Common use of Increase of Commitments Clause in Contracts

Increase of Commitments. (a) At any time after the Effective Date, provided that no Event of Default shall have occurred and be continuing, the Borrower may request an increase of the aggregate Commitments by notice to the Administrative Agent in writing of the amount (the "OFFERED INCREASE AMOUNT") of such proposed increase (such notice, a "COMMITMENT INCREASE NOTICE"). Any such Commitment Increase Notice must offer each Lender the opportunity to subscribe for its pro rata share of the increased Commitments. If any portion of the increased Commitments is not subscribed for by the Lenders, the Borrower may, in its sole discretion, but with the consent of the Administrative Agent as to any Person that is not at such time a Lender (which consent shall not be unreasonably withheld), 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 such unsubscribed portion of the increased Commitments pursuant to paragraph (b) or (c) below, as applicable.

Appears in 2 contracts

Samples: Short Term Revolving Credit Agreement (Burlington Resources Inc), Short Term Revolving Credit Agreement (Burlington Resources Inc)

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Increase of Commitments. (a) (a) At any time after the Effective Date, provided that no Event of Default shall have occurred and be continuing, the Borrower may request an increase of the aggregate Commitments by notice to the Administrative Agent in writing of the amount (the "OFFERED INCREASE AMOUNT") of such proposed increase (such notice, a "COMMITMENT INCREASE NOTICE"). Any such Commitment Increase Notice must offer each Lender the opportunity to subscribe for its pro rata share of the increased Commitments. If any portion of the increased Commitments is not subscribed for by the Lenders, the Borrower may, in its sole discretion, but with the consent of the Administrative Agent as to any Person that is not at such time a Lender (which consent shall not be unreasonably withheld), 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 such unsubscribed portion of the increased Commitments pursuant to paragraph (b) or (c) below, as applicable.

Appears in 1 contract

Samples: Long Term Revolving Credit Agreement (Burlington Resources Inc)

Increase of Commitments. (a) At any time after the Effective Datedate hereof, provided that no Event of Default shall have occurred and be continuing, the Borrower Company may request an increase of the aggregate Commitments by notice to the Administrative Agent in writing of the amount (the "OFFERED INCREASE AMOUNT") of such proposed increase (such notice, a "COMMITMENT INCREASE NOTICECommitment Increase Notice"). Any such Commitment Increase Notice must offer each Lender Bank the opportunity to subscribe for its pro rata share of the increased Commitments. If any portion of the increased Commitments is not subscribed for by the LendersBanks, the Borrower Company may, in its sole discretion, but with the consent of the Administrative Agent as to any Person that is not at such time a Lender Bank (which consent shall not be unreasonably withheldwithheld or delayed), offer to any existing Lender Bank or to one or more additional banks or financial institutions the opportunity to participate in all or a portion of such unsubscribed portion of the increased Commitments pursuant to paragraph (b) or (c) below, as applicable.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Anadarko Petroleum Corp)

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Increase of Commitments. (a) At any time after the Effective Datedate hereof, provided that no Event of Default shall have occurred and be continuing, the Borrower Company may request an increase of the aggregate Commitments by notice to the Administrative Agent in writing of the amount (the "OFFERED INCREASE AMOUNT") of such proposed increase (such notice, a "COMMITMENT INCREASE NOTICE"ACommitment Increase Notice@). Any such Commitment Increase Notice must offer each Lender Bank the opportunity to subscribe for its pro rata share of the increased Commitments. If any portion of the increased Commitments is not subscribed for by the LendersBanks, the Borrower Company may, in its sole discretion, but with the consent of the Administrative Agent as to any Person that is not at such time a Lender Bank (which consent shall not be unreasonably withheldwithheld or delayed), offer to any existing Lender Bank or to one or more additional banks or financial institutions the opportunity to participate in all or a portion of such unsubscribed portion of the increased Commitments pursuant to paragraph (b) or (c) below, as applicable.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Anadarko Petroleum Corp)

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