Common use of Optional Increase in Commitment Amount Clause in Contracts

Optional Increase in Commitment Amount. So long as no Event of Default or Unmatured Event of Default exists or would result therefrom, the Company may, by means of a letter to the Agents substantially in the form of Exhibit E, request that the Commitment Amount be increased by (a) increasing the Commitment of one or more Banks which have agreed to such increase (it being understood that no Bank shall have any obligation to increase its Commitment pursuant to this Section 6.1.4) and/or (b) adding one or more commercial banks or other Persons as a party hereto with a Commitment in an amount agreed to by any such commercial bank or other Person; provided that (i) no commercial bank or other Person shall be added as a party hereto without the written consent of the Administrative Agent (which shall not be unreasonably withheld); (ii) in no event shall the Commitment Amount be increased by more than $50,000,000 during the term of this Agreement without the written consent of all Banks; and (iii) the Company may not request any increase pursuant to this Section 6.1.4, and no such increase may take place, after December 30, 2003. Any increase in the Commitment Amount pursuant to this Section 6.1.4 shall be effective three Business Days (or such other period of time as may be agreed upon by the Company, the Administrative Agent and the Banks or other Persons participating in such increase) after the date on which the Administrative Agent has received and accepted the applicable increase letter in the form of Annex 1 to Exhibit E (in the case of an increase in the Commitment of an existing Bank) or assumption letter in the form of Annex 2 to Exhibit E (in the case of the addition of a commercial bank or other Person as a new Bank). The Administrative Agent shall promptly notify the Company and the Banks of any increase in the Commitment Amount pursuant to this Section 6.1.4 and of the Commitment and Percentage of each Bank after giving effect thereto. The Company acknowledges that, in order to maintain Loans in accordance with each Bank's Percentage, a reallocation of the Commitments as a result of a non-pro-rata increase in the Commitment Amount may require prepayment of all or portions of certain Loans on the date of such increase (and any such prepayment shall be subject to the provisions of Section 8.4).

Appears in 1 contract

Samples: Credit Agreement (Regal Beloit Corp)

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Optional Increase in Commitment Amount. So long as no Event of Default or Unmatured Event of Default exists or would result therefrom, the The Company may, by means of a letter to the Agents Agent substantially in the form of Exhibit EEXHIBIT I, request that the Revolving Commitment Amount be increased by (a) increasing the Revolving Commitment of one or more Banks which have agreed to such increase (it being understood that no Bank shall have any obligation to increase its Commitment pursuant to this Section 6.1.4) and/or (b) adding one or more commercial banks or other Persons as a party hereto with a Revolving Commitment in an amount agreed to by any such commercial bank or other Person; provided that (i) no commercial bank or other Person shall be added as a party hereto without the written consent of the Administrative Agent (which shall not be unreasonably withheld); ) and (ii) in no event shall the Revolving Commitment Amount be increased by more than exceed $50,000,000 during the term of this Agreement 30,000,000 without the written consent of all Banks; and (iii) the Company may not request any increase pursuant to this Section 6.1.4, and no such increase may take place, after December 30, 2003. Any increase in the Revolving Commitment Amount pursuant to this Section 6.1.4 SECTION 6.2.2 shall be effective three Business Days (or such other period of time as may be agreed upon by the Company, the Administrative Agent and the Banks or other Persons participating in such increase) after the date on which the Administrative Agent has received and accepted the applicable increase letter in the form of Annex 1 to Exhibit E EXHIBIT I (in the case of an increase in the Revolving Commitment of an existing Bank) or assumption letter in the form of Annex 2 to Exhibit E EXHIBIT I (in the case of the addition of a commercial bank or other Person as a new Bank). The Administrative Agent shall promptly notify the Company and the Banks of any increase in the amount of the Revolving Commitment Amount pursuant to this Section 6.1.4 SECTION 6.2.2 and of the Revolving Commitment and Revolving Percentage of each Bank after giving effect thereto. The Company acknowledges that, in order to maintain Loans in accordance with each Bank's Revolving Percentage, a reallocation of the Revolving Commitments as a result of a non-pro-rata increase in the Revolving Commitment Amount may require prepayment of all or portions of certain Loans on the date of such increase (and any such prepayment shall be subject to the provisions of Section SECTION 8.4). The Agent shall promptly notify all Banks of any increase in the Revolving Commitment Amount pursuant to this SECTION 6.2.2.

