Revolver Commitment Increase Clause Samples
The Revolver Commitment Increase clause allows the borrower to request an increase in the total amount available under a revolving credit facility, subject to lender approval and certain conditions. Typically, this clause outlines the process for requesting additional commitments, the maximum allowable increase, and any requirements for new or existing lenders to participate in the upsized facility. Its core practical function is to provide the borrower with flexibility to access additional funds as business needs evolve, without the need to negotiate an entirely new credit agreement, thereby streamlining the process and supporting the borrower's growth or liquidity requirements.
Revolver Commitment Increase. (a) Subject to the terms and conditions set forth herein, after the Closing Date, the Borrower shall have the right to request, by written notice to the Administrative Agent, an increase in the Revolver Commitments (a “Revolver Commitment Increase”) in an aggregate amount not to exceed $100,000,000; provided that (a) the Borrower shall only be permitted to request five (5) Revolver Commitment Increases during the term of this Agreement, (b) any Revolver Commitment Increase shall be in a minimum amount of $10,000,000, and (c) after giving effect to all such Revolver Commitment Increases, the aggregate amount of the Revolver Commitments outstanding shall not exceed $280,000,000.
(b) Each notice submitted pursuant to this Section 2.22 (a “Revolver Commitment Increase Notice”) requesting a Revolver Commitment Increase shall specify the amount of the increase in the Revolver Commitments being requested. Upon receipt of a Revolver Commitment Increase Notice, the Administrative Agent may (at the direction of the Borrower) promptly notify the Lenders and each Lender may (subject to the Borrower’s consent) have the right to elect to have its Revolver Commitment increased by its Pro Rata share (it being understood and agreed that a Lender may elect to have its Revolver Commitment increased in excess of its Pro Rata share in its discretion if any other Lender declines to participate in the Revolver Commitment Increase) of the requested increase in Revolver Commitments; provided that (i) each Lender may elect or decline, in its sole discretion, to have its Revolver Commitment increased in connection with any requested Revolver Commitment Increase, it being understood that no Lender shall be obligated to increase its Revolver Commitment or make any Revolver Loan under any Revolver Commitment Increase unless it, in its sole discretion, so agrees and, if a Lender fails to respond to any Revolver Commitment Increase Notice within five (5) Business Days after such Lender’s receipt of such request, such Lender shall be deemed to have declined to participate in such Revolver Commitment Increase, (ii) if any Lender declines to participate in any Revolver Commitment Increase and, as a result, commitments from additional financial institutions are required in connection with the Revolver Commitment Increase, any Person or Persons providing such commitment shall be subject to the written consent of the Administrative Agent, the Swingline Lender and the Issuing Bank (such consent...
Revolver Commitment Increase. Subject to the other terms of this Section 2.1.11, the Administrative Borrower may by written notice to the Agent elect to increase the Maximum Revolver Facility Amount then in effect (a “Revolver Commitment Increase”) by increasing the Revolver Commitment of a Revolver Lender (with the consent of such Revolver Lender, which may be withheld in its sole discretion) or by causing a Person that is an Eligible Assignee (reasonably acceptable to the Agent, each Fronting Bank and each Swingline Lender) that at such time is not a Revolver Lender to become a Revolver Lender (an “Additional Revolver Lender”).
Revolver Commitment Increase. (a) (i) Subject to the terms and conditions set forth herein, after the Third Restatement Date, the Borrowers shall have the right to request, by written notice to the Agent, an increase in the Revolver Commitments (a “Revolver Commitment Increase”) in an aggregate amount not to exceed $20,000,000; provided that (a) the Borrowers shall only be permitted to request 3 Revolver Commitment Increases after the Third Restatement Date, (b) any Revolver Commitment Increase shall be in a minimum amount of $5,000,000, (c) after giving effect to all such Revolver Commitment Increases, the aggregate amount of the Revolver Commitments outstanding shall not exceed $155,000,000 and (d) each such Revolver Commitment Increase shall be applied (i) 80% to an increase in the U.S. Revolver Sublimit and (ii) 20% to an increase in the Canadian Revolver Sublimit; provided that such percentages shall be adjusted to equal the then-existing proportion of such limits as may have been affected by the operation of Section 2.1.11 prior to such time.
Revolver Commitment Increase. Subject to the terms and conditions set forth herein and in the Credit Agreement, each Amendment No. 1 Incremental Revolving Lender severally agrees to increase its existing Revolver Commitment in a principal amount equal to its Amendment No. 1 Incremental Revolver Commitment set forth opposite such Person’s name on Schedule I hereto. Notwithstanding anything to the contrary contained herein or in the Credit Agreement, from and after the Amendment No. 1 Effective Date, the existing Revolver Commitments of each Revolving Lender with an Amendment No. 1 Incremental Revolver Commitment shall be deemed increase by its Amendment No. 1 Incremental Revolver Commitment, which increased Revolver Commitment, and the Revolving Loans funded thereunder, shall otherwise have terms and provisions identical to those applicable to the Revolver Commitments and Revolving Loans existing or outstanding, as applicable, immediately prior to the Amendment No. 1 Effective Date, except as otherwise set forth herein or in the Credit Agreement, and shall be entitled to all the benefits afforded to the Revolver Commitments and Revolving Loans by the Credit Agreement and the other Credit Documents (including the right to participate on a pro rata basis in any voluntary or mandatory prepayment of the Revolving Loans or any voluntary or mandatory reduction of the Revolver Commitments), and shall, without limiting the foregoing, benefit equally and ratably from the guarantees under the Guarantee Agreement and any security interests created by the Security Documents.
Revolver Commitment Increase. The Required Term Lenders hereby consent to the Revolver Commitment Increase. The Credit Parties hereby acknowledge and agree that the foregoing is a one-time consent related solely to the Revolver Commitment Increase, and any future modifications to the Revolver Commitments must comply strictly with the terms of the Loan Agreement.
Revolver Commitment Increase