Common use of Increase of the Revolving Commitment Clause in Contracts

Increase of the Revolving Commitment. From time to time after the Closing Date and prior to the Termination Date, the Company may, at its option, with the approval of LaSalle and ▇▇▇▇▇, and subject to the following conditions, request to increase the aggregate Revolving Commitment by up to an additional $15,000,000. In addition to the approval of LaSalle and ▇▇▇▇▇, any such increase shall be conditioned upon each of the following: (a) The Company shall have obtained a commitment to participate as an additional Lender hereunder from a financial institution which is reasonably acceptable to the Administrative Agent and the Required Lenders, which commitment shall be in writing and be in a minimum amount of $5,000,000 or an integral multiple thereof; (b) Such proposed additional Lender shall have executed an amendment to this Agreement in form and substance satisfactory to the Administrative Agent and the Required Lenders pursuant to which such additional Lender shall become a Lender hereunder with a Revolving Commitment; and (c) The Loan Parties shall have executed and/or delivered to the Administrative Agent such additional instruments, documents, certificates and agreements as the Administrative Agent shall reasonably request in connection with the foregoing and to confirm that such increase in the Revolving Commitment hereunder has been duly authorized and approved by each of the Loan Parties. Upon satisfaction of all such conditions precedent, such proposed additional Lender shall become a Lender hereunder on and subject to the terms and conditions of this Agreement.

Appears in 1 contract

Sources: Credit Agreement (Standard Parking Corp)

Increase of the Revolving Commitment. From time to time after the Closing Date and prior to the Termination Date, the Company may, at its option, with the approval of LaSalle and ▇▇▇▇▇the Administrative Agent, and subject to the following conditions, request to increase the aggregate Revolving Commitment by up to an additional $15,000,00040,000,000. In addition to the approval of LaSalle and ▇▇▇▇▇the Administrative Agent, any such increase shall be conditioned upon each of the following: (a) no Event of Default or Unmatured Event of Default shall have occurred and be continuing, (b) The Company shall have obtained a commitment from an existing Lender or a commitment to participate as an additional Lender hereunder from a financial institution which is reasonably acceptable to the Administrative Agent and the Required LendersAgent, which commitment shall be in writing and be in a minimum amount of $5,000,000 or an integral multiple thereof;, (bc) Such Lender increasing its Commitment or such proposed additional Lender shall have executed an amendment to this Agreement in form and substance satisfactory to the Administrative Agent and the Required Lenders pursuant to which such Lender increases its Commitment or such additional Lender shall become a Lender hereunder with a Revolving Commitment; and (cd) The Loan Parties shall have executed and/or delivered to the Administrative Agent such additional instruments, documents, certificates and agreements as the Administrative Agent shall reasonably request in connection with the foregoing and to confirm that such increase in the Revolving Commitment hereunder has been duly authorized and approved by each of the Loan Parties. Upon satisfaction of all such conditions precedent, the Commitments shall have been increased as appropriate and such proposed additional Lender Lender, if any, shall become a Lender hereunder on and subject to the terms and conditions of this Agreement.

Appears in 1 contract

Sources: Credit Agreement (Standard Parking Corp)

Increase of the Revolving Commitment. From time to time after the Closing Date and prior to the Termination Date, the Company may, at its option, with the approval of LaSalle and ▇▇▇▇▇the Paying Agent, and subject to the following conditions, request to increase the aggregate Revolving Commitment by up to an additional $15,000,00040,000,000. In addition to the approval of LaSalle and ▇▇▇▇▇the Paying Agent, any such increase shall be conditioned upon each of the following: (a) no Event of Default or Unmatured Event of Default shall have occurred and be continuing, (b) The Company shall have obtained a commitment from an existing Lender or a commitment to participate as an additional Lender hereunder from a financial institution which is reasonably acceptable to the Administrative Agent and the Required LendersPaying Agent, which commitment shall be in writing and be in a minimum amount of $5,000,000 or an integral multiple thereof;, (bc) Such Lender increasing its Commitment or such proposed additional Lender shall have executed an amendment to this Agreement in form and substance satisfactory to the Administrative Paying Agent and the Required Lenders pursuant to which such Lender increases its Commitment or such additional Lender shall become a Lender hereunder with a Revolving Commitment; and (cd) The Loan Parties shall have executed and/or delivered to the Administrative Paying Agent such additional instruments, documents, certificates and agreements as the Administrative Paying Agent shall reasonably request in connection with the foregoing and to confirm that such increase in the Revolving Commitment hereunder has been duly authorized and approved by each of the Loan Parties. Upon satisfaction of all such conditions precedent, the Commitments shall have been increased as appropriate and such proposed additional Lender Lender, if any, shall become a Lender hereunder on and subject to the terms and conditions of this Agreement.

Appears in 1 contract

Sources: Credit Agreement (Standard Parking Corp)