Common use of Loan Commitment Amount Clause in Contracts

Loan Commitment Amount. As of the Closing Date, Lender commits to disburse Loan principal in the total amount of the Loan (“Loan Commitment Amount”). After the Closing Date, the Loan Commitment Amount will equal the principal amount of the Loan less the total amount of Advances made to date. Any Loan Commitment Amount that remains after all Advances have been made will be credited as a partial prepayment of the principal amount of the Loan at the time of the final Advance. The partial prepayment will reduce the amount of number of my monthly payments. If, at any time, the Loan Commitment Amount is not enough to pay the amount scheduled for any Advance, I will pay the difference from my own funds.