Common use of Increase of Aggregate Commitments Clause in Contracts

Increase of Aggregate Commitments. (a) The Company may from time to time, on the terms set forth below, request that the aggregate amount of the Commitments be increased to an amount which does not exceed $200,000,000; provided, however, that an increase in the Commitments hereunder may only be made at a time when (i) no Event of Default or event which, with notice or the passage of time or both, would constitute an Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Public Debt Rating from S&P is at least BBB- and the Public Debt Rating from Xxxxx'x is at least Baa3. (b) If the Company requests an increase in the aggregate Commitments: (i) each of the Banks shall be given the opportunity to participate in the increased aggregate Commitments (x) initially, ratably in accordance with its Pro Rata Share, and (y) next, to the extent that the requested increase in the aggregate Commitments is not fulfilled pursuant to the preceding clause (x) and subject to Section 2.23(d) below, in such additional amounts as any Bank and the Company agree, and (ii) if, after each Bank has been afforded an opportunity to increase its Commitment to satisfy the Company's requested increase, the aggregate increase in the Commitments offered by the Banks is less than the Company's requested increase, then the Company shall consult with the Administrative Agent as to the number, identity and requested Commitments of additional financial institutions which the Company may, with the written consent of the Administrative Agent (which consent shall not be unreasonably withheld) invite to participate in the aggregate Commitments. (c) No Bank shall have any obligation to increase its Commitment pursuant to a request by the Company hereunder. No Bank shall be deemed to have approved an increase in its Commitment unless such approval is in writing. Failure on the part of any Bank to respond to a request by the Company within 30 days of such Bank's receipt of notice of such request hereunder shall be deemed a rejection of such request. (d) In no event shall any Bank's Commitment, after giving effect to an increase in its Commitment hereunder, exceed 25% of the aggregate Commitments under this Agreement. (e) If the Company and one or more of the Banks (or other financial institutions) shall agree upon such an increase in the aggregate Commitments hereunder (i) the Company, the Administrative Agent and each Bank or other financial institution increasing its Commitment or extending a new Commitment shall enter into a consent in the form of Exhibit F hereto and (ii) the Company shall furnish new Notes to each financial institution that is extending a new Commitment and to each Bank which is increasing its Commitment. Notwithstanding anything else to the contrary contained in Section 2.06(b), if an increase in the aggregate Commitments pursuant to this Section 2.23 occurs during an Interest Period for an outstanding Committed Borrowing, (a) such Committed Borrowing may not be continued or converted pursuant to Section 2.06(b) and (b) such Committed Borrowing shall be due and payable at the end of the current Interest Period applicable thereto, without prejudice to the Company's right, subject to the terms and conditions of this Agreement, to reborrow all or any portion of the amount of such Committed Borrowing.

Appears in 2 contracts

Samples: 364 Day Credit Agreement (Donnelley R R & Sons Co), 364 Day Credit Agreement (Donnelley R R & Sons Co)

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Increase of Aggregate Commitments. (a) The Company may from --------------------------------- time to time, on the terms set forth below, request that the aggregate amount of the Commitments be increased to an amount which does not exceed $200,000,000400,000,000; provided, however, that an increase in the Commitments hereunder may only be -------- ------- made at a time when (i) no Event of Default or event which, with notice or the passage of time or both, would constitute an Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Public Debt Rating from S&P is at least BBB- and the Public Debt Rating from Xxxxx'x is at least Baa3. (b) If the Company requests an increase in the aggregate Commitments: (i) each of the Banks shall be given the opportunity to participate in the increased aggregate Commitments (x) initially, ratably in accordance with its Pro Rata Share, and (y) next, to the extent that the requested increase in the aggregate Commitments is not fulfilled pursuant to the preceding clause (x) and subject to Section 2.23(d2.24(d) below, in such --------------- additional amounts as any Bank and the Company agree, and (ii) if, after each Bank has been afforded an opportunity to increase its Commitment to satisfy the Company's requested increase, the aggregate increase in the Commitments offered by the Banks is less than the Company's requested increase, then the Company shall consult with the Administrative Agent as to the number, identity and requested Commitments of additional financial institutions which the Company may, with the written consent of the Administrative Agent (which consent shall not be unreasonably withheld) invite to participate in the aggregate Commitments. (c) No Bank shall have any obligation to increase its Commitment pursuant to a request by the Company hereunder. No Bank shall be deemed to have approved an increase in its Commitment unless such approval is in writing. Failure on the part of any Bank to respond to a request by the Company within 30 days of such Bank's receipt of notice of such request hereunder shall be deemed a rejection of such request. (d) In no event shall any Bank's Commitment, after giving effect to an increase in its Commitment hereunder, exceed 25% of the aggregate Commitments under this Agreement. (e) If the Company and one or more of the Banks (or other financial institutions) shall agree upon such an increase in the aggregate Commitments hereunder (i) the Company, the Administrative Agent and each Bank or other financial institution increasing its Commitment or extending a new Commitment shall enter into a consent in substantially the form of Exhibit F G hereto and --------- (ii) the Company shall furnish new Notes to each financial institution that is extending a new Commitment and to each Bank which is increasing its Commitment. Notwithstanding anything else to the contrary contained in Section 2.06(b), if --------------- an increase in the aggregate Commitments pursuant to this Section 2.23 2.24 occurs ------------ during an Interest Period for an outstanding Committed Borrowing, (a) such Committed Borrowing may not be continued or converted pursuant to Section ------- 2.06(b) and (b) such Committed Borrowing shall be due and payable at the end of ------- the current Interest Period applicable thereto, without prejudice to the Company's right, subject to the terms and conditions of this Agreement, to reborrow all or any portion of the amount of such Committed Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Donnelley R R & Sons Co)

