Common use of Increase in Combined Commitments Clause in Contracts

Increase in Combined Commitments. (a) The Borrower shall have the right, without the consent of the Banks, subject to the terms of this Section 2.16, to effectuate from time to time, at any time prior to the then effective Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, who shall, upon completion of the requirements of this Section 2.16 constitute “Banks” hereunder (an “Added Bank”), or by allowing one or more Banks in their sole discretion to increase their respective Commitments hereunder (each an “Increasing Bank”), so that such added and increased Commitments shall equal the increase in Commitments effectuated pursuant to this Section 2.16; provided that (i) there shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least $25,000,000, (ii) no increase in or added Commitments pursuant to this Section 2.16 shall result in combined Commitments exceeding $4,000,000,000, (iii) no Bank’s Commitment shall be increased under this Section 2.16 without the consent of such Bank, and (iv) there shall not exist any Default or Event of Default immediately prior to and immediately after giving effect to such increased or added Commitment. The Borrower shall deliver or pay, as applicable, to the Agent not later than ten Business Days prior to any such increase in Commitments each of the following items with respect to each Added Bank and Increasing Bank:

Appears in 2 contracts

Samples: Credit Agreement (Target Corp), Credit Agreement (Target Corp)

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Increase in Combined Commitments. (a) The Borrower shall have the right, without the consent of the Banks, subject to the terms of this Section 2.162.17, to effectuate from time to time, at any time prior to the then effective Revolving Credit Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, who shall, upon completion of the requirements of this Section 2.16 2.17 constitute “Banks” hereunder (an “Added Bank”), or by allowing one or more Banks in their sole discretion to increase their respective Commitments hereunder (each an “Increasing Bank”), so that such added and increased Commitments shall equal the increase in Commitments effectuated pursuant to this Section 2.162.17; provided that (i) there shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least $25,000,000, (ii) no increase in or added Commitments pursuant to this Section 2.16 2.17 shall result in combined Commitments exceeding $4,000,000,0001,100,000,000 or shall result in the aggregate of the combined Commitments plus all Five-Year Commitments exceeding $2,200,000,000, (iii) no Bank’s Commitment shall be increased under this Section 2.16 2.17 without the consent of such Bank, and (iv) there shall not exist any Default or Event of Default immediately prior to and immediately after giving effect to such increased or added Commitment, and (v) the total increases in Commitments hereunder and in the Five-Year Commitments, if any, do not need to be ratable, and the increase by any Increasing Bank in its Commitment hereunder and its increase, if any, in its Five-Year Commitment does not need to be equivalent, nor does the Commitment hereunder of an Added Bank need to be equivalent to its Five-Year Commitment, if any. The Borrower shall deliver or pay, as applicable, to the Agent not later than ten (10) Domestic Business Days prior to any such increase in Commitments each of the following items with respect to each Added Bank and Increasing Bank:

Appears in 2 contracts

Samples: Credit Agreement (Target Corp), 364 Day Credit Agreement (Target Corp)

Increase in Combined Commitments. (a) The Borrower shall have the right, without the consent of the Banks, subject to the terms of this Section 2.16, to effectuate from time to time, at any time prior to the then effective Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, who shall, upon completion of the requirements of this Section 2.16 constitute “Banks” hereunder (an “Added Bank”), or by allowing one or more Banks in their sole discretion to increase their respective Commitments hereunder (each an “Increasing Bank”), so that such added and increased Commitments shall equal the increase in Commitments effectuated pursuant to this Section 2.16; provided that (i) there shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least $25,000,000, (ii) no increase in or added Commitments pursuant to this Section 2.16 shall result in combined Commitments exceeding $4,000,000,0001,500,000,000, (iii) no Bank’s Commitment shall be increased under this Section 2.16 without the consent of such Bank, and (iv) there shall not exist any Default or Event of Default immediately prior to and immediately after giving effect to such increased or added Commitment. The Borrower shall deliver or pay, as applicable, to the Agent not later than ten Business Days prior to any such increase in Commitments each of the following items with respect to each Added Bank and Increasing Bank:

Appears in 2 contracts

Samples: Credit Agreement (Target Corp), Credit Agreement (Target Corp)

