Requests for Commitment Increase Sample Clauses
The "Requests for Commitment Increase" clause defines the process by which a borrower can formally request an increase in the amount of credit or loan commitments from the lender or lending group. Typically, this clause outlines the conditions under which such requests can be made, such as minimum and maximum increase amounts, required notice periods, and any necessary approvals from existing lenders. For example, it may specify that the borrower must provide written notice and that any increase is subject to the consent of both the lender and, in some cases, other stakeholders. The core function of this clause is to provide a clear, structured mechanism for expanding available credit, thereby ensuring transparency and predictability for both borrowers and lenders when additional funding is needed.
Requests for Commitment Increase. Borrower may, at any time after the Closing Date, propose that the Total Commitment hereunder be increased (each such proposed increase being a “Commitment Increase”) by having an existing Lender agree to increase its then existing Commitment (each an “Increasing Lender”) and/or by adding as a new Lender hereunder any Person which shall agree to provide a Commitment hereunder (each an “Assuming Lender”), in each case with the consent of Administrative Agent, each LC Issuing Bank and each Swingline Lender (such consent, in each case, not to be unreasonably withheld), by notice to Administrative Agent specifying the amount of the relevant Commitment Increase, the Lender or Lenders providing for such Commitment Increase and the date on which such increase is to be effective (the “Commitment Increase Date”), which shall be a Banking Day at least three Banking Days after delivery of such notice and 30 days prior to the Maturity Date; provided that:
(A) the minimum amount of the Commitment of any Assuming Lender, and the minimum amount of the increase of the Commitment of any Increasing Lender, as part of such Commitment Increase shall be $5,000,000 or an integral multiple of $1,000,000 in excess thereof;
(B) the Total Commitment shall be increased at any time in an aggregate minimum amount of $10,000,000;
(C) the aggregate amount of all Commitment Increases hereunder shall not exceed $100,000,000;
(D) no Inchoate Default or Event of Default shall have occurred and be continuing on such Commitment Increase Date or shall result from the proposed Commitment Increase; and
(E) each representation and warranty set forth in Article IV shall be true and correct as if made on and as of the date of the Commitment Increase Date, before and after giving effect thereto and the application of the proceeds therefrom, unless such representation or warranty relates solely to another time, in which event such representation or warranty shall be true and correct as of such other time. No Lender shall be obligated to become an Increasing Lender hereunder.
Requests for Commitment Increase. The Borrower may, at any time (but in no event more than three times), propose that the Aggregate Commitment hereunder be increased (each such proposed increase being a “Commitment Increase”) by having an existing Lender agree to increase its then existing Commitment (each, an “Increasing Lender”) and/or by adding as a new Lender hereunder any Person identified by the Borrower which shall agree to provide a Commitment hereunder (each, an “Assuming Lender”), in each case with the consent of the Administrative Agent and each Issuing Lender (such consent in each case not to be unreasonably withheld), by notice to the Administrative Agent specifying the amount of the relevant Commitment Increase, the Lender or Lenders providing for such Commitment Increase and the date on which such increase is to be effective (the “Commitment Increase Date”), which shall be a Business Day at least three Business Days after delivery of such notice and 30 days prior to the Commitment Termination Date; provided that:
Requests for Commitment Increase. (A) the minimum amount of the Commitment of any Assuming Lender, and the minimum amount of the increase of the Commitment of any Increasing Lender, as part of such Commitment Increase shall be $10,000,000 or a larger multiple of $1,000,000;
(B) the aggregate amount of all such Commitment Increases hereunder shall not exceed $50,000,000;
(C) no Default shall have occurred and be continuing on such Commitment Increase Date or shall result from the proposed Commitment Increase;
(D) the representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct on and as of the Commitment Increase Date as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date); and
(E) no such Commitment Increase shall result in an increase of the Aggregate Subsidiary Borrower Sublimit Commitment.