Common use of Increase in Aggregate Revolving Credit Commitments Clause in Contracts

Increase in Aggregate Revolving Credit Commitments. (a) So long as (i) no Default has occurred and is continuing, and (ii) the Borrower has not terminated or reduced in part any unused portion of the Aggregate Revolving Credit Commitments at any time pursuant to Section 2.03, the Borrower may (1) at any time during the period beginning on the Closing Date through the date syndication efforts of the Loans have been completed, by notice to the Administrative Agent, request an increase in the amount of the Aggregate Revolving Credit Commitments within the limitations hereafter described and (2) at any time during the period beginning six months after the Closing Date through and including the Termination Date, by notice to the Administrative Agent, request a one-time increase in the amount of the Aggregate Revolving Credit Commitments within the limitations hereafter described, which notices shall set forth the amount of such increase. In accordance with Section 2.04(d), the amount of the Aggregate Revolving Credit Commitments may be so increased either by having one or more New Lenders that have been approved by the Borrower become Lenders and/or by having any one or more of the then existing Lenders (at their respective election in their sole discretion) increase the amount of their Revolving Credit Commitments ("Increasing Lenders"), provided that (i) the Revolving Credit Commitment of any New Lender shall not be less than $5,000,000 and the sum of the Revolving Credit Commitments of the New Lenders and the increases in the Revolving Credit Commitments of the Increasing Lenders shall be in an aggregate amount of not less than $5,000,000 (and, if in excess thereof, in integral multiples of $1,000,000); (ii) the aggregate amount of all the increases in the Revolving Credit Commitments pursuant to this Section 2.04 shall not exceed Twenty-Five Million Dollars ($25,000,000); (iii) the Borrower, each New Lender and/or each Increasing Lender shall have executed and delivered to the Administrative Agent a commitment and acceptance (the "Commitment and Acceptance") substantially in the form of Exhibit G hereto, and the Administrative Agent shall have accepted and executed the same, (iv) the Borrower shall have executed and delivered to the Administrative Agent a Revolving Credit Note or Revolving Credit Notes payable to the order of each New Lender and/or each Increasing Lender, each such Revolving Credit Note to be in the amount of such New Lender's Revolving Credit Commitment or such Increasing Lender's Revolving Credit Commitment (as applicable); (v) if requested by the Administrative Agent, the Borrower shall have delivered to the Administrative Agent opinions of counsel (substantially similar to the forms of opinions provided for in Section 6.01(f), modified to apply to the increase in the Revolving Credit Commitments and each new Revolving Credit Note and Commitment and Acceptance executed and delivered in connection therewith); (vi) the Guarantors shall have consented in writing to the new Revolving Credit Commitments or increases in Revolving Credit Commitments (as applicable) and shall have agreed that their Guaranty Agreement continues in full force and effect, and (vii) the Borrower, each New Lender and/or each Increasing Lender shall otherwise have executed and delivered such other instruments and documents as the Administrative Agent shall have reasonably requested in connection with such new Revolving Credit Commitment or increase in the Revolving Credit Commitment (as applicable). The form and substance of the documents required under clauses (iii) through (vii) above shall be reasonably acceptable to the Administrative Agent. The Administrative Agent shall provide written notice to all of the Lenders hereunder of the admission of any New Lender or the increase in the Revolving Credit Commitment of any Increasing Lender hereunder and shall furnish to each of the Lenders copies of the documents required under clause (iii), (v), (vi) and (vii) above.

Appears in 1 contract

Samples: Credit Agreement (Wca Waste Corp)

