1The Commitment Clause Samples
The "Commitment" clause defines the binding promise or obligation that one or both parties undertake within the agreement. Typically, this clause outlines the specific actions, deliverables, or standards that must be met, such as providing a service, delivering goods, or maintaining confidentiality. By clearly stating what is expected, the clause ensures both parties understand their responsibilities, thereby reducing ambiguity and helping to prevent disputes over performance or fulfillment of the contract.
1The Commitment. Subject to the terms and conditions herein set out, Bank agrees and commits to make loan advances to and issue letters of credit for the account of the Borrower and Lakes Mall from time to time, from the Closing Date until the Termination Date of Revolving Credit Loan, in an aggregate principal amount of the loan advances and the face amount of any letters of credit not to exceed, at any one time outstanding, the lesser of (a) One Hundred Million Dollars ($100,000,000.00); or (b) the Borrower's Borrowing Base, as defined in Section 1.
1The Commitment. Subject to the terms and conditions of this Agreement, each Lender agrees to make term loans to Parent from time to time on the Closing Date in an aggregate principal amount not exceeding the Commitment. The Commitment is not a revolving credit commitment, and Borrower does not have the right to repay and reborrow hereunder. Each Loan requested by Parent to be made on a single Business Day shall be for a minimum principal amount set forth in the Supplement, except to the extent the remaining Commitment is a lesser amount.
1The Commitment. Subject to the terms and conditions herein set out, the Bank agrees and commits to make Revolving Credit Advances to the Borrower from time to time, from the Closing Date until the Termination Date of the Revolving Credit Loan, in an aggregate principal amount not to exceed, at any one time outstanding the Maximum Revolving Credit Amount. Letters of Credit issued for the benefit of the Borrower shall be treated as loan advances (usages) against the Revolving Credit Loan.
1The Commitment. Subject to the terms and conditions herein set out, Bank agrees and commits to make loan advances to the Borrower from time to time, from the Closing Date until the Termination Date of Revolving Credit Loan, in an aggregate principal amount not to exceed, at any one time outstanding Fifty Million and NO/100 Dollars ($50,000,000.00). Purchase cards, letters of credit issued for the benefit of the Borrower, and treasury risk exposure that is allocated to the Revolving Credit Loan by the Bank shall by the Bank shall be treated as loan advances against the Fifty Million and NO/100 Dollars ($50,000,000.00) loan.
1The Commitment. Subject to the terms and conditions herein set out, the Bank agrees and commits, from time to time, from the Closing Date until the Termination Date, to make loan advances to the Borrower, all in an aggregate principal amount not to exceed, at any one time outstanding, the lesser of (a) Forty-Five Million Dollars ($45,000,000.00); or (b) the Borrowing Base as defined in Article One.
(a) All advances with respect to the Loan shall be evidenced by the Amended and Restated Revolving Credit Note of the Borrower, payable to the order of the Bank in the principal amount of Forty-Five Million Dollars ($45,000,000.00), in form substantially the same as the copy of the Note attached hereto as Exhibit "C." The entire unpaid principal amount of the Loan shall be due and payable on the Termination Date. The unpaid principal balances of the Loan shall bear interest from the Closing Date on disbursed and unpaid principal balances as provided in the Note. Said interest shall be payable monthly on the first (1st) day of each month after the Closing Date, with the final installment of interest being due and payable on the Termination Date, or on such earlier date as the Loan becomes due and payable.