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 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 $10,000,000. 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 ten (10) 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 such Person agrees, in its respective sole discretion, to make such ratable increase in such Purchaser’s Commitment or otherwise agrees to any lesser increase in its Commitment. Any such Person not responding within such time period shall be deemed to have declined to consent to an increase in such Purchaser’s Commitment. In the event that one or more Purchasers fails to consent to all or any portion of any such request for an increase in its Commitment, the Seller may (in consultation with the Administrative Agent) request that any unaccepted portion of the requested increases in Commitments be allocated to one or more willing Purchaser as agreed in writing among the Seller, the Administrative Agent and such willing Purchasers (in each case, in their sole discretion), such that such Purchasers’ increase in their Commitment exceeds such Purchaser’s ratable share. Any such Purchaser may agree, in its sole discretion, to such increase in its Commitment. If the Commitment of any Purchaser is increased in accordance with this clause (g), the Administrative Agent, the Purchasers, the Seller and the Master Servicer shall (i) 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 Purchaser increasing its Commitment pursuant to this clause (g) may request any of (x) resolutions of...
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 $75,000,000; provided, that such request for an increase shall be in a minimum amount of $5,000,000. 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 ten (10) 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 such Person agrees, in its respective sole discretion, to make such ratable increase in such Purchaser’s Commitment or otherwise agrees to any lesser increase in its Commitment. Any such Person not responding within such time period shall be deemed to have declined to consent to an increase in such Purchaser’s Commitment. In the event that one or more Purchasers fails to consent to all or any portion of any such request for an increase in its Commitment, the Seller may (in consultation with the Administrative Agent) request that any unaccepted portion of the requested increases in Commitments be allocated to one or more willing Purchasers as agreed in writing among the Seller, the Administrative Agent and such willing Purchasers (in each case, in their sole discretion), such that such Purchasers’ increase in their Commitment exceeds such Purchaser’s ratable share. Any such Purchaser may agree, in its sole discretion, to such increase in its Commitment. If the Commitment of any Purchaser is increased in accordance with this clause (g), the Administrative Agent, the Purchasers, the Seller and the Master Servicer shall (i) 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 Purchaser increasing its Commitment pursuant to this clause (g) may request any of (x) resolutions of...
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. 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. 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. The reference to “$35,000,000” set forth in the first sentence of Section 2.19(a) of the Credit Agreement is hereby amended to refer instead to “$50,000,000”.
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.
Increases in Commitments. Section 2.17 of the Credit Agreement is hereby deleted in its entirety and replaced with “Reserved.”:
1.04. Section 12.
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.