Increase Option. Subject to the prior written consent of the Administrative Agent (not to be unreasonably withheld), the Borrower may from time to time (but in no event more than 3 times in the aggregate) elect to increase the Aggregate Revolving Commitment and/or the Aggregate Term Commitment, in each case in integral multiples of $5,000,000 (but not less than $25,000,000) or such lower amount as the Borrower and the Administrative Agent agree upon, so long as, after giving effect thereto, the aggregate amount of such increases (when added to the existing Aggregate Total Commitment) does not exceed $1,000,000,000. The Borrower may arrange for any such increase to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, an “Increasing Lender”), or by one or more new Eligible Assignees (each such new Eligible Assignee, an “Augmenting Lender”), to increase their existing Commitments, or provide new Commitments, as the case may be; provided that (i) each Augmenting Lender and each Increasing Lender shall be subject to the approval of the Borrower and the Administrative Agent, in each case not to be unreasonably withheld, and, with respect to any increase in the Revolving Commitments, shall be either a Qualified Bank or approved by each LC Issuer, such approval not to be unreasonably withheld, and (ii) (x) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of Exhibit G hereto, and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement substantially in the form of Exhibit H hereto. In no event shall any Lender become an Increasing Lender or an Augmenting Lender without such Lender’s prior written consent (in its sole discretion). No consent of any Lender (other than the Administrative Agent and the Lenders participating in the increase) shall be required for any increase in Commitments pursuant to this Section 2.24. Increases and new Commitments created pursuant to this Section 2.24 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Commitments (or in any Commitment of any Lender) shall become effective under this paragraph unless, (1) on the proposed date of the effectiveness of such increase, the conditions set forth in ...
Increase Option. The Borrower may from time to time request to increase the Revolving Credit Commitment (each, a “Revolving Credit Increase”) in minimum increments of $10,000,000 so long as, after giving effect thereto, the aggregate amount of such Revolving Credit Increases during the term of this Agreement does not exceed $50,000,000. Revolving Credit Increases pursuant to this Section shall become effective on the date agreed by the Borrower and the Lender. Each Revolving Credit Increase shall be subject to the following conditions: (a) on the proposed date of the effectiveness of such Revolving Credit Increase, (i) the conditions set forth in paragraphs (a) and (b) of Section 4.2 shall be satisfied and the Lender shall have received a certificate from the Borrower to that effect and (ii) the Borrower shall be in compliance (on a pro forma basis) with the covenants contained in Section 7.13 and (b) the Lender shall have received documents, certificates and opinions consistent with those delivered on the Closing Date as to the organizational power and authority of the Borrower to borrow hereunder after giving effect to such Revolving Credit Increase and such other documents reasonably requested by the Lender. The Lender shall not be obligated to provide any such Revolving Credit Increase.
Increase Option. (a) The Borrower hereby requests that the Total Revolving Loan Commitment be increased in the aggregate amount of $50,000,000 pursuant to Section 2.01(c) of the Credit Agreement and the Borrower proposes that the Increase Effective Date for the increase contemplated in this Agreement be June 28, 2012, but in any event the Borrower understands and agrees that the Increase Effective Date for such increase in the Total Revolving Loan Commitment shall be the Agreement Effective Date (as defined in Section 3 below). In connection with the foregoing request, the certificate of the Borrower certifying that no Default exists or will occur as a result of such increase in the Total Revolving Loan Commitment as contemplated in Section 3(c) below shall be deemed to satisfy the requirement for such certificate under Section 2.01(c) of the Credit Agreement.
(b) On the terms and subject to the conditions of this Agreement, in furtherance of the Borrower's request to increase the Total Revolving Loan Commitment in the aggregate amount of $50,000,000 pursuant to Section 2.01(c) of the Credit Agreement, as of the Agreement Effective Date:
(i) Xxxxx Fargo Bank, National Association hereby increases its Revolving Loan Commitment by $15,000,000 (thereby increasing Xxxxx Fargo Bank, National Association's Revolving Loan Commitment as of the Agreement Effective Date to a total of $60,000,000),
(ii) JPMorgan Chase Bank, N. A. hereby increases its Revolving Loan Commitment by $15,000,000 (thereby increasing JPMorgan Chase Bank, N. A.'s Revolving Loan Commitment as of the Agreement Effective Date to a total of $60,000,000),
(iii) Bank of the West hereby increases its Revolving Loan Commitment by $10,000,000 (thereby increasing Bank of the West's Revolving Loan Commitment as of the Agreement Effective Date to a total of $40,000,000), and
(iv) Union Bank, N.A. hereby increases its Revolving Loan Commitment by $10,000,000 (thereby increasing Union Bank's Revolving Loan Commitment as of the Agreement Effective Date to a total of $40,000,000). Each of the Lenders identified in this Section 2(b) is an “Increasing Lender” for purposes of the Existing Credit Agreement and this Agreement. The agreements of the Increasing Lenders under this Agreement are several and not joint.
