Commitment of Each Lender Clause Samples
The "Commitment of Each Lender" clause defines the specific amount of funds that each lender agrees to provide under a loan agreement. It typically outlines the maximum financial obligation of each lender, detailing how much each party is responsible for disbursing to the borrower and under what conditions. For example, in a syndicated loan, this clause would specify the proportion of the total loan each lender is committing. Its core practical function is to ensure clarity and certainty regarding each lender’s financial responsibility, thereby preventing disputes and facilitating coordinated funding.
Commitment of Each Lender. (a) Subject to the terms and conditions of this Agreement, the Lenders, severally, but not jointly, agree to make a term loan to the Borrower (each such loan, a “Secured Loan” and all such loans collectively (and together with any Additional Loans made pursuant to the terms of this Agreement then outstanding), the “Secured Loans”) in an aggregate principal amount equal to the Aggregate Class A-1b Commitment.
(b) On the Closing Date, in accordance with Section 3.1 hereof, each Initial Lender hereby agrees to make available to the Borrower a Secured Loan in the amount equal to its respective percentage (as set forth on Schedule 1 hereto) of the Aggregate Class A-1b Commitment (with respect to each Initial Lender, its “Class A-1b Commitment”).
(c) Subject to the terms hereof and the Priority of Payments, the Borrower may from time to time prepay the Secured Loans in accordance with the terms of the Indenture and Priority of Payments; provided that the Borrower may not re-borrow any Secured Loan following the prepayment or repayment thereof. Upon the funding of its respective Class A-1b Commitment on the Closing Date, the obligation of each Initial Lender to make a Secured Loan or fund any portion of the Aggregate Class A-1b Commitment hereunder shall terminate.
(d) Without limiting the generality of the foregoing, the Secured Loans shall constitute “Class A-1b Loans” as defined under the Indenture and shall comprise and be a part of the “Class A-1b Debt” as set forth therein and, as such, shall be subject to the terms and conditions of the Indenture applicable to the Class A-1b Loans and the Class A-1b Debt, and shall have, in addition to the rights granted hereunder, the rights afforded under the Indenture to lenders of such debt (as applicable).
Commitment of Each Lender. (a) Each Initial Lender shall, on the Closing Date and subject to the terms and conditions hereof, severally, but not jointly, make a term loan (each a “Class A-1a-L2 Loan” and all Class A-1a-L2 Loans herein referred to as the “Secured Loans”) to the Borrower in a principal amount equal to the Initial Principal Amount set forth on Schedule 1.
(b) On the Closing Date, the proceeds of the Secured Loans will be provided as instructed by the Borrower. Each Secured Loan shall be denominated in Dollars. Subject to the terms hereof and the Priority of Payments, the Borrower may from time to time prepay the Secured Loans without premium or penalty in accordance with Section 2.3(b); provided that the Borrower may not borrow or re-borrow any Secured Loans after prepayment or repayment thereof.
Commitment of Each Lender. From time to time on any Business Day occurring prior to the Commitment Termination Date, each Lender will, subject to the terms of this Agreement, make Loans to a Borrower equal to such Lender’s Percentage of the aggregate amount of the Borrowing requested by such Borrower to be made on such day. The commitment of each Lender described in this Section 2.1.1 is herein referred to as its “Commitment”. On the terms and subject to the conditions hereof, the Borrowers may from time to time borrow, prepay and reborrow Loans.
Commitment of Each Lender. On the Closing Date, each Lender will make a loan (relative to such Lender, its “Loan”) to the Borrower equal to such Lender’s Percentage of the aggregate amount of the Borrowing requested by the Borrower to be made on such day. The commitment of each Lender described in this Section 2.1.1 is herein referred to as its “Commitment”. Any amount of the Loans that are prepaid or repaid may not be reborrowed.
Commitment of Each Lender. (a) Each Initial Lender shall, on the Closing Date and subject to the terms and conditions hereof, severally, but not jointly, make a term loan (each a “Class A-1L Loan” and all Class A-1L Loans herein referred to as the “Secured Loans”) to the Borrower in a principal amount equal to the Initial Principal Amount set forth on Schedule 1.
Commitment of Each Lender. On the Closing Date each Tranche A Lender will make a loan (relative to such Lender, its “Tranche A Loan”) to the Borrower equal to such Lender’s Tranche A Commitment. On the Closing Date, each Tranche B Lender will make a loan (relative to such Lender, its “Tranche B Loan”, the Tranche A Loans and the Tranche B Loans are, collectively, the “Loans”) to the Borrower equal to such Lender’s Tranche B Commitment. Subject to Section 3.7, any amount of the Loans that is prepaid or repaid may not be reborrowed.
Commitment of Each Lender. From time to time on any ------------------------- Business Day occurring prior to the Commitment Termination Date, each Lender will make loans relative to such Lender, and of any type (its "Loans") to the ----- Borrower equal to such Lender's Percentage of the aggregate amount of the Borrowing requested by the Borrower to be made on such day. The commitment of each Lender described in this Section 2.
1.1 is herein referred to as its ------------- "Commitment". On the terms and subject to the conditions hereof, the Borrower ----------- may from time to time borrow, prepay and reborrow Loans.
Commitment of Each Lender. Each Lender will make loans (relative to such Lender, its "LOANS") to the Borrower equal to such Lender's Percentage of the aggregate amount of the Borrowing requested by the Borrower. The commitment of each Lender described in this SECTION 2.1.1 is herein referred to as its "COMMITMENT".
Commitment of Each Lender. On any Business Day occurring on or after the Effective Date and prior to the Commitment Termination Date, each Lender will make loans under this Agreement (relative to such Lender under this Section 2.1.1, and of any type, its "Contract Loans") to the Borrower equal to such Lender's Percentage of the aggregate amount of the Contract Borrowing of Contract Loans of the same type requested by the Borrowers to be made on such day. The commitment of each Lender described in this Section 2.1.1 is herein referred to as its "Commitment". On the terms and subject to the conditions hereof, the Borrower may from time to time before the Commitment Termination Date borrow, prepay and reborrow Contract Loans.
Commitment of Each Lender. On a single Business Day occurring prior to April 11, 1996, each Lender will make Loans (relative to such Lender, and of any type, its "LOANS") to the Borrower equal to such Lender's Percentage of the aggregate amount of the Borrowing requested by the Borrower to be made on such day. The commitment of each Lender described in this SECTION 2.
1.1 is herein referred to as its "COMMITMENT". There shall be only one Borrowing of Loans under this Agreement. No amounts paid or prepaid with respect to any Loans may be reborrowed.