Each Commitment Increase Clause Samples
The 'Each Commitment Increase' clause defines the process and conditions under which a party's financial commitment under an agreement can be increased. Typically, this clause outlines the steps required for requesting an increase, such as providing notice to the other parties, obtaining necessary consents, and specifying the amount of the increase. For example, a lender in a syndicated loan agreement may use this clause to raise its lending commitment, subject to approval by the borrower and other lenders. The core function of this clause is to provide a clear and orderly mechanism for increasing commitments, thereby ensuring flexibility while maintaining transparency and agreement among all parties involved.
Each Commitment Increase. The Commitments shall not be increased in accordance with Section 2.19 unless on the applicable Increase Date:
(a) No Default or Unmatured Default shall have occurred and be continuing and none would result from such Commitment Increase.
(b) The representations and warranties contained in Article V are true and correct (in all respects to the extent qualified by “material” or “material adverse effect” and in all material respects to the extent not so qualified) as of such Increase Date immediately after giving effect to such Commitment Increase (or, to the extent that any such representation and warranty specifically refers to an earlier date, as of such earlier date). Each notice of Commitment Increase with respect to each such Commitment Increase shall constitute a representation and warranty by the Borrower Representative that the applicable conditions contained in Section 4.4 shall be satisfied (or waived).
Each Commitment Increase. Each Commitment Increase requested by the Borrower pursuant to Section 2.15 is subject to the satisfaction of the following conditions:
(a) The representations and warranties of the Obligors set forth in Article III of this Agreement or any other Loan Document, or which are contained in any certificate or notice delivered at any time by any Obligor under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Commitment Increase Notice and on the Increase Date, before and after giving effect to such Commitment Increase, or, if any such representation or warranty was made as of a specific date, such representation and warranty was true and correct in all material respects on and as of such date.
(b) At the time of and immediately after giving effect to such Commitment Increase, no Default shall have occurred and be continuing.
(c) The Borrower shall have delivered a Commitment Increase Notice in accordance with Section 2.15(a). Each Commitment Increase Notice shall be deemed to constitute a representation and warranty by the Obligors on the date of such Commitment Increase Notice and on the Increase Date as to the matters specified in paragraphs (a) and (b) of this Section.
Each Commitment Increase. The Commitments shall not be increased in accordance with Section 2.19 unless on the applicable Increase Date: (a) No Default or Unmatured Default shall have occurred and be continuing and none would result from such Commitment Increase.
Each Commitment Increase. Each Commitment Increase requested by the Borrower pursuant to Section 2.15 is subject to the satisfaction of the following conditions:
Each Commitment Increase. Each Commitment Increase requested by the Borrower pursuant to Section 2.15 is subject to the satisfaction of the following conditions:
(a) The representations and warranties of the Obligors set forth in Article III of this Agreement or any other Loan Document, or which are contained in any certificate or notice delivered at any time by any Obligor under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Commitment Increase Notice and on the Increase Date, before and after giving effect to such Commitment Increase, or, if any such representation or warranty was made as of a specific date, such representation and warranty was true and correct in all material respects on and as of such date.
(b) At the time of and immediately after giving effect to such Commitment Increase, no Default shall have occurred and be continuing.
Each Commitment Increase. The Commitments shall not be increased in accordance with Section 2.19 unless on the applicable Increase Date:
(a) There exists no Default or Unmatured Default and none would result from such Commitment Increase;
(b) The representations and warranties contained in Article V are true and correct as of such Increase Date after giving effect to such Commitment Increase (or, to the extent that any such representation and warranty specifically refers to an earlier date, as of such earlier date); and
(c) All legal matters incident to the making of such Commitment Increase shall be satisfactory to the Administrative Agent and its counsel. Each notice of Commitment Increase with respect to each such Commitment Increase shall constitute a representation and warranty by the Borrower that the conditions contained in Section 4.3 have been satisfied.