Assumed Commitment Clause Samples
The Assumed Commitment clause defines the obligations or responsibilities that one party is presumed to undertake under an agreement, even if not explicitly stated elsewhere. In practice, this clause may specify that a party is deemed to have accepted certain duties, such as providing services, delivering goods, or meeting performance standards, based on the context or conduct within the contract. Its core function is to ensure that essential commitments are recognized and enforceable, thereby preventing disputes over implied or unstated responsibilities.
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Assumed Commitment. Effective as of the date hereof, the Bank hereby increases its existing Facility Commitment from $ to $ .
Assumed Commitment. Effective as of the date hereof, the Bank hereby [increases its existing Facility Commitment from $[ ] to $[ ]]
Assumed Commitment. Effective as of the date hereof, the Bank hereby [increases its existing Facility Commitment from $[ ] to $[ ]]12 [assumes a Facility Commitment equal to $[ ]]13 (the “Assumed Commitment”). [From and after the date hereof, the Bank shall be a party to and bound by the provisions of the Credit Agreement and, to the extent of the Assumed Commitment, all the rights and obligations of a Lender under the Credit Agreement.]14
Assumed Commitment. Effective as of the date hereof, the Bank hereby [increases its existing Facility Commitment from $[ ] to $[ ]]12 [assumes a Facility Commitment equal to $[ ]]13 (the “Assumed Commitment”). [From and after the date hereof, the Bank shall be a party to and bound by the provisions of the Credit Agreement and, to the extent of the Assumed Commitment, all the rights and obligations of a Lender under the Credit Agreement.]14 12 If the Bank is an existing Lender. 13 If the Bank is not an existing Lender. 14 If the Bank is not an existing Lender.