Requests for Additional Commitments Clause Samples
The "Requests for Additional Commitments" clause defines the process by which a party, typically a borrower, may request an increase in the amount of credit or commitments available under an existing agreement. This clause outlines the conditions and procedures for making such requests, such as notice requirements, approval by the lender, and any limitations on the amount or frequency of additional commitments. Its core practical function is to provide a structured mechanism for expanding the scope of the agreement to meet changing needs, while ensuring that all parties are aware of and agree to any increases in obligations.
Requests for Additional Commitments. So long as no Specified Default exists or would arise therefrom, at any time and from time to time on or following the Additional Closing Date Commitment Termination Date and prior to the Maturity Date, subject to the terms and conditions set forth herein, the Borrower Representative may (on behalf of the Borrowers), by notice to the Administrative Agent (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request to add additional Commitments under the Facility or provide commitments under a new revolving credit facility to be included under the Facility (which may be in the form of a FILO Tranche) (the “Additional Commitments”). Any Additional Commitments shall be in an aggregate principal amount that is not less than $25.0 million or any whole multiple of $5.0 million in excess thereof. It is understood and agreed that (i) any Additional Commitments (whether consisting of additional Commitments under the Facility or under a new revolving credit facility included under the Facility) shall constitute Commitments, (ii) the Commitment Percentage of any Lender providing an Additional Commitment shall be calculated to include such Additional Commitment to the extent then outstanding and (iii) any Additional Loans made by any Lender pursuant to any Additional Commitment (whether consisting of additional Commitments under the Facility or under a new revolving credit facility included under the Facility) shall be included for purposes of calculating Aggregate Outstanding Revolving Credit to the extent then outstanding.
Requests for Additional Commitments. So long as no Default or Event of Default exists or would arise therefrom, at any time and from time to time prior to the Termination Date, 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), request to add additional Tranche B Term Loan Commitments under the Facility or under a new term loan credit facility to be included under the Facility (the “Additional Commitments”). Any Additional Commitments shall be in an aggregate principal amount that (x) is not less than $5,000,000 or any whole multiple of $1,000,000 in excess thereof, and (y) together with the aggregate principal amount of all Additional Commitments previously obtained pursuant to this Section 2.5 does not exceed the sum of $50,000,000.
Requests for Additional Commitments. So long as no Default exists or would arise therefrom, at any time and from time to time after the Closing Date, subject to the terms and conditions set forth herein, the Lead Borrower may (on behalf of the Borrowers), by notice to the Administrative Agent, request (x) to increase the Tranche A Commitment and/or the Tranche A-1 Commitment and/or (y) add a new revolving credit facility to be included under this Agreement as a Tranche A Commitment or a Tranche A-1 Commitment (the “Additional Commitments”). Each Additional Commitment shall be in an aggregate principal amount that is not less than $25,000,000 (provided that such amount may be less than $25,000,000 if such amount represents all remaining availability under the limit set forth in the next sentence). Notwithstanding anything to the contrary herein, the aggregate amount of the Additional Commitments shall not exceed $400,000,000.
Requests for Additional Commitments. So long as no Specified Default exists or would arise therefrom, at any time and from time to time prior to the Maturity Date, subject to the terms and conditions set forth herein, the Borrower Representative may (on behalf of the Borrowers), by notice to the Administrative Agent (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request to add additional Tranche A Commitments under the Facility or under a new revolving credit facility to be included under the Facility (the “Additional Commitments”). Any Additional Commitments shall be in an aggregate principal amount that is not less than $25.0 million or any whole multiple of $5.0 million in excess thereof.
Requests for Additional Commitments. So long as no Default or Event of Default exists or would arise therefrom, at any time and from time to time prior to the Maturity Date, subject to the terms and conditions set forth herein, the Borrower Representative may (on behalf of the Borrowers), by notice to the Administrative Agent (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request to add additional Tranche A Commitments under the Facility or under a new revolving credit facility to be included under the Facility (the “Additional Commitments”). Any Additional Commitments shall be in an aggregate principal amount that (x) is not less than $25.0 million or any whole multiple of $5.0 million in excess thereof, and (y) together with the aggregate principal amount of all Additional Commitments previously obtained pursuant to this subsection 2.6 does not exceed the sum of:
(i) (x) $350.0 million, plus
(ii) the excess, if any, of (x) the pro forma Consolidated EBITDA for the period of the most recent four consecutive fiscal quarters for which financial statements have been delivered pursuant to subsection 7.1(a) or (b) minus (y) $350.0 million, plus
(iii) the aggregate amount of permanent Commitment reductions made pursuant to Section 2.3 since the Closing Date.
Requests for Additional Commitments. So long as no Default or Event of Default exists or would arise therefrom, at any time and from time to time prior to the Maturity Date, subject to the terms and conditions set forth herein, the Borrower Representative may (on behalf of the Borrowers), by notice to the Administrative Agent (whereupon the Administrative Agent shall promptly deliver a copy to each of the Lenders), request to add additional Tranche A Commitments under the Facility or under a new revolving credit facility to be included under the Facility (the “Additional Commitments”). Any Additional Commitments shall be in an aggregate principal amount that (x) is not less than $25.0 million or any whole multiple of $5.0 million in excess thereof, and (y) together with the aggregate principal amount of all Additional Commitments previously obtained pursuant to this subsection 2.6 does not exceed the sum of:
(i) (x) $350.0 million, plus
(ii) the excess, if any, of (x) the pro forma Consolidated EBITDA for the period of the most recent four consecutive fiscal quarters for which financial statements have been delivered pursuant to subsection 7.1(a) or (b) minus (y) $350.0 million, plus
(iii) the aggregate amount of permanent Commitment reductions made pursuant to Section 2.3 since the Closing Date.