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

Increase in the Aggregate Revolving Credit Commitments. (i) If the Borrower requests that the aggregate amount of the Revolving Credit Commitments be increased (a “Revolving Commitment Increase”), the Agent shall promptly notify such Lenders or Eligible Assignees as the Borrower may direct of a request by the Borrower for a Revolving Commitment Increase, which notice shall include (A) the proposed amount of such requested Revolving Commitment Increase, (B) the proposed Increase Date and (C) the date by which Lenders wishing to participate in the Revolving Commitment Increase must commit to an increase in the amount of their respective Commitments. Each such Lender that is willing to participate in such requested Revolving Commitment Increase (each an “Increasing Revolving Lender”) shall, in its sole discretion, give written notice to the Agent on or prior to the relevant deadline of the amount by which it is willing to increase its Revolving Credit Commitment. The requested Revolving Commitment Increase shall be allocated among the Lenders willing to participate therein and the applicable Assuming Lenders in such amounts as are agreed between the Borrower and the Agent. Any Lender failing to notify the Agent by the relevant deadline shall be deemed to have declined to increase its Revolving Credit Commitment.

Appears in 3 contracts

Samples: Credit Agreement (Packaging Corp of America), Credit Agreement (Packaging Corp of America), Five Year Credit Agreement (Packaging Corp of America)

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Increase in the Aggregate Revolving Credit Commitments. (ia) If The Borrower may, at any time but in any event not more than twice in any calendar year prior to the Borrower requests Termination Date, by notice to the Administrative Agent, request that the aggregate amount of the Revolving Credit Commitments be increased by an amount of $10,000,000 or an integral multiple of $10,000,000 in excess thereof (each a “Revolving Commitment Increase”)) to be effective as of a date that is at least 45 days prior to the scheduled Termination Date (without giving effect to the proviso contained in the definition thereof) then in effect (the “Increase Date”) as specified in the related notice to the Administrative Agent; provided, however, that (i) in no event shall the aggregate amount of the Revolving Credit Commitments at any time exceed $3,500,000,000 and (ii) the applicable conditions precedent set forth in Section 3.02 shall have been satisfied as of the date of such request and as of the applicable Increase Date. (b) The Administrative Agent shall promptly notify such Lenders or Eligible Assignees as the Lenders, if any, identified by the Borrower may direct of a request by the Borrower for a Revolving Commitment Increase, which notice shall include (Ai) the proposed amount of such requested Revolving Commitment Increase, (Bii) the proposed Increase Date and (Ciii) the date by which Lenders wishing to participate in the Revolving Commitment Increase must commit to an increase in the amount of their respective CommitmentsRevolving Credit Commitments (the “Commitment Date”). Each such Lender so identified by the Borrower that is willing to participate in such requested Revolving Commitment Increase (each an “Increasing Revolving Lender”) shall, in its sole discretion, shall give written notice to the Administrative Agent on or prior to the relevant deadline Commitment Date of the amount by which it is willing to increase its Revolving Credit Commitment. The requested Revolving Commitment Increase shall be allocated among the Lenders willing to participate therein and the applicable Assuming Lenders in If such amounts as are agreed between the Borrower and the Agent. Any Lender failing to notify the Agent by the relevant deadline shall be deemed to have declined to increase its Revolving Credit Commitment.Lenders

Appears in 1 contract

Samples: Five Year Credit Agreement (Colgate Palmolive Co)

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