Common use of Increase in Revolver Commitments Clause in Contracts

Increase in Revolver Commitments. (a) At any time prior to December 5, 2015, at the option of Borrowers (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount in the aggregate for all such increases of the Revolver Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increase, an “Increase”). Agent shall invite each Lender to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase its Revolver Commitments in connection with a proposed Increase at the interest margin proposed by Borrowers, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Borrowers to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $1,000,000 and integral multiples of $1,000,000 in excess thereof. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.15 on more than three occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Revolver Commitments exceed $10,000,000.

Appears in 1 contract

Sources: Credit Agreement (Silicon Graphics International Corp)

Increase in Revolver Commitments. Borrowers may request an increase in Revolver Commitments from time to time upon notice to Administrative Agent by adding to this Agreement one or more Eligible Assignees that are not already Lenders hereunder to issue additional Revolver Commitments and become Lenders hereunder that are reasonably satisfactory to Administrative Agent (not to be unreasonably withheld, delayed or conditioned) or by allowing one or more existing Lenders to increase their respective Commitments, as long as (a) At any time prior to December 5the requested increase is in a minimum amount of $10,000,000 and is offered on the same terms as existing Revolver Commitments, 2015except for a closing fee specified by Borrowers, at the option of Borrowers (but subject to the conditions set forth in clause (b) below), the Revolver Commitments and the Maximum Revolver Amount may be increased by an amount increases under this Section do not exceed $50,000,00030,000,000 in the aggregate for all such and no more than three (3) increases are made; (c) no reduction in Commitments pursuant to Section 2.1.4 has occurred prior to the requested increase, and (d) the requested increase does not cause the Commitments to exceed 90% of any applicable cap under the Term Loan Credit Agreement or any agreement evidencing or governing Permitted Junior Priority Secured/Unsecured Debt. Administrative Agent shall promptly notify Lenders of the Revolver Commitments and the Maximum Revolver Amount not to exceed the Available Increase Amount (each such increaserequested increase and, an “Increase”). Agent shall invite within 10 Business Days thereafter, each Lender shall notify Administrative Agent if and to what extent such Lender commits to increase its Revolver Commitments (it being understood that no Lender shall be obligated to increase its Revolver Commitments in connection with a proposed Increase at the interest margin proposed by Borrowers, and if sufficient Lenders do not agree to increase their Revolver Commitments in connection with such proposed Increase, then Agent or Borrowers may invite any prospective lender who is reasonably satisfactory to Agent and Borrowers to become a Lender in connection with a proposed Increase. Any Increase shall be in an amount of at least $1,000,000 and integral multiples of $1,000,000 in excess thereof. In no event may the Revolver Commitments and the Maximum Revolver Amount be increased pursuant to this Section 2.15 on more than three occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Revolver Commitments exceed $10,000,000.Revolver

Appears in 1 contract

Sources: Loan Agreement (Key Energy Services Inc)

Increase in Revolver Commitments. (ai) At any time prior to December 5, 2015, at the option of the Borrowers (but subject to the conditions set forth in clause (bii) below), the Revolver Total Commitments and the Maximum Revolver Amount may each be increased by an aggregate amount in after the aggregate for all such increases of the Revolver Commitments and the Maximum Revolver Amount Third Amendment Date not to exceed $10,000,000, less the Available Increase Amount aggregate principal amount of the CARES Unforgiven Debt outstanding at such time (each such increase, an "Increase"). The Agent shall invite each Lender to increase its Revolver Pro Rata Share of the Total Commitments (it being understood that no Lender shall be obligated to increase its Pro Rata Share of its Revolver Commitments Commitment) in connection with a proposed Increase at the interest margin proposed by BorrowersIncrease, and if sufficient Lenders do not agree to increase their Revolver Pro Rata Share of the Total Commitments in connection with such proposed Increase, then the Agent or the Borrowers may invite any prospective lender who is reasonably satisfactory to the Agent and the Borrowers to become a Lender in connection with a proposed Increase. Any Increase shall be in an a principal amount of at least $1,000,000 5,000,000 and integral multiples of $1,000,000 in excess thereof. In no event may the Revolver The Total Commitments and the Maximum Revolver Amount may be increased pursuant to this Section 2.15 2.1(i) after the Third Amendment Date on no more than three occasions in the aggregate for all such Increases. Additionally, for the avoidance of doubt, it is understood and agreed that in no event shall the aggregate amount of the Increases to the Revolver Commitments exceed $10,000,0002 occasions.

Appears in 1 contract

Sources: Loan and Security Agreement (LSB Industries Inc)