Increase in Combined Commitments. (a) The Borrower shall have the right, without the consent of the Banks, subject to the terms of this Section 2.162.17, to effectuate from time to time, at any time prior to the then effective Revolving Credit Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, who shall, upon completion of the requirements of this Section 2.16 2.17 constitute "Banks" hereunder (an "Added Bank"), or by allowing one or more Banks in their sole discretion to increase their respective Commitments hereunder (each an "Increasing Bank"), so that such added and increased Commitments shall equal the increase in Commitments effectuated pursuant to this Section 2.162.17; provided that (i) there shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least $25,000,000, (ii) no increase in or added Commitments pursuant to this Section 2.16 2.17 shall result in combined Commitments exceeding $4,000,000,0001,200,000,000 or shall result in the aggregate of the combined Commitments plus all Five-Year Commitments exceeding $2,000,000,000, (iii) no Bank’s 's Commitment shall be increased under this Section 2.16 2.17 without the consent of such Bank, and (iv) each increase in Commitments hereunder shall occur simultaneously with an increase, if any, in the Five-Year Commitments in accordance with the terms thereof, (v) there shall not exist any Default or Event of Default immediately prior to and immediately after giving effect to such increased or added Commitment, (vi) there shall not have been (x) any ratable reduction of Commitments pursuant to Section 2.09 or (y) any ratable reduction of the Five-Year Commitments under Section 2.09 of the Five-Year Agreement, and (vii) the total increases in Commitments hereunder and in the Five-Year Commitments, if any, do not need to be ratable, and the increase by any Increasing Bank in its Commitment hereunder and its increase, if any, in its Five-Year Commitment does not need to be equivalent, nor does the Commitment hereunder of an Added Bank need to be equivalent to its Five-Year Commitment, if any. The Borrower shall deliver or pay, as applicable, to the Agent not later than ten (10) Domestic Business Days prior to any such increase in Commitments each of the following items with respect to each Added Bank and Increasing Bank:

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Target Corp)

Increase in Combined Commitments. (a) The Borrower shall have the right, without the consent of the Banks, subject to the terms of this Section 2.16, to effectuate from time to time, at any time prior to the then effective Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, who shall, upon completion of the requirements of this Section 2.16 constitute “Banks” hereunder (an “Added Bank”), or by allowing one or more Banks in their sole discretion to increase their respective Commitments hereunder (each an “Increasing Bank”), so that such added and increased Commitments shall equal the increase in Commitments effectuated pursuant to this Section 2.16; provided that (i) there shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least $25,000,000, (ii) no increase in or added Commitments pursuant to this Section 2.16 shall result in combined Commitments exceeding $4,000,000,0003,000,000,000, (iii) no Bank’s Commitment shall be increased under this Section 2.16 without the consent of such Bank, and (iv) there shall not exist any Default 20 or Event of Default immediately prior to and immediately after giving effect to such increased or added Commitment. The Borrower shall deliver or pay, as applicable, to the Agent not later than ten Domestic Business Days prior to any such increase in Commitments each of the following items with respect to each Added Bank and Increasing Bank:: (i) a written notice of Borrower’s intention to increase the combined Commitments pursuant to this Section 2.16, which shall specify each Added Bank and Increasing Bank, if any, the changes in amounts of Commitments that will result, and such other information as is reasonably requested by the Agent; (ii) documents in the form of Exhibit B or Exhibit C, as may be required by the Agent, executed and delivered by each Added Bank and each Increasing Bank, pursuant to which it becomes a party hereto or increases its Commitment, as the case may be; (iii) if requested by the applicable Bank, Notes or replacement Notes, as the case may be, executed and delivered by Borrower; and (iv) a non-refundable processing fee of $3,500 with respect to each Added Bank or Increasing Bank for the sole account of the Agent. (b) Upon receipt of any notice referred to in clause (a)(i) above, the Agent shall promptly notify each Bank thereof. Upon execution and delivery of such documents and the payment of such fee (the “Increased Commitment Date”), each such Added Bank shall constitute a “Bank” for all purposes under this Agreement and related documents without any acknowledgment by or the consent of the other Banks, with a Commitment as specified in such documents, or such Bank’s Commitment shall increase as specified in such documents, as the case may be. Immediately upon the effectiveness of the addition of such Added Bank or the increase in the Commitment of such Increasing Bank under this Section 2.16, (i) the respective pro rata shares of the Banks shall be deemed modified as appropriate to correspond to such changed combined Commitments, and (ii) if there are at such time outstanding any Loans, each Bank whose pro rata share has been decreased as a result of the increase in the combined Commitments shall be deemed to have assigned, without recourse, to each Added Bank and Increasing Bank such portion of such Bank’s Loans as shall be necessary to effectuate such adjustment in pro rata shares. Each Increasing Bank and Added Bank (x) shall be deemed to have assumed such portion of such Loans and (y) shall fund to each other Bank on the Increased Commitment Date the amount of Loans assigned by it to such Bank. The Borrower agrees to pay to the Banks on demand any and all amounts to the extent payable pursuant to Section 2.12 as a result of any such prepayment of Loans occasioned by the foregoing increase in Commitments and the reallocation of the pro rata shares. (c) This section shall supercede any provisions in Section 9.06(b) to the contrary. 21 Section 2.17

