Borrower Sublimit Increase Sample Clauses
The Borrower Sublimit Increase clause allows for the adjustment of the maximum amount a specific borrower can access under a broader credit facility. In practice, this clause sets out the conditions and procedures by which a borrower's sublimit may be raised, such as requiring lender approval or compliance with certain financial covenants. Its core function is to provide flexibility for borrowers to access additional funds when needed, while ensuring that lenders retain control over overall credit exposure and risk management.
Borrower Sublimit Increase. In connection with any Commitment Increase, each Borrower may increase its Borrower Sublimit by an amount equal to its Fraction (calculated as of the Closing Date) of such Commitment Increase by delivering a notice to the Administrative Agent requesting such increase.
Borrower Sublimit Increase. (a) The parties agree that, subject to the satisfaction of the conditions precedent set forth in Section 3(b), in addition to those in Section 2 above, MP may increase its Borrower Sublimit to an amount equal to the lesser of (i) $500,000,000 and (ii) the amount approved under the MP FERC Order (such lesser amount, the “New MP Sublimit”; and such increase, the “MP Sublimit Increase”).
(b) The MP Sublimit Increase shall be effective as of the date (such date being the “MP Sublimit Increase Date”) when and if the Administrative Agent shall have received the following, each dated as of the MP Sublimit Increase Date, in form and substance satisfactory to the Administrative Agent and with one copy for each Lender:
(i) Certified copies of (A) the resolutions of the Board of Directors of MP approving the MP Sublimit Increase and (B) all documents evidencing any other necessary corporate action with respect to the MP Sublimit Increase;
(ii) A certificate of the Secretary or an Assistant Secretary of MP certifying that attached thereto are true and correct copies of all governmental and regulatory authorizations and approvals (including the MP FERC Order) required for the MP Sublimit Increase; and
(iii) Such other certifications, opinions, financial or other information, approvals and documents as the Administrative Agent or any other Lender may reasonably request, all in form and substance satisfactory to the Administrative Agent or such other Lender (as the case may be).
(c) On the MP Sublimit Increase Date, the term “Borrower Sublimit” set forth in Section 1.01 shall automatically be amended by replacing the amount “$150,000,000” appearing opposite the text “MP” with an amount equal to the New MP Sublimit.
Borrower Sublimit Increase. FES and ATSI may increase their Borrower Sublimits up to $250,000,000 and $100,000,000, respectively, by delivering a notice to the Administrative Agent requesting such increase, subject to the condition that either (i) such Borrower requesting the increase in its Borrower Sublimit has Reference Ratings of at least BBB- by S&P and Baa3 by ▇▇▇▇▇’▇ or (ii) FE unconditionally guarantees the amounts payable by such Borrower hereunder by delivering to the Administrative Agent a duly completed Guaranty executed by FE.
Borrower Sublimit Increase. FES and ATSI may increase their Borrower Sublimits up to $250,000,000 and $100,000,000, respectively, by delivering a notice to the Administrative Agent requesting such increase, subject to the condition that either (i) such Borrower requesting the increase in its Borrower Sublimit has Reference Ratings of at least BBB- by S&P and Baa3 by ▇▇▇▇▇’▇ or (ii) FE unconditionally guarantees the amounts payable by such Borrower hereunder by delivering to the Administrative Agent a duly completed Guaranty executed by FE. Each of CEI and TE may increase its Borrower Sublimits up to $500,000,000 by delivering a notice to the Administrative Agent requesting such increase, subject to the condition that such Borrower requesting the increase in its Borrower Sublimit has Reference Ratings of at least BBB by S&P and Baa2 by ▇▇▇▇▇’▇.