Common use of Requests for Increase Clause in Contracts

Requests for Increase. Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Revolving Credit Lenders), the Borrower Representative may from time to time, request an increase (each a “Revolving Credit Commitment Increase”) in either Facility by an amount (for all such requests) not exceeding, in the aggregate, $125,000,000; provided that (i) any such request for a Revolving Credit Commitment Increase shall be in a minimum amount of $5,000,000, (ii) the Borrower Representative may make a maximum of five requests for a Revolving Credit Commitment Increase, and (iii) no Revolving Credit Commitment Increase shall cause the Canadian Revolving Credit Commitments of all Canadian Revolving Credit Lenders or the U.S. Revolving Credit Commitments of all U.S. Revolving Credit Lenders to exceed $250,000,000. At the time of sending such notice, the Borrower Representative (in consultation with the Administrative Agent) shall specify the time period within which each Revolving Credit Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Revolving Credit Lenders). All Revolving Credit Loans made pursuant to any Revolving Credit Commitment Increase are herein referred to herein as “Additional Loans”. If a Revolving Credit Commitment Increase in any amount occurs with respect to any Facility, a Revolving Credit Commitment Increase shall automatically occur with respect to the other Facility in the same amount.

Appears in 2 contracts

Sources: Credit Agreement (Masonite International Corp), Credit Agreement (Masonite International Corp)

Requests for Increase. Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Revolving Credit Lenders), the Borrower Representative may from time to time, request an increase (each a “Revolving Credit Commitment Increase”) in either Facility by an amount (for all such requests) not exceeding, in the aggregate, $125,000,000; provided that (i) any such request for a Revolving Credit Commitment Increase shall be in a minimum amount of $5,000,000, (ii) the Borrower Representative may make a maximum of five requests for a Revolving Credit Commitment Increase, and (iii) no Revolving Credit Commitment Increase shall cause the Canadian Revolving Credit Commitments of all Canadian Revolving Credit Lenders or the U.S. Revolving Credit Commitments of all U.S. Revolving Credit Lenders to exceed $250,000,000275,000,000. At the time of sending such notice, the Borrower Representative (in consultation with the Administrative Agent) shall specify the time period within which each Revolving Credit Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Revolving Credit Lenders). All Revolving Credit Loans made pursuant to any Revolving Credit Commitment Increase are herein referred to herein as “Additional Loans”. If a Revolving Credit Commitment Increase in any amount occurs with respect to any Facility, a Revolving Credit Commitment Increase shall automatically occur with respect to the other Facility in the same amount.

Appears in 1 contract

Sources: Credit Agreement (Masonite International Corp)