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Increase in Aggregate Revolving Credit Commitments. (a) So long as (i) no Default has occurred and is continuing, and (ii) the Borrower has not terminated or reduced in part any unused portion of the Aggregate Revolving Credit Commitments at any time pursuant to Section 2.03, the Borrower may (1) at any time during the period beginning on the Closing Date through the date syndication efforts of the Loans have been completed, by notice to the Administrative Agent, request an increase in the amount of the Aggregate Revolving Credit Commitments within the limitations hereafter described and (2) at any time during the period beginning six months after the Closing Date through and including the Termination Date, by notice to the Administrative Agent, request a one-time increase increases in the amount of the Aggregate Revolving Credit Commitments within the limitations hereafter described, which notices shall set forth the amount of any such increase. In accordance with Section 2.04(d), the amount of the Aggregate Revolving Credit Commitments may be so increased either by having one or more New Lenders that have been approved by the Borrower become Lenders and/or by having any one or more of the then existing Lenders (at their respective election in their sole discretion) increase the amount of their Revolving Credit Commitments ("Increasing Lenders"), provided that (i) the Revolving Credit Commitment of any New Lender shall not be less than $5,000,000 and the sum of the Revolving Credit Commitments of the New Lenders and the increases in the Revolving Credit Commitments of the Increasing Lenders shall be in an aggregate amount of not less than $5,000,000 (and, if in excess thereof, in integral multiples of $1,000,000); (ii) the aggregate amount of all the increases in the Aggregate Revolving Credit Commitments pursuant to this Section 2.04 shall not exceed Twenty-Five Million Dollars $100,000,000 (provided however, the Administrative Agent shall have consented in its sole discretion to the utilization of the last $25,000,0005,000,000 of the amount described in this clause (ii)); (iii) the Borrower, each New Lender and/or each Increasing Lender shall have executed and delivered to the Administrative Agent a commitment and acceptance (the "Commitment and Acceptance") substantially in the form of Exhibit G C hereto, and the Administrative Agent shall have accepted and executed the same, (iv) the Borrower shall have executed and delivered to the Administrative Agent a Revolving Credit Note or Revolving Credit Notes payable to the order of each New Lender and/or each Increasing Lender, each such Revolving Credit Note to be in the amount of such New Lender's Revolving Credit Commitment or such Increasing Lender's Revolving Credit Commitment (as applicable); (v) if requested by the Administrative Agent, the Borrower shall have delivered to the Administrative Agent opinions of counsel (substantially similar to the forms of opinions provided for in Section 6.01(f), modified to apply to the increase in the Revolving Credit Commitments and each new Revolving Credit Note and Commitment and Acceptance executed and delivered in connection therewith); (viv) the Guarantors shall have consented in writing to the new Revolving Credit Commitments or increases in Revolving Credit Commitments (as applicable) and shall have agreed that their Guaranty Agreement continues in full force and effect, and (viivi) the Borrower, each New Lender and/or each Increasing Lender shall otherwise have executed and delivered such other instruments and documents as the Administrative Agent shall have reasonably requested in connection with such new Revolving Credit Commitment or increase in the Revolving Credit Commitment (as applicable). The form and substance of the documents required under clauses (iii) through (viivi) above shall be reasonably acceptable to the Administrative Agent. The Administrative Agent shall provide written notice to all of the Lenders hereunder of the admission of any New Lender or the increase in the Revolving Credit Commitment of any Increasing Lender hereunder and shall furnish to each of the Lenders copies of the documents required under clause (iii), (viv), (viv) and (viivi) above.

Appears in 1 contract

Samples: Revolving Credit Agreement (Wca Waste Corp)

