Increase in Revolving Credit Commitments. The Borrower may, on any Business Day prior to the Revolving Credit Termination Date, with the written consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed), increase the aggregate amount of the Revolving Credit Commitments by delivering a Commitment Amount Increase Request at least five (5) Business Days prior to the desired effective date of such increase (the "Commitment Amount Increase") identifying an additional Lender (or additional Revolving Credit Commitments for existing Lender(s)) and the amount of its Revolving Credit Commitment (or additional amount of its Revolving Credit Commitment(s)); provided, however, that (i) any increase of the aggregate amount of the Revolving Credit Commitments to an amount in excess of $125,000,000 will require the approval of all the Lenders, and (ii) any increase of the aggregate amount of the Revolving Credit Commitments shall be in an amount not less than $5,000,000. The effective date of the Commitment Amount Increase shall be agreed upon by the Borrower and the Administrative Agent. Upon the effectiveness thereof, the new Lender(s) (or, if applicable, existing Lender(s)) shall advance Loans in an amount sufficient such that after giving effect to its Loans each Lender shall have outstanding its pro rata share of Loans. It shall be a condition to such effectiveness that (i) no Eurocurrency Loans be outstanding on the date of such effectiveness and (ii) the Borrower shall not have terminated any portion of the Revolving Credit Commitments pursuant of Section 1.12
Appears in 1 contract
Increase in Revolving Credit Commitments. (a) The U.S. Borrower may, by written notice to the Administrative Agent from time to time, request that the Revolving Credit Commitments of one or more Classes be increased by an aggregate amount not to exceed the Incremental Amount at such time. Upon the approval of such request by the Administrative Agent (which approval shall not be unreasonably withheld), the Administrative Agent shall deliver a copy thereof to each Revolving Credit Lender. Such notice shall set forth the amount of the requested increase in the total Revolving Credit Commitments, and the allocation thereof among the Classes (which shall be in minimum increments of $5,000,000 and a minimum amount of $10,000,000 or equal to the remaining Incremental Amount) and the date on which such increase is requested to become effective (which shall be not less than 10 Business Days nor more than 60 days after the date of such notice and which, in any Business Day event, must be on or prior to the Revolving Credit Termination Maturity Date), and shall offer each Revolving Credit Lender with the written consent a Commitment of the Administrative Agent (which consent shall not be unreasonably withheld or delayed), affected Class the opportunity to increase the aggregate amount of the Revolving Credit Commitments by delivering a Commitment Amount Increase Request at least five (5) Business Days prior to the desired effective date of such increase (the "Commitment Amount Increase") identifying an additional Lender (or additional Revolving Credit Commitments for existing Lender(s)) and the amount of its Revolving Credit Commitment (or additional amount of such Class by its Pro Rata Percentage of the proposed increased amount. Each Revolving Credit Commitment(s)); providedLender shall, however, that (i) any increase of by notice to the aggregate amount of the Revolving Credit Commitments to an amount in excess of $125,000,000 will require the approval of all the Lenders, and (ii) any increase of the aggregate amount of the Revolving Credit Commitments shall be in an amount not less than $5,000,000. The effective date of the Commitment Amount Increase shall be agreed upon by the U.S. Borrower and the Administrative Agent. Upon the effectiveness thereof, the new Lender(s) (or, if applicable, existing Lender(s)) shall advance Loans in an amount sufficient such that Agent given not more than 10 days after giving effect to its Loans each Lender shall have outstanding its pro rata share of Loans. It shall be a condition to such effectiveness that (i) no Eurocurrency Loans be outstanding on the date of the Administrative Agent’s notice, either agree to increase its Revolving Credit Commitment of such effectiveness and (ii) the Borrower shall not have terminated any Class by all or a portion of the offered amount (each Revolving Credit Commitments pursuant of Section 1.12Lender so agreeing being an “Increasing Revolving Lender”) or decline to
Appears in 1 contract
