Facility Increase Sample Clauses
A Facility Increase clause allows the borrower to request an increase in the total amount of credit available under a loan agreement. Typically, this clause outlines the conditions under which the borrower can ask for additional funds, such as obtaining lender consent, meeting certain financial covenants, or providing updated documentation. By including this clause, the agreement provides flexibility for the borrower to access more capital as needed, while giving lenders control over whether and how much to increase the facility, thereby addressing the need for adaptable financing solutions.
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Facility Increase. (a) The Borrower may (no more frequently than three times after the Closing Date (in minimum increments of $50,000,000) during the term of the Revolving Credit Facility) request the Lenders or other Eligible Assignees acceptable to the Administrative Agent in its reasonable discretion to provide additional Commitments (a “Facility Increase”) up to an aggregate amount during the term of the Revolving Credit Facility not in excess of $200,000,000; provided, however, that (i) the Borrower shall have given the Administrative Agent at least 60 days’ written notice of its intention to effect the Facility Increase and the desired amount of such Facility Increase, (ii) there shall exist no Default or Event of Default as of the Facility Increase Effective Date (as defined below) or after giving effect to the Facility Increase to occur on that date and the other conditions precedent to a Borrowing set forth in Section 3.2 are satisfied as of the Facility Increase Effective Date, (iii) an opinion of counsel to the Loan Parties in form and substance and from counsel reasonably satisfactory to the Administrative Agent and addressed to the Facility Agents, the Issuers and the Lenders dated the Facility Increase Effective Date and addressing such matters as the Administrative Agent may reasonably request shall be delivered to the Administrative Agent, (iv) the Administrative Agent shall have received such other documents, agreements, certificates and writings with respect to the Facility Increase as the Administrative Agent shall reasonably request (including, without limitation, resolutions of the Borrower authorizing the borrowings under the Facility Increase and such amendments, modifications and/or supplements to the Collateral Documents as are necessary or, in the reasonable opinion of the Administrative Agent, desirable to ensure that the borrowings under the Facility Increase are secured by, and entitled to the benefits of, the Collateral Documents), (v) the Borrower shall have paid to the Administrative Agent a fee to be determined (but in any event reasonably acceptable to Group) and (vi) the Borrower shall have paid to the Lenders providing the Facility Increase a fee required in order to clear the market in an amount to be determined.
(b) The Borrower shall have the right to offer such increase to (x) the Lenders, and each Lender will have the right, but not the obligation, to commit to all or a portion of the proposed Facility Increase or (y) any institution ...
Facility Increase. (a) The Borrower may, at any time and from time to time, by notice to the Administrative Agent, request an increase in the Aggregate Commitment (a “Facility Increase”), which notice shall set forth the amount of such requested Facility Increase. Such Facility Increase may be effected (i) by having one or more New Lenders become Lenders under the Revolving Credit Facility and/or (ii) by having any one or more of the then-existing Lenders under the Revolving Credit Facility (at their respective election in their sole discretion), in each case, that have been approved by the Borrower and the Administrative Agent (such approval by the Administrative Agent not to be unreasonably withheld or delayed), increase the amount of their existing Commitments, provided that (i) each Facility Increase shall be in an amount not less than $5,000,000, (ii) after giving effect to the Facility Increase, the Aggregate Commitment shall not exceed the Aggregate Credit Facility Limit, (iii) no Unmatured Default or Default exists or would exist after giving effect to the Facility Increase, (iv) all financial covenants set forth in Section 7.27 would be satisfied on a pro forma basis for the most recent determination period, assuming that the Loans outstanding on the date of effectiveness of the Facility Increase had been outstanding on the last day of such determination period, (v) any Facility Increase shall be pursuant to this Agreement, and (vi) the terms and conditions of any Facility Increase shall be the same as the terms and conditions applicable to the Revolving Credit Facility; provided that if there is more than one Termination Date at the time of effectiveness of a Facility Increase, the Termination Date for the Facility Increase shall be the latest Termination Date.
