shorter period as may be agreed among the Administrative Agent and the Borrower), the Borrower makes a written request for such increase to the Administrative Agent, who shall forward a copy of any such request to each Bank. Each request by the Borrower pursuant to the immediately preceding sentence shall (i) specify a proposed effective date of such increase (the “Requested TCL Increase Effective Date”), (ii) specify the amount of such requested increase in the Total Committed Line Portions (the “Requested TCL Increase Amount”), each such requested increase amount to be in a minimum amount of not less than $15,000,000, and (iii) constitute an invitation to each Bank to increase its Committed Line Portion by its Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this Agreement, with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable) of the Requested TCL Increase Amount.
(b) Each Bank, acting it its sole discretion exercised in good faith and with no obligation to increase its Committed Line Portion pursuant to Section 2.14(a), shall by notice to the Borrower and the Administrative Agent advise the Borrower and Administrative Agent whether or not such Bank agrees to accept all or any portion of such Requested TCL Increase Amount within fifteen (15) days of the Borrower’s request. Any such Bank may initially accept all of its Pro Rata Advance Share (or, if a Defaulting Bank exists, and without limitation to the obligations of such Defaulting Bank under this Agreement, with respect to any Non-Defaulting Bank, its Pro Rata Adjusted Advance Share, if applicable) of such Requested TCL Increase Amount or a lesser portion of such Requested TCL Increase Amount, or decline to accept any portion of such Requested TCL Increase Amount. If any Bank shall not have responded affirmatively within such fifteen (15)-day period, such Bank shall be deemed to have reject...
Increases in Commitments. Section 2.19(a) of the Existing Credit Agreement is amended by replacing it in its entirety with the following:
(a) Subject to the terms and conditions of this Agreement, on and from the Amendment No. 4 Closing Date, the Borrower may by delivering to the Administrative Agent and the Lenders a Notice of Revolving Increase in the form of Exhibit E, request increases to the Lenders’ Commitments (each such request, an “Optional Increase”); provided that: (i) the Borrower may not request any increase to the Commitments after the occurrence and during the continuance of a Default; (ii) each Optional Increase shall be in a minimum amount of $50,000,000 and (iii) the aggregate amount of all Optional Increases shall be no more than $250,000,000.”
Increases in Commitments. (a) Subject to the terms and conditions of this Agreement, the Borrower may, during the Availability Period by delivering to the Administrative Agent and the Lenders a Notice of Revolving Increase in the form of Exhibit E, request increases to the Lenders’ Commitments (each such request, an “Optional Increase”); provided that: (i) the Borrower may not request any increase to the Commitments after the occurrence and during the continuance of a Default; (ii) each Optional Increase shall be in a minimum amount of $50,000,000 and (iii) the aggregate amount of all Optional Increases shall be no more than $100,000,000.
(b) Each Lender may, but shall not be obligated to, participate in any Optional Increase, subject to the approval of each Issuing Lender and the Swingline Lender (such approval not to be unreasonably withheld), and the decision of any Lender to commit to an Optional Increase shall be at such Lender’s sole discretion and shall be made in writing. The Borrower may, at its own expense, solicit additional Commitments from third party financial institutions reasonably acceptable to the Administrative Agent, the Swingline Lender and the Issuing Lenders. Any such financial institution (if not already a Lender hereunder) shall become a party to this Agreement as a Lender, pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and the Borrower.
(c) As a condition precedent to the Optional Increase, the Loan Parties shall deliver to the Administrative Agent a certificate of the Loan Parties dated the effective date of the Optional Increase, signed by Authorized Officers of each Loan Party, certifying that: (i) the resolutions adopted by each Loan Party approving or consenting to such Optional Increase are attached thereto and such resolutions are true and correct and have not been altered, amended or repealed and are in full force and effect, (ii) before and after giving effect to the Optional Increase, (A) the representations and warranties contained in Article V and the other Loan Documents are true and correct in all material respects (except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such representation and warranty shall be true and correct in all respects) on and as of the effective date of the Optional Increase, except to the extent that such representations and warranties specifically refer to an earlier date...
Increases in Commitments. Section 2.19(a) of the Existing Credit Agreement is amended and restated by replacing the reference to “$100,000,000” where it appears therein with “$250,000,000”.
Increases in Commitments. 2.1 Commencing as of the Effective Date, the Commitment of each of the Banks shall be increased from the amounts set forth, with respect to each Bank on Schedule A to Amendment No. 1, to the respective amounts set forth opposite the name of each of the Banks on Schedule A annexed hereto, and the Temporary Commitment shall be increased from Ten Million ($10,000,000) Dollars to Fifteen Million ($15,000,000) Dollars.
