Incremental Revolving Commitments Clause Samples
The Incremental Revolving Commitments clause allows a borrower to increase the total amount available under a revolving credit facility, subject to lender approval and certain conditions. In practice, this means the borrower can request additional commitments from existing or new lenders, up to a specified cap, without needing to refinance or renegotiate the entire facility. This clause provides flexibility for the borrower to access more funds as needed, addressing future financing needs while streamlining the process and reducing administrative burdens.
Incremental Revolving Commitments. (a) At any time and from time to time, subject to the terms and conditions set forth herein, the Borrower may, by notice to the Administrative Agent (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), establish one or more increases in the Revolving Facility Commitments (the “Incremental Revolving Commitments”). Notwithstanding anything to the contrary herein, the aggregate amount of the Incremental Revolving Commitments shall not exceed an amount equal to $100.0 million. Each establishment of Incremental Revolving Commitments pursuant to this Section 2.21 shall be in a minimum aggregate principal amount of $10.0 million and integral multiples of $1.0 million in excess thereof (or such lesser minimum amount reasonably approved by the Administrative Agent).
(b) Each notice from the Borrower pursuant to this Section 2.21 shall set forth the requested amount and proposed terms of the relevant Incremental Revolving Commitments. Incremental Revolving Commitments may be provided by any existing Lender (it being understood that no existing Lender will have an obligation to provide, and the Borrower Parties shall have no obligation to offer any existing Lender the opportunity to provide any commitment for, Incremental Revolving Commitments), in each case, on terms permitted under this Section 2.21, or any Additional Lender; provided that the Administrative Agent shall have consented (in each case, such consent not to be unreasonably withheld, delayed or conditioned) to any Additional Lender’s providing such Incremental Revolving Commitments if such consent by the Administrative Agent would be required under Section 9.04 for an assignment of Loans to such Additional Lender. Any Incremental Revolving Commitments shall become effective pursuant to an amendment (each, an “Incremental Facility Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower Parties, each Lender or Additional Lender providing such Incremental Revolving Commitments (but without the consent of any other Lender) and the Administrative Agent. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Facility Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Facility Amendment, this Agreement and the other Loan Documents, as applicable, shall be deemed amended to the extent (but only to the extent) necessary to reflect the ...
Incremental Revolving Commitments. The terms and provisions of the Incremental Revolving Commitment shall be identical to the Revolving Loans and the Revolving Commitments and, for purposes of this Agreement and the other Loan Documents, all Revolving Loans made under the Incremental Revolving Commitment shall be deemed to be Revolving Loans of the same class as the Revolving Loans under the Revolving Commitments. Without limiting the generality of the foregoing, (A) the rate of interest applicable to the Incremental Revolving Commitment shall be the same as the rate of interest applicable to the existing Revolving Loans, (B) commitment fees applicable to the Incremental Revolving Commitment shall be calculated using the same commitment fees applicable to the existing Revolving Loans and (C) the Incremental Revolving Commitment shall share ratably in any mandatory prepayments of the Revolving Loans.
Incremental Revolving Commitments. (a) FCX may on one or more occasions, by written notice to the Administrative Agent, request, during the Revolving Availability Period, the establishment of Incremental Revolving Commitments, provided that the aggregate amount of all the Incremental Revolving Commitments established hereunder shall not exceed $1,000,000,000. Each such notice shall specify (i) the date on which FCX proposes that the Incremental Revolving Commitments shall be effective, which shall be a date not less than 10 Business Days (or such shorter period as may be agreed to by the Administrative Agent) after the date on which such notice is delivered to the Administrative Agent and (ii) the amount of the Incremental Revolving Commitments being requested (it being agreed that (A) any Lender approached to provide any Incremental Revolving Commitment may elect or decline, in its sole discretion, to provide such Incremental Revolving Commitment and (B) any Person that FCX proposes to become an Incremental Revolving Lender must be reasonably acceptable to the Administrative Agent, each Principal Issuing Bank and the Swingline Lender).
