Common use of Borrower’s Request Clause in Contracts

Borrower’s Request. The Borrowers may by written notice to the Funding Agent and each Lender elect to request prior to December 31, 2011, a single increase to the existing Revolving Commitments by an amount not in excess of $100,000,000 in the aggregate. Such notice shall specify (i) the date on which the Borrowers propose that the increased or new Commitments shall be effective (each, an “Increase Effective Date”), the allocation of such Commitments between the U.S./European Commitment and the Canadian Commitment, and the time period within which each Lender is requested to respond, which in each case shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Funding Agent and the Lenders of the applicable Class. Each Lender of such Class (other that Lenders subject to replacement pursuant to Section 2.16 or a defaulting lender as described in Section 2.14(f)) in its sole and absolute discretion may notify the Funding Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Pro Rata Percentage of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. Funding Agent shall notify the Administrative Borrower and each Lender of such Class of the Lenders’ responses to each request made hereunder. If the existing Lenders do not agree to the full amount of a requested increase, the Administrative Borrower may then invite a Lender or any Lenders to increase their Commitments or invite additional financial institutions (reasonably satisfactory to Funding Agent and solely to the extent otherwise permitted by Section 11.04 (including Section 11.04(h)) and each other applicable requirement hereof, including Sections 2.20, 2.21 and 3.23) to become Lenders pursuant to an Increase Joinder.

Appears in 2 contracts

Samples: Security Agreement (Novelis South America Holdings LLC), Credit Agreement (Novelis Inc.)

AutoNDA by SimpleDocs

Borrower’s Request. The Borrowers may by written notice to the Funding Administrative Agent and each Lender elect to request prior to December 31the Maturity Date, 2011, a single increase one or more increases to the existing Revolving Commitments by an amount not in excess of $100,000,000 750,000,000 in the aggregateaggregate following the Amendment No. 2 Effective Date (which amount shall not be reduced by the amount of any Specified Incremental Commitments that become effective following the Amendment No. 2 Effective Date), each in a minimum amount of $25,000,000 (and increments of $1,000,000 above that minimum) (each such increase, an “Incremental Revolving Commitment”). Such notice shall specify (i) the date on which the Borrowers propose that the increased or new Incremental Revolving Commitments shall be effective (each, an “Increase Effective Date”), the allocation of such Commitments between the U.S./European Commitment and the Canadian Commitment, and the time period within which each Lender is requested to respond, which in each case shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Funding Administrative Agent and the Lenders of the applicable Class. Each Lender of such Class (other that than Lenders subject to replacement pursuant to Section 2.16 or a defaulting lender as described in Section 2.14(f)Defaulting Lender) in its sole and absolute discretion may notify 212 1160299.01-CHISR1160299.03H-CHISR02A - MSW the Funding Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Pro Rata Percentage of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. Funding The Administrative Agent shall notify the Administrative Borrower and each Lender of such Class of the Lenders’ responses to each request made hereunder. If the existing Lenders do not agree to the full amount of a requested increaseIncremental Revolving Commitment, the Administrative Borrower may then invite a Lender or any Lenders to increase their Commitments or invite additional financial institutions (each, an “Additional Lender”) (reasonably satisfactory to Funding Administrative Agent and solely to the extent otherwise permitted by Section 11.04 (including Section 11.04(h)) and each other applicable requirement hereof, including Sections 2.20, 2.21 and 3.235.15) to become Lenders and provide Incremental Revolving Commitments pursuant to an Increase Joinder.

Appears in 1 contract

Samples: Credit Agreement (Novelis Inc.)

Borrower’s Request. The Borrowers may by written notice to the Funding Administrative Agent and each Lender elect to request prior to December 31the Maturity Date, 2011, a single increase one or more increases to the existing Revolving Commitments by an amount not in excess of $100,000,000 750,000,000 in the aggregateaggregate following the Amendment No. 2 Effective Date (which amount shall not be reduced by the amount of any Specified Incremental Commitments that become effective following the Amendment No. 2 Effective Date), each in a minimum amount of $25,000,000 (and increments of $1,000,000 above that minimum) (each such increase, an “Incremental Revolving Commitment”). Such notice shall specify (i) the date on which the Borrowers propose that the increased or new Incremental Revolving Commitments shall be effective (each, an “Increase Effective Date”), the allocation of such Commitments between the U.S./European Commitment and the Canadian Commitment, and the time period within which each Lender is requested to respond, which in each case shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Funding Administrative Agent and the Lenders of the applicable Class. Each Lender of such Class (other that than Lenders subject to replacement pursuant to Section 2.16 or a defaulting lender as described in Section 2.14(f)Defaulting Lender) in its sole and absolute discretion may notify the Funding Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Pro Rata Percentage of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. Funding The Administrative Agent shall notify the Administrative Borrower and each Lender of such Class of the Lenders’ responses to each request made hereunder. If the existing Lenders do not agree to the full amount of a requested increaseIncremental Revolving Commitment, the Administrative Borrower may then invite a Lender or any Lenders to increase their Commitments or invite additional financial institutions (each, an “Additional Lender”) (reasonably satisfactory to Funding Administrative Agent and solely to the extent otherwise permitted by Section 11.04 (including Section 11.04(h)) and each other applicable requirement hereof, including Sections 2.20, 2.21 and 3.235.15) to become Lenders and provide Incremental Revolving Commitments pursuant to an Increase Joinder.

Appears in 1 contract

Samples: Credit Agreement (Novelis Inc.)