Increase in Aggregate Revolving Credit Commitments. (a) So long as (i) no Default has occurred and is continuingThe Borrower shall have the option, and (ii) without the Borrower has not terminated consent of the Lenders, from time to time to cause one or reduced more increases in part any unused portion of the Aggregate Revolving Credit Commitments at any time pursuant by adding, subject to Section 2.03, the Borrower may (1) at any time during the period beginning on the Closing Date through the date syndication efforts prior approval of the Loans have been completed, by notice Administrative Agent (such approval not to the Administrative Agent, request an increase in the amount of the Aggregate Revolving Credit Commitments within the limitations hereafter described and (2) at any time during the period beginning six months after the Closing Date through and including the Termination Date, by notice to the Administrative Agent, request a one-time increase in the amount of the Aggregate Revolving Credit Commitments within the limitations hereafter described, which notices shall set forth the amount of such increase. In accordance with Section 2.04(dbe unreasonably withheld), the amount of the Aggregate Revolving Credit Commitments may be so increased either by having to this Agreement one or more financial institutions as Lenders (collectively, the “New Lenders that have been approved Revolving Credit Lenders”) or by the Borrower become Lenders and/or by having any allowing one or more of the then existing Lenders (at to increase their respective election in their sole discretion) increase the amount of their Revolving Credit Commitments ("Increasing Lenders"), Commitments; provided that however that: (i) prior to and after giving effect to the Revolving Credit Commitment increase, no Default or Event of any New Lender Default shall not have occurred hereunder and be less than $5,000,000 and the sum of the Revolving Credit Commitments of the New Lenders and the increases in the Revolving Credit Commitments of the Increasing Lenders shall be in an aggregate amount of not less than $5,000,000 (andcontinuing, if in excess thereof, in integral multiples of $1,000,000); (ii) no such increase shall cause the aggregate amount of all the increases in the Revolving Credit Commitments pursuant to this Section 2.04 shall not 2.17 plus the aggregate Term Commitments obtained pursuant to Section 2.18 to exceed Twenty-Five Million Dollars ($25,000,000); 100,000,000, (iii) the Borrower, each New Lender and/or each Increasing Lender no Lender’s Revolving Credit Commitment shall have executed and delivered to the Administrative Agent a commitment and acceptance (the "Commitment and Acceptance") substantially in the form of Exhibit G hereto, and the Administrative Agent shall have accepted and executed the samebe increased without such Lender’s consent, (iv) the Borrower shall have executed and delivered to the Administrative Agent a Revolving Credit Note or Revolving Credit Notes payable to the order of each New Lender and/or each Increasing Lender, each such Revolving Credit Note to no more than three requests may be in the amount of such New Lender's Revolving Credit Commitment or such Increasing Lender's Revolving Credit Commitment (as applicable); (v) if requested by the Administrative Agent, the Borrower shall have delivered to the Administrative Agent opinions of counsel (substantially similar to the forms of opinions provided made for in Section 6.01(f), modified to apply to the increase in the Revolving Credit Commitments and each new Revolving Credit Note and Commitment and Acceptance executed and delivered in connection therewith); (vi) the Guarantors shall have consented in writing to the new Revolving Credit Commitments or increases in Revolving Credit Commitments (as applicable) and shall have agreed that their Guaranty Agreement continues pursuant to this Section 2.17 or for increases in full force and effectTerm Commitments pursuant to Section 2.18, and (viiv) the Borrower, each New Lender and/or each Increasing Lender such increase shall otherwise have executed and delivered such other instruments and documents as the Administrative Agent shall have reasonably requested be evidenced by a commitment increase agreement in connection with such new Revolving Credit Commitment or increase in the Revolving Credit Commitment (as applicable). The form and substance of the documents required under clauses (iii) through (vii) above shall be reasonably acceptable to the Administrative Agent and executed by the Borrower, the Administrative Agent. The Administrative Agent , New Revolving Credit Lenders, if any, and Lenders increasing their Revolving Credit Commitments, if any, and which shall provide written notice to all indicate the amount and allocation of the Lenders hereunder of the admission of any New Lender or the such increase in the Aggregate Revolving Credit Commitment Commitments and the effective date of any Increasing such increase (the “Increase Effective Date”). Each financial institution that becomes a New Revolving Credit Lender hereunder pursuant to this Section by the execution and shall furnish delivery to each the Administrative Agent of the Lenders copies applicable commitment increase agreement shall be a “Revolving Credit Lender” and a “Lender” for all purposes under this Agreement on the applicable Increase Effective Date. The Borrower shall borrow and prepay Revolving Credit Loans on each Increase Effective Date (and pay any additional amounts required pursuant to Section 3.06) to the extent necessary to keep the outstanding Revolving Credit Loans of each Lender ratable with such Lender’s revised Applicable Revolving Credit Percentage after giving effect to any nonratable increase in the documents required Aggregate Revolving Credit Commitments under clause (iii), (v), (vi) and (vii) abovethis Section.

Appears in 1 contract

Samples: Credit Agreement (Energy Transfer Equity, L.P.)

