Acceptance Commitment Clause Samples
An Acceptance Commitment clause obligates one party to formally acknowledge and accept goods, services, or deliverables provided by the other party under a contract. Typically, this clause outlines the process and timeframe for inspection and acceptance, such as requiring written confirmation or specifying criteria that must be met before acceptance is granted. Its core practical function is to ensure both parties have a clear, documented understanding of when obligations have been satisfactorily fulfilled, thereby reducing disputes over performance and delivery.
Acceptance Commitment. (i) Each Canadian Lender severally agrees, on and subject to the terms and conditions set forth herein: (A) in the case of a Canadian Lender that is able to accept Drafts from McKesson Canada, to create acceptances (each, a “Bankers’ Acceptance”) by accepting Drafts from McKesson Canada and to purchase such Bankers’ Acceptances in accordance with Section 2.04(d); and (B) in the case of a Canadian Lender that has participated all or any part of its interest in the Bankers’ Acceptance Facilities to a participant that is able to accept Drafts from McKesson Canada, to arrange for the creation of Bankers’ Acceptances by such participant and for the purchase of such Bankers’ Acceptances by such participant, to the extent of such participation or assignment, in accordance with Section 2.04(d).
(ii) Each Drawing shall be in an aggregate Face Amount of not less than Cdn.$5,000,000 and in integral multiples of Cdn.$1,000,000 and shall consist of the creation and purchase of Bankers’ Acceptances on the same day, effected or arranged by the Canadian Lenders in accordance with Section 2.04(d), ratably according to their respective Canadian Pro Rata Shares.
(iii) Anything contained in this Agreement to the contrary notwithstanding, the Bankers’ Acceptance Facility and the Canadian Commitments shall be subject to the following limitations:
(A) the amount otherwise available for Drawing under the Aggregate Canadian Commitment as of any time of determination shall be reduced by an amount equal to the Total Canadian Outstandings as of such time of determination;
(B) after any Drawing the Total Outstandings shall not exceed the Aggregate Commitments then in effect;
(C) the issuance of any Bankers’ Acceptance shall not violate any policies of any Canadian Lender applicable to bankers’ acceptances and drawers generally; and
(D) after any Drawing the Total Canadian Outstandings shall not exceed the Aggregate Canadian Commitments then in effect.
Acceptance Commitment. Subject to the terms and conditions hereof, each Canadian Revolving Lender severally agrees that each Canadian Borrower may issue, under any Class of Canadian Revolving Commitments, Acceptances denominated in Canadian Dollars, in minimum denominations of C$25,000,000 and in whole multiples of C$5,000,000 in excess thereof (or, if the then aggregate Available Canadian Revolving Commitments in respect of such Class are less than C$25,000,000, such lesser amount), each in accordance with the provisions of this Section 2.10 from time to time until the Revolving Termination Date applicable to such Canadian Revolving Lender; provided, that after giving effect to the issuance of such Acceptance and the use of proceeds thereof, (i) the Available Canadian Revolving Commitment of the applicable Class of any Canadian Revolving Lender of such Class shall not be less than zero, (ii) the Total Canadian Revolving Extensions of Credit shall not exceed the Total Canadian Revolving Commitments then in effect, (iii) the Outstanding Amount of Borrowing Base Debt shall not exceed the Borrowing Base at such time, (iv) the Total Revolving Extensions of Credit shall not exceed the Total Revolving Commitments then in effect and (v) on and after December 3, 2009, (A) the Total 2011 Revolving Extensions of Credit shall not exceed the Total 2011 Revolving Commitments then in effect and (B) the Total 2013 Revolving Extensions of Credit shall not exceed the Total 2013 Revolving Commitments then in effect; provided, further, that at all times the outstanding aggregate face amount of all Acceptances made by the Applicable Lending Offices of a Canadian Revolving Lender under the applicable Canadian Revolving Facility shall equal its applicable Canadian Revolving Percentage of the outstanding face amount of all Acceptances made by the Applicable Lending Offices of all Canadian Revolving Lenders of such Class. For purposes of this Agreement, the full face value of an Acceptance, without discount, shall be used when calculations are made to determine the Outstanding Amount of a Canadian Revolving Lender’s Acceptances; provided that in computing the face amount of Acceptances outstanding, the face amount of an Acceptance in respect of which the Acceptance Obligation has been prepaid by a Canadian Borrower and received by the Canadian Revolving Lender that created the same in accordance with the terms of this Agreement shall not be included.
