ACCEPTING BANK'S COMMITMENT Sample Clauses
The 'Accepting Bank's Commitment' clause defines the obligation of the bank that has accepted a bill of exchange or similar financial instrument to honor payment when it becomes due. In practice, this means that once the bank has formally accepted the instrument, it is legally bound to pay the specified amount to the holder at maturity, regardless of any disputes between the original parties. This clause provides assurance to the holder or beneficiary that payment will be made, thereby facilitating trust and smooth financial transactions by shifting the risk of non-payment from the holder to the accepting bank.
ACCEPTING BANK'S COMMITMENT. Effective as of the Increase Date, [Accepting Lender shall become a party to the Credit Agreement as a Revolving Credit Lender, shall have all of the rights and obligations of a Revolving Credit Lender thereunder, shall agree to be bound by the terms and provisions thereof and shall thereupon have a Revolving Credit Commitment under and for purposes of the Credit Agreement in an amount equal to the] [the Revolving Credit Commitment of Accepting Lender under the Credit Agreement shall be increased from $ to the] amount set forth opposite Accepting Lender’s name on the signature pages hereof.
ACCEPTING BANK'S COMMITMENT. Effective as of the Increase Date, Accepting Bank shall become a party to the Credit Agreement as a Bank, shall have all of the rights and obligations of a Bank thereunder, shall agree to be bound by the terms and provisions thereof and shall thereupon have a Commitment under and for purposes of the Credit Agreement in an amount equal to the amount set forth opposite its name on the signature page hereof.
ACCEPTING BANK'S COMMITMENT. Effective as of the Increase Date, (a) Citicorp shall become a party to the Credit Agreement as a Bank, shall have all of the rights and obligations of a Bank thereunder, shall agree to be bound by the terms and provisions thereof and shall thereupon have a Commitment under and for purposes of the Credit Agreement in an amount equal to the amount set forth opposite its name on the signature pages hereof, and (b) the Commitments of Guaranty and SunTrust under the Credit Agreement shall be increased from $50,000,000 and $25,000,000, respectively, to the amounts set forth opposite their respective names on the signature pages hereof.
ACCEPTING BANK'S COMMITMENT. Effective as of the Increase Date, the Commitment of Accepting Bank under the Credit Agreement shall be increased from $50,000,000 to the amount set forth opposite its name on the signature pages hereof.