Increase Option. Section 6.12.1 of the Loan Agreement is deleted and replaced with the following:
6.12.1 The Company may from time to time request an increase in the Aggregate New Vehicle Floorplan Commitment, in minimum increments of $50,000,000.00 or such lower amount as is agreed to between the Company and Agent, so long as, after giving effect thereto, (a) the aggregate amount of all such increases requested after the Second Amendment Effective Date does not exceed $250,000,000.00, and (b) the Aggregate Commitment does not exceed $2,100,000,000.00.
Increase Option. See §2.10.1.
Increase Option. (a) The Borrower hereby requests that the Revolving Credit Commitments be increased in the aggregate amount of $100,000,000 pursuant to Section 5.13(a) of the Existing Credit Agreement and the Borrower proposes that the Increased Amount Date for the increase contemplated in this Agreement be the Agreement Effective Date (as defined in Section 4 below).
(b) On the terms and subject to the conditions of this Agreement, in furtherance of the Borrower’s request to increase the Revolving Credit Commitments in the aggregate amount of $100,000,000 pursuant to Section 5.13(a) of the Existing Credit Agreement, as of the Agreement Effective Date:
(i) Xxxxx Fargo hereby increases its Revolving Credit Commitment by $10,000,000 (thereby increasing Xxxxx Fargo’s Revolving Credit Commitment as of the Agreement Effective Date to a total of $60,000,000), and
Increase Option. (a) The Borrower hereby requests that the Total Commitments be increased in the aggregate amount of $100,000,000 pursuant to Section 2.19 of the Credit Agreement and the Borrower proposes that the Increase Effective Date for the increase contemplated in this Agreement be the Agreement Effective Date (as defined in Section 4 below).
(b) On the terms and subject to the conditions of this Agreement, in furtherance of the Borrower’s request to increase the Total Commitments in the aggregate amount of $100,000,000 pursuant to Section 2.19 of the Credit Agreement, as of the Agreement Effective Date:
(i) Xxxxx Fargo Bank, National Association (“Xxxxx Fargo”) hereby increases its Commitment by $31,250,000.00 (thereby increasing Xxxxx Fargo’s Commitment as of the Agreement Effective Date to a total of $156,250,000.00);
(ii) U.S. Bank National Association (“U.S. Bank”) hereby increases its Commitment by $31,250,000.00 (thereby increasing U.S. Bank’s Commitment as of the Agreement Effective Date to a total of $156,250,000.00);
(iii) HSBC Bank USA, N.A. (“HSBC”) hereby increases its Commitment by $18,750,000.00 (thereby increasing HSBC’s Commitment as of the Agreement Effective Date to a total of $93,750,000.00); and
(iv) Bank of America, N.A. (“Bank of America”) hereby increases its Commitment by $18,750,000.00 (thereby increasing Bank of America’s Commitment as of the Agreement Effective Date to a total of $93,750,000.00); The Lenders identified in this Section 3(b) are “Increasing Lenders” for purposes of the Credit Agreement and this Agreement.
Increase Option. Section 6.12.1 of the Loan Agreement is deleted and replaced with the following:
6.12.1 The Company may from time to time request an increase in the Aggregate New Vehicle Floorplan Commitment, Aggregate Used Vehicle Floorplan Commitment and/or Aggregate Revolving Loan Commitment, in minimum increments of $25,000,000.00 or such lower amount as is agreed to between the Company and Agent, so long as, after giving effect thereto, (a) the aggregate amount of all such increases (including any increases prior to the date of the requested increase) does not exceed $150,000,000.00, (b) the Aggregate Commitment does not exceed $800,000,000.00, (c) the Aggregate Revolving Loan Commitment does not exceed $145,000,000.00, and (d) the Aggregate Used Vehicle Floorplan Commitment is not more than 20% of the sum of the Aggregate New Vehicle Floorplan Commitment plus the Aggregate Used Vehicle Floorplan Commitment.
Increase Option. The Company may from time to time request an increase in the Aggregate New Vehicle Floorplan Commitment, in minimum increments of $50,000,000.0050,000,000 or such lower amount as is agreed to between the Company and the Agent, so long as, after giving effect thereto, (a) the aggregate amount of all such increases requested after the Closing Date does not exceed $750,000,000.00750,000,000, and (b) the Aggregate Commitment does not exceed $4,500,000,000.004,500,000,000. 6.
Increase Option. (a) The Borrower shall have the right up to six months prior to the latest Maturity Date, by notice to the Administrative Agent, to effectuate on one or more occasions, additional Extended Advances under this Agreement (such right to increase, the ““Increase Option””) by adding to this Agreement one or more commercial banks or financial institutions (who shall, upon completion of the requirements of this Section 2.14 constitute ““Lenders”” hereunder) (an ““Added Lender””), or by allowing one or more Lenders in their sole discretion to make additional Advances hereunder or convert their respective Non-Extended Advances hereunder into Extended Advances (each an ““Increasing Lender””); provided that (x) no additional Advance on any occasion shall be less than $10,000,000, (y) no additional Advances pursuant to this Section 2.14 shall result in aggregate Advances exceeding $1,350,000,000, and (z) no Lender shall be required to convert or make any additional Advances under this Section 2.14 without the consent of such Lender. The Borrower shall deliver to the Administrative Agent on or before the applicable Increase Option Date each of the following items with respect to each Added Lender and Increasing Lender:
