Common use of Commitment Increases Clause in Contracts

Commitment Increases. (a) Subject to the terms and conditions set forth herein, after the Closing Date, the Company shall have the right to request, by written notice to the Administrative Agent, (i) an increase in the Revolving Commitments (a “Revolving Commitment Increase”), (ii) an increase in the aggregate amount of any existing Delayed Draw Term Loan and/or the addition of a separate term loan facility (an “Additional Term Loan Facility”) (each such increase or separate facility pursuant to the foregoing clauses (i), (ii) and (iii), an “Accordion Increase”) in an aggregate amount not to exceed $360,000,000 plus, after the end of the Delayed Draw Term Loan Commitment Termination Date, an amount equal to the unfunded or repaid portion of the Delayed Draw Term Loan Facility; provided that (x) any Accordion Increase shall be on the terms (including, in the case of a Revolving Commitment Increase or increase in the aggregate amount of an existing Delayed Draw Term Loan, the Latest Maturity Date) and pursuant to the documentation to be agreed upon by the Lenders providing such Accordion Increase, (y) the Company shall only be permitted to request two Accordion Increases during the term of this Agreement and (z) any Accordion Increase shall be in a minimum amount of $25,000,000 or, if less than $25,000,000 is available, the amount left available.

Appears in 2 contracts

Samples: Credit Agreement (Resolute Forest Products Inc.), Credit Agreement (Resolute Forest Products Inc.)

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Commitment Increases. (ai) Subject To the extent that any requested increase in the Revolving Credit Commitments is permitted under and will not violate the 2008 Term Loan Documents, and provided that Agent has received evidence satisfactory to it from Borrowers that such requested increase and Agent’s Liens securing the same are permitted under and will not violate the 2008 Term Loan Documents, then subject to the terms and conditions set forth hereinhereof, at any time after the Closing Date and up to the Maturity Date, provided that no Default has occurred and is continuing, the Company shall have Borrowing Agent, on behalf of the right Borrowers, may request that the Lenders increase the Commitments by an aggregate amount of up to request$300,000,000 (each such commitment increase, a “Commitment Increase”) by written notice to notifying the Administrative Agent, (i) an increase in the Canadian Administrative Agent, and each Lender of the amount of the proposed Commitment Increase and the allocation of such Commitment Increase between the US Revolving Credit Commitments and the Canadian Revolving Credit Commitments (a the Revolving Commitment Increase Notice”). Notwithstanding anything in this Agreement, no Commitment Increase shall require the approval of any Lender other than any Lender providing all or part of the Commitment Increase”), (ii) no Lender shall be required to provide all or part of any Commitment Increase unless it agrees to do so in its sole discretion, no Commitment Increase shall be in an increase in amount less than $75,000,000, and the aggregate amount of any existing Delayed Draw Term Loan and/or the addition of a separate term loan facility (an “Additional Term Loan Facility”) (each such increase or separate facility pursuant to the foregoing clauses (i), (ii) and (iii), an “Accordion Increase”) in an aggregate amount all Commitment Increases shall not to exceed $360,000,000 plus, after the end of the Delayed Draw Term Loan Commitment Termination Date, an amount equal to the unfunded or repaid portion of the Delayed Draw Term Loan Facility; provided that (x) any Accordion Increase shall be on the terms (including, in the case of a Revolving Commitment Increase or increase in the aggregate amount of an existing Delayed Draw Term Loan, the Latest Maturity Date) and pursuant to the documentation to be agreed upon by the Lenders providing such Accordion Increase, (y) the Company shall only be permitted to request two Accordion Increases during the term of this Agreement and (z) any Accordion Increase shall be in a minimum amount of $25,000,000 or, if less than $25,000,000 is available, the amount left available300,000,000.

Appears in 1 contract

Samples: Credit Agreement (Gerdau Ameristeel Corp)

