Common use of Increased Commitments; Additional Lenders Clause in Contracts

Increased Commitments; Additional Lenders. (a) Following the Effective Date, the Borrower may from time to time, propose to increase the aggregate amount of the Commitments in accordance with this Section. The aggregate principal amount of the increases to the Commitments made pursuant to this Section (the amount of any such increase, the "Increased Commitments"), when aggregated with the principal amount of any increases to the Other Facilities made pursuant to Section 2.24 thereof, shall not exceed $500,000,000. Borrower shall provide at least 30 days' notice to the Administrative Agent (which shall promptly provide a copy of such notice to the Lenders) of any requested Increased Commitments. Each Lender party to this Agreement at such time shall have the right (but not the obligation), for a period of 15 days following receipt of such notice, to elect by notice to the Borrower and the Administrative Agent to increase its Commitment by a principal amount which bears the same ratio to the Increased Commitments as its then Commitment bears to the aggregate Commitments then existing. No Lender which fails to respond shall be deemed to have elected to increase its Commitment in response to a notice by the Borrower under this Section.

Appears in 3 contracts

Samples: Term Credit Agreement (Hilton Hotels Corp), Term Credit Agreement (Hilton Hotels Corp), Term Credit Agreement (Hilton Hotels Corp)

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Increased Commitments; Additional Lenders. (a) Following From time to time subsequent to the Effective Date, the Borrower may from time to timemay, propose to increase the aggregate amount of the Commitments in accordance with this Section. The aggregate principal amount of the increases to the Commitments made pursuant to this Section (the amount of any such increase, the "Increased Commitments"), when aggregated with the principal amount of any increases to the Other Facilities made pursuant to Section 2.24 thereof, shall not exceed $500,000,000. Borrower shall provide upon at least 30 days' notice to the Administrative Agent (which shall promptly provide a copy of such notice to the Tranche A Lenders or the Tranche B Lenders) , as appropriate), propose to increase the aggregate amount of the Commitments by an amount not to exceed $500,000,000; provided that the aggregate amount of the Tranche B Commitments shall not be increased by greater than $37,500,000 (the amount of any requested such increase, the “Increased Commitments”). Each Tranche A Lender (or, solely in the case of an Increased Commitment in respect of the Tranche B Commitments, each Tranche B Lender) party to this Agreement at such time shall have the right (but not the no obligation), for a period of 15 days following receipt of such notice, to elect by notice to the Borrower and the Administrative Agent to increase its Tranche A Commitment or Tranche B Commitment, as applicable, by a principal amount which bears the same ratio to the Increased Commitments as its then then-effective Commitment bears to the aggregate Commitments then existing. No The failure of a Lender which fails to respond to the Borrower’s request for an increase shall be deemed to have elected to increase its Commitment in response to a notice rejection of the Borrower’s request by the Borrower under this Sectionsuch Lender.

Appears in 2 contracts

Samples: Credit Agreement (United States Steel Corp), Credit Agreement (United States Steel Corp)

Increased Commitments; Additional Lenders. (a) Following the Effective Date, the Borrower may from time to time, propose to increase the aggregate amount of the Commitments in accordance with this Section. The aggregate principal amount of the increases to the Commitments made pursuant to this Section (the amount of any such increase, the "Increased Commitments"), when aggregated with the principal amount of any increases to the Other New Facilities made pursuant to Section 2.24 thereof, shall not exceed $500,000,000. Borrower shall provide at least 30 days' notice to the Administrative Agent (which shall promptly provide a copy of such notice to the Lenders) of any requested Increased Commitments. Each Lender party to this Agreement at such time shall have the right (but not the obligation), for a period of 15 days following receipt of such notice, to elect by notice to the Borrower and the Administrative Agent to increase its Commitment by a principal amount which bears the same ratio to the Increased Commitments as its then Commitment bears to the aggregate Commitments then existing. No Lender which fails to respond shall be deemed to have elected to increase its Commitment in response to a notice by the Borrower under this Section.

Appears in 2 contracts

Samples: Short Term Credit Agreement (Hilton Hotels Corp), Five Year Credit Agreement (Hilton Hotels Corp)

Increased Commitments; Additional Lenders. (a) Following Subsequent to the Effective DateDate (but not more than twice in any calendar year), the Borrower may from time to timemay, propose to increase the aggregate amount of the Commitments in accordance with this Section. The aggregate principal amount of the increases to the Commitments made pursuant to this Section (the amount of any such increase, the "Increased Commitments"), when aggregated with the principal amount of any increases to the Other Facilities made pursuant to Section 2.24 thereof, shall not exceed $500,000,000. Borrower shall provide upon at least 30 days' notice to the Administrative Agent (which shall promptly provide a copy of such notice to the Lenders), propose to increase the aggregate amount of the Commitments by an amount which (i) is a multiple of $10,000,000 and (ii) when combined with the aggregate amount by which the Commitments have theretofore been increased pursuant to this Section 2.18, does not exceed $100,000,000 (the amount of any requested Increased Commitmentssuch increase, the "INCREASED COMMITMENTS"); provided that no Default shall have occurred and be continuing. Each Lender party to this Agreement at such time shall have the right (but not the no obligation), for a period of 15 days following receipt of such notice, to elect by notice to the Borrower and the Administrative Agent to increase its Commitment by a principal amount which bears the same ratio to the Increased Commitments as its then Commitment bears to the aggregate Commitments then existing. No If a Lender which fails does not respond to respond such notice within such period, such Lender shall be deemed to have elected not to increase its Commitment in response pursuant to a notice by the Borrower under this SectionSection 2.18 at such time.

Appears in 1 contract

Samples: Credit Agreement (Neiman Marcus Group Inc)

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Increased Commitments; Additional Lenders. (a) Following Subsequent to the Effective DateDate (but not more than twice in any calendar year), the Borrower may may, from time to time, propose to increase the aggregate amount of the Commitments in accordance with this Section. The aggregate principal amount of the increases to the Commitments made pursuant to this Section (the amount of any such increase, the "Increased Commitments"), when aggregated with the principal amount of any increases to the Other Facilities made pursuant to Section 2.24 thereof, shall not exceed $500,000,000. Borrower shall provide upon at least 30 days' days notice to the Administrative Agent (which shall promptly provide a copy of such notice to the Lenders), propose to increase the aggregate amount of the Commitments by an amount which (i) is a multiple of $10,000,000 and (ii) when combined with the aggregate amount by which the Commitments have theretofore been increased pursuant to this Section 2.18, does not exceed $100,000,000 (the amount of any requested such increase, the “Increased Commitments”); provided that no Default shall have occurred and be continuing. Each Lender party to this Agreement at such time shall have the right (but not the no obligation), for a period of 15 days following receipt of such notice, to elect by notice to the Borrower and the Administrative Agent to increase its Commitment by a principal amount which bears the same ratio to the Increased Commitments as its then Commitment bears to the aggregate Commitments then existing. No If a Lender which fails does not respond to respond such notice within such period, such Lender shall be deemed to have elected not to increase its Commitment in response pursuant to a notice by the Borrower under this SectionSection 2.18 at such time.

Appears in 1 contract

Samples: Credit Agreement (Neiman Marcus Group Inc)

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