(b) As a condition to a Facility Increase, (i) the Borrower and each applicable Additional Lender shall have executed and delivered a commitment and acceptance (the “Commitment and Acceptance”) substantially in the form of Exhibit C hereto and the Administrative Agent shall have accepted and executed the same; (ii) if requested by an Additional Lender, the Borrower shall have executed and delivered to the Administrative Agent the applicable Note payable to the order of such Additional Lender; (iii) the Guarantors shall have consented in writing to the Facility Increase and shall have agreed that their Guaranty Agreements continue in full force and effect; (iv) the Borrower and each Additional Lender shall ot...
Facility Increase. In connection with the closing of any Facility Increase, the outstanding Loans and Participation Interests shall be reallocated by causing such fundings and repayments (and shall not be subject to any processing and/or recordation fees) among the Lenders (and the Borrower shall be responsible for any costs of the Administrative Agent arising hereunder resulting from such reallocation and repayments and for any payments owing under Section 15.5 of Loans as necessary such that, after giving effect to such Facility Increase, each Lender will hold Loans and Participation Interests based on its Pro Rata Share (after giving effect to such Facility Increase).
Facility Increase. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. Upon such execution, delivery, acceptance and recording and the receipt by the Administrative Agent from the assignee of an assignment fee in the amount of $3,500 (other than in respect of assignments made pursuant to Sections 2.17 (Substitution of Lenders) and 11.1(c) (Amendments, Waivers, Etc.), it being understood that only one such fee shall be payable in connection with concurrent assignments to or by two or more Approved Funds), from and after the effective date specified in such Assignment and Acceptance, (i) the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement and, if such Lender was an Issuer, of such Issuer hereunder, (ii) the Notes (if any) corresponding to the Loans assigned thereby shall be transferred to such assignee by notation in the Register and (iii) the assignor thereunder shall, to the extent that rights and obligations under this Agreement have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (except for those surviving the payment in full of the Obligations) and be released from its obligations under the Loan Documents, other than those relating to events or circumstances occurring prior to such assignment (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under the Loan Documents, such Lender shall cease to be a party hereto). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with clause (g) of this Section 11.
Facility Increase. Prior to July 1, 2019, Borrower may, by written notice to Agent, elect to request the establishment of a new loan commitment by an aggregate amount not in excess of $35,000,000.00 (the “Incremental Term Loan Commitment”). Lender may elect to accept or decline Borrower’s request for the Incremental Term Loan Commitment (in whole or in part) in its sole and absolute discretion. Any Incremental Term Loan Commitment shall become effective and shall be an Advance subject to the conditions, requirements and limitations set forth in Section 2.2(b) as of date advanced.
Facility Increase. GGC may at any time and from time to time, upon prior written notice by GGC to each Administrative Agent, increase the Commitments (but not Domestic Letter of Credit Sublimit, the Canadian Letter of Credit Sublimit or the Canadian Swing Line Sublimit) by up to the U.S. Dollar Equivalent of TWENTY FIVE MILLION DOLLARS ($25,000,000) with (a) additional Domestic Revolving Commitments from any existing Domestic Revolving Lender, (b) additional Term Loan Commitments from any existing Term Loan Lender or (c) additional Canadian Revolving Commitments from any existing Canadian Revolving Lender or (d) new Domestic Revolving Commitments, Term Loan Commitments or Canadian Revolving Commitments, as applicable, from any other Person selected by the Borrowers and approved by the applicable Administrative Agent and applicable L/C Issuers; provided that:
(i) any such increase shall be in a minimum principal amount of US$10 million and in integral multiples of US$5 million in excess thereof (or the Canadian Dollar Equivalent thereof with respect to Canadian Revolving Commitments);
(ii) no Default or Event of Default shall be continuing at the time of any such increase;
(iii) no Lender shall be under any obligation to increase its Commitments and any such decision whether to increase its Commitments shall be in such Lender’s sole and absolute discretion;
(iv) any existing Lenders shall increase its Commitment by executing such commitment agreements as customarily and reasonably required by the applicable Administrative Agent, and any new Lender shall join this Agreement by executing such joinder documents as customarily and reasonably required by the applicable Administrative Agent; and
(v) as a condition precedent to such increase, the applicable Borrower shall deliver to the Domestic Administrative Agent a certificate of each Loan Party dated as of the date of such increase (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase and (B) in the case of the Borrowers, certifying that, before and after giving effect to such increase, (1) the representations and warranties contained in Article VI and the other Loan Documents are true and correct on and as of the date of such increase, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of s...