Appears in 1 contract

Samples: Assignment and Assumption Agreement Agreement

Increase in Combined Commitments. (a) The Borrower shall have the rightright prior to December 31, 2000, without the consent of the Banks, Lenders but subject to the terms approval of this Section 2.16the Administrative Agent (which approval shall not be unreasonably withheld), to effectuate from time to time, at any time prior to the then effective Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other commercial banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, (who shall, upon completion of the requirements of this Section 2.16 SECTION 2.7 constitute “Banks” hereunder "Lenders" hereunder) (an "Added Bank”Lender"), or by allowing one or more Banks Lenders in their sole discretion to increase their respective Commitments hereunder (each an "Increasing Bank”Lender"), so that such added and increased Commitments shall equal the increase in Commitments the Commitment Amount effectuated pursuant to this Section 2.16SECTION 2.7; provided PROVIDED that (i) there no added Commitment shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least less than $25,000,000, (ii) no increase in or added Commitments pursuant to this Section 2.16 SECTION 2.7 shall result in combined Commitments exceeding $4,000,000,000650,000,000, (iii) no Bank’s Lender's Commitment shall be increased under this Section 2.16 SECTION 2.7 without the consent of such BankLender, and (iv) there shall not exist any no Default or Event of Default immediately prior to and immediately after giving effect to such increased or added Commitment, and (v) there shall have been no ratable reduction of Commitments pursuant to SECTION 2.2.1. The Borrower shall deliver or pay, as applicable, to the Administrative Agent not later than ten by 2:00 P.M. New York time on the fifth Business Days prior to Day preceding the effective date of any such increase in Commitments the Commitment Amount each of the following items with respect to each Added Bank Lender and Increasing BankLender:

Appears in 1 contract

Samples: Credit Agreement (Royal Caribbean Cruises LTD)

Increase in Combined Commitments. (a) The Borrower shall have the rightright up to six months prior to the final Termination Date, without the consent of the BanksLenders, subject by notice to the terms of this Section 2.16Administrative Agent, to effectuate from time to time, at any time prior to the then effective Termination Date, an increase in the combined Revolving Credit Commitments under this Agreement by adding to this Agreement one or more other commercial banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, (who shall, upon completion of the requirements of this Section 2.16 2.14 constitute “BanksLendershereunder hereunder) (an “Added BankLender”), or by allowing one or more Banks Lenders in their sole discretion to increase their respective Revolving Credit Commitments hereunder (each an “Increasing BankLender”), so that such added and increased Revolving Credit Commitments shall equal the increase in Commitments the Commitment Amount effectuated pursuant to this Section 2.162.14; provided that (i) there no added Revolving Credit Commitment shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least less than $25,000,00010,000,000, (ii) no increase in or added Revolving Credit Commitments pursuant to this Section 2.16 2.14 shall result in combined Revolving Credit Commitments exceeding $4,000,000,0001,500,000,000, and (iii) no BankLender’s Revolving Credit Commitment shall be increased under this Section 2.16 2.14 without the consent of such Bank, and (iv) there shall not exist any Default or Event of Default immediately prior to and immediately after giving effect to such increased or added CommitmentLender. The Borrower shall deliver or pay, as applicable, to the Administrative Agent not later than ten Business Days prior to on or before the effective date of any such increase in Commitments the Commitment Amount each of the following items with respect to each Added Bank Lender and Increasing BankLender:

Appears in 1 contract

Samples: Credit Agreement (Royal Caribbean Cruises LTD)

Increase in Combined Commitments. (a) The Borrower shall have the right, without the consent of the Banks, Lenders but subject to the terms approval of this Section 2.16Administrative Agent (which approval shall not be unreasonably withheld), to effectuate from time to time, at any time prior to the then effective Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, Persons that are Eligible Assignees (who shall, upon completion of the requirements of this Section 2.16 SECTION 2.13 constitute “Banks” hereunder "Lenders" hereunder) (an "Added Bank”Lender"), or by allowing one or more Banks Lenders in their sole discretion to increase their respective Commitments hereunder (each an "Increasing Bank”Lender"), so that such added and increased Commitments shall equal the increase in Commitments effectuated pursuant to this Section 2.16SECTION 2.13; provided PROVIDED that (i) there no increase in or added Commitment shall not be any increased Commitment or any added Commitment, unless less than the aggregate increase or addition to be effected is at least $25,000,000Minimum Amount, (ii) no increase in or added Commitments pursuant to this Section 2.16 SECTION 2.13 shall be less than the Minimum Amount or result in combined Commitments exceeding $4,000,000,000800,000,000, (iii) no Bank’s Lender's Commitment shall be increased under this Section 2.16 SECTION 2.13 without the consent of such BankLender, and (iv) there shall not exist any no Default or Event of Default immediately prior to and immediately after giving effect to such increased or added Commitment, and (v) there shall have been no ratable reduction of Commitments pursuant to SECTION 2.07. The Borrower shall deliver or pay, as applicable, to Administrative Agent by the Agent not later than ten Business Days prior to any such increase in Commitments Requisite Time each of the following items with respect to each Added Bank Lender and Increasing BankLender:

Appears in 1 contract

Samples: Credit Agreement (Tech Data Corp)

Increase in Combined Commitments. (a) The Borrower shall have the rightright up to six months prior to the Stated Maturity Date, without the consent of the BanksLenders, subject by notice to the terms of this Section 2.16Administrative Agent, to effectuate from time to time, at any time prior to the then effective Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other commercial banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, (who shall, upon completion of the requirements of this Section 2.16 2.7 constitute “BanksLendershereunder hereunder) (an “Added BankLender”), or by allowing one or more Banks Lenders in their sole discretion to increase their respective Commitments hereunder (each an “Increasing BankLender”), so that such added and increased Commitments shall equal the increase in Commitments the Commitment Amount effectuated pursuant to this Section 2.162.7; provided that (i) there no added Commitment shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least less than $25,000,00010,000,000, (ii) no increase in or added Commitments pursuant to this Section 2.16 2.7 shall result in combined Commitments exceeding $4,000,000,0001,000,000,000, and (iii) no BankLender’s Commitment shall be increased under this Section 2.16 2.7 without the consent of such Bank, and (iv) there shall not exist any Default or Event of Default immediately prior to and immediately after giving effect to such increased or added CommitmentLender. The Borrower shall deliver or pay, as applicable, to the Administrative Agent not later than ten Business Days prior to on or before the effective date of any such increase in Commitments the Commitment Amount each of the following items with respect to each Added Bank Lender and Increasing BankLender:

Appears in 1 contract

Samples: Credit Agreement (Royal Caribbean Cruises LTD)