Acceptance Commitment. The Canadian Borrowers may issue Bankers’ Acceptances denominated in Canadian Dollars, for purchase by the Canadian Lenders under the Canadian Facility, in each case in accordance with the provisions of this Section 2.03; provided that, immediately after each such Bankers’ Acceptance is issued by a Canadian Borrower and purchased by the applicable Canadian Lender, (x) the amount of such Canadian Lender’s Canadian Outstandings shall not exceed the amount of its Canadian Commitment and (y) the Canadian Total Outstanding Amount shall not exceed the Canadian Maximum Availability.
Acceptance Commitment. In addition to requesting Canadian Loans pursuant to subsection 2.1A(ii), Canada Safeway may request pursuant to this Section 4, from time to time during the period from the Closing Date to but excluding the Termination Date, that, under the Canadian Commitments, Canadian Lenders create bankers’ acceptances (each, an “Acceptance”) by accepting Drafts from Canada Safeway in an aggregate amount not exceeding each such Canadian Lender’s Canadian Pro Rata Share of the aggregate amount of the Canadian Commitments to be used for the purposes identified in subsection 4.11; provided that Canada Safeway shall not request the creation and purchase of any Acceptance if, after giving effect thereto, the Total Utilization of Canadian Commitments would exceed the Canadian Commitments then in effect, and no Canadian Lender shall have any obligation to create and purchase any Acceptance if, after giving effect thereto, the Total Utilization of Canadian Commitments of such Canadian Lender would exceed its Canadian Commitment. Each Drawing shall be in an aggregate Face Amount of not less than Cdn.$10,000,000 and in integral multiples of Cdn.$100,000 and shall consist of the creation and purchase of Acceptances by Canadian Lenders on the same day in accordance with subsection 4.4, ratably in accordance with their respective Canadian Pro Rata Shares; provided that if apportionment of Acceptances among the Canadian Lenders cannot be made on a pro rata basis in even multiples of Cdn.$100,000, Canadian Administrative Agent shall round the allocations among Canadian Lenders consistent with Canadian Administrative Agent’s money market practices.
Acceptance Commitment. (a) Upon the terms and subject to the conditions hereof, the Administrative Agent agrees, at any time and from time to time during the Acceptance Availability Period, to create Acceptances for the Company maturing on a Business Day not less than 30 days or more than 90 days after the creation thereof and in any event not later than the last day of the Acceptance Availability Period; provided, however, that at any time during the Revolving Credit Availability Period, (i) Aggregate Outstandings of all Banks shall not exceed the Aggregate Revolving Commitment, and (ii) the sum of (A) each Bank's Pro Rata Share multiplied by the sum of the aggregate unpaid face amount of all unmatured Acceptances and the aggregate amount of all outstanding Acceptance Obligations plus (B) the aggregate unpaid principal amount of such Bank's Committed Loans outstanding hereunder shall not exceed the amount of such Bank's Revolving Commitment which, for purposes of this clause (B), shall be reduced by an amount equal to the product obtained by multiplying such Bank's Pro Rata Share by the sum of (y) the aggregate unpaid principal amount of all outstanding Bid Loans and (z) the sum of the aggregate unpaid face amount of all unmatured Bid Bankers Acceptances and the aggregate amount of all outstanding Bid Bankers Acceptance Obligations.
(b) During the Acceptance Availability Period, the Company may request Acceptances in accordance with the provisions hereof.
(c) Each Acceptance shall be created by the Administrative Agent's acceptance of Drafts drawn on it in accordance with the terms of this Agreement. Each drawing of one or more Drafts on any Drawing Date (a "Drawing") shall be in an aggregate face amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof.
Acceptance Commitment. Subject to ------------ ---------------------- the terms and conditions hereof,
(i) each Canadian Lender severally agrees that the Canadian Borrower may issue, and such Lender shall accept, Drafts denominated in Canadian Dollars, in minimum denominations of Cdn.$100,000 or a whole multiple thereof and in minimum aggregate amounts of Cdn.$5,000,000 or any greater whole multiple of Cdn.$1,000,000, each in accordance with the provisions of this Section from time to time until the Maturity Date in an aggregate face amount at any one time outstanding which, together with the aggregate outstanding principal amount of such Canadian Lender's Canadian Prime Rate Loans and Canadian LC Exposure, shall not exceed such Lender's Canadian Commitment; provided, however, that the -------- ------- Canadian Borrower shall not be entitled to request any Acceptance that, if made, would result in more than 10 Acceptance Borrowings outstanding hereunder at any time. For purposes of this Agreement, the full face value of an Acceptance, without discount, shall be used when calculations are made to determine the outstanding amount of a Canadian Lender's Acceptances.