Facility Increase see Section 6.1.3(a)(A).
Facility Increase. The defined term “Facility Increase” is deleted in its entirety.
Facility Increase. (1) ▇▇▇▇▇ Fargo shall, during the period commencing on the Closing Date and ending on January 31, 1999, use reasonable efforts to attempt to syndicate (the "Syndication") this Agreement to one or more new Lenders (each, a "New Syndicate Member") pursuant to such agreements and other documents (the "New Syndicate Member Documents") as ▇▇▇▇▇ Fargo may require, including, without limitation, a joinder to this Agreement to be executed by any New Syndicate Member in form and substance satisfactory to ▇▇▇▇▇ Fargo. Borrower agrees to cooperate fully with ▇▇▇▇▇ Fargo's Syndication efforts and to provide sufficient information (including, without limitation, financial information) as ▇▇▇▇▇ Fargo may reasonably request to enable ▇▇▇▇▇ Fargo to prepare an information package for use in the Syndication efforts. ▇▇▇▇▇ Fargo shall have no liability or obligation of any kind whatsoever to Borrower or any other Person in the event that ▇▇▇▇▇ Fargo does not, for any reason, syndicate this Agreement to one or more New Syndicate Members.
(2) If one or more New Syndicate Members join in this Agreement, the Commitment shall be increased to an amount (the "Increased Commitment") not to exceed $100,000,000.
(3) Borrower acknowledges and agrees that the execution of the New Syndicate Member Documents will require that this Agreement and the other Loan Documents be modified and Borrower agrees to execute and deliver, and to cause each Guarantor to execute and deliver, such modifications as ▇▇▇▇▇ Fargo may reasonably require. In connection with the Syndication, Borrower shall execute and deliver such new Notes to the New Syndicate Members as are necessary to reflect the foregoing. The Agent shall prepare and circulate a revised Schedule 1.1 giving effect to the Increased Commitment.
(4) In connection with the Syndication, Borrower agrees to reimburse ▇▇▇▇▇ Fargo for all reasonable costs and expenses incurred by ▇▇▇▇▇ Fargo in connection with the Syndication.
(5) Upon the effective date of the New Syndicate Member Documents with respect to each New Syndicate Member, such New Syndicate Member shall be a Lender for all purposes of this Agreement and the other Loan Documents.
Facility Increase. The Borrower has requested that BAS use its best efforts to arrange for additional commitments in order to increase the Maximum Available Amount with respect to the Revolving Credit Facilities from $115,000,000 to $150,000,000 and in order to facilitate such increase Bank of America and the Borrower have established the Total Revolving Credit Commitment at $150,000,000 (consisting of a Maximum Available Amount with respect to the 364 Day Facility of $25,000,000 and with respect to the Three Year Facility of $125,000,000). In the event that there shall be additional Persons which shall elect to become Lenders hereunder, Bank of America and the Borrower agree as follows:
(a) The first $75,000,000 of additional commitments shall be applied to reduce the Revolving Credit Commitment of Bank of America on a pro rata basis between its 364 Day Commitment and its Three Year Commitment;
(b) the next $35,000,000 of additional commitments shall be used to increase the Maximum Available Amount to $150,000,000 (consisting of a Maximum Available Amount with respect to the 364 Day Facility of $25,000,000 and a Maximum Available Amount with respect to the Three Year Facility of $125,000,000);
(c) any additional commitments originated by BAS in excess of $110,000,000 may be used to further reduce the Revolving Credit Commitment of Bank of America. The addition of Lenders shall be accomplished by assignments made by Bank of America pursuant to Section 12.1 hereof.