Increase in Revolving Credit Commitments. The Borrower may, on any Business Day prior to may request an increase in the Revolving Credit Termination Date, with the written consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed), increase the aggregate amount of the Revolving Credit Commitments by delivering a Commitment Amount Increase Request at least five (5) Business Days prior to the desired effective date of such increase (the "Commitment Amount Increase") identifying an additional Lender (or additional Revolving Credit Commitments for existing Lender(s)) and the amount of its Revolving Credit Commitment (or additional amount of its Revolving Credit Commitment(s)); provided, however, provided that (i) any such increase of shall not cause the aggregate total amount of the Revolving Credit Commitments to an exceed $275,000,000, as such amount in excess of $125,000,000 will require the approval of all the Lendersmay be reduced from time to time pursuant to Section 6.6(x), and (ii) any such increase of the aggregate amount of the Revolving Credit Commitments shall be in an amount increments of not less than $5,000,000. The If the Borrower desires to increase the Revolving Credit Commitments, the Borrower shall offer the existing Banks the opportunity to participate in any such increase before requesting that another lender join this Agreement as a Bank to provide a Revolving Credit Commitment, provided however, that no Bank shall be obligated to increase its Revolving Credit Commitment and no such Bank's Revolving Credit Commitment shall be increased without its consent. Any new lender shall be subject to the approval of the Agent. If such increase is provided by a new lender, such new lender and Agent shall execute a Bank Joinder and such new lender shall thereby join this Agreement and each of the Loan Documents as a Bank on the effective date of the Commitment Amount Increase shall be agreed upon increase. If such increase in Revolving Credit Commitments is provided by either a new lender, or by one or more of the Borrower and existing Banks but not ratably by all of the Administrative Agent. Upon the effectiveness thereofexisting Banks, the new Lender(s) (or, if applicable, existing Lender(s)) shall advance Loans in an amount sufficient such that after giving effect to its Loans each Lender shall have outstanding its pro rata share of Loans. It shall be a condition to such effectiveness that (i) no Eurocurrency Loans be outstanding on the date of such effectiveness and (ii) the Borrower shall not have terminated any portion repay all of the outstanding Revolving Credit Commitments pursuant Loans on the effective date of the increase, subject to the Borrower's obligation under Section 1.122.6 [
Appears in 1 contract
Samples: Credit Agreement (Education Management Corporation)
Increase in Revolving Credit Commitments. (i) The Borrower Company may, on any Business Day prior by written notice to the Administrative Agent from time to time, request that the Total Revolving Credit Termination Date, with Commitment be increased by an amount not to exceed the written consent Incremental Revolving Facility Amount at such time. Upon the approval of such request by the Administrative Agent (which consent approval shall not be unreasonably withheld or delayedwithheld), increase the aggregate Administrative Agent shall deliver a copy thereof to each Lender with a Revolving Commitment. Such notice shall set forth the amount of the requested increase in the Total Revolving Credit Commitments by delivering Commitment (which shall be in minimum increments of $5,000,000 and a Commitment Amount Increase Request at least five (5) Business Days prior minimum amount of $10,000,000 or equal to the desired effective date of such increase (the "Commitment Amount Increase") identifying an additional Lender (or additional remaining Incremental Revolving Credit Commitments for existing Lender(s)Facility Amount) and the amount of its Revolving Credit Commitment date on which such increase is requested to become effective (or additional amount of its Revolving Credit Commitment(s)); provided, however, that (i) any increase of the aggregate amount of the Revolving Credit Commitments to an amount in excess of $125,000,000 will require the approval of all the Lenders, and (ii) any increase of the aggregate amount of the Revolving Credit Commitments which shall be in an amount not less than $5,000,000. The effective date of the Commitment Amount Increase shall be agreed upon by the Borrower and the Administrative Agent. Upon the effectiveness thereof, the new Lender(s) (or, if applicable, existing Lender(s)) shall advance Loans in an amount sufficient such that 10 Business Days nor more than 60 days after giving effect to its Loans each Lender shall have outstanding its pro rata share of Loans. It shall be a condition to such effectiveness that (i) no Eurocurrency Loans be outstanding on the date of such effectiveness notice and (ii) which, in any event, must be on or prior to the Borrower Revolving Maturity Date), and shall offer each such Lender the opportunity to increase its Revolving Commitment by its Revolving Facility Percentage of the proposed increased amount. Each such Lender shall, by notice to the Company and the Administrative Agent given not have terminated any more than 10 days after the date of the Administrative Agent's notice, either agree to increase its Revolving Commitment by all or a portion of the offered amount (each such Lender so agreeing being an "Increasing Revolving Credit Commitments pursuant Lender") or decline to increase its Revolving Commitment (and any such Lender that does not deliver such a notice within such period of Section 1.1210 days shall be deemed to have declined to increase its Revolving Commitment) each Lender so declining or being deemed to have declined being a "
Appears in 1 contract
Samples: Credit Agreement (Om Group Inc)