Temporary Commitment Increase Sample Clauses
Temporary Commitment Increase. The Borrower may from time to time request a temporary increase of the Revolving Commitment (each a “Commitment Increase”) and each such Commitment Increase shall be subject to satisfaction of the following conditions precedent as determined by the Lender in its sole and absolute discretion: (i) delivery to the Lender of prior written notice of the Borrower’s request for a Commitment Increase as soon as practicable, but in any event no fewer than five (5) Business Days prior to the proposed effective date of the Commitment Increase (which notice period may be reduced or waived by the Lender in writing in its sole and absolute discretion), which notice shall specify the proposed effective date of the Commitment Increase, the proposed duration of the Commitment Increase (which duration shall not be less than fourteen (14) days) and the requested amount of the Commitment Increase; (ii) the prior written consent of, and formal credit approval by, the Lender, each of which the Lender may grant, condition, delay or withhold for any reason or no reason in its sole and absolute discretion; (iii) the delivery of all documents, instruments, certificates, agreements and other writings and information reasonably requested by the Lender in connection therewith, in each case in form and substance reasonably acceptable to the Lender, which documents may include, without limitation, an amendment to this Agreement and an amended and restated Note; (iv) the payment of an upfront commitment fee in an amount equal to [ ] basis points ([ ]%) of the aggregate amount of the Commitment Increase to be exercised, which amount of such upfront commitment fee shall be prorated for the number of days that such Commitment Increase shall be in effect; (v) no Potential Event of Default or Event of Default (1) then existing and continuing or (2) resulting from the exercise of such Commitment Increase; and (vi) such other conditions precedent as the Lender may reasonably require.
Temporary Commitment Increase a. Each Increasing Lender hereby agrees that, on, and subject to the occurrence of, the First Amendment Effective Date and during the Increase Period only, (i) such Increasing Lender shall increase its Revolving Loan Commitment to an amount equal to the amount set forth opposite such Increasing Lender’s name on Schedule 2.01 to this Amendment; and (ii) such Increasing Lender shall continue to be a “Lender” for all purposes of, and subject to all the obligations of a “Lender” under the Amended Credit Agreement and the other Loan Documents. Each Loan Party and the Agent hereby agrees that, from and after the First Amendment Effective Date, each Increasing Lender shall be deemed to be, and shall be a “Revolving Loan Lender” for all purposes of, and with all the rights and remedies of a “Revolving Loan Lender” under, the Amended Credit Agreement and the other Loan Documents. From and after the First Amendment Effective Date, each reference in the Amended Credit Agreement to any existing Revolving Loan Lender’s Commitments shall mean such Revolving Loan Lender’s Revolving Loan Commitment as set forth opposite its name on Schedule 2.01 to this Amendment under the heading “Revolving Loan Commitment”.
b. The Agent and the Increasing Lenders hereby agree that this Amendment shall constitute the giving of the notice required by Section 2.15(b) of the Existing Credit Agreement with respect to the Temporary Commitment Increase, and that each Increasing Lender’s delivery of its executed signature page to this Amendment shall constitute its agreement to increase its Revolving Loan Commitment to the extent set forth in Schedule 2.01 to this Amendment during the Increase Period notwithstanding any provision of Section 2.15 of the Existing Credit Agreement to the contrary.
Temporary Commitment Increase a. The Maximum Loan Amount shall be increased from $20,000,000 to $25,000,000 (the "Temporary Maximum Loan Amount") on a temporary basis from the Effective Date until the date that is sixty (60) days from the Effective Date (the "Temporary Maximum Loan Amount Increase"). The temporary increase in the Maximum Loan Amount shall be evidenced by that certain promissory note attached as Exhibit A hereto (the "Overline Note").
b. During the term of the Temporary Maximum Loan Amount Increase, Clause (b) of Section 1.45 of the Loan Agreement shall be temporarily amended and restated in its entirety as follows; provided that after the term of the Temporary Maximum Loan Amount Increase, Clause (b) of Section 1.45 of the Loan Agreement shall be amended and restated in its entirety to the language in effect prior to giving effect to this Amendment: