Common use of Increase of Facility Limit Clause in Contracts

Increase of Facility Limit. So long as the Commitment Termination Date has not occurred and no Termination Event exists, at any time during the period commencing on June 1st and ending on September 30th of each calendar year (the “Seasonal Period”), the Servicer may, upon 10 Business Days’ prior written notice to each Committed Investor, request (a “Seasonal Facility Limit Increase Request”) that the Facility Limit be increased by an amount not to exceed $25,000,000 (the “Increase Amount”) and that each Committed Investor’s Commitment be increased ratably based upon such Committed Investor’s pro rata share of the Increase Amount; provided that (x) no Committed Investor’s Commitment shall be increased as a result of a Seasonal Facility Limit Increase Request unless such Committed Investor has consented to such increase in its sole discretion in writing and (y) on the last day of the Seasonal Period, (A) the Commitment of each Committed Investor that has agreed to increase such Committed Investor’s Commitment for such Seasonal Period (each, an “Increasing Committed Investor”) shall be automatically reduced by the amount by which such Committed Investor has agreed to increase its Commitment during such Seasonal Period, (B) the Facility Limit shall be automatically reduced by the aggregate amount by which each Committed Investor’s Commitment is reduced pursuant to clause (A) above and (C) the SPV shall pay the Agent the amount, if any, by which the Net Investment exceeds the Maximum Net Investment after giving effect to the automatic reduction of the Facility Limit pursuant to clause (B) above and, unless a Potential Termination Event or a Termination Event exists, the Agent shall remit such payment to the Increasing Committed Investors ratably, based upon the amount by which each such Increasing Committed Investor’s Commitment increased during such Seasonal Period.