Common use of Increase in the Revolving Loan Maximum Credit Amounts Clause in Contracts

Increase in the Revolving Loan Maximum Credit Amounts. (a) If the Borrower is required to terminate the amount of the Commitment of a Lender pursuant to Section 5.04(b)(ii), then the Borrower may, by written notice to the Administrative Agent executed by the Borrower and one or more financial institutions (any such financial institution executing such notice being called an “Increasing Lender”), which may include any Lender, cause the Aggregate Commitments to be extended by the Increasing Lenders if such Increasing Lender is not already a Lender (or cause the Aggregate Commitments of the Increasing Lenders that are already Lenders to be increased, as the case may be) in an amount for each Increasing Lender set forth in such notice; provided, that (i) the sum of all existing Commitments, all new Commitments and all increases in existing Commitments pursuant to this paragraph shall not exceed $300,000,000 without the approval of all Lenders, (ii) each Increasing Lender shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld or delayed), (iii) each Increasing Lender, if not already a Lender hereunder, shall become a party to this Agreement by completing and delivering to the Administrative Agent a duly executed joinder agreement in a form reasonably satisfactory to the Administrative Agent and the Borrower (a “Joinder Agreement”), and (iv) any Lender requested by the Borrower to become an Increasing Lender may elect, or decline, such request in its sole discretion. New Commitments and increases in Commitments shall become effective on the date specified in the applicable notices delivered pursuant to this paragraph.

Appears in 1 contract

Samples: Credit Agreement (Plains Exploration & Production Co)

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Increase in the Revolving Loan Maximum Credit Amounts. (a) If The Borrower may on no more than five occasions during the Borrower period beginning on the Effective Date to and including the date that is required six months prior to terminate the amount of the Commitment of a Lender pursuant to Section 5.04(b)(ii), then the Borrower mayMaturity Date, by written notice to the Administrative Agent executed by the Borrower and one or more financial institutions (any such financial institution executing such notice being called an “Increasing Lender”), which may include any Lender, cause the Aggregate Commitments Maximum Credit Amounts to be extended by the Increasing Lenders if such Increasing Lender is not already a Lender (or cause the Aggregate Commitments Maximum Credit Amounts of the Increasing Lenders that are already Lenders to be increased, as the case may be) in an amount for each Increasing Lender set forth in such notice; provided, that (i) each extension of new Maximum Credit Amounts or increase in existing Maximum Credit Amounts pursuant to this paragraph shall result in the aggregate Maximum Credit Amounts being increased by no less than $25,000,000, (ii) the sum of all existing Commitments, all new Commitments Maximum Credit Amounts and all increases in existing Commitments Maximum Credit Amounts pursuant to this paragraph shall not exceed $300,000,000 600,000,000 without the approval of all Lenders, (iiiii) each Increasing Lender shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld or delayed), (iiiiv) each Increasing Lender, if not already a Lender hereunder, shall become a party to this Agreement by completing and delivering to the Administrative Agent a duly executed joinder agreement in a form reasonably satisfactory to the Administrative Agent and the Borrower (a “Joinder Agreement”), and (ivv) any Lender requested by the Borrower to become an Increasing Lender may elect, or decline, such request in its sole discretion, (vi) since December 31, 2009, no event has occurred that has had or could reasonably be expected to have a Material Adverse Effect, and (vii) no Default or Event of Default has occurred and is continuing. New Commitments Maximum Credit Amounts and increases in Commitments Maximum Credit Amounts shall become effective on the date specified in the applicable notices delivered pursuant to this paragraph.

Appears in 1 contract

Samples: Credit Agreement (Plains Exploration & Production Co)

Increase in the Revolving Loan Maximum Credit Amounts. (a) If The Borrower may on no more than five occasions during the Borrower period beginning on the date hereof to and including the date that is required six months prior to terminate the amount of the Commitment of a Lender pursuant to Section 5.04(b)(ii), then the Borrower mayMaturity Date, by written notice to the Administrative Agent executed by the Borrower and one or more financial institutions (any such financial institution executing such notice being called an “Increasing Lender”), which may include any Lender, cause the Aggregate Commitments Maximum Credit Amounts to be extended by the Increasing Lenders if such Increasing Lender is not already a Lender (or cause the Aggregate Commitments Maximum Credit Amounts of the Increasing Lenders that are already Lenders to be increased, as the case may be) in an amount for each Increasing Lender set forth in such notice; provided, that (i) the sum each extension of all existing Commitments, all new Commitments and all increases Maximum Credit Amounts or increase in existing Commitments Maximum Credit Amounts pursuant to this paragraph shall not exceed result in the aggregate Maximum Credit Amounts being increased by no less than $300,000,000 25,000,000, (ii) no extension of new Maximum Credit Amounts or increase in existing Maximum Credit Amounts pursuant to this paragraph may result in the aggregate Maximum Credit Amounts exceeding $1,150,000,000 without the approval of all Lenders, (iiiii) each Increasing Lender shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld or delayed), (iiiiv) each Increasing Lender, if not already a Lender hereunder, shall become a party to this Agreement by completing and delivering to the Administrative Agent a duly executed joinder agreement in a form reasonably satisfactory to the Administrative Agent and the Borrower (a “Joinder Agreement”), and (ivv) any Lender requested by the Borrower to become an Increasing Lender may elect, or decline, such request in its sole discretion, (vi) since December 31, 2006, no event has occurred that has had or could reasonably be expected to have a Material Adverse Effect, and (vii) no Default or Event of Default has occurred and is continuing. New Commitments Maximum Credit Amounts and increases in Commitments Maximum Credit Amounts shall become effective on the date specified in the applicable notices delivered pursuant to this paragraph.

Appears in 1 contract

Samples: Credit Agreement (Plains Exploration & Production Co)

Increase in the Revolving Loan Maximum Credit Amounts. (a) If The Borrower may on no more than five occasions during the Borrower period beginning on the date hereof to and including the date that is required six months prior to terminate the amount of the Commitment of a Lender pursuant to Section 5.04(b)(ii), then the Borrower mayMaturity Date, by written notice to the Administrative Agent executed by the Borrower and one or more financial institutions (any such financial institution executing such notice being called an “Increasing Lender”), which may include any Lender, cause the Aggregate Commitments Maximum Credit Amounts to be extended by the Increasing Lenders if such Increasing Lender is not already a Lender (or cause the Aggregate Commitments Maximum Credit Amounts of the Increasing Lenders that are already Lenders to be increased, as the case may be) in an amount for each Increasing Lender set forth in such notice; provided, that (i) the sum each extension of all existing Commitments, all new Commitments and all increases Maximum Credit Amounts or increase in existing Commitments Maximum Credit Amounts pursuant to this paragraph shall not exceed result in the aggregate Maximum Credit Amounts being increased by no less than $300,000,000 25,000,000, (ii) no extension of new Maximum Credit Amounts or increase in existing Maximum Credit Amounts pursuant to this paragraph may result in the aggregate Maximum Credit Amounts exceeding $1,550,000,000 without the approval of all Lenders, (iiiii) each Increasing Lender shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld or delayed), (iiiiv) each Increasing Lender, if not already a Lender hereunder, shall become a party to this Agreement by completing and delivering to the Administrative Agent a duly executed joinder agreement in a form reasonably satisfactory to the Administrative Agent and the Borrower (a “Joinder Agreement”), and (ivv) any Lender requested by the Borrower to become an Increasing Lender may elect, or decline, such request in its sole discretion, (vi) since December 31, 2006, no event has occurred that has had or could reasonably be expected to have a Material Adverse Effect, and (vii) no Default or Event of Default has occurred and is continuing. New Commitments Maximum Credit Amounts and increases in Commitments Maximum Credit Amounts shall become effective on the date specified in the applicable notices delivered pursuant to this paragraph.

Appears in 1 contract

Samples: Credit Agreement (Plains Exploration & Production Co)

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Increase in the Revolving Loan Maximum Credit Amounts. (a) If The Borrower may on no more than five occasions during the Borrower period beginning on the date hereof to and including the date that is required six months prior to terminate the amount of the Commitment of a Lender pursuant to Section 5.04(b)(ii), then the Borrower mayMaturity Date, by written notice to the Administrative Agent executed by the Borrower and one or more financial institutions (any such financial institution executing such notice being called an “Increasing Lender”), which may include any Lender, cause the Aggregate Commitments Maximum Credit Amounts to be extended by the Increasing Lenders if such Increasing Lender is not already a Lender (or cause the Aggregate Commitments Maximum Credit Amounts of the Increasing Lenders that are already Lenders to be increased, as the case may be) in an amount for each Increasing Lender set forth in such notice; provided, that (i) each extension of new Maximum Credit Amounts or increase in existing Maximum Credit Amounts pursuant to this paragraph shall result in the aggregate Maximum Credit Amounts being increased by no less than $25,000,000, (ii) the sum of all existing Commitments, all new Commitments Maximum Credit Amounts and all increases in existing Commitments Maximum Credit Amounts pursuant to this paragraph shall not exceed $300,000,000 400,000,000 without the approval of all Lenders, (iiiii) each Increasing Lender shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld or delayed), (iiiiv) each Increasing Lender, if not already a Lender hereunder, shall become a party to this Agreement by completing and delivering to the Administrative Agent a duly executed joinder agreement in a form reasonably satisfactory to the Administrative Agent and the Borrower (a “Joinder Agreement”), and (ivv) any Lender requested by the Borrower to become an Increasing Lender may elect, or decline, such request in its sole discretion, (vi) since December 31, 2006, no event has occurred that has had or could reasonably be expected to have a Material Adverse Effect, and (vii) no Default or Event of Default has occurred and is continuing. New Commitments Maximum Credit Amounts and increases in Commitments Maximum Credit Amounts shall become effective on the date specified in the applicable notices delivered pursuant to this paragraph.

Appears in 1 contract

Samples: Credit Agreement (Plains Exploration & Production Co)

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