Request for Alteration Sample Clauses
A Request for Alteration clause outlines the process by which one party may formally propose changes to the terms, specifications, or scope of an agreement. Typically, this clause details the required method for submitting alteration requests, such as written notice, and may specify timelines for review and approval or rejection by the other party. Its core practical function is to provide a structured and transparent mechanism for managing modifications, ensuring that any changes are mutually agreed upon and documented, thereby reducing the risk of misunderstandings or disputes.
Request for Alteration. The Agent shall give each Lender prompt notice of any such agreement becoming effective. All requests for Lender consent under the provisions of this Section 2.19 shall specify the date upon which any such increase, addition, reduction, termination, or prepayment shall become effective (the “Effective Date”) and shall be made by means of a Request for Alteration substantially in the form as set forth in Exhibit C. On the Effective Date on which the Commitment of any Lender is increased, decreased, terminated or created or on which prepayment is made, all as described in such Request for Alteration, the Borrowers or such Lender, as the case may be, shall make available to the Agent not later than 12:30 p.m. (New York City time) on such date, in same day funds, the amount, if any, which may be required (and the Agent shall distribute such funds received by it to the Borrowers or to such Lenders, as the case may be) so that at the close of business on such date the sum of the Committed Advances of each Lender then outstanding shall be in the same proportion to the total of the Committed Advances of all the Lenders then outstanding as the Commitment of such Lender is to the total of the Commitments. The Agent shall give each Lender notice of the amount to be made available by, or to be distributed to, such Lender at least 3 Business Days before such payment is made.
Request for Alteration. All requests for Lender consent under the provisions of this Section 2.20 shall specify the date upon which any such increase shall become effective (the “Effective Date”) and shall be made by means of a Request for Alteration substantially in the form as set forth in Exhibit D. On the Effective Date on which the Commitment of any Lender is increased (or established), as described in such Request for Alteration, such Lender shall make available to the Agent not later than 12:30 p.m. (New York City time) on such date, in same day funds, the amount, if any, which may be required (and the Agent shall distribute such funds received by it to the Company or to the other Lenders, as the case may be) so that at the close of business on such date the sum of the Advances of each Lender then outstanding shall be in the same proportion to the total of the Advances of all the Lenders then outstanding as the Commitment of such Lender is to the total of the Commitments. The Agent shall give each Lender notice of the amount to be made available by, or to be distributed to, such Lender at least 3 Business Days before such payment is made. The Agent shall give each Lender prompt notice of any agreement to increase the commitments becoming effective.