Increased Revolving Commitments Clause Samples
The "Increased Revolving Commitments" clause allows borrowers to request an increase in the total amount available under a revolving credit facility, subject to lender approval and certain conditions. Typically, this clause outlines the process for requesting additional commitments, the maximum allowable increase, and any requirements for new or existing lenders to participate in the upsized facility. Its core function is to provide flexibility for borrowers to access additional funds as their financing needs grow, while ensuring that lenders retain control over their exposure and the terms of the facility remain clear.
Increased Revolving Commitments. (a) At any time and from time to time during the Revolving Availability Period, subject to the terms and conditions set forth herein, the Borrower may, by notice to the Administrative Agent (whereupon the Administrative Agent shall promptly make available to each of the Lenders), request to effect one or more increases in the aggregate amount of the Revolving Commitments (each such increase, a “Revolving Commitment Increase”) from Additional Lenders, provided that at the time of each such request and upon the effectiveness of each Incremental Revolving Facility Amendment, (A) no Default has occurred and is continuing or shall result therefrom, (B) the Borrower shall be in compliance on a Pro Forma Basis with the covenants contained in Sections 6.12 and 6.13 recomputed as of the last day of the most-recently ended fiscal quarter of the Borrower and (C) the Borrower shall have delivered a certificate of a Financial Officer to the effect set forth in clauses (A) and (B) above, together with reasonably detailed calculations demonstrating compliance with clause (B) above (which calculations shall, if made as of the last day of any fiscal quarter of the Borrower for which the Borrower has not delivered to the Administrative Agent the financial statements and Compliance Certificate required to be delivered by Section 5.01(a) or (b) and Section 5.01(c), respectively, be accompanied by a reasonably detailed calculation of Consolidated EBITDA and Consolidated Cash Interest Expense for the relevant period). Notwithstanding anything to contrary herein, the aggregate principal amount of the Revolving Commitment Increases shall not exceed $20,000,000. Each Revolving Commitment Increase shall be in an integral multiple of $1,000,000, provided that such amount may be less than $1,000,000 if such amount represents all the remaining availability under the aggregate principal amount of Revolving Commitment Increases set forth above.
(b) Each notice from the Borrower pursuant to this Section shall set forth the requested amount of the relevant Revolving Commitment Increase. Commitments in respect of any Revolving Commitment Increase shall become Commitments (or in the case of any Revolving Commitment Increase to be provided by an existing Revolving Lender, an increase in such Revolving Lender’s Revolving Commitment) under this Agreement pursuant to an amendment (an “Incremental Revolving Facility Amendment”) to this Agreement and, as appropriate, the other Loan Documents, exe...
Increased Revolving Commitments. Subject to the terms and conditions set forth herein, each Increased Revolving Lender agrees to increase its existing Revolving Commitment by an amount equal to the amount set forth under the heading “Increased Revolving Commitment” opposite such Increased Revolving Lender’s name on Annex I hereto (each such commitment increase, the “Increased Revolving Commitment”), such that its total Revolving Commitment on the Second Amendment Effective Date (as defined below) shall be the amount set forth under the heading “Total Revolving Commitment” opposite such Lender’s name on Annex I hereto.
Increased Revolving Commitments. The Administrative Agent, the Borrower and each of the Lenders hereby confirm and agree that, on and as of the Increase Effective Date and after giving effect to the increase of the Aggregate Revolving Commitments pursuant to Section 2.20 of the Credit Agreement, the Revolving Commitments of each of the Lenders shall be as set forth on Schedule I attached hereto.
Increased Revolving Commitments. Each of the undersigned Increasing Lenders agrees, subject to the terms and conditions of the Credit Agreement, that on the Amendment Effective Date (as defined below) its Revolving Loan Commitment shall be increased to the amount set forth opposite such Increasing Lender’s name in Schedule 1 attached hereto (the “Increased Revolving Commitments”).
Increased Revolving Commitments. Each of the undersigned Increasing Lenders agrees, subject to the terms and conditions of the Credit Agreement, that on the Amendment Effective Date (as defined below) its Revolving Loan Commitment shall be increased to the amount set forth opposite such Increasing Lender’s name in Schedule 1 attached hereto (the “Increased Revolving Commitments”).