Increase in Maximum Commitment Amount Clause Samples
The "Increase in Maximum Commitment Amount" clause allows for the expansion of the total amount a lender or group of lenders is obligated to provide under a credit facility. Typically, this clause outlines the conditions and procedures under which the borrower can request an increase, such as obtaining consent from existing lenders or bringing in new lenders to cover the additional commitment. Its core practical function is to provide flexibility for the borrower to access additional funds as business needs grow, without the need to negotiate an entirely new credit agreement.
Increase in Maximum Commitment Amount. 2.12.1 Subject to the provisions of Section 2.6, on the terms and subject to the conditions set forth in this Section 2.12, Borrower may, at any time and from time to time prior to the Maturity Date, by written notice to Administrative Agent, request an increase in the Maximum Commitment Amount by (i) permitting any Lender to increase its Commitment (and accordingly increase the Maximum Commitment Amount by such amount), or (ii) inviting any Eligible Assignee that has previously been approved by Administrative Agent in writing to become a Lender under this Agreement and to provide a commitment to lend hereunder (and accordingly increase the Maximum Commitment Amount by such amount); provided, however, that in no event shall such actions cause the Maximum Commitment Amount to increase above $200,000,000.
2.12.2 Each of the Lenders acknowledges and agrees that, notwithstanding any contrary provision of Section 11.1, (i) its consent to any such increase in the Maximum Commitment Amount shall not be required and (ii) Eligible Assignees may be added to this Agreement and any Lender may increase its Commitment without the consent or agreement of the other Lenders (provided, however, that no Lender's Commitment may be increased without such Lender's consent), so long as Administrative Agent and Borrower have consented in writing to such Eligible Assignee or the increase in the Commitment of any of the Lenders, as applicable.
2.12.3 Administrative Agent shall not unreasonably withhold its consent to Borrower's request for an increase in the Maximum Commitment Amount under this Section 2.12 provided that Borrower satisfies all of the following conditions precedent:
(a) No Default or Event of Default shall have occurred and remain uncured on the Effective Date (as hereinafter defined), and Administrative Agent shall have received a certificate to that effect signed by an officer of Borrower;
(b) any Eligible Assignee is acceptable to Administrative Agent in its reasonable discretion;
(c) Borrower and each such Lender or Eligible Assignee shall have executed and delivered to Administrative Agent supplemental signature pages to this Agreement, in the form of Exhibit D-1 attached hereto in the case of a Lender, or in the form of Exhibit D-2 hereto in the case of an Eligible Assignee (each, a "Supplemental Signature Page");
(d) Borrower shall have paid to Administrative Agent, for the account of such Lender or Eligible Assignee, Administrative Agent and the Arranger, as...
Increase in Maximum Commitment Amount. At any time prior to the Final Maturity Date, upon the written request from Borrower for an increase in the Maximum Commitment Amount, Lender, in its sole discretion may increase the Maximum Commitment Amount.
Increase in Maximum Commitment Amount. At any time during the Term upon written request by Borrower to Agent, the Maximum Commitment Amount may be increased, in $100,000,000 increments, to up to Four Hundred Million Dollars ($400,000,000) as
Increase in Maximum Commitment Amount. Subject to the provisions of Section 2.6, on the terms and subject to the conditions set forth in this Section 2.19, the Company may, at any time and from time to time prior to the Maturity Date, by notice to the Administrative Agent, request an increase in the Maximum Commitment Amount by (i) permitting any Bank to increase its Commitment (and accordingly increase the Maximum Commitment Amount by such amount), or (ii) inviting any Eligible Assignee that has previously been approved by the Administrative Agent in writing to become a Bank under this Agreement and to provide a commitment to lend hereunder (and accordingly increase the Maximum Commitment Amount by such amount); provided, however, that in no event shall such actions cause the Maximum Commitment Amount to increase above $175,000,000.
Increase in Maximum Commitment Amount