Common use of Increase commitment option Clause in Contracts

Increase commitment option. (a) The Obligors may, prior to 31 December 2016, request by written notice to the Facility Agent an increase in the Total Commitments for the purpose of financing the acquisition of an additional ship or ships provided always that the financial covenants set out in Clause 23 (Financial Covenants) are complied with measured on a pro forma basis immediately prior to and following such increase in the Total Commitments and subject always to: (i) such terms and conditions as the Lenders may require in relation to any such increase; (ii) such ship being in all respects satisfactory to the Lenders; (iii) no Event of Default having occurred or being continuing; (iv) such amendments to the Finance Documents and such additional security and collateral documentation being executed in favour of the Finance Parties to the satisfaction of the Facility Agent (acting on the instructions of all Lenders); and (v) delivery to the Facility Agent of all of the conditions precedent which the Facility Agent would be entitled to receive pursuant to paragraph (e) of Clause 4.2 (Further conditions precedent) mutatis mutandis. (b) The Lenders may in their discretion agree to provide the increase in Total Commitments set out in paragraph (a) of Clause 2.3 (Increase commitment option) but have no obligation to do so.

Increase commitment option. (a) The Obligors may, prior to 31 December 2016July 2017, request by written notice to the Facility Agent an increase in the Total Commitments for the purpose of financing the acquisition of an additional ship or ships provided always that the financial covenants set out in Clause 23 (Financial Covenants) are complied with measured on a pro forma basis immediately prior to and following such increase in the Total Commitments and subject always to: (i) such terms and conditions as the Lenders may require in relation to any such increase; (ii) such ship being in all respects satisfactory to the Lenders; (iii) no Event of Default having occurred or being continuing; (iv) such amendments to the Finance Documents and such additional security and collateral documentation being executed in favour of the Finance Parties to the satisfaction of the Facility Agent (acting on the instructions of all Lenders); and (v) delivery to the Facility Agent of all of the conditions precedent which the Facility Agent would be entitled to receive pursuant to paragraph (e) of Clause 4.2 (Further conditions precedent) mutatis mutandis. (b) The Lenders may in their discretion agree to provide the increase in Total Commitments set out in paragraph (a) of Clause 2.3 (Increase commitment option) but have no obligation to do so.

Increase commitment option. (a) The Obligors may, prior to 31 December 20162014, request by written notice to the Facility Agent an increase in the Total Commitments for the purpose of financing the acquisition of an additional newbuilding ship or ships provided always that the financial covenants set out in Clause 23 (Financial Covenants) are complied with measured on a pro forma basis immediately prior to and following such increase in the Total Commitments and subject always to: (i) such terms and conditions as the Lenders may require in relation to any such increase; (ii) such ship being in all respects satisfactory to the Lenders; (iii) no Event of Default having occurred or being continuing; (iv) such amendments to the Finance Documents and such additional security and collateral documentation being executed in favour of the Finance Parties to the satisfaction of the Facility Agent (acting on the instructions of all the Majority Lenders); and (v) delivery to the Facility Agent of all of the conditions precedent which the Facility Agent would be entitled to receive pursuant to paragraph (e) of Clause 4.2 (Further conditions precedent) mutatis mutandis. (b) The Lenders may in their discretion agree to provide the this commitment increase in Total Commitments set out in paragraph (a) of Clause 2.3 (Increase commitment option) but have no obligation to do so.

Increase commitment option. (a) The Obligors may, prior to 31 December 20162014, request by written notice to the Facility Agent an increase in the Total Commitments for the purpose of financing the acquisition of an additional ship or ships provided always that the financial covenants set out in Clause 23 (Financial Covenants) are complied with measured on a pro forma basis immediately prior to and following such increase in the Total Commitments and subject always to: (i) such terms and conditions as the Lenders may require in relation to any such increase; (ii) such ship being in all respects satisfactory to the Lenders; (iii) no Event of Default having occurred or being continuing; (iv) such amendments to the Finance Documents and such additional security and collateral documentation being executed in favour of the Finance Parties to the satisfaction of the Facility Agent (acting on the instructions of all the Majority Lenders); and (v) delivery to the Facility Agent of all of the conditions precedent which the Facility Agent would be entitled to receive pursuant to paragraph (e) of Clause 4.2 (Further conditions precedent) mutatis mutandis. (b) The Lenders may in their discretion agree to provide the this commitment increase in Total Commitments set out in paragraph (a) of Clause 2.3 (Increase commitment option) but have no obligation to do so.