2.2 In order to evidence the Loans made by each of the Banks under the Commitments as amended hereby, the Borrower shall execute and deliver to each of the Banks a new note substantially in the form attached to the Loan Agreement as Exhibit B-1, reflecting the Commitment of each Bank respectively as amended hereby, dated the Effective Date and otherwise duly completed (collectively, all of the above-described promissory notes are defined as the "New Bank Notes"). In order to evidence the Temporary Loans by the Temporary Lender under the Temporary Commitment as amended hereby, the Borrower shall execute and deliver to the Temporary Lender a new note substantially in the form attached to the Loan Agreement as Exhibit B-2 reflecting the Temporary Commitment amount as amended hereby, dated the Effective Date and otherwise duly completed (hereinafter, the "New Temporary Note" and together with the New Bank Notes, collectively, the "New Notes"). Upon execution and delivery by the Borrower of the New Notes, the Agent shall cause each of the Notes being replaced by a New Note to be marked "Replaced by New Note", and returned to the Borrower.
2.3 All references in the Loan Agreement, Loan Documents and all other instruments, documents and agreements executed and delivered pursuant to any of the foregoing, to "the ratable benefit of the Banks", "pro rata", or terms of similar effect shall be deemed to refer to the ratable interests of the Banks, as their respective pro rata interests shall be adjusted to reflect the increase in the Commitments of each of the Banks as set forth on Schedule A annexed hereto.
2.4 In order to reflect the foregoing, if necessary, the Banks shall, as of the Effective Date, make appropriate adjustments among themselves in order that the amount of Loans outstanding to the Borrower from each Bank under the Loan Agreement are in principal amounts, as of the Effective Date, which are in the same proportion to the outstanding principal amount of all Loans that each Bank's Commitment, respectively, bears to the aggregate Commitments of...
Increases in Commitments. (a) At any one or more times prior to five (5) Business Days before the Series 2022-1 Class A-1 Notes Renewal Date, upon at least five (5) Business Days’ notice to the Administrative Agent (who shall promptly notify each Funding Agent and each Investor), the Trustee and the Control Party, the Co-Issuers may deliver notice substantially in the form of Exhibit E hereto (a “Commitment Increase Notice”) to effect an increase in the Series 2022-1 Class A-1 Notes Maximum Principal Amount upon the satisfaction of the Series 2022-1 Class A-1 Availability Conditions with respect to the amount of such increase (a “Commitment Increase Amount”) and a corresponding increase in each Commitment Amount and Maximum Investor Group Principal Amount on a pro rata basis; provided that (i) the requested amount of a Commitment Increase Amount must be a minimum of $10,000,000 and integral multiples of $500,000 in excess thereof (or, if the difference between (x) the maximum dollar amount specified in the definition of Series 2022-1 Class A-1 Notes Maximum Principal Amount minus (y) the Series 2022-1 Class A-1 Notes Maximum Principal Amount as of such date is less than $10,000,000, such lesser amount) and (ii) no such increase shall be permitted if, after giving effect thereto, the Series 2022-1 Class A-1 Notes Maximum Principal Amount would exceed the maximum dollar amount specified in the definition thereof. Schedule I hereto shall be replaced in its entirety by the Schedule I delivered by the Co-Issuers in connection with any Commitment Increase Notice to reflect such Commitment Increase Amount. (b) Pursuant to each Commitment Increase Notice delivered in accordance with Section 2.06(a) hereof, the Co-Issuers (or the Managers on their behalf) shall certify that after giving pro
Increases in Commitments. (a) The Applicable Borrowers, acting jointly, shall have the right at any time on or after the first anniversary of the date of this Agreement to increase the aggregate amount of the Commitments hereunder to an amount not to exceed $2,250,000,000 by causing one or more banks or other financial institutions, which may include any Lender already party to this Agreement, to become a "Lender" party to this Agreement or (in the case of any Lender already party to this Agreement) to increase the amount of such Lender's Commitment; provided that (i) the addition of any bank or other financial institution to this Agreement that is not already a Lender shall be subject to the consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed) and (ii) the Commitment of any bank or other financial institution becoming a "Lender" party to this Agreement, and any increase in the amount of the Commitment of any Lender already party to this Agreement, shall be in an amount equal to an integral multiple of $1,000,000 and not less than $10,000,000.
(b) Agreement and (ii) the date such increase is to become effective (the "Commitment Increase Date").
Increases in Commitments. Each Lender hereby increases its Commitment by the amount set forth opposite such Lender’s name on Schedule 2.01 under the heading “Commitment Increase” which results in (i) a US Commitment of such Lender equal to the amount set forth opposite such Lender’s name on Schedule 2.01 under the heading “US Commitment” and (ii) a total Commitment of such Lender and its Canadian Affiliate, if any, equal to the amount set forth opposite such Lender’s name on Schedule 2.01 under the heading “Total Commitment”.
Increases in Commitments. The Borrower may, by notice to each Lender, request an increase in the Commitments (each such increase, an “Incremental Commitment”) by an aggregate amount (for all such requests) not exceeding $10,000,000.