Commitment Increases. (a) Subject to the terms and conditions set forth herein, after the Closing Dateof this Section 2.19(a), the Company Borrowers shall have the right option to request, by written notice to the Administrative Agent, increase (i) an increase the “Amount of Receivables Credit Line B” from $15,000,000 as in effect on the Revolving Commitments Closing Date to $30,000,000 and (a ii) the Revolving Amount of Inventory Credit Line B” from $2,000,000 as in effect on the Closing Date to $2,500,000 (together, the “Second Tranche Commitment Increase”). At any time from the Closing Date to the Maturity Date of the Inventory Loan B, the Borrowers may request the Second Tranche Commitment Increase by delivering to Administrative Agent (i) a written request by each Borrower to effect the Second Tranche Commitment Increase, which written notice shall be in form and substance reasonably satisfactory to Administrative Agent and (ii) an increase such other supporting documentation as Administrative Agent shall require. The effectiveness of the Second Tranche Commitment Increase shall be subject to following conditions precedent: (A) Administrative Agent’s receipt of the written request referenced in the aggregate amount immediately preceding sentence, (B) the Borrowers’ receipt of any existing Delayed Draw Term Loan and/or written approval of the addition of a separate term loan facility Second Tranche Commitment Increase by Administrative Agent (an “Additional Term Loan Facility”) (each such increase or separate facility pursuant approval to the foregoing clauses (ibe given in Administrative Agent’s sole discretion), (ii) and (iii), an “Accordion Increase”) in an aggregate amount not to exceed $360,000,000 plus, after the end of the Delayed Draw Term Loan Commitment Termination Date, an amount equal to the unfunded or repaid portion of the Delayed Draw Term Loan Facility; provided that (x) any Accordion Increase shall be on the terms (including, in the case of a Revolving Commitment Increase or increase in the aggregate amount of an existing Delayed Draw Term Loan, the Latest Maturity Date) and pursuant to the documentation to be agreed upon by the Lenders providing such Accordion Increase, (yC) the Company shall only be permitted to request two Accordion Increases during the term of this Agreement and (z) any Accordion Increase Borrowers shall be in compliance with the financial covenants set forth in Section 6.9 hereof on a minimum amount pro forma basis after giving effect to such Second Tranche Commitment Increase and (D) unless otherwise waived by Administrative Agent and each Lender, no Default or Event of $25,000,000 or, if less than $25,000,000 is availableDefault shall have occurred and be continuing. Following the Second Tranche Effective Date, the amount left available“Amount of Receivables Credit Line B” shall be deemed to be $30,000,000 and the “Amount of Inventory Credit Line B” shall be deemed to be $2,500,000, in each case, for all purposes hereunder.

Appears in 1 contract

Samples: Loan and Security Agreement (Carbiz Inc)

Commitment Increases. (a) Subject to the terms and conditions set forth herein, after the Closing Date, the Company shall have the right to request, by written notice to the Administrative Agent, (i) an increase in the Revolving Commitments (a “Revolving Commitment Increase”), (ii) an increase in the aggregate amount of any existing Delayed Draw the Term Loan and/or the addition of a separate term loan facility (an “Additional Term Loan Facility”) (each such increase or separate facility pursuant to the foregoing clauses (i), (ii) and (iii), an “Accordion Increase”) in an aggregate amount not to exceed $360,000,000 plus, after the end of the Delayed Draw Term Loan Commitment Termination Date, an amount equal to the unfunded or repaid portion of the Delayed Draw Term Loan Facility175,000,000; provided that (x) any Accordion Increase shall be on the terms (including, in the case of a Revolving Commitment Increase or increase in the aggregate amount of an existing Delayed Draw the Term Loan, the Latest Maturity Date) and pursuant to the documentation to be agreed upon by the Lenders providing such Accordion Increase, (y) the Company shall only be permitted to request two Accordion Increases during the term of this Agreement and (z) any Accordion Increase shall be in a minimum amount of $25,000,000 or, if less than $25,000,000 is available, the amount left available.

Appears in 1 contract

Samples: Credit Agreement (Resolute Forest Products Inc.)

