Wording usually included in commitment letters for a syndicated loan which allows the arranger to change the pricing and, sometimes, the terms and/or structure of a loan, if market changes make it necessary to do so in order to successfully syndicate the loan.

The wording is designed to protect the arranger from market changes which may occur between signing the commitment letter and successful syndication of the loan. However, it is unpopular with borrowers and is usually heavily negotiated.