Increase in the Total Commitment Sample Clauses
The "Increase in the Total Commitment" clause allows the total amount of credit or funding available under an agreement to be raised beyond its original limit. Typically, this clause outlines the process by which parties can request an increase, the conditions that must be met (such as lender consent or documentation requirements), and any limits on the maximum allowable increase. Its core practical function is to provide flexibility for borrowers to access additional funds as their needs grow, while ensuring that all parties agree to the revised terms and obligations.
Increase in the Total Commitment. (a) On the Second Amendment Effective Date the Total Commitment shall increase from $600,000,000 to $700,000,000 with each Lender’s Commitment in connection therewith to be as set forth on Annex I hereto and each Lender’s address to be as set forth on Annex II hereto. Each Borrower that has Revolving Loans outstanding on the Second Amendment Effective Date shall, in coordination with, and as instructed by, the Administrative Agent, repay outstanding Revolving Loans of certain of the Lenders and incur additional Revolving Loans from certain other Lenders (including any Lender who has become a Lender as of the Second Amendment Effective Date), in each case to the extent necessary so that all of the Lenders participate in each outstanding Borrowing of Revolving Loans pro rata on the basis of their respective Commitments (after giving effect to any increase in the Total Commitment pursuant to this section 1.17) and with each applicable Borrower being obligated to pay to the respective Lenders any costs of the type referred to in Section 1.12 in connection with any such repayment and/or Borrowing.”
Increase in the Total Commitment