Terms of Incremental Commitment Sample Clauses
The Terms of Incremental Commitment clause defines the conditions under which parties agree to commit resources or obligations in stages rather than all at once. Typically, this clause outlines specific milestones, deliverables, or performance criteria that must be met before additional commitments are made, such as phased funding in a project or stepwise delivery of services. Its core practical function is to manage risk and ensure accountability by allowing parties to evaluate progress and performance before proceeding to subsequent phases, thereby reducing the likelihood of significant losses if the project does not meet expectations.
Terms of Incremental Commitment. The Incremental Lender hereby agrees to make its Incremental Commitment and Incremental Loans [and participate in Letters of Credit] on the following terms and conditions:
Terms of Incremental Commitment. The terms and provisions of the Revolving Loans comprising each Incremental Commitment shall be documented solely as an increase to the Commitments without any change of terms to this Agreement or otherwise reasonably acceptable to the Administrative Agent. The Incremental Commitments shall (i) rank pari passu in right of payment and of security with, and shall have the same guarantees as the existing Term Loans and Revolving Loans, as applicable; (ii) in the case of Incremental Term Commitments, have (x) a maturity date that is not earlier than the Maturity Date of Term Loans made on the Effective Date and (y) a Weighted Average Life to Maturity that is no shorter than the Weighted Average Life to Maturity of the existing Term Loans; (iii) in the case of Incremental Revolving Commitments, shall have maturity date that is not earlier than the Maturity Date of existing Revolving Loans or have amortization or scheduled mandatory commitment reductions (other than at maturity), (iv) have a rate of interest as set forth in each applicable Increase Joinder; provided, however that, with respect to Incremental Term Commitments that are pari passu in right of payment and with respect to security with the existing Term Loans only, such interest rate will not be more than 0.50% higher than the corresponding interest rate applicable to the existing Term Loans, unless the interest rate margin with respect to the existing Term Loans, is adjusted to be equal to the interest rate with respect to the relevant Incremental Term Commitments, minus, 0.50%; provided, further, that in determining the applicable interest rate: (w) original issue discount or upfront fees paid by the Borrower in connection with the existing Term Loans, such Incremental Term Commitments (based on a four-year average life to maturity), shall be included, (x) arrangement, commitment, structuring and underwriting fees and any amendment fees paid or payable to the Joint Lead Arrangers (or their Affiliates) in their respective capacities as such in connection with the existing Term Loans, or to one or more arrangers (or their Affiliates) in their capacities as such applicable to such Incremental Term Commitments shall be excluded and (z) if such Incremental Term Commitments include any “LIBOR” interest rate floor greater than that applicable to the existing Loans, and such floor is applicable to the existing Term Loans, on the date of determination, such excess amount shall be equated to interest margin ...
Terms of Incremental Commitment. The terms and provisions of the Incremental Loans pursuant to each Incremental Commitment shall (i) rank pari passu in right of payment and of security with, and shall have the same guarantees as the existing Loans; (ii) have a maturity no sooner than the Stated Maturity Date and, in the case of the Incremental Loans in respect of the Delayed Draw Term Loan Commitment, a Weighted Average Life to Maturity that is no shorter than the existing Delayed Draw Term Loans, in each case as set forth in the applicable Incremental Commitment Joinder Agreement; (iii) have interest rates, margins, fees, premiums and funding discounts as set forth in each applicable Incremental Commitment Joinder Agreement; provided, however, that if the interest rate margin for any Incremental Loans made pursuant to an Incremental Commitment is greater than the interest rate margin on the existing Loans, the interest rate margin on the existing Loans shall be increased so as to equal the interest rate margin applicable to the Incremental Loans made pursuant to such Incremental Commitment; and (iv) otherwise be treated the same as, and not be entitled to any additional benefits than or impose any more obligations than, the existing Delayed Draw Term Loans or Revolving Loans, as the case may be.
Terms of Incremental Commitment. The terms and provisions of the incremental Loans comprising each Incremental Commitment shall be documented solely as an increase to the Commitments without any change of terms to this Agreement and shall (i) rank pari passu in right of payment and of security with, and shall have the same guarantees as the existing Loans, (ii) have a maturity date that is not earlier than the Maturity Date being increased, (iii) have a rate of interest as set forth in each applicable Incremental Commitment Joinder Agreement; provided, however that, with respect to any Class of the Loans, if the interest rate margin is greater than the interest rate margin on the existing Loans of such Class, the interest rate margin on the existing Loans of such Class shall be increased so as to equal the interest rate margin applicable to the incremental Loans of such Class comprising such Incremental Commitment and (iv) otherwise be treated the same as, and not be entitled to any additional benefits than or impose any more obligations than, the existing Loans.
Terms of Incremental Commitment. The terms and provisions of the incremental Loans comprising each Incremental Commitment shall be documented solely as an increase to the Commitments without any change of terms to this Agreement with identical terms (other than with respect to any arrangement or upfront fees payable to the Administrative Agent and the Lenders providing such Incremental Commitment).
Terms of Incremental Commitment. The Agent and the Borrower shall determine the effective date for such increase pursuant to this Section (the “Incremental Commitment Effective Date”) and, if applicable, the final allocation of such increase among the Persons providing such increase; provided that such date shall be a Business Day at least 30 days prior to the Revolving Termination Date. In order to effect such increase, the Borrower, the applicable Incremental Lender(s) and the Agent (but no other Lenders or Persons) shall enter into one or more Joinder Agreements, each in form and substance satisfactory to the Borrower and the Agent, pursuant to which the applicable Incremental Lender(s) will provide the Incremental Commitment(s). Effective as of the Incremental Commitment Effective Date, subject to the terms and conditions set forth in this Section, such Incremental Commitment shall be a Commitment (and not a separate facility hereunder), each Incremental Lender providing any of such Incremental Commitment shall be, and have all the rights of, a Lender, and the Revolving Loans made by it on the Incremental Commitment Effective Date pursuant to paragraph (e) of this Section shall be Revolving Loans, for all purposes of this Agreement.
Terms of Incremental Commitment. The terms and provisions of the incremental Loans comprising each Incremental Commitment shall be documented solely as an increase to the Commitments without any change of terms to this Agreement (other than with respect to Effective Yield as provided in clause (iii) below) and shall (i) rank pari passu in right of payment and of security with, and shall have the same guarantees as the existing Loans; (ii) have a maturity date that is not earlier than the Maturity Date; (iii) have a rate of interest as set forth in each applicable Incremental Commitment Joinder Agreement; provided that, if the Effective Yield for the Incremental Commitments is greater than the Effective Yield for the existing Loans by more than 50 basis points, then the Effective Yield for the existing Loans shall be increased to the extent necessary so that the Effective Yield for the Incremental Commitments is not more than 50 basis points higher than the Effective Yield for the existing Loans; and (iv) otherwise be treated the same as, and not be entitled to any additional benefits than or impose any more obligations than, the existing Loans.
Terms of Incremental Commitment. The terms and provisions of the incremental Loans comprising each Incremental Commitment shall be documented solely as an increase to the Commitments without any change of terms to this Agreement and shall (i) rank pari passu in right of payment and of security with, and shall have the same guarantees as the existing Loans; (ii) have the same maturity date; (iii) have the same rate of interest as the existing Lenders; and (iv) otherwise be treated the same as, and not be entitled to any additional benefits than or impose any more obligations than, the existing Loans.