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Commitment Increases. (a) Subject to the terms and conditions set forth herein, after the Closing Date, the Company The Borrowers’ Agent shall have the right be entitled to request, by written notice either on the Effective Date or at any time, and from time to time, prior to the Administrative AgentTermination Date, (i) an increase in that the Revolving Commitments (a “Revolving Commitment Increase”), (ii) an increase in the aggregate amount of any existing Delayed Draw Term Loan and/or the addition of a separate term loan facility (an “Additional Term Loan Facility”) (each such increase or separate facility pursuant to the foregoing clauses (i), (ii) and (iii), an “Accordion Increase”) in be increased by an aggregate amount not to exceed Fifty Million Dollars $360,000,000 plus, after 50,000,000 (such additional Commitments are referred to herein as the end of the Delayed Draw Term Loan Commitment Termination Date, an amount equal to the unfunded or repaid portion of the Delayed Draw Term Loan Facility“Additional Commitments”); provided that (x) any Accordion Increase shall be on the terms (including, in the case of each request for a Revolving Commitment Increase or increase in the aggregate amount of an existing Delayed Draw Term Loan, the Latest Maturity Date) and pursuant to the documentation to be agreed upon by the Lenders providing such Accordion Increase, (y) the Company shall only be permitted to request two Accordion Increases during the term of this Agreement and (z) any Accordion Increase shall be in a minimum amount of Ten Million Dollars ($25,000,000 or10,000,000), if less (y) no more than four requests for a Commitment increase may be made during any consecutive twelve-month period and (z) in no event shall the aggregate Commitments exceed at any time Two Hundred Twenty-Five Million Dollars ($25,000,000 225,000,000); and provided further that, to the extent that the request occurs after the Effective Date, (i) no Default or Event of Default exists at the time of such request, (ii) the Borrowers’ Agent gives the Administrative Agent thirty (30) days prior written notice of such election, (iii) no Lender shall be obligated to increase such Lender’s Commitment without such Lender’s prior written consent, which may be withheld in such Lender’s sole discretion, and (iv) any Person providing any Additional Commitment amount that is availablenot already a Lender must be reasonably acceptable to the Administrative Agent, the L/C Issuers and the Borrowers’ Agent. In connection with any such increase in the Commitments the parties shall execute any documents reasonably requested in connection with or to evidence such increase, including without limitation an amendment to this Agreement. In the event of any increase in the Commitments pursuant to this Section 2.1(b), the L/C Sublimit and the Swing Line Sublimit shall increase automatically pro rata on a percentage basis (i.e. any percentage increase in the aggregate amount left availableof the Commitments pursuant to this Section shall result in an equal percentage increase the Swing Line Sublimit and the L/C Sublimit).

Appears in 1 contract

Samples: Credit Agreement (Delek Logistics Partners, LP)

Commitment Increases. (a) Subject to the terms and conditions set forth herein, after the Closing Date, the Company The Borrower shall have the right at any time to request, by written notice increase the aggregate Commitments in integral multiples of $10,000,000 but not to exceed an aggregate amount for all Commitments (after giving effect to such increase and including the Administrative Agent, aggregate amount of the Commitments in effect immediately prior to such increase) equal to (i) an increase $250,000,000 minus (ii) the then aggregate amount of reductions in the Revolving Commitments pursuant to Section 2.05(a), by adding to this Agreement one or more Eligible Assignees (a which may include any Lender (with the consent of such Lender in its sole discretion)) (each such Eligible Assignee, an Revolving Commitment IncreaseAdditional Lender”), with the approval of the Administrative Agent (iinot to be unreasonably withheld), each of which Additional Lender shall have entered into an Assignment and Assumption pursuant to which such Additional Lender shall undertake a Commitment, which Commitment shall be in an amount (together with any existing Commitment of such Additional Lender as a Lender) an at least equal to $10,000,000 or a larger integral multiple of $1,000,000, and upon the effectiveness of such agreement (the date of the effectiveness of any such agreement being hereinafter referred to as the “Increased Commitment Date”) such Additional Lender shall thereupon become a “Lender” for all purposes of this Agreement. Notwithstanding the foregoing, the increase in the aggregate amount of any existing Delayed Draw Term Loan and/or the addition of a separate term loan facility (an “Additional Term Loan Facility”) (each such increase or separate facility Commitments pursuant to the foregoing clauses (i), (iithis Section 2.05(b) and (iii), an “Accordion Increase”) in an aggregate amount not to exceed $360,000,000 plus, after the end of the Delayed Draw Term Loan Commitment Termination Date, an amount equal to the unfunded or repaid portion of the Delayed Draw Term Loan Facility; provided that (x) any Accordion Increase shall be on the terms (including, in the case of a Revolving Commitment Increase or increase in the aggregate amount of an existing Delayed Draw Term Loan, the Latest Maturity Date) and pursuant to the documentation to be agreed upon by the Lenders providing such Accordion Increase, (y) the Company shall effective only be permitted to request two Accordion Increases during the term of this Agreement and (z) any Accordion Increase shall be in a minimum amount of $25,000,000 or, if less than $25,000,000 is available, the amount left available.if:

Appears in 1 contract

Samples: Credit Agreement (Hanover Insurance Group, Inc.)

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