Common use of Request for Commitments Clause in Contracts

Request for Commitments. (a) Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may, from time to time, request an increase in the Facility by an amount (for all such requests) not exceeding $100,000,000; provided that (i) any such request for an increase shall be in a minimum amount of $25,000,000, and (ii) the Borrower may make a maximum of four such requests. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether in an amount equal to, greater than, or less than its Pro Rata Share of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to make any increase pursuant to this Section 2.16. The Administrative Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request made hereunder. Subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld) and each Issuing Bank (in its sole discretion), the Borrower may invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance satisfactory to the Administrative Agent and its counsel.

Appears in 2 contracts

Samples: Credit Agreement (Allegheny Energy, Inc), Credit Agreement (Allegheny Energy, Inc)

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Request for Commitments. (a) Provided there exists no Default or Event of Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may, from time to time, request from the Lenders commitments to make new loans (to be Advances for all purposes under this Agreement and the other Financing Documents) in an increase in the Facility by an aggregate amount (for all such requests) not exceeding $100,000,000200,000,000 (the "Incremental Commitments"); provided that (i) any such request for an increase a commitment shall be in a minimum amount of $25,000,00050,000,000, and (ii) the Borrower may make a maximum of four three such requestsrequests and (iii) the advances made pursuant to this Section 2.14 in connection with such request shall initially be Base Rate Advances. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment provide any such commitment and, if so, whether in an amount equal to, greater than, or less than its Pro Rata Share ratable share of such requested increasecommitment. Any Lender not responding within such time period shall be deemed to have declined to make any increase commitment pursuant to this Section 2.162.14. The Administrative Agent shall notify the Borrower and each Lender of the Lenders' responses to each request made hereunder. Subject to To achieve the approval full amount of the Administrative Agent (which approval shall not be unreasonably withheld) and each Issuing Bank (in its sole discretion)a requested commitment, the Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance satisfactory to the Administrative Agent and its counsel.

Appears in 1 contract

Samples: Credit Agreement (Allegheny Energy, Inc)

Request for Commitments. (a) Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may, from time to time, request an increase in the Facility by an amount (for all such requests) not exceeding $100,000,000250,000,000; provided that (i) any such request for an increase shall be in a minimum amount of $25,000,00050,000,000, and (ii) the Borrower may make a maximum of four three such requests. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether in an amount equal to, greater than, or less than its Pro Rata Share of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to make any increase pursuant to this Section 2.16. The Administrative Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request made hereunder. Subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld) and each Issuing Bank (in its sole discretion), the Borrower may invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance satisfactory to the Administrative Agent and its counsel.

Appears in 1 contract

Samples: Credit Agreement (Allegheny Energy, Inc)

Request for Commitments. (a) Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may, from time to time, request from the Lenders commitments to make new loans (to be Advances for all purposes under this Agreement and the other Financing Documents) in an increase in the Facility by an aggregate amount (for all such requests) not exceeding $100,000,000200,000,000 (the "Incremental Commitments"); provided that (i) any such request for an increase a commitment shall be in a minimum amount of $25,000,00050,000,000, and (ii) the Borrower may make a maximum of four three such requestsrequests and (iii) the advances made pursuant to this Section 2.16 in connection with such request shall initially be Base Rate Advances. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment provide any such commitment and, if so, whether in an amount equal to, greater than, or less than its Pro Rata Share ratable share of such requested increasecommitment. Any Lender not responding within such time period shall be deemed to have declined to make any increase commitment pursuant to this Section 2.16. The Administrative Agent shall notify the Borrower and each Lender of the Lenders' responses to each request made hereunder. Subject to To achieve the approval full amount of the Administrative Agent (which approval shall not be unreasonably withheld) and each Issuing Bank (in its sole discretion)a requested commitment, the Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance satisfactory to the Administrative Agent and its counsel.

Appears in 1 contract

Samples: Credit Agreement (Allegheny Energy, Inc)

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Request for Commitments. (a) Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may, from time to time, request an increase in the Facility by an amount (for all such requests) not exceeding $100,000,00065,000,000; provided that (i) any such request for an increase shall be in a minimum amount of $25,000,00010,000,000, and (ii) the Borrower may make a maximum of four three such requests. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, whether in an amount equal to, greater than, or less than its Pro Rata Share of such requested increase. Any Lender not responding within such time period shall be deemed to have declined to make any increase pursuant to this Section 2.16. The Administrative Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request made hereunder. Subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld) and each Issuing Bank (in its sole discretion), the Borrower may invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance satisfactory to the Administrative Agent and its counsel.

Appears in 1 contract

Samples: Credit Agreement (Allegheny Energy, Inc)

Request for Commitments. (a) Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may, from time to time, request from the Lenders commitments to make new loans (to 66 AESC Credit Agreement be Advances for all purposes under this Agreement and the other Financing Documents) in an increase in the Facility by an aggregate amount (for all such requests) not exceeding $100,000,000200,000,000 (the “Incremental Commitments”); provided that (i) any such request for an increase a commitment shall be in a minimum amount of $25,000,00050,000,000, and (ii) the Borrower may make a maximum of four three such requestsrequests and (iii) the advances made pursuant to this Section 2.16 in connection with such request shall initially be Base Rate Advances. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). Each Lender shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment provide any such commitment and, if so, whether in an amount equal to, greater than, or less than its Pro Rata Share ratable share of such requested increasecommitment. Any Lender not responding within such time period shall be deemed to have declined to make any increase commitment pursuant to this Section 2.16. The Administrative Agent shall notify the Borrower and each Lender of the Lenders’ responses to each request made hereunder. Subject to To achieve the approval full amount of the Administrative Agent (which approval shall not be unreasonably withheld) and each Issuing Bank (in its sole discretion)a requested commitment, the Borrower may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance satisfactory to the Administrative Agent and its counsel.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Allegheny Energy, Inc)

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