Borrower’s Request. The Borrowers may by written notice to the Funding Administrative Agent and each Lender elect to request prior to December 31the Maturity Date, 2011, a single increase one or more increases to the existing Revolving Commitments by an amount not in excess of $100,000,000 750,000,000 in the aggregateaggregate following the Amendment No. 210 Effective Date (which amount shall not be reduced by the amount of any Specified Incremental Commitments that become effective following the Amendment No. 2 Effective Date),, each in a minimum amount of $25,000,000 (and increments of $1,000,000 above that minimum) (each such increase, an “Incremental Revolving Commitment”). Such notice shall specify (i) the date on which the Borrowers propose that the increased or new Incremental Revolving Commitments shall be effective (each, an “Increase Effective Date”), the allocation of such Commitments between the U.S./European Commitment and the Canadian Commitment, and the time period within which each Lender is requested to respond, which in each case shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Funding Administrative Agent and the Lenders of the applicable Class. Each Lender of such Class (other that than Lenders subject to replacement pursuant to Section 2.16 or a defaulting lender as described in Section 2.14(f)Defaulting Lender) in its sole and absolute discretion may notify the Funding Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Pro Rata Percentage of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. Funding The Administrative Agent shall notify the Administrative Borrower and each Lender of such Class of the Lenders’ responses to each request made hereunder. If the existing Lenders do not agree to the full amount of a requested increaseIncremental Revolving Commitment, the Administrative Borrower may then invite a Lender or any Lenders to increase their Commitments or invite additional financial institutions (each, an “Additional Lender”) (reasonably satisfactory to Funding Administrative Agent and solely to the extent otherwise permitted by Section 11.04 (including Section 11.04(h)) and each other applicable requirement hereof, including Sections 2.20, 2.21 and 3.235.15) to become Lenders and provide Incremental Revolving Commitments pursuant to an Increase Joinder.. 196 1209502.04-CHISR02A - MSW

Appears in 1 contract

Samples: Credit Agreement (Novelis Inc.)

AutoNDA by SimpleDocs

Borrower’s Request. The Borrowers may by written notice to the Funding Administrative Agent and each Lender elect to request prior to December 31the Maturity Date, 2011, a single increase one or more increases to the existing Revolving Commitments by an amount not in excess of $100,000,000 750,000,000 in the aggregateaggregate following the Amendment No. 2 Effective Date (which amount shall not be reduced by the amount of any Specified Incremental Commitments that become effective following the Amendment No. 2 Effective Date), each in a minimum amount of $25,000,000 (and increments of $1,000,000 above that minimum) (each such increase, an “Incremental Revolving Commitment”). Such notice shall specify (i) the date on which the Borrowers propose that the increased or new Incremental Revolving Commitments shall be effective (each, an “Increase Effective Date”), the allocation of such Commitments between the U.S./European Commitment and the Canadian Commitment, and the time period within which each Lender is requested to respond, which in each case shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Funding Administrative Agent and the Lenders of the applicable Class. Each Lender of such Class (other that than Lenders subject to replacement pursuant to Section 2.16 or a defaulting lender as described in Section 2.14(f)Defaulting Lender) in its sole and absolute discretion may notify the Funding Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Pro Rata 225 1096351.01A-CHISR01A1096355.04J-CHISR01A - MSW Percentage of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. Funding The Administrative Agent shall notify the Administrative Borrower and each Lender of such Class of the Lenders’ responses to each request made hereunder. If the existing Lenders do not agree to the full amount of a requested increaseIncremental Revolving Commitment, the Administrative Borrower may then invite a Lender or any Lenders to increase their Commitments or invite additional financial institutions (each, an “Additional Lender”) (reasonably satisfactory to Funding Administrative Agent and solely to the extent otherwise permitted by Section 11.04 (including Section 11.04(h)) and each other applicable requirement hereof, including Sections 2.20, 2.21 and 3.235.15) to become Lenders and provide Incremental Revolving Commitments pursuant to an Increase Joinder.

Appears in 1 contract

Samples: Credit Agreement (Novelis Inc.)

Borrower’s Request. The Borrowers may by written notice to the Funding Administrative Agent and each Lender elect to request prior to December 31the Maturity Date, 2011, a single increase one or more increases to the existing Revolving Commitments by an amount not in excess of $100,000,000 500,000,000750,000,000 in the aggregate, following the Amendment No. 2 Effective Date (which amount shall not be reduced by the amount of any Specified Incremental Commitments that become effective following the Amendment No. 2 Effective Date), each in a minimum amount of $25,000,000 (and increments of $1,000,000 above that minimum) (each such increase, an “Incremental Revolving Commitment”). Such notice shall specify (i) the date on which the Borrowers propose that the increased or new Incremental Revolving Commitments shall be effective (each, an “Increase Effective Date”), the allocation of such Commitments between the U.S./European Commitment and the Canadian Commitment, and the time period within which each Lender is requested to respond, which in each case shall be a date not less than ten (10) Business Days after the date on which such notice is delivered to the Funding Administrative Agent and the Lenders of the applicable Class. Each Lender of such Class (other that than Lenders subject to replacement pursuant to Section 2.16 or a defaulting lender as described in Section 2.14(f)Defaulting Lender) in its sole and absolute discretion may notify the Funding Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Pro Rata Percentage of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. Funding The Administrative Agent shall notify the Administrative Borrower and each Lender of such Class of the Lenders’ responses to each request made hereunder. If the existing Lenders do not agree to the full amount of a requested increaseIncremental Revolving Commitment, the Administrative Borrower may then invite a Lender or any Lenders to increase their Commitments or invite additional financial institutions (each, an “Additional Lender”) (reasonably satisfactory to Funding Administrative Agent and solely to the extent otherwise permitted by Section 11.04 (including Section 11.04(h)) and each other applicable requirement hereof, including Sections 2.20, 2.21 and 3.235.15) to become Lenders and provide Incremental Revolving Commitments pursuant to an Increase Joinder.

Appears in 1 contract

Samples: Credit Agreement (Novelis Inc.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!