Increase in the Maximum Commitment Sample Clauses
The "Increase in the Maximum Commitment" clause allows for the total amount of credit or funding available under an agreement to be raised beyond its original limit. In practice, this clause typically outlines the conditions and procedures by which the borrower can request an increase, such as obtaining lender approval or meeting certain financial criteria. Its core function is to provide flexibility for the borrower to access additional funds as their needs grow, while ensuring that the process for increasing the commitment is clearly defined and controlled.
Increase in the Maximum Commitment. Provided there exists no Event of Default or, to the knowledge of any Borrower or Administrative Agent, Potential Default on the effective date of the increase, and subject to compliance with the terms below, upon written notice to Administrative Agent, Borrowers may request the Lenders to increase the Maximum Commitment. The Maximum Commitment shall not exceed $300,000,000. Such increase shall be effective upon the satisfaction of the following conditions precedent: (i) the existing Lenders shall have agreed in their sole discretion to increase their Commitments and/or additional Persons shall have agreed to join the Credit Facility as Lenders such that the Commitments of all Lenders equal the increased Maximum Commitment; (ii) on or prior to the proposed date of such increase, Borrowers shall have paid to Administrative Agent, for the benefit of each Lender that increases its Commitment or provides a new Commitment, the Facility Increase Fee; (iii) the Borrowers shall have delivered to the Lenders a new or updated Certificate of Beneficial Ownership, as applicable, if so requested by Administrative Agent prior to the effectiveness of any extension to the Maturity Date; and (iv) the Borrowers shall deliver to Administrative Agent not less than five (5) Business Days prior to the proposed facility increase effective date a Facility Increase Request and resolutions adopted by the Borrowers approving or consenting to such increase, certified by a Responsible Officer of the Borrowers that such resolutions are true and correct copies thereof and are in full force and effect. For the avoidance of doubt, such increase will be on the same terms as contained herein with respect to the Commitments and the Loans. No Lender will be required to commit, nor shall any Lender have any preemptive right, to provide any portion of such increase. On any date the Maximum Commitment is increased in accordance herewith, Borrowers and the Lenders agree to execute such documents as Administrative Agent may reasonably request to give effect to such increase.
Increase in the Maximum Commitment. (a) The Administrative Agent may, in its sole discretion, at the request of the Borrowers from time to time, increase the Maximum Commitment to the amount requested by the Borrowers by: (x) admitting additional Lenders hereunder (each, a “Subsequent Lender”); or (y) increasing the Commitment of any Lender (each, an “Increasing Lender”); or both, subject to the following conditions and Section 2.14
Increase in the Maximum Commitment. (a) Lender may, in its sole discretion, at the request of Borrower, increase the Commitment to the amount requested by the Borrower by increasing its Commitment, subject to the following conditions and Section 1
(a) i)
Increase in the Maximum Commitment. (46) Subject to the internal credit approval of the Administrative Agent and the written consent of the Administrative Agent and each Lender, such consent, in each case, not to be unreasonably withheld, conditioned or delayed, the Administrative Agent shall, at the request of the Borrowers in a Fund Group, increase the applicable Fund Group Sublimit and the Maximum Commitment to the amount requested by the Borrowers in the applicable Fund Group by (x) admitting Eligible Assignee as additional lenders hereunder (each, a “Subsequent Lender”); or (y) increasing the Commitment of any Lender (each such Lender, an “Increasing Lender”), subject to the following conditions and Section 2.16(b):
Increase in the Maximum Commitment. (a) Administrative Agent shall, at the request of Borrower from time to time, increase the Maximum Commitment to the amount requested by Borrower by: (x) admitting additional committed lenders hereunder (each, a “Subsequent Committed Lender”); or (y) increasing the Commitment of any Committed Lender (each, an “Increasing Committed Lender”); or both, subject to the following conditions and Section 2.17(c):
(i) Borrower shall have delivered to Administrative Agent the Facility Increase Request (and Administrative Agent shall promptly deliver copies of such notice to Funding Agents);
(ii) If requested pursuant to Section 3.01, Borrower shall, as applicable, execute a new Note payable to each Subsequent Committed Lender and Increasing Committed Lender;
(iii) After giving effect to the increase in the Committed ▇▇▇▇▇▇’s Commitment, the Maximum Commitment will not exceed the Maximum Accordion Amount;
(iv) The increase in the aggregate amount of Committed Lenders’ Commitments shall be in the minimum amount of $10,000,000;
Increase in the Maximum Commitment
Increase in the Maximum Commitment. Subject to the internal credit approval of the Administrative Agent and the written consent of each Lender, the Administrative Agent shall, at the request of Borrower, increase the Maximum Commitment to the amount requested by Borrower by (x) admitting Eligible Assignee as additional lenders hereunder (each, a “Subsequent Lender”); or (y) increasing the Commitment of any Lender (each such Lender, an “Increasing Lender”), subject to the following conditions and Section 2.16(b):
Increase in the Maximum Commitment