Common use of Increase Option Clause in Contracts

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:

Appears in 1 contract

Samples: Term Loan Agreement (Royal Caribbean Cruises LTD)

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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:

Appears in 1 contract

Samples: Term Loan Agreement (Royal Caribbean Cruises LTD)

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:

Appears in 1 contract

Samples: Term Loan Agreement (Royal Caribbean Cruises LTD)

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 5128 WEIL:\98779117\5\64945.0060WEIL:\98789202\5\64945.0060 2216363.01-NYCSR03A - MSW 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:

Appears in 1 contract

Samples: Term Loan Agreement (Royal Caribbean Cruises LTD)

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Increase Option. (a) The Borrower shall have the right up to six months following the Effective Date but prior to the latest Maturity Dateoccurrence of a Downgrade, by notice to the Administrative Agent, to effectuate on one or more occasionsa single occasion, 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 2.17 shall result in aggregate Advances exceeding $1,350,000,0002,350,000,000, and (z) no Lender shall be required to convert or make any additional Advances under this Section 2.14 2.17 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 Lenderitems:

Appears in 1 contract

Samples: Term Loan Agreement (Royal Caribbean Cruises LTD)

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