Increase of Aggregate Commitments. (a) The Company may from time to time, on the terms set forth below, request that the aggregate amount of the Commitments be increased to an amount which does not exceed $200,000,000400,000,000; provided, however, that an increase in the Commitments hereunder may only be made at a time when (i) no Event of Default or event which, with notice or the passage of time or both, would constitute an Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Public Debt Rating from S&P is at least BBB- and the Public Debt Rating from Xxxxx'x is at least Baa3. (b) If the Company requests an increase in the aggregate Commitments: (i) each of the Banks shall be given the opportunity to participate in the increased aggregate Commitments (x) initially, ratably in accordance with its Pro Rata Share, and (y) next, to the extent that the requested increase in the aggregate Commitments is not fulfilled pursuant to the preceding clause (x) and subject to Section 2.23(d) below, in such additional amounts as any Bank and the Company agree, and (ii) if, after each Bank has been afforded an opportunity to increase its Commitment to satisfy the Company's requested increase, the aggregate increase in the Commitments offered by the Banks is less than the Company's requested increase, then the Company shall consult with the Administrative Agent as to the number, identity and requested Commitments of additional financial institutions which the Company may, with the written consent of the Administrative Agent (which consent shall not be unreasonably withheld) invite to participate in the aggregate Commitments. (c) No Bank shall have any obligation to increase its Commitment pursuant to a request by the Company hereunder. No Bank shall be deemed to have approved an increase in its Commitment unless such approval is in writing. Failure on the part of any Bank to respond to a request by the Company within 30 days of such Bank's receipt of notice of such request hereunder shall be deemed a rejection of such request. (d) In no event shall any Bank's Commitment, after giving effect to an increase in its Commitment hereunder, exceed 25% of the aggregate Commitments under this Agreement. (e) If the Company and one or more of the Banks (or other financial institutions) shall agree upon such an increase in the aggregate Commitments hereunder (i) the Company, the Administrative Agent and each Bank or other financial institution increasing its Commitment or extending a new Commitment shall enter into a consent in the form of Exhibit F G hereto and (ii) the Company shall furnish new Notes to each financial institution that is extending a new Commitment and to each Bank which is increasing its Commitment. Notwithstanding anything else to the contrary contained in Section 2.06(b), if an increase in the aggregate Commitments pursuant to this Section 2.23 occurs during an Interest Period for an outstanding Committed Borrowing, (a) such Committed Borrowing may not be continued or converted pursuant to Section 2.06(b) and (b) such Committed Borrowing shall be due and payable at the end of the current Interest Period applicable thereto, without prejudice to the Company's right, subject to the terms and conditions of this Agreement, to reborrow all or any portion of the amount of such Committed Borrowing.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Donnelley R R & Sons Co)

Increase of Aggregate Commitments. (a) The Company may from time to time, on the terms set forth below, request that the aggregate amount of the Commitments be increased to an amount which does not exceed $200,000,000; provided, however, that an increase in the Commitments hereunder may only be made at a time when (i) If no Event of Default or event which, with notice or the passage of time or both, would constitute an Event of Default shall have occurred and be continuing continuing, Borrower may at any time during the Availability Period request one or would result therefrom and more increases of the Aggregate Commitments by notice to Administrative Agent in writing of the amount of such proposed increase (an “Increase Notice”); provided, however, that (i) the Commitment of any Lender may not be increased without such Lender’s consent, (ii) the Public Debt Rating from S&P is at least BBB- minimum amount of any such increase shall be $5,000,000 and (iii) the Public Debt Rating from Xxxxx'x is at least Baa3amount of the Aggregate Commitments, after giving effect to any such increase, shall not exceed $150,000,000. (b) If Following any Increase Notice, Borrower may, in its discretion, but with the Company requests an increase in the aggregate Commitments: consent of Administrative Agent and LC Issuer as to any Person that is not at such time a Lender (i) each of the Banks shall such consent not to be given unreasonably withheld or delayed), offer to any existing Lender or to one or more additional banks or financial institutions the opportunity to participate in all or a portion of the increased aggregate Aggregate Commitments (xpursuant to Section 2.18(c) initiallybelow, ratably in accordance with its Pro Rata Share, and (y) nextby notifying Administrative Agent. Administrative Agent shall promptly deliver such notice on behalf of Borrower to the one or more Lenders and, to the extent that the requested increase in the aggregate Commitments is not fulfilled pursuant so consented to the preceding clause (x) and subject to Section 2.23(d) below, in such additional amounts as any Bank and the Company agree, and (ii) if, after each Bank has been afforded an opportunity to increase its Commitment to satisfy the Company's requested increase, the aggregate increase in the Commitments offered by the Banks is less than the Company's requested increase, then the Company shall consult with the Administrative Agent as to the numberand LC Issuer, identity and requested Commitments of additional banks or financial institutions which the Company may, with the written consent of the Administrative Agent (which consent shall not be unreasonably withheld) invite to participate in the aggregate Commitmentsselected by Borrower. (c) No Bank Any existing Lender that Borrower selects to offer such a participation in the increased Aggregate Commitments and any additional bank or financial institution that Borrower selects to offer a participation in the increased Aggregate Commitments and so consented to by Administrative Agent and LC Issuer, in each case that agrees to participate in the increased Aggregate Commitments shall notify Administrative Agent of its agreement to participate in the increased Aggregate Commitments within such time as Borrower and Administrative Agent shall have specified in the notice of such offer. (d) Any such additional bank or financial institution agreeing to participate in such increased Aggregate Commitments pursuant to this Section 2.18 shall execute and deliver to Administrative Agent a joinder agreement in form and substance satisfactory to Administrative Agent and its counsel setting forth the Commitment of such bank or financial institution and, upon the effectiveness of such joinder agreement, such bank or financial institution (a “New Lender”) shall become a Lender for all purposes and to the same extent as if originally a party hereto and shall be bound by and entitled to the benefits of this Agreement and the signature pages hereof shall be deemed to be amended to add the name of such New Lender and Annex 1 and the definition of Aggregate Commitments in Section 1.1 shall be deemed amended to increase the Aggregate Commitments by the Commitment of such New Lender; provided that the Commitment of any obligation New Lender shall be in an amount not less than $5,000,000. (e) Any existing Lender that accepts an offer to it by Borrower to increase its Commitment pursuant to this Section 2.18 shall execute and deliver to Administrative Agent a request commitment increase agreement in form and substance satisfactory to Administrative Agent and its counsel, whereupon such Lender shall be bound by and entitled to the Company hereunder. No Bank benefits of this Agreement with respect to the full amount of its Commitment as so increased, and Annex 1 and the definition of Aggregate Commitments in Section 1.1 shall be deemed to have approved an increase in its Commitment unless reflect such approval is in writing. Failure on the part of any Bank to respond to a request by the Company within 30 days of such Bank's receipt of notice of such request hereunder shall be deemed a rejection of such requestincrease. (df) In no event The effectiveness of any such joinder agreement of a New Lender or any such commitment increase agreement of an existing Lender shall any Bank's Commitmentbe contingent upon receipt by Administrative Agent of such corporate resolutions of Borrower authorizing such increase, after giving effect and such other documents and opinions reasonably requested by Administrative Agent, in form and substance reasonably satisfactory to an increase in its Commitment hereunder, exceed 25% of the aggregate Commitments under this AgreementAdministrative Agent. (g) If any bank or financial institution becomes a New Lender pursuant to paragraph (d) above or any Lender’s Commitment is increased pursuant to paragraph (e) above, Loans made on or after the effectiveness thereof (the “Re-Allocation Date”) shall be made pro rata based on the Lenders’ Commitments in effect on and after such Re-Allocation Date. (h) If the Company on any Re-Allocation Date there is an unpaid principal amount of Loans, Borrower and one or more Lenders authorize Administrative Agent and Borrower to make non-ratable borrowings and prepayments of the Banks (or Loans, and if any such prepayment requires the payment of Eurodollar Rate Loans other financial institutions) than on the last day of the applicable Interest Period, Borrower shall agree upon such an pay any required amounts pursuant to Section 3.4, in order to keep the outstanding Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the aggregate Commitments hereunder (i) and from the Company, the Administrative Agent and each Bank or other financial institution increasing its Commitment or extending Commitments of a new Commitment shall enter into a consent in the form of Exhibit F hereto and (ii) the Company shall furnish new Notes to each financial institution that is extending a new Commitment and to each Bank which is increasing its Commitment. Notwithstanding anything else to the contrary contained in Section 2.06(b), if an increase in the aggregate Commitments pursuant to this Section 2.23 occurs during an Interest Period for an outstanding Committed Borrowing, (a) such Committed Borrowing may not be continued or converted pursuant to Section 2.06(b) and (b) such Committed Borrowing shall be due and payable at the end of the current Interest Period applicable thereto, without prejudice to the Company's right, subject to the terms and conditions of this Agreement, to reborrow all or any portion of the amount of such Committed BorrowingNew Lender.

Appears in 1 contract

Samples: Credit Agreement (Magnum Hunter Resources Corp)

Increase of Aggregate Commitments. (a) The Company may from time to time(not less than 90 days prior the Termination Date and no more than twice in each fiscal year of the Company), on the terms set forth below, request that the aggregate amount of the Commitments be increased to by an amount which does not exceed $200,000,000250,000,000; provided, however, that an increase in the Commitments hereunder may only be made at a time when (i) no Default or Event of Default or event which, with notice or the passage of time or both, would constitute an Event of Default shall have has occurred and be is continuing or would result therefrom and therefrom, (ii) the Public Debt Rating from S&P is at least BBB- BBB+ (stable) and the Public Debt Rating from Xxxxx'x is at least Baa3. Baal (bstable) and (iii) the representations and warranties of the Company contained in this Agreement, are true on and as of the date of such request and the date upon which such commitment increase becomes effective. If the Company requests an increase in the aggregate Commitments: : any such increase shall be in an incremental aggregate amount of $10,000,000 (i) but not in excess of $250,000,000 in the aggregate for all such increases); each of the Banks shall be given the opportunity to participate in the increased aggregate Commitments (x) initially, ratably in accordance with its Pro Rata Share, and (y) next, to the extent that the requested increase in the aggregate Commitments is not fulfilled pursuant to the preceding clause (x) and subject to Section 2.23(d2.17(d) below, in such additional amounts as any Bank and the Company agree, and (ii) ; and if, after each Bank has been afforded an opportunity to increase its Commitment to satisfy the Company's requested increase, the aggregate increase in the Commitments offered by the Banks is less than the Company's requested increase, then the Company shall consult with the Administrative Agent as to the number, identity and requested Commitments of additional financial institutions which the Company may, with the written consent of the Administrative Agent (which consent shall not be unreasonably withheld) invite to participate in the aggregate Commitments. (c) ; provided that the minimum Commitment of each such additional financial institutions shall be a minimum incremental aggregate amount of $25,000,000. No Bank shall have any obligation to increase its Commitment pursuant to a request by the Company hereunder. No Bank shall be deemed to have approved an increase in its Commitment unless such approval is in writing. Failure on the part of any Bank to respond to a request by the Company within 30 days of such Bank's receipt of notice of such request hereunder shall be deemed a rejection of such request. (d) . In no event shall any Bank's Commitment, after giving effect to an increase in its Commitment hereunder, exceed 25% of the aggregate Commitments under this Agreement. (e) . If the Company and one or more of the Banks (or other financial institutions) shall agree upon such an increase in the aggregate Commitments hereunder (i) the Company, the Administrative Agent and each Bank or other financial institution increasing its Commitment or extending a new Commitment shall enter into a consent in the form of Exhibit F E hereto and (ii) if requested, the Company shall furnish new Notes to each financial institution that is extending a new Commitment and to each Bank which is increasing its Commitment. Notwithstanding anything else to the contrary contained in Section 2.06(b)herein, if an increase in the aggregate Commitments pursuant to this Section 2.23 2.17 occurs during an Interest Period for an outstanding Committed Borrowing, at the option of the Company, either (ax) each such Committed Borrowing may not shall be continued terminated upon the effectiveness of such increased or converted new Commitment and the respective Borrower shall pay any amounts due pursuant to Section 2.06(b) and (b) such Committed Borrowing shall be due and payable at the end of the current Interest Period applicable thereto2.10 in connection therewith, in each case, without prejudice to the Companyeach Borrower's right, subject to the terms and conditions of this Agreement, to reborrow all or any portion of the amount of such Committed BorrowingBorrowing or (y) the Borrowers shall borrow such amounts pursuant to the new Commitments (and thereby increase the amount of outstanding Borrowings) by such amounts so that the Banks with new Commitments shall lend (pro rata in the same relation that the new Commitments bear to the total Commitments) such amounts (which shall be proportionately allocated to, and increase, the then outstanding Borrowings) so that the new Commitments are funded to provide a proportionate share of each then outstanding Borrowing after giving effect to the increases thereto pursuant to this clause (y). All actions to be taken pursuant to the immediately preceding sentence shall be taken by the Company in consultation with the Administrative Agent, and in connection with any actions to be taken pursuant to clause (y) of preceding sentence, the Borrowers may, otherwise in accordance with the provisions hereof, repay all or portions of certain outstanding Borrowings, as they may elect, so long as the effect thereof is that all Banks will participate proportionately in all outstanding Borrowings after giving effect to the increase in Commitments. In connection with the actions to be taken pursuant to clause (y) of the second preceding sentence, the Company (or relevant Borrower) may agree with Banks providing additional Commitments to compensate them for any costs or losses incurred by them as a result of funding any Borrowing during an existing Interest Period, rather than at the beginning thereof.

Appears in 1 contract

Samples: Revolving Credit Agreement (RR Donnelley & Sons Co)

