Lending Commitment Sample Clauses
A Lending Commitment clause defines the lender's obligation to provide a specified amount of funds to the borrower under agreed terms and conditions. This clause typically outlines the maximum amount available, the time frame during which the funds can be drawn, and any conditions precedent that must be satisfied before disbursement. By clearly stating the lender’s commitment and the borrower’s rights to access funds, this clause ensures both parties understand the scope and limitations of the financing arrangement, thereby reducing uncertainty and facilitating effective financial planning.
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Lending Commitment. (a) At the Closing, Sykes and HPS shall each commit to make available to Newco a term loan in the amount of $9,040,800 which shall be drawn upon by Newco from time to time in increments of $100,000 (the "Loans"). The Loans shall require quarterly interest only payments with all outstanding principal and interest due three (3) years from the date hereof. Such lending commitment and loan shall be evidenced, and described in further detail, by Loan Agreements in forms of each Exhibit C hereto (the "Loan Agreements"). and the related forms of promissory notes of Newco also included in Exhibit D hereto (the "Notes").
(b) Sykes and HPS shall each fund 50% of the total Loans. All payments by Newco of principal and interest shall be applied pro rata to the respective loans from Sykes and HPS. Sykes and HPS further covenant among themselves that in the event action to collect the Loans becomes necessary or desirable, Sykes and HPS shall coordinate and cooperate, in good faith, to collect the Loans and shall share the net proceeds (after payment of all costs and expenses of collection, including reasonable attorneys fees) ratably so that Sykes and HPS each receive simultaneous payment of an amount that is equal to the ratio of (A) the total amount of indebtedness of Newco owned to each of them on the Loans, respectively, from time to time, and at each relevant time, to (B) the aggregate amount of indebtedness of Newco to both of them on the Loans, from time to time, and at each relevant time until the aggregate indebtedness of Newco to each of them has been paid in full. Sykes and HPS shall promptly give written notice to the other of the occurrence of "default" or "event of default" or any condition or event that, with notice or lapse of time, or both, would give such party the right to accelerate payment of any indebtedness of Newco owned to it under any agreement, instrument or document to which Newco is a party. Sykes and HPS also shall promptly give written notice to the other if it demands payment of, or takes action to collect, its Loan. Sykes and HPS covenant among themselves that they shall not amend their respective Loan Agreements or take any collateral or security for their Loans without the consent of the other, it being the intention of both that their Loan Agreement should contain identical provisions to make their Loans pari passu to the greatest extent possible. Sykes and HPS covenant among themselves to execute and deliver such other and further do...
Lending Commitment. Subject to the terms and conditions in this Addendum, from and after the Program Start Date and during the Term of this Addendum and any Wind-Down period, if applicable, Bank agrees to offer Credit Builder Accounts to those Applicants who qualify for credit under the Bank’s Credit Underwriting Standards, or as otherwise approved pursuant to Section 3 below, and who reside in the Program Area; and to extend credit to Customers under Account Agreements executed by Bank and Customer for all such Credit Builder Accounts. All Credit Builder Accounts established by Bank under this Agreement shall be originated by Bank using Client’s services described in this Agreement and any credit extended by Bank shall be solely accessed by the Card.
Lending Commitment. The Lender hereby commits to lend _________________ dollars ($_________) to the Borrower (the “Commitment”). The Lender shall disburse funds under the Commitment upon receipt of a fully executed Convertible Subordinated Secured Promissory Note in the form attached hereto as Exhibit “A” (the “Note”) and a fully executed Security Agreement in the form attached hereto as Exhibit "B" (the "Security Agreement"), each of which forms a part hereof, provided such receipt occurs on or before September 30, 2011.
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Lending Commitment. (a) At the Closing, Sykes and HPS shall each commit to make available to Newco a term loan in the amount of $9,040,800 which shall be drawn upon by Newco from time to time in increments of $100,000 (the "Loans"). The Loans shall require quarterly interest only payments with all outstanding principal and interest due three (3) years from the date hereof. Such lending commitment and loan shall be evidenced, and described in further detail, by Loan Agreements in the forms of each Exhibit C hereto (the "Loan Agreements"), and the related forms of promissory notes of Newco also included in Exhibit D hereto (the "Notes").