Increase in Aggregate Revolving Credit Commitments. (a) So long as (i) no Default has occurred and is continuingThe Borrower shall have the option, and (ii) without the Borrower has not terminated consent of the Lenders, from time to time to cause one or reduced more increases in part any unused portion of the Aggregate Revolving Credit Commitments at any time pursuant by adding, subject to Section 2.03, the Borrower may (1) at any time during the period beginning on the Closing Date through the date syndication efforts prior approval of the Loans have been completed, by notice Administrative Agent (such approval not to the Administrative Agent, request an increase in the amount of the Aggregate Revolving Credit Commitments within the limitations hereafter described and (2) at any time during the period beginning six months after the Closing Date through and including the Termination Date, by notice to the Administrative Agent, request a one-time increase in the amount of the Aggregate Revolving Credit Commitments within the limitations hereafter described, which notices shall set forth the amount of such increase. In accordance with Section 2.04(dbe unreasonably withheld), the amount of the Aggregate Revolving Credit Commitments may be so increased either by having to this Agreement one or more financial institutions as Lenders (collectively, the “New Lenders that have been approved Revolving Credit Lenders”) or by the Borrower become Lenders and/or by having any allowing one or more of the then existing Lenders (at to increase their respective election in their sole discretion) increase the amount of their Revolving Credit Commitments ("Increasing Lenders"), Commitments; provided that however that: (i) prior to and after giving effect to the Revolving Credit Commitment increase, no Default or Event of any New Lender Default shall not have occurred hereunder and be less than $5,000,000 and the sum of the Revolving Credit Commitments of the New Lenders and the increases in the Revolving Credit Commitments of the Increasing Lenders shall be in an aggregate amount of not less than $5,000,000 (andcontinuing, if in excess thereof, in integral multiples of $1,000,000); (ii) no such increase shall cause the aggregate amount of all the increases in the Revolving Credit Commitments pursuant to this Section 2.04 shall not 2.17 plus the aggregate Term Commitments obtained pursuant to Section 2.18(b) to exceed Twenty-Five Million Dollars ($25,000,000); 100,000,000, (iii) the Borrower, each New Lender and/or each Increasing Lender no Lender’s Revolving Credit Commitment shall have executed and delivered to the Administrative Agent a commitment and acceptance (the "Commitment and Acceptance") substantially in the form of Exhibit G hereto, and the Administrative Agent shall have accepted and executed the samebe increased without such Lender’s consent, (iv) the Borrower shall have executed and delivered to the Administrative Agent a Revolving Credit Note or Revolving Credit Notes payable to the order of each New Lender and/or each Increasing Lender, each such Revolving Credit Note to no more than three requests may be in the amount of such New Lender's Revolving Credit Commitment or such Increasing Lender's Revolving Credit Commitment (as applicable); (v) if requested by the Administrative Agent, the Borrower shall have delivered to the Administrative Agent opinions of counsel (substantially similar to the forms of opinions provided made for in Section 6.01(f), modified to apply to the increase in the Revolving Credit Commitments and each new Revolving Credit Note and Commitment and Acceptance executed and delivered in connection therewith); (vi) the Guarantors shall have consented in writing to the new Revolving Credit Commitments or increases in Revolving Credit Commitments (as applicable) and shall have agreed that their Guaranty Agreement continues pursuant to this Section 2.17 or for increases in full force and effectTerm Commitments pursuant to Section 2.18, and (viiv) the Borrower, each New Lender and/or each Increasing Lender such increase shall otherwise have executed and delivered such other instruments and documents as the Administrative Agent shall have reasonably requested be evidenced by a commitment increase agreement in connection with such new Revolving Credit Commitment or increase in the Revolving Credit Commitment (as applicable). The form and substance of the documents required under clauses (iii) through (vii) above shall be reasonably acceptable to the Administrative Agent and executed by the Borrower, the Administrative Agent. The Administrative Agent , New Revolving Credit Lenders, if any, and Lenders increasing their Revolving Credit Commitments, if any, and which shall provide written notice to all indicate the amount and allocation of the Lenders hereunder of the admission of any New Lender or the such increase in the Aggregate Revolving Credit Commitment Commitments and the effective date of any Increasing such increase (the “Increase Effective Date”). Each financial institution that becomes a New Revolving Credit Lender hereunder pursuant to this Section by the execution and shall furnish delivery to each the Administrative Agent of the Lenders copies applicable commitment increase agreement shall be a “Revolving Credit Lender” and a “Lender” for all purposes under this Agreement on the applicable Increase Effective Date. The Borrower shall borrow and prepay Revolving Credit Loans on each Increase Effective Date (and pay any additional amounts required pursuant to Section 3.06) to the extent necessary to keep the outstanding Revolving Credit Loans of each Lender ratable with such Lender’s revised Applicable Revolving Credit Percentage after giving effect to any nonratable increase in the documents required Aggregate Revolving Credit Commitments under clause (iii), (v), (vi) and (vii) abovethis Section.

