Common use of Increase in Aggregate Commitments Clause in Contracts

Increase in Aggregate Commitments. (a) On the effective date of the increase of the Borrowing Base pursuant to this Amendment, (i) the Aggregate Commitments shall be increased from $750,000,000 to $1,750,000,000, (ii) each Person listed on the signature pages hereof which is not a party to the Agreement (a “New Lender”) shall become a Lender party to the Agreement and (iii) the Commitment and Applicable Percentage of each Lender shall be reset and shall equal to such amounts and percentages set forth opposite such Lender’s name on Schedule A attached hereto (such Commitments and Applicable Percentages as so reset, the “Reset Commitments”). (b) On the effective date of the Reset Commitments pursuant to this Amendment: (i) Committed Loans outstanding on such effective date shall be reallocated among the Lenders by way of assignment and assumption in accordance with Section 7 hereof, such that all outstanding Committed Loans are held by the Lenders in proportion to their respective Reset Commitments; and (ii) the participations in all outstanding Letters of Credit shall be determined such that all L/C Obligations are held by the Lenders in proportion to their respective Reset Commitments. (c) For the avoidance of doubt, Section 6(b) and Section 7 are intended to effect a reallocation of the outstanding Loans in accordance with the Reset Commitments, and nothing in this Amendment shall be deemed to constitute a novation of the credit facility under the Credit Agreement or of the Loans thereunder, and shall not impair in any respect any Lien securing the Obligations.