Incremental Revolving Commitments. Subject to the terms and conditions set forth herein, the Borrowers shall have the right, from time to time and upon at least ten Business Days’ prior written notice to the Administrative Agent (an “Incremental Request”), to increase the Aggregate Revolving Commitments (the “Incremental Revolving Commitments”); provided, that, each Incremental Request with respect to Incremental Revolving Commitments shall be subject to satisfaction of the following conditions precedent:
(a) after giving to such Incremental Revolving Commitments, the Aggregate Revolving Commitments shall not exceed $1,000,000,000;
(b) on the date on which the applicable Incremental Revolving Amendment is to become effective, both immediately prior to and immediately after giving effect to the incurrence of such Incremental Revolving Commitments (assuming that the full amount of such Incremental Revolving Commitments shall have been funded on such date) and any related transactions, no Default shall have occurred and be continuing;
(c) the representations and warranties of each Loan Party contained in this Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date on which such Incremental Revolving Amendment is to become effective, except to the extent that such representations and warranties (i) are qualified by materiality in which case such representations and warranties shall be true and correct in all respects and (ii) specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date;
(d) such Incremental Revolving Commitments shall be in a minimum amount of $10,000,000 and in integral multiples of $5,000,000 in excess thereof (or such lesser amounts as agreed by the Administrative Agent);
(e) such Incremental Revolving Commitments shall be made on the same terms and provisions (other than upfront fees) as apply to the existing Revolving Commitments, including with respect to maturity date, interest rate and prepayment provisions, and shall not constitute a credit facility separate and apart from the existing revolving credit facility set forth in Section 2.01;
(f) the Administrative Agent shall have received additional commitments in a corresponding amount of such requested Incremental Revolving Commitments from either existing Lenders and/or one or more other institutions that qualify ...
Incremental Revolving Commitments i. The parties hereto hereby acknowledge and agree that the revolving commitments established on the Increased Amount Date (the “Incremental Revolving Commitments”) shall not constitute a separate Class of Revolving Commitments, but shall instead be part of the same Class as the Revolving Commitments made on the Restatement Date. Each of the parties hereto hereby agrees that the Administrative Agent may take any and all action as may be reasonably necessary to ensure that all such Incremental Revolving Commitments may be treated as Revolving Commitments for all purposes under the Loan Documents.
ii. The Incremental Revolving Commitments shall terminate on the U.S. Revolving Commitment Termination Date.
Incremental Revolving Commitments. On any Increase Effective Date on which an Incremental Revolving Commitment is effective, the participations held by the Revolving Lenders in the L/C Obligations and Swing Line Loans immediately prior to such increase will be reallocated so as to be held by the Revolving Lenders ratably in accordance with their respective Applicable Percentages after giving effect to such Incremental Revolving Commitment. If, on the date of an Incremental Revolving Commitment, there are any Revolving Loans outstanding, the Borrower shall prepay such Revolving Loans in accordance with this Agreement on the date of effectiveness of such Incremental Revolving Commitment (but the Borrower may finance such prepayment with a concurrent borrowing of Revolving Loans from the Revolving Lenders in accordance with their Applicable Percentages after giving effect to such Incremental Revolving Commitment).
Incremental Revolving Commitments b.Schedule 2.01B hereto sets forth the Incremental Revolving Commitment of each Incremental Revolving Lender as of the Incremental Effective Date. The Incremental Revolving Commitment of each Incremental Revolving Lender shall be several and not joint.
Incremental Revolving Commitments. (1) The Company may, at any time, by notice to the Administrative Agent (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request one or more increases in the amount of the Revolving Commitments (each such increase, an “Incremental Revolving Commitment” and loans in respect thereof, “Incremental Revolving Loans”); provided that upon the effectiveness of any Incremental Revolving Amendment referred to below, subject to Section 1.08, (i) no Default or Event of Default shall exist and (ii) all representations and warranties shall be true and correct in all material respects (except for representations and warranties that are already qualified by materiality, which representations and warranties will be accurate in all respects). Each Incremental Revolving Commitment shall be in an aggregate principal amount that is not less than $10,000,000 (or such lower amount that either (a) represents all remaining availability under the limit set forth in the next sentence or (b) is acceptable to the Administrative Agent). Notwithstanding anything to the contrary herein, the aggregate amount of the Incremental Revolving Commitments shall not exceed $250,000,000. Each notice from the Company pursuant to this Section 2.24 shall set forth the requested amount and proposed terms of the relevant Incremental Revolving Commitment. Incremental Revolving Commitments may be made by any Additional Lender; provided that the relevant Persons under Section 10.04 has consented (in each case, not to be unreasonably withheld or delayed) to such Lender’s or Additional Lender’s Incremental Revolving Commitment, if such consent would be required under Section 10.04 for an assignment of Revolving Loans to such Lender or Additional Lender. The Arranger agrees, upon the request of the Company and pursuant to mutually satisfactory engagement and compensation arrangements, to use their commercially reasonable efforts to obtain any Additional Lenders to make any such requested Incremental Revolving Commitment; provided that the Arranger’s agreement to use such efforts does not constitute a commitment to provide any such requested Incremental Revolving Commitment.
(2) Commitments in respect of Incremental Revolving Commitments shall become Revolving Commitments under this Agreement pursuant to an amendment (an “Incremental Revolving Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Borrowers, each Lender agreeing t...
Incremental Revolving Commitments. 47 3.17 Extension of Maturity Date in Respect of Revolving Facility. ....................................................... 49 SECTION 4. GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT ............... 50 4.1
Incremental Revolving Commitments. Each Increasing Lender hereby agrees, effective as of the Effective Date, to extend an Incremental Commitment in the amount set forth opposite its name on Schedule 1A hereto.