Common use of Revolving Credit Commitment Increase Clause in Contracts

Revolving Credit Commitment Increase. On the Second Amendment Effective Date, the Borrower, the Administrative Agent, and the Lenders party hereto hereby effect a Revolving Credit Commitment Increase pursuant to the terms of Article 3 of the Existing Credit Agreement (which provisions are not waived, amended or modified hereby other than as expressly set forth herein). On the Second Amendment Effective Date and after giving effect to such Revolving Credit Commitment Increase, the Revolving Credit Commitment and Revolving Credit Commitment Percentage of each Lender shall be as set forth on Schedule 1A attached hereto which schedule supersedes and replaces Schedule 1A to the Existing Credit Agreement. Each of the parties hereto agrees (a) that the review, execution and delivery of this Amendment satisfies the notice requirements set forth in Section 3.3 of the Existing Credit Agreement, (b) this Amendment is an Incremental Facility Amendment, (c) the Second Amendment Effective Date is the Incremental Commitments Effective Date and the Incremental Facility Closing Date for the Incremental Commitment Increase effected by this Amendment and (d) this Amendment and the revised Schedule 1A attached hereto shall constitute notice from the Administrative Agent pursuant to Section 3.5 of the Existing Credit Agreement as to the final allocation of the Revolving Credit Commitments Increases and the Incremental Commitments Effective Date. The Administrative Agent and each Lender will assign, each Revolving Credit Commitment Increase Lender will assume, and the parties will hereto will take such further actions as are necessary (if any) in order to give effect to the assignments, assumptions and reallocations provided for in Section 3.8 of the Existing Credit Agreement.

Appears in 1 contract

Samples: Credit Agreement (NGL Energy Partners LP)

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Revolving Credit Commitment Increase. On (a) Each Revolving Credit Lender who agrees to increase its Revolving Credit Commitments in connection with this Amendment (an “Upsizing Revolving Credit Lender”) hereby severally, but not jointly, agrees to provide Revolving Credit Commitments in an aggregate principal amount equal to $100,000,000 (the Second “Upsized Revolving Credit Commitments”) for a Revolving Credit Commitment increase (the “Revolving Credit Commitment Increase”) so that, effective as of the Amendment Effective Date, the Borrower, the Administrative Agent, and the Lenders party hereto hereby effect a its Revolving Credit Commitment Increase pursuant to the terms of Article 3 of the Existing Credit Agreement (which provisions are not waived, amended or modified hereby other than as expressly set forth herein). On the Second Amendment Effective Date and after giving effect to such Revolving Credit Commitment Increase, Commitments under the Revolving Credit Commitment and Revolving Credit Commitment Percentage of each Lender Facility shall be as set forth on Schedule 1A attached hereto which schedule supersedes and replaces Schedule 1A 2.01 to the Existing Amended Credit Agreement. Each of the parties hereto agrees (a) that the review, execution and delivery of this Amendment satisfies the notice requirements set forth in Section 3.3 of the Existing Credit Agreement, (b) this Amendment is an Incremental Facility Amendment, (c) As of the Second Amendment Effective Date is Date, after giving effect to the Incremental Commitments Effective Date and the Incremental Facility Closing Date for the Incremental Commitment Increase effected by this Amendment and (d) this Amendment and the revised Schedule 1A attached hereto shall constitute notice from the Administrative Agent pursuant to Section 3.5 incurrence of the Existing Upsized Revolving Credit Agreement as to Commitments, the final allocation aggregate principal amount of the Revolving Credit Commitments Increases and pursuant to the Amended Credit Agreement shall be $500,000,000. For the avoidance of doubt, the Upsized Revolving Credit Commitments are not being incurred as Incremental Revolving Commitments Effective Datepursuant to Section 2.14 of the Amended Credit Agreement. (c) The Administrative Agent will take those steps which it deems, in its sole discretion and in consultation with the Borrowers, necessary and appropriate to cause each Revolving Credit Lender will assign, each (including the Upsizing Revolving Credit Lenders) to hold outstanding Revolving Credit Loans and participation - 7- interests in outstanding Letters of Credit and Swing Line Loans ratably based on its pro rata share under the Revolving Credit Facility immediately after giving effect to the Revolving Credit Commitment Increase. (d) Each Revolving Credit Lender immediately prior to the Revolving Credit Commitment Increase will automatically and without further act be deemed to have assigned to each existing Revolving Credit Lender and each Upsized Revolving Credit Lender, and each Upsized Revolving Credit Lender will assume, automatically and without further act be deemed to have assumed a portion of such Revolving Credit Lender’s participation interests under the parties will hereto will take such further actions as are necessary (if any) Amended Credit Agreement in order to give effect to the assignments, assumptions outstanding Letters of Credit and reallocations provided for in Section 3.8 of the Existing Credit AgreementSwing Line Loans.

