Notification of Commitment Increase Request Clause Samples
The Notification of Commitment Increase Request clause outlines the process by which a party formally informs the other party of its intention to request an increase in its financial commitment under an agreement. Typically, this clause specifies the required method and timing for delivering such notice, and may detail the information that must be included, such as the amount of the proposed increase and the effective date. Its core function is to ensure clear communication and procedural consistency when one party seeks to adjust its commitment, thereby reducing misunderstandings and facilitating orderly contract administration.
POPULAR SAMPLE Copied 1 times
Notification of Commitment Increase Request. The Agent shall request that each Lender notify the Agent, within 15 Business Days of receipt by the Agent of such Commitment Increase Request, whether it is prepared to assume an increase in its Commitment in an amount equal to the proportion of the Requested Increase as is borne by the aggregate amount of its Commitment to the Total Commitments immediately prior to the date of the Commitment Increase Request (the “Required Proportion”).