Increase of Aggregate Commitments. (a) The Company may --------------------------------- from time to time, on the terms set forth below, request that the aggregate amount of the Commitments be increased to an amount which does not exceed $200,000,000400,000,000; provided, however, that an increase in the Commitments hereunder -------- ------- may only be made at a time when (i) no Event of Default or event which, with notice or the passage of time or both, would constitute an Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Public Debt Rating from S&P is at least BBB- and the Public Debt Rating from Xxxxx'x is at least Baa3. (b) If the Company requests an increase in the aggregate Commitments: (i) each of the Banks shall be given the opportunity to participate in the increased aggregate Commitments (x) initially, ratably in accordance with its Pro Rata Share, and (y) next, to the extent that the requested increase in the aggregate Commitments is not fulfilled pursuant to the preceding clause (x) and subject to Section 2.23(d2.24(d) below, in such --------------- additional amounts as any Bank and the Company agree, and (ii) if, after each Bank has been afforded an opportunity to increase its Commitment to satisfy the Company's requested increase, the aggregate increase in the Commitments offered by the Banks is less than the Company's requested increase, then the Company shall consult with the Administrative Agent as to the number, identity and requested Commitments of additional financial institutions which the Company may, with the written consent of the Administrative Agent (which consent shall not be unreasonably withheld) invite to participate in the aggregate Commitments. (c) No Bank shall have any obligation to increase its Commitment pursuant to a request by the Company hereunder. No Bank shall be deemed to have approved an increase in its Commitment unless such approval is in writing. Failure on the part of any Bank to respond to a request by the Company within 30 days of such Bank's receipt of notice of such request hereunder shall be deemed a rejection of such request. (d) In no event shall any Bank's Commitment, after giving effect to an increase in its Commitment hereunder, exceed 25% of the aggregate Commitments under this Agreement. (e) If the Company and one or more of the Banks (or other financial institutions) shall agree upon such an increase in the aggregate Commitments hereunder (i) the Company, the Administrative Agent and each Bank or other financial institution increasing its Commitment or extending a new Commitment shall enter into a consent in substantially the form of Exhibit F G hereto and --------- (ii) the Company shall furnish new Notes to each financial institution that is extending a new Commitment and to each Bank which is increasing its Commitment. Notwithstanding anything else to the contrary contained in Section 2.06(b), if --------------- an increase in the aggregate Commitments pursuant to this Section 2.23 2.24 occurs ------------ during an Interest Period for an outstanding Committed Borrowing, (a) such Committed Borrowing may not be continued or converted pursuant to Section ------- 2.06(b) and (b) such Committed Borrowing shall be due and payable at the end of ------- the current Interest Period applicable thereto, without prejudice to the Company's right, subject to the terms and conditions of this Agreement, to reborrow all or any portion of the amount of such Committed Borrowing.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Donnelley R R & Sons Co)

Increase of Aggregate Commitments. (a) The Company may from time to timeFollowing the Closing Date, on the terms set forth below, request that the aggregate amount of the Commitments be increased to an amount which does not exceed $200,000,000; provided, however, that an increase in the Commitments hereunder may only be made at a time when (i) if no Event of Default or event whichthen exists, with notice or the passage of time or both, would constitute an Event of Default Borrower shall have occurred and be continuing or would result therefrom and (ii) the Public Debt Rating from S&P is at least BBB- and right, without the Public Debt Rating from Xxxxx'x is at least Baa3. (b) If the Company requests an increase in the aggregate Commitments: (i) each consent of the Banks shall be given the opportunity to participate in the increased aggregate Commitments (x) initially, ratably in accordance with its Pro Rata Share, and (y) nextLenders, to increase the extent that amount of the requested increase in the aggregate Commitments is not fulfilled pursuant Aggregate Commitment by adding to the preceding clause (x) and subject this Agreement one or more lenders reasonably acceptable to Section 2.23(d) below, in such additional amounts as any Bank and the Company agree, and (ii) if, after each Bank has been afforded an opportunity to increase its Commitment to satisfy the Company's requested increase, the aggregate increase in the Commitments offered by the Banks is less than the Company's requested increase, then the Company shall consult with the Administrative Agent as to the number, identity and requested Commitments of additional financial institutions which the Company may, with the written consent of the Administrative Agent (which consent lenders shall, upon completion of the requirements stated in this Section 2.23 constitute Lenders hereunder), or by allowing one or more Lenders to increase their respective Commitments hereunder, provided that (a) the sum of the then current Aggregate Commitment plus such added Commitments plus any increases in current Commitments shall not be unreasonably withheldgreater than $225,000,000, (b) invite to participate in no Lender's Commitment shall be increased without the aggregate Commitments. consent of such Lender, (c) No Bank shall have any obligation to increase its Commitment pursuant to a request by the Company hereunder. No Bank no Person shall be deemed added to have approved an increase in this Agreement without its Commitment unless such approval is in writing. Failure on the part of any Bank to respond to a request by the Company within 30 days of such Bank's receipt of notice of such request hereunder shall be deemed a rejection of such request. consent, and (d) In on the effective date of any such increase or addition, there shall either be no event shall Advances outstanding or arrangements satisfactory to the Administrative Agent have been made to prepay all outstanding Advances, together with accrued interest thereon and any Bank's Commitment, after giving effect amounts payable pursuant to Section 3.4. Any prepayment made by the Borrower in accordance with the preceding subsection (d) of this Section 2.23 may be made with the proceeds of an increase Advance made by all the Lenders in its Commitment hereunder, exceed 25% of the aggregate Commitments under this Agreement. (e) If the Company and one or more of the Banks (or other financial institutions) shall agree upon such connection with an increase in the aggregate Commitments hereunder (i) the Company, the Administrative Agent and each Bank or other financial institution increasing its Commitment or extending a new Commitment shall enter into a consent in the form of Exhibit F hereto and (ii) the Company shall furnish new Notes to each financial institution that is extending a new Commitment and to each Bank which is increasing its Commitment. Notwithstanding anything else to the contrary contained in Section 2.06(b), if an increase in the aggregate Aggregate Commitments pursuant to this Section 2.23 occurs during an Interest Period for an outstanding Committed Borrowing, 2.23. The Borrower shall give the Administrative Agent five (a5) such Committed Borrowing may not be continued Business Days' notice of the Borrower's intention to increase any existing Commitments or converted add a new lender pursuant to this Section 2.06(b) 2.23. Such notice shall specify each new lender, if any, the changes in amounts of any existing Commitments and the Aggregate Commitment that will result, the date on which such addition or change is to occur (b) such Committed Borrowing which shall be due a Business Day), and payable at such other information as is reasonably requested by the end of the current Interest Period applicable thereto, without prejudice Administrative Agent. Each new lender agreeing to the Company's right, subject be added to the terms and conditions of this Agreement, and each Lender agreeing to reborrow all increase its Commitment, shall execute and deliver to the Administrative Agent a New Lender Agreement in substantially the form of Exhibit F-1 or any portion a Commitment Increase Agreement in substantially the form of Exhibit F-2, pursuant to which it becomes a party hereto or increases its Commitment, as the case may be. In addition, an Authorized Officer of the Borrower shall execute and deliver a Facility Note in the principal amount of the Commitment of each new lender, or a replacement Facility Note in the principal amount of the increased Commitment of each Lender agreeing to increase its Commitment, as the case may be. Each such Committed BorrowingFacility Note shall be dated the effective date of the pertinent New Lender Agreement or Commitment Increase Agreement, as the case may be, shall be properly completed, and shall otherwise be in substantially the form of Exhibit A-1. Upon execution and delivery to the Administrative Agent of the Facility Note and execution by the Administrative Agent of the relevant New Lender Agreement or Commitment Increase Agreement, as the case may be, such new lender shall constitute a "Lender" hereunder with a Commitment as specified therein, or such Lender's Commitment shall increase as specified therein, as the case may be, and the Administrative Agent shall notify the Lenders of such addition or increase.

