Common use of The Primary Clause in Contracts

The Primary. Tranche A Lender intends but is not obligated to fund Tranche A of the Loan through the issuance and sale of commercial paper. The Primary Tranche A Lender may, at its option, elect at any time not to fund Tranche A of the Loan, in which case the Alternate Tranche A Lender will, subject to the terms and conditions provided herein, be obligated to fund Tranche A of the Loan (it being understood and agreed that Tranche A of the Loan shall be funded by either the Primary Tranche A Lender or the Alternate Tranche A Lender, as the case may be, but not both). In the event that more than one Alternate Tranche A Lender is party hereto, in accordance with Section 10.2, the rights and obligations of each such Alternate Tranche A Lender hereunder are several and pro rata.

The Primary. Tranche A Lender intends but is not obligated to fund Tranche A of the Loan through the issuance and sale of commercial paper. The Primary Tranche A Lender may, at its option, elect at any time not to fund Tranche A of the Loan, in which case the Alternate Tranche A Lender will, subject to the terms and conditions provided herein, be obligated to fund Tranche A of the Loan (it being understood and agreed that Tranche A of the Loan shall be funded by either the Primary Tranche A Lender or the Alternate Tranche A Lender, as the case may be, but not both). In the event that more than one Alternate Tranche A Lender is party hereto, in accordance with Section 10.2, the rights and obligations of each such Alternate Tranche A Lender hereunder are several and pro rataseveral.