Acceptance Commitment. I understand and accept all the above provisions and commit to protect and promote the wellbeing of children and protect the ELOM data when it is our possession. As the signatory to the full ELOM User Agreement, I take responsibility for ensuring that any associated sta or volunteers are informed of and uphold this agreement, including the code of conduct for working with children.
Acceptance Commitment. Subject to the terms and conditions hereof, each Canadian Bank severally agrees, that A&P Canada may issue Acceptances denominated in Canadian Dollars, in minimum denominations of Cdn.$100,000 or a whole multiple thereof and in minimum aggregate amounts of Cdn.$5,000,000 or any greater whole multiple of Cdn.$100,000, each in accordance with the provisions of this Section 2.21 from time to time until the Termination Date in an aggregate face amount at any one time outstanding not to exceed such Canadian Bank's Canadian Commitment less the aggregate principal amount of Canadian Loans made by such Bank then outstanding; provided, however, that after giving effect to all Acceptances requested to be created by a Notice of Drawing, (i) the Total Canadian Exposure (expressed in Canadian Dollars) shall not exceed the Total Canadian Commitment, (ii) the sum of the Total U.S. Exposure plus the Total Canadian Exposure (expressed in U.S. Dollars) shall not exceed U.S.$500,000,000 and (iii)) at all times the outstanding aggregate face amount of all Acceptances made by a Canadian Bank shall equal its Pro Rata Percentage of the outstanding aggregate face amount of all Acceptances made by all Canadian Banks. For purposes of this Agreement, the full face value of an Acceptance, without discount, shall be used when calculations are made to determine the outstanding amount of a Canadian Bank's Acceptances; provided that in computing the face amount of Acceptances outstanding, the face amount of an Acceptance in respect of which the Acceptance Obligation has been prepaid by A&P Canada and received by the Canadian Bank that created the same in accordance with the terms of this Agreement shall not be included.
Acceptance Commitment. Subject to the terms and conditions set forth herein, each Canadian Lender severally agrees that the Canadian Borrowers may, at any time and from time to time during the Availability Period, issue Acceptances denominated in Canadian Dollars, in minimum denominations of Cdn.$100,000 or a whole multiple thereof and in minimum aggregate amounts of Cdn.$5,000,000 or any greater whole multiple of Cdn.$100,000, each in accordance with the provisions of this Section 2.05 and in an aggregate face amount that will not result in (i) such Lender’s Canadian Exposure exceeding such Lender’s Canadian Commitment, (ii) the total Canadian Exposure exceeding the total Canadian Commitments, (iii) the sum of the total U.S. Exposure and the total Canadian Exposure exceeding the Aggregate Commitment or (iv) the total Canadian Exposure exceeding an amount that equals the Canadian Borrowing Base then in effect; provided that at all times the outstanding aggregate face amount of all Acceptances made by a Canadian Lender shall equal its Applicable Percentage of the outstanding face amount of all Acceptances made by all Canadian Lenders. For purposes of this Agreement, the full face value of an Acceptance, without discount, shall be used when calculations are made to determine the outstanding amount of a Canadian Lender’s Acceptances; provided that in computing the face amount of Acceptances outstanding, the face amount of an Acceptance in respect of which the Acceptance Obligation has been cash collateralized by the Canadian Borrowers and received by the Canadian Lender that created the same in accordance with the terms of this Agreement shall not be included.
Acceptance Commitment. Subject to the terms and conditions of this Agreement, Bank agrees, from time to time, to create and discount Acceptances for and on behalf of Company, in an aggregate amount for all Acceptances at any one time outstanding not to exceed the Acceptance Maximum Amount. Each Acceptance shall mature not later than the earliest to occur of (i) one hundred twenty (120) days from its date of creation; (ii) one hundred twenty (120) days from the date of issuance of the Time Draft Letter of Credit related to the Acceptance and (c) the Revolving Credit Maturity Date.