Common use of Optional Increases to the Commitment Clause in Contracts

Optional Increases to the Commitment. (a) Provided that no Default or Event of Default then exists, Borrower and each Co-Borrower may at any time jointly request in writing that the then effective Commitment be increased to an amount which is not greater than $1,000,000,000 minus the amount of any reductions to the Commitment which have theretofore occurred pursuant to Sections 2.8 or 2.9, in accordance with the provisions of this Section. Any request under this Section shall be submitted by Borrower and the Co-Borrowers to the Administrative Agent, shall specify the proposed effective date and amount of such increase and be accompanied by (i) a Certificate of a Responsible Official, signed by a Senior Officer of Borrower and each Co-Borrower, stating that no Default or Event of Default exists as of the date of the request or will result from the requested increase and (ii) a written consent to the increase in the Commitment executed by each Guarantor. Borrower and the Co-Borrowers may also specify any fees offered to lenders which agree to assume a portion of the increased Commitment (which fees may be variable based upon the amount which any such Bank is willing to assume as an increase to the amount of its Pro Rata Share of the increased Commitment). The consent of the Banks, as such, shall not be required for an increase in the amount of the Commitment pursuant to this Section.

Appears in 3 contracts

Samples: Day Loan Agreement (MGM Mirage), Day Loan Agreement (MGM Mirage), Day Loan Agreement (MGM Mirage)

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Optional Increases to the Commitment. (a) Provided that no Default or Event of Default then exists, Borrower and each Co-Borrower may may, at any time jointly prior to the date which is the second anniversary of the Closing Date, request in writing that the then effective Commitment be increased to an amount which is not greater than $1,000,000,000 500,000,000 minus the ----- amount of any reductions to the Commitment which have theretofore then occurred pursuant to Sections 2.8 2.5 or 2.92.6, in accordance with the provisions of this Section. Any request under this Section shall be submitted by Borrower and the Co-Borrowers to the Lenders through the Administrative AgentAgent not less than thirty days prior to the proposed increase, shall specify the proposed effective date and amount of such increase and be accompanied by (i) a Certificate of a Responsible Official, signed by a Senior Officer of Borrower (and each Co-Borrowerconsented to by the Tribe acting through a Senior Officer), stating that no Default or Event of Default exists as of the date of the request or will result from the requested increase and (ii) a written consent to the increase in the Commitment executed by each Guarantorincrease. Borrower and the Co-Borrowers may also specify any fees offered to lenders those Lenders which agree to assume a portion an increase in the amount of their Pro Rata Share of the increased Commitment (which fees may be variable based upon the amount which any such Bank Lender is willing to assume as an increase to the amount of its Pro Rata Share of the increased Commitment). The consent of the BanksLenders, as such, shall not be required for an increase in the amount of the Commitment pursuant to this Section.

Appears in 1 contract

Samples: Loan Agreement (Mohegan Tribal Gaming Authority)

Optional Increases to the Commitment. (a) Provided that no Default or Event of Default then exists, -------- Borrower and each Co-Borrower may at any time jointly request in writing that the then effective Commitment be increased to an amount which is not greater than $1,000,000,000 1,500,000,000 minus the amount of any reductions to the ----- Commitment which have theretofore then occurred pursuant to Sections 2.8 or 2.9, in accordance with the provisions of this Section. Any request under this Section shall be submitted by Borrower and the Co-Borrowers to the Banks through the Administrative AgentAgent not less than thirty (30) days prior to the proposed increase, shall specify the proposed effective date and amount of such increase and be accompanied by (i) a Certificate of a Responsible Official, signed by a Senior Officer of Borrower and each Co-Borrower, stating that no Default or Event of Default exists as of the date of the request or will result from the requested increase and (ii) a written consent to the increase in the amount of the Commitment executed by each Guarantor. Borrower and the Co-Borrowers may also specify any fees offered to lenders those Banks which agree to assume a portion an increase in the amount of their Pro Rata Share of the increased Commitment (which fees may be variable based upon the amount which any such Bank is willing to assume as an increase to the amount of its Pro Rata Share of the increased Commitment). The consent of the Banks, as such, shall not be required for an increase in the amount of the Commitment pursuant to this Section.

Appears in 1 contract

Samples: Loan Agreement (MGM Grand Inc)

Optional Increases to the Commitment. (a) Provided that no Default or Event of Default then exists, -------- Borrower and each Co-Borrower may may, at any time jointly prior to the date which is the second anniversary of the Closing Date, request in writing that the then effective Commitment be increased to an amount which is not greater than ----- $1,000,000,000 500,000,000 minus the amount of any reductions to the Commitment which have theretofore then occurred pursuant to Sections 2.8 2.5 or 2.92.6, in accordance with the provisions of this Section. Any request under this Section shall be submitted by Borrower and the Co-Borrowers to the Lenders through the Administrative AgentAgent not less than thirty days prior to the proposed increase, shall specify the proposed effective date and amount of such increase and be accompanied by (i) a Certificate of a Responsible Official, signed by a Senior Officer of Borrower (and each Co-Borrowerconsented to by the Tribe acting through a Senior Officer), stating that no Default or Event of Default exists as of the date of the request or will result from the requested increase and (ii) a written consent to the increase in the Commitment executed by each Guarantorincrease. Borrower and the Co-Borrowers may also specify any fees offered to lenders those Lenders which agree to assume a portion an increase in the amount of their Pro Rata Share of the increased Commitment (which fees may be variable based upon the amount which any such Bank Lender is willing to assume as an increase to the amount of its Pro Rata Share of the increased Commitment). The consent of the BanksLenders, as such, shall not be required for an increase in the amount of the Commitment pursuant to this Section.

Appears in 1 contract

Samples: Loan Agreement (Mohegan Tribal Gaming Authority)

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Optional Increases to the Commitment. (a) Provided that no Default or Event of Default then exists, Borrower and each Co-Borrower may at any time jointly prior to the first anniversary of the Closing Date request in writing that the then effective Commitment be increased to an amount which is not greater than $1,000,000,000 200,000,000 minus the amount of any reductions to the Commitment which have theretofore then occurred pursuant to Sections 2.8 2.5, 2.6 or 2.92.7, in accordance with the provisions of this Section. Any request under this Section shall be submitted by Borrower and the Co-Borrowers to the Lenders through the Administrative AgentAgent not less than thirty days prior to the proposed increase, shall specify the proposed effective date and amount of such increase and be accompanied by (i) a Certificate of a Responsible OfficialOfficial of Borrower, signed by a Senior Officer of Borrower and each Co-Borrower, stating that no Default or Event of Default exists as of the date of the request or will result from the requested increase and increase, (ii) a written consent to the increase in the amount of the Commitment executed by each GuarantorGuarantor and (iii) the satisfaction of all conditions precedent to such an increase specified in Section 8.3. Borrower and the Co-Borrowers may also specify any fees offered to lenders those Lenders which agree to assume a portion an increase in the amount of their Pro Rata Share of the increased Commitment (which fees may be variable based upon the amount which any such Bank Lender is willing to assume as an increase to the amount of its Pro Rata Share of the increased Commitment). The consent of the BanksLenders, as such, shall not be required for an increase in the amount of the Commitment pursuant to this Section.

Appears in 1 contract

Samples: Loan Agreement (Coast Resorts Inc)

Optional Increases to the Commitment. (a) Provided PROVIDED that no Default or Event of Default then exists, Borrower and each Co-Borrower may at any time jointly subsequent to the Closing Date and prior to the first anniversary of the Closing Date request in writing that the then effective Commitment be increased to an amount which is not greater than $1,000,000,000 minus 250,000,000 MINUS the amount of any reductions to the Commitment which have theretofore then occurred pursuant to Sections 2.8 2.5 or 2.92.6, in accordance with the provisions of this Section. Any request under this Section shall be submitted by Borrower and the Co-Borrowers to the Lenders through the Administrative AgentAgent not less than thirty days prior to the proposed increase, shall specify the proposed effective date and amount of such increase and be accompanied by (i) a Certificate of a Responsible Official, signed by a Senior Officer of Borrower and each Co-the Licensee on behalf of Borrower, stating that no Default or Event of Default exists as of the date of the request or will result from the requested increase and (ii) a written consent to the increase in the amount of the Commitment executed by each Guarantorthe Company. Borrower and the Co-Borrowers may also specify any fees offered to lenders those Lenders which agree to assume a portion an increase in the amount of their Pro Rata Share of the increased Commitment (which fees may be variable based upon the amount which any such Bank Lender is willing to assume as an increase to the amount of its Pro Rata Share of the increased Commitment). The consent of the BanksLenders, as such, shall not be required for an increase in the amount of the Commitment pursuant to this Section.

Appears in 1 contract

Samples: Loan Agreement (MGM Mirage)

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