Appears in 1 contract

Samples: Credit Agreement (Northern Border Partners Lp)

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Increase of Aggregate Commitments. (a) The Company may from time to time, on the terms set forth below, request that the aggregate amount of the Commitments be increased to an amount which does not exceed $200,000,000400,000,000; provided, however, that an increase in the Commitments hereunder may only be made at a time when (i) no Event of Default or event which, with notice or the passage of time or both, would constitute an Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Public Debt Rating from S&P is at least BBB- and the Public Debt Rating from Xxxxx'x is at least Baa3. (b) If the Company requests an increase in the aggregate Commitments: (i) each of the Banks shall be given the opportunity to participate in the increased aggregate Commitments (x) initially, ratably in accordance with its Pro Rata Share, and (y) next, to the extent that the requested increase in the aggregate Commitments is not fulfilled pursuant to the preceding clause (x) and subject to Section 2.23(d) below, in such additional amounts as any Bank and the Company agree, and (ii) if, after each Bank has been afforded an opportunity to increase its Commitment to satisfy the Company's requested increase, the aggregate increase in the Commitments offered by the Banks is less than the Company's requested increase, then the Company shall consult with the Administrative Agent as to the number, identity and requested Commitments of additional financial institutions which the Company may, with the written consent of the Administrative Agent (which consent shall not be unreasonably withheld) invite to participate in the aggregate Commitments. (c) No Bank shall have any obligation to increase its Commitment pursuant to a request by the Company hereunder. No Bank shall be deemed to have approved an increase in its Commitment unless such approval is in writing. Failure on the part of any Bank to respond to a request by the Company within 30 days of such Bank's receipt of notice of such request hereunder shall be deemed a rejection of such request. (d) In no event shall any Bank's Commitment, after giving effect to an increase in its Commitment hereunder, exceed 25% of the aggregate Commitments under this Agreement. (e) If the Company and one or more of the Banks (or other financial institutions) shall agree upon such an increase in the aggregate Commitments hereunder (i) the Company, the Administrative Agent and each Bank or other financial institution increasing its Commitment or extending a new Commitment shall enter into a consent in the form of Exhibit F G hereto and (ii) the Company shall furnish new Notes to each financial institution that is extending a new Commitment and to each Bank which is increasing its Commitment. Notwithstanding anything else to the contrary contained in Section 2.06(b), if an increase in the aggregate Commitments pursuant to this Section 2.23 occurs during an Interest Period for an -36- outstanding Committed Borrowing, (a) such Committed Borrowing may not be continued or converted pursuant to Section 2.06(b) and (b) such Committed Borrowing shall be due and payable at the end of the current Interest Period applicable thereto, without prejudice to the Company's right, subject to the terms and conditions of this Agreement, to reborrow all or any portion of the amount of such Committed Borrowing.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Donnelley R R & Sons Co)

