Additional Term Commitment Clause Samples
The Additional Term Commitment clause establishes an obligation for one or both parties to extend their contractual relationship for a specified additional period beyond the original term. Typically, this clause outlines the conditions under which the extension occurs, such as automatic renewal unless notice is given, or a requirement for mutual agreement to continue. Its core practical function is to provide certainty and continuity in the business relationship, ensuring that both parties are aware of and agree to any extended commitments, thereby reducing the risk of unexpected contract termination or service disruption.
Additional Term Commitment. See §2.12(a).
Additional Term Commitment. Each Increasing Lender hereby acknowledges that it has made the Additional Term Commitment set forth opposite such Increasing Lender's name on Schedule 2.01 to this Amendment. Each of the Borrower and each Increasing Lender hereby agrees that from and after the Amendment No. 1 Effective Date (as defined below), such Increasing Lender shall be a "Term Lender" for all purposes under the Credit Agreement.
Additional Term Commitment. Amounts repaid or prepaid in respect of Term Loans may not be reborrowed.