Appears in 1 contract

Samples: Credit Agreement

Revolving Credit Commitment Increase. On the Second Amendment Effective Date, the Borrower, the Administrative Agent, and the Lenders party hereto hereby effect a (i) The commitments under each Revolving Credit Commitment Increase pursuant shall be deemed for all purposes part of the Revolving Credit Commitments, (ii) each Lender or Eligible Assignee participating in such Revolving Credit Commitment Increase shall become a Revolving Credit Lender with respect to the Revolving Credit Commitments and all matters relating thereto and (iii) the commitments under each Revolving Credit Commitment Increase shall have the same terms of Article 3 of and conditions as the Existing Revolving Credit Agreement (which provisions are not waived, amended or modified hereby other than as expressly set forth herein)Commitments. On the Second Amendment Effective Facility Extension Date for any Revolving Credit Commitment Increase, each Lender or Eligible Assignee participating in such Revolving Credit Commitment Increase shall purchase and assume from each existing Revolving Credit Lender having Revolving Loans and participations in Letters of Credit and Swing Loans outstanding on such Facility Increase Extension Date, without recourse or warranty, an undivided interest and participation, to the extent of such Lender's Ratable Portion of the new Revolving Credit Commitments (after giving effect to such Revolving Credit Commitment Increase), in the aggregate outstanding Revolving Loans and participations in Letters of Credit and Swing Loans, so as to ensure that, on the Facility Increase Extension Date after giving effect to such Revolving Credit Commitment Increase, the each Revolving Credit Commitment and Revolving Credit Commitment Percentage of each Lender shall be as set forth on Schedule 1A attached hereto which schedule supersedes and replaces Schedule 1A to the Existing Credit Agreement. Each of the parties hereto agrees (a) that the review, execution and delivery of this Amendment satisfies the notice requirements set forth in Section 3.3 of the Existing Credit Agreement, (b) this Amendment is an Incremental Facility Amendment, (c) the Second Amendment Effective Date is the Incremental Commitments Effective Date and the Incremental Facility Closing Date for the Incremental Commitment Increase effected by this Amendment and (d) this Amendment and the revised Schedule 1A attached hereto shall constitute notice from the Administrative Agent pursuant to Section 3.5 of the Existing Credit Agreement as to the final allocation owed only its Ratable Portion of the Revolving Loans and participations in Letters of Credit Commitments Increases and the Swing Loans outstanding on such Incremental Commitments Effective Credit Extension Date. The Administrative Agent If the effective economic yield (including applicable margins, fees and each Lender will assign, each original issue discount) for any Revolving Credit Commitment Increase Lender will assumeexceeds the effective economic yield (including applicable margins, fees and original issue discount) for the parties will hereto will take Revolving Credit Facility, the Applicable Margins for the Revolving Credit Facility shall be increased by such further actions as are necessary (if any) in order to give effect to the assignments, assumptions and reallocations provided for in Section 3.8 of the Existing Credit Agreement.excess. ARTICLE III CONDITIONS TO LOANS AND LETTERS OF CREDIT

Appears in 1 contract

Samples: Credit Agreement (Datapath Inc)

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Revolving Credit Commitment Increase. On (a) At any time prior to the Second Amendment Effective Revolving Credit Maturity Date, the Borrower, Borrower may by written notice to the Administrative AgentAgent elect to request increases in the Revolving Credit Commitments (any such increase, “Revolving Credit Commitment Increase”); provided that (i) the total aggregate amount for all such Revolving Credit Commitment Increases shall not (as of any date of incurrence thereof) exceed an amount equal to the sum of (A) $150,000,000 less (B) the aggregate principal amount of all prior and simultaneous Incremental Term Loans made pursuant to Section 5.15 and (ii) the Lenders party hereto hereby effect a principal amount of each Revolving Credit Commitment Increase shall not be less than $10,000,000 or, if less, the remaining amount permitted pursuant to the terms of Article 3 foregoing clause (i). Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes that any Revolving Credit Commitment Increase shall be effective, which shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to Administrative Agent. The then current Revolving Credit Lenders shall have the first option to provide a portion of the Existing Revolving Credit Agreement Commitment Increase (which provisions are in accordance with their respective existing Revolving Credit Commitment Percentages), and to the extent that, within five (5) Business Days of such request, the requested Revolving Credit Commitment Increase is not waivedfully subscribed, amended or modified hereby the Borrower may invite any Affiliate of any Lender, any Approved Fund and/or any other than as expressly set forth herein). On Person reasonably satisfactory to the Second Amendment Effective Date and after giving effect to such Administrative Agent (together with each current Revolving Credit Lender providing a portion of the Revolving Credit Commitment Increase, the “Increasing Revolving Credit Commitment Lenders” and each, an “Increasing Revolving Credit Commitment Percentage of each Lender shall be as set forth on Schedule 1A attached hereto which schedule supersedes and replaces Schedule 1A Lender”) to provide the Existing Credit Agreement. Each of the parties hereto agrees (a) that the review, execution and delivery of this Amendment satisfies the notice requirements set forth in Section 3.3 of the Existing Credit Agreement, (b) this Amendment is an Incremental Facility Amendment, (c) the Second Amendment Effective Date is the Incremental Commitments Effective Date and the Incremental Facility Closing Date for the Incremental Commitment Increase effected by this Amendment and (d) this Amendment and the revised Schedule 1A attached hereto shall constitute notice from the Administrative Agent pursuant to Section 3.5 of the Existing Credit Agreement as to the final allocation remaining portion of the Revolving Credit Commitments Increases and the Incremental Commitments Effective DateCommitment Increase. The Administrative Agent and each Any Increasing Revolving Lender will assign, each offered or approached to provide all or a portion of any Revolving Credit Commitment Increase Lender will assumemay elect or decline, and the parties will hereto will take in its sole discretion, to provide such further actions as are necessary (if any) in order to give effect to the assignments, assumptions and reallocations provided for in Section 3.8 of the Existing Revolving Credit AgreementCommitment Increase.

Appears in 1 contract

Samples: Credit Agreement (DynCorp International LLC)

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