(b) Sykes and HPS shall each fund 50% of the total Loans. All payments by Newco of principal and interest shall be applied pro rata to the respective loans from Sykes and
Lending Commitment. (a) At the Closing, SEi and HPS shall each commit to make available to Newco a term loan in the amount of $9,040,800 which shall be drawn upon by Newco from time to time in increments of $100,000 (the "Loans"). The Loans shall require quarterly interest only payments with all outstanding principal and interest due three (3) years from the date hereof. Such lending commitment and loan shall be evidenced, and described in further detail, by Loan Agreements in the forms of each Exhibit C hereto (the "Loan Agreements"), and the related forms of promissory notes of Newco also included in Exhibit D hereto (the "Notes").
Lending Commitment. (a) Investor commits to enter into a loan facility (the "Loan Facility") with a Subsidiary of the Company providing for principal advances of up to $50,000,000 (the "Commitment Amount"). The terms and conditions of the loan facility will parallel the terms and conditions of the Motorola Trance E Senior Secured Loan facility in a principal amount up to $200,000,000 and will rank pari passu with such facility. The terms will be consistent with the Term Sheet for Debt Financing, CLCORP01 Doc:230313_4 16 dated as of March 26, 1997, between the Company and Motorola filed as Exhibit 10.36 to the Company report on Form 10-K for the fiscal year ended December 31, 1996, as the same may be amended, from time to time, by the Company and Motorola, and this Agreement.
(b) On the date of the first borrowing pursuant to the Loan Facility, the Company will issue to Investor warrants to purchase up to 250,000 shares of Common Stock at an exercise price equal to the average closing price for a share of Common Stock on the NASDAQ-NM during the twenty (20) trading days immediately preceding the date of the first borrowing pursuant to the Loan Facility. Such warrants shall contain other customary terms and shall be exercisable from the date on which the first borrowing pursuant to the Loan Facility occurs until the fifth anniversary of such date.
Lending Commitment. Revolving Credit Loans . Each Bank agrees, on the terms and conditions hereinafter set forth, to make its Pro Rata Share of Loans (each, a "Revolving Credit Loan" and collectively, the "Revolving Credit Loans") to the Borrower from time to time during the period from the Effective Date up to but not including the Termination Date, in an aggregate principal amount not to exceed at any time such Bank's Commitment; provided, however, that after giving effect to the making of any Revolving Credit Loan, (i) the Aggregate Outstanding Credit Exposure shall not exceed the Revolving Credit Commitment, and (ii) as to any Bank, the sum of its Pro Rata Share of the aggregate outstanding amount of the Revolving Credit Loans, plus such Bank's Pro Rata Share of the outstanding amount of all L/C Obligations, plus such Bank's Pro Rata Share of the outstanding amount of all Swing Line Loans shall not exceed such Bank's Commitment. Subject to the other terms and conditions hereof, amounts borrowed under this Section 2.1 may be repaid and reborrowed from time to time. Each Revolving Credit Loan which shall not utilize the Revolving Credit Commitment in full shall be in an amount not less than One Million Dollars ($1,000,000). Any request for a Revolving Credit Loan for a lesser amount shall be made as a Swing Line Loan. Pursuant to the terms and conditions set forth herein, the Revolving Credit Loans may be outstanding as Base Rate Loans or LIBOR Loans. Each type of Revolving Credit Loan shall be made and maintained by each Bank at its Lending Office for such type of Loan. The failure of any Bank to advance its Pro Rata Share of any requested Revolving Credit Loan to be made by it on the date specified for such Loan shall not relieve any other Bank of its obligation (if any) to make such Loan on such date, but no Bank shall be responsible for the failure of any other Bank to make such Loans to be made by such other Bank. Letters of Credit .
2.2.1. The L/C Issuer hereby agrees, on the terms and conditions set forth in this Agreement, to issue stand-by and commercial letters of credit (each, a "Letter of Credit") and to renew, extend, increase, decrease or otherwise modify each Letter of Credit from time to time from and including the Effective Date and prior to the Termination Date upon the request of Borrower, provided that, immediately after each such Letter of Credit is issued, renewed, extended, increased or otherwise modified, (i) the aggregate outstanding principal amoun...
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Lending Commitment. On the terms and subject to the conditions hereof, the Lenders agree to make a term loan in the amounts set forth on Schedule L-1 (collectively, the “Term Loan”) on the Closing Date.