Common use of Commitments for Loans Clause in Contracts

Commitments for Loans. Subject to and upon the terms and conditions herein set forth, each Lender severally agrees to make a loan or loans (each a "LOAN" and, collectively, the "LOANS") to the Borrower, which Loans shall be drawn in accordance with the following provisions: (a) Loans may be incurred by the Borrower at any time and from time to time on and after the Closing Date and prior to the Maturity Date; (b) except as otherwise provided, Loans may, at the option of the Borrower, be incurred and maintained as, or converted into, Loans which are Prime Rate Loans or Eurodollar Loans, in each case denominated in Dollars, PROVIDED that all Loans made as part of the same Borrowing shall, unless otherwise specifically provided herein, consist of Loans of the same Type; (c) Loans may be repaid or prepaid and reborrowed in accordance with the provisions hereof; and (d) Loans made by any Lender shall not exceed for such Lender at any time outstanding that aggregate principal amount which, when added to the product at such time of (i) such Lender's Percentage, TIMES (ii) the aggregate Letter of Credit Outstandings, equals the Commitment of such Lender at such time.