Common use of Increase in Aggregate Commitments Clause in Contracts

Increase in Aggregate Commitments. (a) The Borrower shall have the option, without the consent of the Lenders, from time to time to cause one or more increases in the Aggregate Commitments (an “Increase”) by adding, subject to the prior approval of the Administrative Agent (such approval not to be unreasonably withheld), to this Agreement one or more financial institutions as Lenders (collectively, the “New Lenders”) or by allowing one or more Lenders to increase their respective Commitments; provided however that: (i) prior to and after giving effect to the Increase, no Default or Event of Default shall have occurred hereunder and be continuing, (ii) no such Increase shall cause the sum of the Aggregate Commitments to exceed $1,500,000,000, (iii) no Lender’s Commitment shall be increased without such Lender’s consent and (iv) such Increase shall be evidenced by a commitment increase agreement or an amendment to this Agreement (the “Increase Agreement”) in form and substance acceptable to the Administrative Agent and executed by the Borrower, the Administrative Agent, New Lenders, if any, and Lenders increasing their Commitments, if any, and which shall indicate the amount and allocation of such Increase and the effective date of such Increase (the “Increase Effective Date”). Each financial institution that becomes a New Lender pursuant to this Section by the execution and delivery to the Administrative Agent of the applicable Increase Agreement shall

Appears in 1 contract

Sources: Credit Agreement (Susser Petroleum Partners LP)

Increase in Aggregate Commitments. (a) The Borrower shall have the option, without the consent of the Lenders, from time to time to cause one or more increases in the Aggregate Commitments (an “Increase”) by adding, subject to the prior approval of the Administrative Agent (such approval not to be unreasonably withheld), to this Agreement one or more financial institutions as Lenders (collectively, the “New Lenders”) or by allowing one or more Lenders to increase their respective Commitments; provided however that: (i) prior to and after giving effect to the Increaseincrease, no Default or Event of Default shall have occurred hereunder and be continuing, (ii) no such Increase increase shall cause the sum of the Aggregate Commitments to exceed $1,500,000,000600,000,000, (iii) no Lender’s Commitment shall be increased without such Lender’s consent consent, and (iv) such Increase increase shall be evidenced by a commitment increase agreement or an amendment to this Agreement (the “Increase Agreement”) in form and substance acceptable to the Administrative Agent and executed by the Borrower, the Administrative Agent, New Lenders, if any, and Lenders increasing their Commitments, if any, and which shall indicate the amount and allocation of such Increase increase in the Aggregate Commitments and the effective date of such Increase increase (the “Increase Effective Date”). Each financial institution that becomes a New Lender pursuant to this Section by the execution and delivery to the Administrative Agent of the applicable Increase commitment increase agreement shall be a “Lender” for all purposes under this Agreement shallon the applicable

Appears in 1 contract

Sources: Credit Agreement (Energy Transfer Equity, L.P.)

Increase in Aggregate Commitments. (a) The Borrower shall have the option, without the consent of the Lenders, from time to time to cause one or more increases in the Aggregate Commitments (an “Increase”) by adding, subject to the prior approval of the Administrative Agent (such approval not to be unreasonably withheld), to this Agreement one or more financial institutions as Lenders (collectively, the “New Lenders”) or by allowing one or more Lenders to increase their respective Commitments; provided however that: (i) prior to and after giving effect to the Increaseincrease, no Default or Event of Default shall have occurred hereunder and be continuing, (ii) no such Increase increase shall cause the sum of the Aggregate Commitments to exceed $1,500,000,0001,000,000,000, (iii) no Lender’s Commitment shall be increased without such Lender’s consent consent, and (iv) such Increase increase shall be evidenced by a commitment increase agreement or an amendment to this Agreement (the “Increase Agreement”) in form and substance acceptable to the Administrative Agent and executed by the Borrower, the Administrative Agent, New Lenders, if any, and Lenders increasing their Commitments, if any, and which shall indicate the amount and allocation of such Increase increase in the Aggregate Commitments and the effective date of such Increase increase (the “Increase Effective Date”). Each financial institution that becomes a New Lender pursuant to this Section by the execution and delivery to the Administrative Agent of the applicable Increase commitment increase agreement shall be a “Lender” for all purposes under this Agreement shallon the applicable

Appears in 1 contract

Sources: Credit Agreement (Energy Transfer Partners, L.P.)