Increase of Aggregate Commitments. (a) The Company may from --------------------------------- time to time, on the terms set forth below, request that the aggregate amount of the Commitments be increased to an amount which does not exceed $200,000,000400,000,000; provided, however, that an increase in the Commitments hereunder may only be -------- ------- made at a time when (i) no Event of Default or event which, with notice or the passage of time or both, would constitute an Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Public Debt Rating from S&P is at least BBB- and the Public Debt Rating from Xxxxx'x is at least Baa3. (b) If the Company requests an increase in the aggregate Commitments: (i) each of the Banks shall be given the opportunity to participate in the increased aggregate Commitments (x) initially, ratably in accordance with its Pro Rata Share, and (y) next, to the extent that the requested increase in the aggregate Commitments is not fulfilled pursuant to the preceding clause (x) and subject to Section 2.23(d2.24(d) below, in such --------------- additional amounts as any Bank and the Company agree, and (ii) if, after each Bank has been afforded an opportunity to increase its Commitment to satisfy the Company's requested increase, the aggregate increase in the Commitments offered by the Banks is less than the Company's requested increase, then the Company shall consult with the Administrative Agent as to the number, identity and requested Commitments of additional financial institutions which the Company may, with the written consent of the Administrative Agent (which consent shall not be unreasonably withheld) invite to participate in the aggregate Commitments. (c) No Bank shall have any obligation to increase its Commitment pursuant to a request by the Company hereunder. No Bank shall be deemed to have approved an increase in its Commitment unless such approval is in writing. Failure on the part of any Bank to respond to a request by the Company within 30 days of such Bank's receipt of notice of such request hereunder shall be deemed a rejection of such request. (d) In no event shall any Bank's Commitment, after giving effect to an increase in its Commitment hereunder, exceed 25% of the aggregate Commitments under this Agreement. (e) If the Company and one or more of the Banks (or other financial institutions) shall agree upon such an increase in the aggregate Commitments hereunder (i) the Company, the Administrative Agent and each Bank or other financial institution increasing its Commitment or extending a new Commitment shall enter into a consent in the a mutually satisfactory form of Exhibit F hereto and (ii) the Company shall furnish new Notes to each financial institution that is extending a new Commitment and to each Bank which is increasing its Commitment. Notwithstanding anything else to the contrary contained in Section 2.06(b), if an increase in --------------- the aggregate Commitments pursuant to this Section 2.23 2.24 occurs during an ------------ Interest Period for an outstanding Committed Borrowing, (a) such Committed Borrowing may not be continued or converted pursuant to Section 2.06(b) and (b) --------------- such Committed Borrowing shall be due and payable at the end of the current Interest Period applicable thereto, without prejudice to the Company's right, subject to the terms and conditions of this Agreement, to reborrow all or any portion of the amount of such Committed Borrowing.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Donnelley R R & Sons Co)

Increase of Aggregate Commitments. (a) The Company may Borrower may, at any time and from time to time, on request, by notice to the terms Agent, the Agent's approval of an increase of the Aggregate Commitments within the limitations hereafter described, which request shall set forth below, request that the aggregate amount of such requested increase. Within twenty (20) days of such request, the Commitments be increased Agent shall advise the Borrower of its approval or disapproval of such request; failure to an amount which does not exceed $200,000,000; provided, however, that an increase in so advise the Commitments hereunder may only be made at a time when (i) no Event of Default or event which, with notice or the passage of time or both, would Borrower shall constitute an Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Public Debt Rating from S&P is at least BBB- and the Public Debt Rating from Xxxxx'x is at least Baa3. (b) If the Company requests an increase in the aggregate Commitments: (i) each disapproval. Upon approval of the Banks shall be given the opportunity to participate in the increased aggregate Commitments (x) initially, ratably in accordance with its Pro Rata Share, and (y) next, to the extent that the requested increase in the aggregate Commitments is not fulfilled pursuant to the preceding clause (x) and subject to Section 2.23(d) below, in such additional amounts as any Bank and the Company agree, and (ii) if, after each Bank has been afforded an opportunity to increase its Commitment to satisfy the Company's requested increaseAgent, the aggregate increase in the Aggregate Commitments offered may be so increased either by the Banks is less than the Company's requested increase, then the Company shall consult with the Administrative Agent as to the number, identity and requested Commitments of having additional financial institutions which approved by the Company may, with Borrower and the written consent of the Administrative Agent (which consent shall not be unreasonably withheld"Additional Banks") invite to participate in the aggregate Commitments. (c) No Bank shall have become Banks hereunder and/or by having any obligation to increase its Commitment pursuant to a request by the Company hereunder. No Bank shall be deemed to have approved an increase in its Commitment unless such approval is in writing. Failure on the part of any Bank to respond to a request by the Company within 30 days of such Bank's receipt of notice of such request hereunder shall be deemed a rejection of such request. (d) In no event shall any Bank's Commitment, after giving effect to an increase in its Commitment hereunder, exceed 25% of the aggregate Commitments under this Agreement. (e) If the Company and one or more of the then existing Banks hereunder (or other financial institutionsat their respective election in their sole discretion) shall agree upon that have been approved by the Borrower and the Agent, increase the amount of their Commitments (any such an Bank that elects to increase in the aggregate Commitments hereunder its Commitment and any Additional Bank being hereinafter referred to as a "New Bank"), provided that (i) the CompanyCommitment of any Additional Bank shall not be less than Ten Million Dollars ($10,000,000) and the sum of the Commitments of the Additional Banks and the increases in the Commitments of the other New Banks shall be in an aggregate amount of not less than Five Million Dollars ($5,000,000) (and, if in excess thereof, in integral multiples of One Million Dollars ($1,000,000)); (ii) the Administrative Agent Aggregate Commitments shall not exceed Two Hundred Fifty Million Dollars ($250,000,000); (iii) the Borrower and each New Bank or other financial institution increasing its shall have executed and delivered a commitment and acceptance (the "Commitment or extending a new Commitment shall enter into a consent and Acceptance") substantially in the form of Exhibit F B hereto, and the Agent shall have accepted and executed the same; (iv) the Borrower shall have executed and delivered to the Agent a Note or Notes payable to the order of each New Bank, each such Note to be in the amount of such New Bank's Commitment (and, if such New Bank is not an Additional Bank, such Note shall replace the Note theretofore held by such New Bank); (v) the Borrower shall have delivered to the Agent opinions of counsel (substantially similar to the forms of opinions attached hereto as Exhibits C and D, modified to apply to the increase in the Aggregate Commitments and each Note and Commitment and Acceptance executed and delivered in connection therewith); (vi) the Guarantors shall have consented in writing to the new Commitments or increases in Commitments (as applicable) and shall have agreed that their Guaranties continue in full force and effect; (vii) the Borrower and each New Bank shall otherwise have executed and delivered such other instruments and documents as the Agent shall have reasonably requested in connection with such new Commitment or increase in Commitment (as applicable); and (iiviii) if the Aggregate Commitments shall at any time have been reduced (other than pursuant to Section 2.19(c)), any subsequent increase of the Aggregate Commitments shall be subject to the provisions of Section 2.22(b). The form and substance of the documents required under clauses (iii) through (vii) above shall be reasonably acceptable to the Agent. Upon the admission of any Additional Bank or the increase in the Commitment of any other New Bank hereunder, the Agent shall provide written notice thereof to all of the Banks and shall furnish to all of the Banks copies of the documents required under clauses (iii), (v), (vi) and (vii) above. Except for (1) the Company shall furnish new Notes notice by the Borrower to each financial institution that is extending a new Commitment the Agent provided for in the first sentence of this Section 2.22(a), (2) the notice by the Agent to the Banks provided for in the immediately preceding sentence of this Section 2.22(a) and to each Bank (3) the Facility Increase Notice (which is increasing its Commitment. Notwithstanding anything else required to be given under the provisions of Section 2.22(b) only if the Aggregate Commitments have been reduced (other than pursuant to Section 2.19(c)) prior to the contrary contained in Section 2.06(b), if Borrower's notice to the Agent requesting an increase in the aggregate Aggregate Commitments), neither the Borrower nor the Agent shall be required to give to any Bank any notice of the Borrower's request for an increase of the Aggregate Commitments pursuant to under this Section 2.23 occurs during an Interest Period for an outstanding Committed Borrowing, (a) such Committed Borrowing may not be continued or converted pursuant to Section 2.06(b) and (b) such Committed Borrowing shall be due and payable at the end of the current Interest Period applicable thereto, without prejudice to the Company's right, subject to the terms and conditions of this Agreement, to reborrow all or any portion of the amount of such Committed Borrowing2.22(a).