Increase in Combined Commitments. (a) The Borrower shall have the right, without the consent of the Banks, subject to the terms of this Section 2.162.17, to effectuate from time to time, at any time prior to the then effective Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, who shall, upon completion of the requirements of this Section 2.16 2.17 constitute "Banks" hereunder (an "Added Bank"), or by allowing one or more Banks in their sole discretion to increase their respective Commitments hereunder (each an "Increasing Bank"), so that such added and increased Commitments shall equal the increase in Commitments effectuated pursuant to this Section 2.162.17; provided that (i) there shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least $25,000,000, (ii) no increase in or added Commitments pursuant to this Section 2.16 2.17 shall result in combined Commitments exceeding $4,000,000,0001,000,000,000 or shall result in the aggregate of the combined Commitments plus all 364-Day Commitments exceeding $1,800,000,000, (iii) no Bank’s 's Commitment shall be increased under this Section 2.16 2.17 without the consent of such Bank, and (iv) each increase in Commitments hereunder shall occur simultaneously with an increase, if any, in the 364-Day Commitments in accordance with the terms thereof, (v) there shall not exist any Default or Event of Default immediately prior to and immediately after giving effect to such increased or added Commitment, (vi) there shall not have been (x) any ratable reduction of Commitments pursuant to Section 2.09 or (y) any ratable reduction of the 364-Day Commitments under Section 2.09 of the 364-Day Agreement, and (vii) the total increases in Commitments hereunder and in the 364-Day Commitments, if any, do not need to be ratable, and the increase by any Increasing Bank in its Commitments hereunder and its increase, if any, in its 364-Day Commitments does not need to be equivalent, nor does the Commitment hereunder of an Added Bank need to be equivalent to its 364-Day Commitment, if any. The Borrower shall deliver or pay, as applicable, to the Agent not later than ten (10) Domestic Business Days prior to any such increase in Commitments each of the following items with respect to each Added Bank and Increasing Bank:

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Target Corp)

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Increase in Combined Commitments. (a) The Borrower shall have the right, without the consent of the Banks, subject to the terms of this Section 2.162.17, to effectuate from time to time, at any time prior to the then effective Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, who shall, upon completion of the requirements of this Section 2.16 2.17 constitute “Banks” hereunder (an “Added Bank”), or by allowing one or more Banks in their sole discretion to increase their respective Commitments hereunder (each an “Increasing Bank”), so that such added and increased Commitments shall equal the increase in Commitments effectuated pursuant to this Section 2.162.17; provided that (i) there shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least $25,000,000, (ii) no increase in or added Commitments pursuant to this Section 2.16 2.17 shall result in combined Commitments exceeding $4,000,000,0002,750,000,000, (iii) no Bank’s Commitment shall be increased under this Section 2.16 2.17 without the consent of such Bank, and (iv) there shall not exist any Default or Event of Default immediately prior to and immediately after giving effect to such increased or added Commitment. The Borrower shall deliver or pay, as applicable, to the Agent not later than ten Domestic Business Days prior to any such increase in Commitments each of the following items with respect to each Added Bank and Increasing Bank:

Appears in 1 contract

Samples: Credit Agreement (Target Corp)

Increase in Combined Commitments. (a) The Borrower shall have the right, without the consent of the Banks, subject to the terms of this Section 2.162.17, to effectuate from time to time, at any time prior to the then effective Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, who shall, upon completion of the requirements of this Section 2.16 2.17 constitute “Banks” hereunder (an “Added Bank”), or by allowing one or more Banks in their sole discretion to increase their respective Commitments hereunder (each an “Increasing Bank”), so that such added and increased Commitments shall equal the increase in Commitments effectuated pursuant to this Section 2.162.17; provided that (i) there shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least $25,000,000, (ii) no increase in or added Commitments pursuant to this Section 2.16 2.17 shall result in combined Commitments exceeding $4,000,000,0002,250,000,000, (iii) no Bank’s Commitment shall be increased under this Section 2.16 2.17 without the consent of such Bank, and (iv) there shall not exist any Default or Event of Default immediately prior to and immediately after giving effect to such increased or added Commitment. The Borrower shall deliver or pay, as applicable, to the Agent not later than ten Domestic Business Days prior to any such increase in Commitments each of the following items with respect to each Added Bank and Increasing Bank:

Appears in 1 contract

Samples: Credit Agreement (Target Corp)