Appears in 1 contract

Samples: Credit Agreement (Energy Transfer Equity, L.P.)

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Increase in Aggregate Revolving Credit Commitments. (a) So long as (i) no Default has occurred and is continuing, and (ii) the Borrower has terminated or reduced the Aggregate Revolving Credit Commitments pursuant to Section 2.03(b) such that Wells Fargo's Revolving Credit Commitment equals the Desired WFB Commxxxxxt Level, and (iii) the Borrower has not otherwise terminated or reduced in part any unused portion of the Aggregate Revolving Credit Commitments at any time pursuant to Section 2.03, the Borrower may (1) at any time during the period beginning on the Closing Date through the date syndication efforts of the Loans have been completed, by notice to the Administrative Agent, request an increase in the amount of the Aggregate Revolving Credit Commitments within the limitations hereafter described and (2) at any time during the period beginning six months after the Closing Date through and including the Termination Date, by notice to the Administrative Agent, request a one-time increase in the amount of the Aggregate Revolving Credit Commitments within the limitations hereafter described, which notices shall set forth the amount of such increase. In accordance with Section 2.04(d), the amount of the Aggregate Revolving Credit Commitments may be so increased either by having one or more New Lenders that have been approved by the Borrower become Lenders and/or by having any one or more of the then existing Lenders (at their respective election in their sole discretion) increase the amount of their Revolving Credit Commitments ("Increasing Lenders"), provided that (i) the Revolving Credit Commitment of any New Lender shall not be less than $5,000,000 and the sum of the Revolving Credit Commitments of the New Lenders and the increases in the Revolving Credit Commitments of the Increasing Lenders shall be in an aggregate amount of not less than $5,000,000 (and, if in excess thereof, in integral multiples of $1,000,000); (ii) the aggregate amount of all the increases in the Revolving Credit Commitments pursuant to this Section 2.04 shall not exceed Twenty-Five Forty Million Dollars ($25,000,00040,000,000); (iii) the Borrower, each New Lender and/or each Increasing Lender shall have executed and delivered to the Administrative Agent a commitment and acceptance (the "Commitment and Acceptance") substantially in the form of Exhibit G hereto, and the Administrative Agent shall have accepted and executed the same, (iv) the Borrower shall have executed and delivered to the Administrative Agent a Revolving Credit Note or Revolving Credit Notes payable to the order of each New Lender and/or each Increasing Lender, each such Revolving Credit Note to be in the amount of such New Lender's Revolving Credit Commitment or such Increasing Lender's Revolving Credit Commitment (as applicable); (v) if requested by the Administrative Agent, the Borrower shall have delivered to the Administrative Agent opinions of counsel (substantially similar to the forms of opinions provided for in Section 6.01(f), modified to apply to the increase in the Revolving Credit Commitments and each new Revolving Credit Note and Commitment and Acceptance executed and delivered in connection therewith); (vi) the Guarantors shall have consented in writing to the new Revolving Credit Commitments or increases in Revolving Credit Commitments (as applicable) and shall have agreed that their Guaranty Agreement continues in full force and effect, and (vii) the Borrower, each New Lender and/or each Increasing Lender shall otherwise have executed and delivered such other instruments and documents as the Administrative Agent shall have reasonably requested in connection with such new Revolving Credit Commitment or increase in the Revolving Credit Commitment (as applicable). The form and substance of the documents required under clauses (iii) through (vii) above shall be reasonably acceptable to the Administrative Agent. The Administrative Agent shall provide written notice to all of the Lenders hereunder of the admission of any New Lender or the increase in the Revolving Credit Commitment of any Increasing Lender hereunder and shall furnish to each of the Lenders copies of the documents required under clause (iii), (v), (vi) and (vii) above.

Appears in 1 contract

Samples: Credit Agreement (Wca Waste Corp)

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