Common use of Increase of Revolving Credit Commitment Clause in Contracts

Increase of Revolving Credit Commitment. (a) Provided that no Default or Event of Default shall have occurred and be continuing, the Borrower shall have the option, by giving written notice to the Agent (the “Increase Notice”), subject to the terms and conditions set forth in this Agreement, to increase the Total Revolving Credit Commitment in increments of $10,000,000.00 by an aggregate amount up to $50,000,000 (the amount of the requested increase to be set forth in the Increase Notice) (which, assuming no previous reduction in the Revolving Credit Commitments, would result in a maximum Total Revolving Credit Commitment of $200,000,000). The execution and delivery of the Increase Notice by Borrower shall constitute a representation and warranty by the Borrower that all the conditions set forth in this §2.8 shall have been satisfied on the date of such Increase Notice. The Commitment increase may be allocated (1) to the then existing Revolving Credit Commitments, (2) as a new revolving tranche having the same terms (excluding pricing) as the then existing Revolving Credit Commitments, or (3) any combination thereof satisfactory to Administrative Agent and existing or additional Revolving Credit Banks providing such additional Revolving Credit Commitments (b) The obligation of the Agent and the Revolving Credit Banks to increase the Total Revolving Credit Commitment pursuant to this §2.8 shall be conditioned upon satisfaction of the following conditions precedent which must be satisfied prior to the effectiveness of any increase of the Total Revolving Credit Commitment.

Increase of Revolving Credit Commitment. (a) Provided that no Default or Event of Default shall have occurred and be continuing, the Borrower shall have the option, by giving written notice to the Agent (the “"Increase Notice”"), subject to the terms and conditions set forth in this Agreement, to increase the Total Revolving Credit Commitment in increments of $10,000,000.00 by an aggregate amount up to $50,000,000 100,000,000 (the amount of the requested increase to be set forth in the Increase Notice) (which, assuming no previous reduction in the Revolving Credit Commitments, would result in a maximum Total Revolving Credit Commitment of $200,000,000250,000,000). The execution and delivery of the Increase Notice by Borrower shall constitute a representation and warranty by the Borrower that all the conditions set forth in this §Section 2.8 shall have been satisfied on the date of such Increase Notice. The Commitment increase may be allocated (1) to the then existing Revolving Credit Commitments, (2) as a new revolving tranche having the same terms (excluding pricing) as the then existing Revolving Credit Commitments, or (3) any combination thereof satisfactory to Administrative Agent and existing or additional Revolving Credit Banks providing such additional Revolving Credit Commitments. (b) The obligation of the Agent and the Revolving Credit Banks to increase the Total Revolving Credit Commitment pursuant to this §Section 2.8 shall be conditioned upon satisfaction of the following conditions precedent which must be satisfied prior to the effectiveness of any increase of the Total Revolving Credit Commitment.