Appears in 1 contract

Samples: Credit Agreement (U S Plastic Lumber Corp)

Optional Increase in Commitment Amount. So long as no Event of Default or Unmatured Event of Default exists or would result therefromtherefrom and notwithstanding any contrary provision of Section 6.1.1, the Company may, by means of a letter to the Agents Administrative Agent substantially in the form of Exhibit E, request that the Commitment Amount be increased by (a) increasing the Commitment of one or more Banks which have agreed to such increase (it being understood that no Bank shall have any obligation to increase its Commitment pursuant to this Section 6.1.46.1.2) and/or (b) adding one or more commercial banks or other Persons as a party hereto with a Commitment in an amount agreed to by any such commercial bank or other Person; provided that (i) no commercial bank or other Person shall be added as a party hereto without the written consent of the Administrative Agent (which shall not be unreasonably withheld); and (ii) in no event shall the aggregate amount of all increases of the Commitment Amount be increased by more than $50,000,000 during the term of this Agreement without the written consent of all Banks; and (iii) the Company may not request any increase pursuant to this Section 6.1.4, and no such increase may take place, after December 30, 20036.1.2exceed $200,000,000. Any increase in the Commitment Amount pursuant to this Section 6.1.4 6.1.2 shall be effective three Business Days (or such other period of time as may be agreed upon by the Company, the Administrative Agent and the Banks or other Persons participating in such increase) after the date on which the Administrative Agent has (A) received certified copies of authorizing resolutions of the Board of Directors of the Company authorizing such increase (or authorizing the maximum increase amount specified in clause (ii) above) and (B) received and accepted the applicable increase letter in the form of Annex 1 to Exhibit E (in the case of an increase in the Commitment of an existing Bank) or assumption letter in the form of Annex 2 to Exhibit E (in the case of the addition of a commercial bank or other Person as a new Bank). The Administrative Agent shall promptly notify the Company and the Banks of any increase in the Commitment Amount pursuant to this Section 6.1.4 6.1.2 and of the Commitment and Percentage of each Bank after giving effect thereto. The Company acknowledges that, in order to maintain Loans in accordance with each Bank's ’s Percentage, a reallocation of the Commitments as a result of a non-pro-rata increase in the Commitment Amount may require prepayment of all or portions of certain Loans on the date of such increase (and any such prepayment shall be subject to the provisions of Section 8.4).

Appears in 1 contract

Samples: Credit Agreement (Regal Beloit Corp)

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Optional Increase in Commitment Amount. So long as no Event of Default or Unmatured Event of Default exists or would result therefromtherefrom and notwithstanding any contrary provision of Section 6.1.1, the Company may, by means of a letter to the Agents Administrative Agent substantially in the form of Exhibit E, request that the Commitment Amount be increased by (a) increasing the Commitment of one or more Banks which have agreed to such increase (it being understood that no Bank shall have any obligation to increase its Commitment pursuant to this Section 6.1.46.1.2) and/or (b) adding one or more commercial banks or other Persons as a party hereto with a Commitment in an amount agreed to by any such commercial bank or other Person; provided that (i) no commercial bank or other Person shall be added as a party hereto without the written consent of the Administrative Agent (which shall not be unreasonably withheld); (ii) in no event shall the aggregate amount of all increases of the Commitment Amount be increased by more than pursuant to this Section 6.1.2 exceed $50,000,000 during the term of this Agreement without the written consent of all Banks250,000,000; and (iii) the Company may not request any increase pursuant to this Section 6.1.4, and no such increase may take placeshall increase the Offshore Currency Sublimit, after December 30, 2003the amount of the Swing Line Commitment or the L/C Sublimit. Any increase in the Commitment Amount pursuant to this Section 6.1.4 6.1.2 shall be effective three Business Days (or such other period of time as may be agreed upon by the Company, the Administrative Agent and the Banks or other Persons participating in such increase) after the date on which the Administrative Agent has (A) received certified copies of authorizing resolutions of the Board of Directors of the Company authorizing such increase (or authorizing the maximum increase amount specified in clause (ii) above) and (B) received and accepted (such acceptance not to be unreasonably withheld) the applicable increase letter in the form of Annex 1 to Exhibit E (in the case of an increase in the Commitment of an existing Bank) or assumption letter in the form of Annex 2 to Exhibit E (in the case of the addition of a commercial bank or other Person as a new Bank). The Administrative Agent shall promptly notify the Company and the Banks of any increase in the Commitment Amount pursuant to this Section 6.1.4 6.1.2 and of the Commitment and Percentage of each Bank after giving effect thereto. The Company acknowledges that, in order to maintain Loans in accordance with each Bank's ’s Percentage, a reallocation of the Commitments as a result of a non-pro-rata increase in the Commitment Amount may require prepayment of all or portions of certain Loans on the date of such increase (and any such prepayment shall be subject to the provisions of Section 8.4).

Appears in 1 contract

Samples: Assignment Agreement (Regal Beloit Corp)

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