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. So long as no Event of Default or Unmatured Event of Default has occurred and is continuing, with the prior written consent of the Administrative Agent and the LC Bank and upon prior notice to the Lenders, the Borrower may from time to time request an increase in the Commitment with respect to one or more Lenders or cause additional Persons to become parties to this Agreement, as lenders, at any time following the Closing Date and prior to the Termination Date; provided, that any such increase in such Lenders’ Commitments and the Commitments of all such additional Lenders may not exceed $100,000,000 in the aggregate during the life of this Agreement; provided, that each request for an increase and addition shall be in a minimum amount of $10,000,000. At the time of sending such notice with respect to any Lender, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which such Lenders and the Administrative Agent are requested to respond to the Borrower’s request (which shall in no event be less than ten (10) Business Days from the date of delivery of such notice to the Administrative Agent). Each Lender being asked to increase its Commitment, the LC Bank and the Administrative Agent shall notify the Borrower within the applicable time period whether or not such Person agrees, in its respective sole discretion, to the increase to such Lender’s Commitment. Any such Person not responding within such time period shall be deemed to have declined to consent to an increase in such Lender’s Commitment. For the avoidance of doubt, only the consent of the Lender then being asked to increase its Commitment (or an additional Lender), the Administrative Agent and the LC Bank shall be required in order to approve any such request. If the Commitment of any Lender is increased (or a new Person is added as Lender) in accordance with this clause (h), the Administrative Agent, such Lender, the LC Bank and the Borrower shall determine the effective date with respect to such increase and shall enter into such documents as agreed to by such parties to document such increase; it being understood and agreed that the Administrative Agent or any Lender increasing its Commitment pursuant to this Section 2.01(h) may request any of (x) resolutions of the Board of Directors of the Borrower approving or consenting to such Commitment increase and authorizing the execution, delivery and performance of any amendment to this Agreement, (y) a corpo...
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 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. (a) The Borrowers, acting jointly, shall have the right at any time to increase the aggregate amount of the Commitments hereunder to an amount not to exceed $1,250,000,000 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) Any increase in the aggregate amount of the Commitments pursuant to Section 2.10(a) hereof shall be effective only upon the execution and delivery by the Borrowers, the Administrative Agent and each relevant bank, financial institution or Lender of a commitment increase letter in substantially the form of Exhibit I hereto (a “Commitment Increase Letter”), which Commitment Increase Letter shall be delivered to the Administrative Agent not less than three Business Days prior to the Commitment Increase Date and shall specify (i) the amount of the Commitment of such bank or other financial institution becoming a “Lender” party to this Agreement or of any increase in the amount of the Commitment of such Lender and (ii) the date such increase is to become effective (the “Commitment Increase Date”).
(c) Any increase in the aggregate amount of the Commitments pursuant to this Section 2.10 shall not be effective unless:
(i) no Default shall have occurred and be continuing on the Commitment Increase Date;
(ii) each of the representations and warranties made by the Borrowers in Section 7 hereof (other than the Excluded Representations) shall be true and correct in all material respects on and as of the Commitment Increase Date with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date);
(iii) no notice of borrowing of Syndicated Loans shall be o...
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. 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. (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. The Borrower may at any time request an increase in the Facilities to a maximum of $125,000,000, subject to approval of Lenders. Any such increase in the Commitments shall be offered to the Lenders on a pro rata basis according to each Lender's existing Commitment. Each Lender will be responsible for reaching an independent decision on the proposed increase and each Lender must provide a written response to the Administrative Agent within fifteen (15) business days of the Borrower's request. In the event that the aggregate amount of the Commitments received from the existing Lenders is less than the requested increase, the Administrative Agent shall first offer the Lenders increasing their Commitments the right to further increase their Commitments. In the event that the Facilities are not increased to $125,000,000 by increases in the Commitments of the Lenders, the Borrower may offer any remaining commitment availability to a new Lender or Lenders, such Lender or Lenders to be acceptable to the Borrower and the Administrative Agent. Such new Lenders must become Lender under the Credit Agreement and shall have all of the rights and obligations of a Lender under the Loan Documents to have the same extent as if it were an original party thereto. In no event shall any of the Lenders be required to consent to a request of the Borrower to increase its Revolving Credit Commitments or obligations under the Credit Agreement.
Increases in Commitments. (i) The Borrower may, by written notice to the Agent (who shall promptly notify the Lenders), request an increase in the Commitments (each such increase, an “Incremental Commitment”) by an aggregate amount (for all such requests) not exceeding $250,000,000; provided that (i) any such request for an increase shall be in a minimum amount of the lesser of (x) $50,000,000 (or such lesser amount as may be approved by the Agent) and (y) the entire remaining amount of increases available under this Section 2.08(e) and (ii) the Borrower shall make no more than a total of five (5) requests for increases of Commitments under this Section 2.08(e).
Increases in Commitments. With effect from and including the Amendment Effective Date (as defined in Section 6 below), (i) each Person listed on the signature pages hereof which is not a party to the Agreement (a "New Bank") shall become a Bank party to the Agreement and (ii) the Commitment of each Bank listed on the signature pages hereof shall be the amount set forth opposite its name on the signature pages hereof, as such amount may be changed from time to time subsequent to the Amendment Effective Date pursuant to Section 2.09, 2.11 or 2.06(c) of the Credit Agreement. Any Bank whose Commitment is changed to zero shall upon such effectiveness cease to be a Bank party to the Agreement, and all accrued fees and other amounts payable under the Agreement for the account of such Bank shall be due and payable on such date; provided that the provisions of Section 8.03 and 9.03 of the Agreement shall continue to inure to the benefit of such Bank.
Increases in Commitments. So long as no Event of Termination or Unmatured Event of Termination has occurred and is continuing, upon notice to the Administrative Agent and each Purchaser, the Seller may request on a one-time basis that the Purchasers ratably increase their respective Commitments, in an aggregate amount not to exceed $50,000,000; provided, that such request for an increase shall be in a minimum amount of $25,000,000. At the time of sending such notice with respect to the Purchasers, the Seller (in consultation with the Administrative Agent and the Purchasers) shall specify (i) the aggregate amount of such increase and (ii) the time period within which such Purchasers and the Administrative Agent are requested to respond to the Seller’s request (which shall in no event be less than fifteen (15) Business Days from the date of delivery of such notice to the Administrative Agent and the Purchasers). Each of the Purchasers and the Administrative Agent shall notify the Seller and the Master Servicer within the applicable time period whether or not