Common use of Terms of Incremental Commitments Clause in Contracts

Terms of Incremental Commitments. The Lender and the Borrower shall determine the effective date for such Incremental Facility pursuant to this Section (an “Incremental Commitment Effective Date”); provided that such date shall be a Business Day no more than three (3) Business Days after delivery of the request for such Incremental Facility and at least 30 days prior to the Maturity Date then in effect. In order to effect such Incremental Facility, the Borrower and the Lender shall enter into one or more Joinder Agreements, each in form and substance satisfactory to the Borrower and the Lender, pursuant to which the Lender will provide the Incremental Commitment(s). Effective as of the applicable Incremental Commitment Effective Date, subject to the terms and conditions set forth in this Section, each Incremental Commitment shall be a Commitment, the Lender providing such Incremental Commitment shall be, and have all the rights of, a Lender, and the Loans made by it on such Incremental Commitment Effective Date pursuant to this Section shall be Loans, for all purposes of this Agreement.

Appears in 4 contracts

Samples: Credit Agreement (Star Holdings), Credit Agreement (Safehold Inc.), Credit Agreement (Istar Inc.)

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Terms of Incremental Commitments. The Lender Facility Agent and the Borrower shall determine the effective date for such Incremental Facility increase pursuant to this Section 2.18 (an “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 no more than three (3) at least ten Business Days after delivery of the request for such Incremental increase (unless otherwise approved by the Facility Agent) and at least 30 thirty (30) days prior to the Maturity latest Commitment Termination Date then in effect. In order to effect such Incremental Facilityincrease, the Borrower Borrower, the applicable Incremental Lender(s) and the Lender Facility 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 LenderFacility Agent, pursuant to which the Lender applicable Incremental Lender(s) will provide the Incremental Commitment(s). Effective as of the applicable Incremental Commitment Effective Date, subject to the terms and conditions set forth in this SectionSection 2.18, each Incremental Commitment shall be a CommitmentCommitment (and not a separate facility hereunder), the each Incremental Lender providing such Incremental Commitment shall be, and have all the rights of, a Lender, and the Loans Borrowings made by it on such Incremental Commitment Effective Date pursuant to paragraph (e) of this Section 2.18 shall be LoansBorrowings, for all purposes of this Agreement.

Appears in 2 contracts

Samples: Credit and Security Agreement (BlackRock Private Credit Fund), Credit and Security Agreement (BlackRock Private Credit Fund)

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Terms of Incremental Commitments. The Lender Facility Agent and the Borrower shall determine the effective date for such Incremental Facility increase pursuant to this Section 2.18 (an “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 no more than three (3) at least ten Business Days after delivery of the request for such Incremental increase (unless otherwise approved by the Facility Agent) and at least 30 thirty (30) days prior to the Maturity latest Commitment Termination Date then in effect. In order to effect such Incremental Facilityincrease, the Borrower Borrower, the applicable Incremental Lender(s) and the Lender Facility 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 LenderFacility Agent, pursuant to which the Lender applicable Incremental Lender(s) will provide the Incremental Commitment(s). Effective as of the applicable Incremental Commitment Effective Date, subject to the terms and conditions set forth in this SectionSection 2.18, each Incremental Commitment shall be a CommitmentCommitment (and not a separate facility hereunder), the each Incremental Lender providing such Incremental Commitment shall be, and have all the rights of, a Lender, and the Loans Borrowings made by it on such Incremental Commitment Effective Date pursuant to this Section shall be Loans, for all purposes of this Agreement.paragraph

Appears in 1 contract

Samples: Credit and Security Agreement (BlackRock Private Credit Fund)

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