Common use of COMMITMENTS AND BORROWING Clause in Contracts

COMMITMENTS AND BORROWING. On the Borrowing Date on the terms and subject to the conditions of this Agreement, each Lender severally agrees to make a loan (each, a "Loan") in Dollars by way of a single disbursement to the Borrower in an aggregate principal amount up to such Lender's Term Loan Commitment as provided in this Section 2.1. The Loans may be LIBO Rate Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.