Increase in Combined Commitments. (a) The Borrower shall have the right, without the consent of the Banks, subject to the terms of this Section 2.16, to effectuate from time to time, at any time prior to the then effective Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, who shall, upon completion of the requirements of this Section 2.16 constitute “Banks” hereunder (an “Added Bank”), or by allowing one or more Banks in their sole discretion to increase their respective Commitments hereunder (each an “Increasing Bank”), so that such added and increased Commitments shall equal the increase in Commitments effectuated pursuant to this Section 2.16; provided that (i) there shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least $25,000,000, (ii) no increase in or added Commitments pursuant to this Section 2.16 shall result in combined Commitments exceeding $4,000,000,0003,000,000,000, (iii) no Bank’s Commitment shall be increased under this Section 2.16 without the consent of such Bank, and (iv) there shall not exist any Default or Event of Default immediately prior to and immediately after giving effect to such increased or added Commitment. The Borrower shall deliver or pay, as applicable, to the Agent not later than ten Domestic Business Days prior to any such increase in Commitments each of the following items with respect to each Added Bank and Increasing Bank:

Appears in 1 contract

Samples: Credit Agreement (Target Corp)

Increase in Combined Commitments. (a) The Borrower shall have the right, without the consent of the Banks, subject to the terms of this Section 2.162.17, to effectuate from time to time, at any time prior to the then effective Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, who shall, upon completion of the requirements of this Section 2.16 2.17 constitute “Banks” hereunder (an “Added Bank”), or by allowing one or more Banks in their sole discretion to increase their respective Commitments hereunder (each an “Increasing Bank”), so that such added and increased Commitments shall equal the increase in Commitments effectuated pursuant to this Section 2.162.17; provided that (i) there shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least $25,000,000, (ii) no increase in or added Commitments pursuant to this Section 2.16 2.17 shall result in combined Commitments exceeding $4,000,000,0002,000,000,000, (iii) no Bank’s Commitment shall be increased under this Section 2.16 2.17 without the consent of such Bank, and (iv) there shall not exist any Default or Event of Default immediately prior to and immediately after giving effect to such increased or added Commitment. The Borrower shall deliver or pay, as applicable, to the Agent not later than ten Domestic Business Days prior to any such increase in Commitments each of the following items with respect to each Added Bank and Increasing Bank:

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Target Corp)

Increase in Combined Commitments. (a) The Borrower shall have the right, without the consent of the Banks, subject to the terms of this Section 2.162.17, to effectuate from time to time, at any time prior to the then effective Termination Date, an increase in the combined Commitments under this Agreement by adding to this Agreement one or more other banks or other financial institutions reasonably acceptable to the Agent and the Borrower and qualifying as an Assignee hereunder, who shall, upon completion of the requirements of this Section 2.16 2.17 constitute “Banks” hereunder (an “Added Bank”), or by allowing one or more Banks in their sole discretion to increase their respective Commitments hereunder (each an “Increasing Bank”), so that such added and increased Commitments shall equal the increase in Commitments effectuated pursuant to this Section 2.162.17; provided that (i) there shall not be any increased Commitment or any added Commitment, unless the aggregate increase or addition to be effected is at least $25,000,000, (ii) no increase in or added Commitments pursuant to this Section 2.16 2.17 shall result in combined Commitments exceeding $4,000,000,0001,100,000,000 or shall result in the aggregate of the combined Commitments plus all 364-Day Commitments exceeding $2,200,000,000, (iii) no Bank’s Commitment shall be increased under this Section 2.16 2.17 without the consent of such Bank, and (iv) there shall not exist any Default or Event of Default immediately prior to and immediately after giving effect to such increased or added Commitment, and (v) the total increases in Commitments hereunder and in the 364-Day Commitments, if any, do not need to be ratable, and the increase by any Increasing Bank in its Commitments hereunder and its increase, if any, in its 364-Day Commitments does not need to be equivalent, nor does the Commitment hereunder of an Added Bank need to be equivalent to its 364-Day Commitment, if any. The Borrower shall deliver or pay, as applicable, to the Agent not later than ten (10) Domestic Business Days prior to any such increase in Commitments each of the following items with respect to each Added Bank and Increasing Bank:

Appears in 1 contract

Samples: Credit Agreement (Target Corp)

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