Incremental Commitments definition
Examples of Incremental Commitments in a sentence
The Administrative Agent shall promptly notify the Company and the Lenders of the final allocation of such Revolving Credit Commitments Increases and the Incremental Commitments Effective Date.
It is understood and agreed that (i) no Lender shall have any obligation whatsoever to agree to any increase in its Commitment and (ii) if any existing Lender does not accept an offer to provide Incremental Commitments within the time specified for acceptance of such offer, such Lender shall be deemed to have declined to provide such Incremental Commitment.
On the Incremental Commitments Effective Date, each Lender or Eligible Assignee which is providing a Revolving Credit Commitment Increase (i) shall become a “Lender” for all purposes of this Agreement and the other Credit Documents and (ii) shall have a Revolving Credit Commitment Increase which shall become a “Commitment” hereunder.
Any Incremental Commitments or new Term Loans made on an Incremental Facility Closing Date shall be designated a separate Class of Incremental Commitments for all purposes of this Agreement, except, unless otherwise required pursuant to the terms of this Agreement, in the case of a Term Loan Increase.