Common use of Notification by Administrative Agent; Additional Revolving Lenders Clause in Contracts

Notification by Administrative Agent; Additional Revolving Lenders. The Administrative Agent shall notify the Lead Borrower and each Revolving Lender of the Revolving Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the Administrative Agent, the L/C Issuer and the Swing Line Lender (which approvals shall not be unreasonably withheld), to the extent that the existing Revolving Lenders decline to increase their Revolving Commitments, or decline to increase their Revolving Commitments to the amount requested by the Lead Borrower, the Administrative Agent, in consultation with the Lead Borrower, will use its reasonable efforts to arrange for other Eligible Assignees to become a Revolving Lender hereunder and to issue commitments in an amount equal to the amount of the increase in the Aggregate Revolving Commitments requested by the Lead Borrower and not accepted by the existing Revolving Lenders (and the Lead Borrower may also invite additional Eligible Assignees to become Revolving Lenders) (each, an “Additional Commitment Revolving Lender”), provided, however, that without the consent of the Administrative Agent, at no time shall the Revolving Commitment of any Additional Commitment Revolving Lender be less than $25,000,000.

Appears in 2 contracts

Samples: Credit Agreement (Sportsman's Warehouse Holdings, Inc.), Credit Agreement (Sportsman's Warehouse Holdings, Inc.)

AutoNDA by SimpleDocs

Notification by Administrative Agent; Additional Revolving Lenders. The Administrative Agent shall notify the Lead Borrower and each Revolving Lender of the Revolving Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase increase, and subject to the approval of the Administrative AgentAgent (in its reasonable discretion), the L/C Issuer Issuers and the Swing Line Lender (which approvals shall not be unreasonably withheld), to the extent that the existing Revolving Lenders decline to increase their Revolving Commitments, or decline to increase their Revolving Commitments to the amount requested by the Lead BorrowerSwingline Lender, the Administrative Agent, in consultation with the Lead Borrower, will use its reasonable efforts to arrange for other Eligible Assignees to become a Revolving Lender hereunder and to issue commitments in an amount equal to the amount of the increase in the Aggregate Revolving Commitments requested by the Lead Borrower and not accepted by the existing Revolving Lenders (and the Lead Borrower may also invite additional Eligible Assignees to become Revolving Lenders pursuant to a joinder agreement (“New Revolving Lenders) in form and substance reasonably satisfactory to the Administrative Agent and its counsel; provided that the Borrower shall first offer the request increase to: (eachi) the existing Revolving Lenders, an “Additional Commitment and each existing Revolving Lender”Lender will have the right, but not the obligation, to commit to all, or a portion, of the proposed increase; and (ii) if the existing Revolving Lenders do not agree to provide the requested additional commitments (or fail to respond within the time period specified in accordance with clause (a) above), provided, however, third party financial institutions constituting Eligible Assignees that without the consent of are reasonably acceptable to the Administrative Agent, at no time shall the Revolving Commitment of any Additional Commitment Revolving Lender be less than $25,000,000Swingline Lender, the L/C Issuers, and the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Cambium Networks Corp), Credit Agreement (Cambium Networks Corp)

AutoNDA by SimpleDocs

Notification by Administrative Agent; Additional Revolving Lenders. The Administrative Agent shall notify the Lead Borrower Agent and each Revolving Lender of the Revolving Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the Administrative Agent, the L/C Issuer and the Swing Line Lender Agent (which approvals approval shall not be unreasonably withheld), the Borrower Agent may alsoinvite one or more Lenders to increase its Commitment and also may invite additional financial institutions that are not Lenders (each, unless an Affiliate of a Lender, acceptable to the extent that Administrative Agent and the existing Revolving Lenders decline to increase their Revolving Commitments, or decline to increase their Revolving Commitments to the amount requested by the Lead Borrower, the Administrative Agent, in consultation with the Lead Borrower, will use its reasonable efforts to arrange for other Eligible Assignees to become a Revolving Lender hereunder and to issue commitments in an amount equal to the amount of the increase L/C Issuer in the Aggregate Revolving Commitments requested by the Lead Borrower and not accepted by the existing Revolving Lenders (and the Lead Borrower may also invite additional Eligible Assignees exercise of itstheir reasonable discretion) to become Revolving Lenders) Lenders pursuant to a joinder agreement in form and substance satisfactory to the Administrative Agent and its counsel in the exercise of their reasonable discretion (eacheach such financial institution issuing a commitment and becoming a Revolving Lender, an “Additional Commitment Revolving Lender”), provided, however, that (x) any existing Lender approached by the Borrower Agent to provide all or a portion of any such increase may elect or decline, in its sole discretion, to provide all or any portion of such increase, and (y) without the consent of the Administrative Agent, at no time shall the Revolving Commitment of any Additional Commitment Revolving Lender be less than $25,000,0005,000,000.

Appears in 1 contract

Samples: Credit Agreement (Mueller Water Products, Inc.)

Time is Money Join Law Insider Premium to draft better contracts faster.