Appears in 1 contract

Samples: Annual Report

Increase of Aggregate Commitments. (a) The Company may from time to time, on the terms set forth below, request that the aggregate amount of the Commitments be increased to an amount which does not exceed $200,000,000; provided, however, that an increase in the Commitments hereunder may only be made at a time when (i) no Event of Default or event which, with notice or the passage of time or both, would constitute an Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Public Debt Rating from S&P is at least BBB- and the Public Debt Rating from Xxxxx'x is at least Baa3. (b) If the Company requests an increase in the aggregate Commitments: (i) each of the Banks shall be given the opportunity to participate in the increased aggregate Commitments (x) initially, ratably in accordance with its Pro Rata Share, and (y) next, to the extent that the requested increase in the aggregate Commitments is not fulfilled pursuant to the preceding clause (x) and subject to Section 2.23(d2.22(d) below, in such additional amounts as any Bank and the Company agree, and (ii) if, after each Bank has been afforded an opportunity to increase its Commitment to satisfy the Company's requested increase, the aggregate increase in the Commitments offered by the Banks is less than the Company's requested increase, then the Company shall consult with the Administrative Agent as to the number, identity and requested Commitments of additional financial institutions which the Company may, with the written consent of the Administrative Agent (which consent shall not be unreasonably withheld) invite to participate in the aggregate Commitments. (c) No Bank shall have any obligation to increase its Commitment pursuant to a request by the Company hereunder. No Bank shall be deemed to have approved an increase in its Commitment unless such approval is in writing. Failure on the part of any Bank to respond to a request by the Company within 30 days of such Bank's receipt of notice of such request hereunder shall be deemed a rejection of such request. (d) In no event shall any Bank's Commitment, after giving effect to an increase in its Commitment hereunder, exceed 25% of the aggregate Commitments under this Agreement. (e) If the Company and one or more of the Banks (or other financial institutions) shall agree upon such an increase in the aggregate Commitments hereunder (i) the Company, the Administrative Agent and each Bank or other financial institution increasing its Commitment or extending a new Commitment shall enter into a consent in the form of Exhibit F hereto and (ii) the Company shall furnish new Notes to each financial institution that is extending a new Commitment and to each Bank which is increasing its Commitment. Notwithstanding anything else to the contrary contained in Section 2.06(b), if an increase in the aggregate Commitments pursuant to this Section 2.23 2.22 occurs during an Interest Period for an outstanding Committed Borrowing, (a) such Committed Borrowing may not be continued or converted pursuant to Section 2.06(b) and (b) such Committed Borrowing shall be due and payable at the end of the current Interest Period applicable thereto, without prejudice to the Company's right, subject to the terms and conditions of this Agreement, to reborrow all or any portion of the amount of such Committed Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Donnelley R R & Sons Co)

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