{"component": "clause", "props": {"groups": [{"size": 1, "samples": [{"hash": "16g8fT9PF91", "uri": "/contracts/16g8fT9PF91#lending-commitment", "label": "Shareholder Agreement (Healthplan Services Corp)", "score": 18.0, "published": true}], "snippet": "(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\").\n(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 documents and instrument as may be necessary or desirable to implement fully or evidence further the provisions of this Section 2.3.(b).\n(c) The parties acknowledge that if either Investor Shareholder defaults in its obligations to fund its share of the Loans, as provided in subsections (a) and (b) above, and such borrowing has previously been approved by Newco's Board of Directors pursuant to the terms of the annual Budget adopted in accordance with Section 3.6, then the nondefaulting Investor Shareholder shall have the right, but not the obligation, to fund the shortfall pursuant to a senior convertible note issued by Newco and Newco shall have the right to borrow from the nondefaulting Investor Shareholder upon the following terms and conditions: (i) the loan shall be due and payable on demand; (ii) Newco shall pay interest on the principal balance at five percent (5%) in excess of the 30-day LIBOR Rate; (iii) the senior convertible note (which shall be subordinate to Newco's senior bank credit facility) shall be senior in payment and priority to all Loans payable to either Investor Shareholder; (iv) at the option of the nondefaulting Investor Shareholder, the senior convertible note shall be convertible, in whole or in part, into Shares, at a conversion price per share equal to the original purchase price paid for Shares at Closing (determined by dividing the initial capital contributions from the Investor Shareholders to Newco by the total number of Shares issued to the Investor Shareholders, with an appropriate adjustment for any stock splits) if the defaulting Investor Shareholder does not refinance the senior convertible note (i.e., fund its pro rate share of all Loans so that the senior convertible note is repaid by Newco), within six months of the date funds are advanced by the nondefaulting Investor Shareholder; and (v) if any Investor Shareholder converts more than $5 million (in the aggregate) of senior convertible notes to Shares, the super majority voting requirements (including Sections 3.5 and 3.6), voting agreement concerning election of directors (including Section 3.2, 3.3 and 3.4) and all other provisions of this Agreement designed to give shared control of Newco to each Investor Shareholder shall no longer apply, thereby providing, among other things, that the nondefaulting Investor Shareholder shall have control of Newco's Board of Directors. The Shareholders and Newco shall have the right to implement this subsection (c) and Newco shall have the right to borrow pursuant to the senior convertible notes contemplated herein, without any further approval or action by any Shareholder or any director nominated or designated by the defaulting Investor Shareholder, and the Shareholders covenant among themselves to take such further actions and to execute and deliver such other and further documents and instruments as may be necessary or desirable to implement fully or evidence further the provisions of the Section 2.3(c).\n(d) The parties acknowledge and confirm that Sykes and HPS are arm's length lenders with the respect to the Loans. 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"published": true}], "snippet": "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\u2019s 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\u2019s services described in this Agreement and any credit extended by Bank shall be solely accessed by the Card.", "snippet_links": [{"key": "the-terms-and-conditions", "type": "definition", "offset": [11, 35]}, {"key": "in-this-addendum", "type": "clause", "offset": [36, 52]}, {"key": "program-start-date", "type": "definition", "offset": [73, 91]}, {"key": "term-of-this", "type": "clause", "offset": [107, 119]}, {"key": "if-applicable", "type": "definition", "offset": [155, 168]}, {"key": "to-offer", "type": "definition", "offset": [182, 190]}, {"key": "the-bank", "type": "definition", "offset": [264, 272]}, {"key": "credit-underwriting-standards", "type": "definition", "offset": [275, 304]}, {"key": "pursuant-to-section-3", "type": "clause", "offset": [331, 352]}, {"key": "program-area", "type": "clause", "offset": [382, 394]}, {"key": "to-extend", "type": "clause", "offset": [400, 409]}, {"key": "account-agreements", "type": "definition", "offset": [436, 454]}, {"key": "by-bank", "type": "clause", "offset": [464, 471]}, {"key": "customer-for", "type": "clause", "offset": [476, 488]}, {"key": "accounts-established", "type": "clause", "offset": [542, 562]}, {"key": "in-this-agreement", "type": "definition", "offset": [654, 671]}, {"key": "credit-extended", "type": "definition", "offset": [680, 695]}, {"key": "the-card", "type": "clause", "offset": [732, 740]}], "hash": "91e21b8b322b6711658e273aa9eacd1c", "id": 1}, {"size": 3, "samples": [{"hash": "lXe5vxzTSkH", "uri": "/contracts/lXe5vxzTSkH#lending-commitment", "label": "Loan Agreement (Dyadic International Inc)", "score": 25.6187534332, "published": true}, {"hash": "jwFK0uSgjZP", "uri": "/contracts/jwFK0uSgjZP#lending-commitment", "label": "Loan Agreement (Dyadic International Inc)", "score": 24.7693367004, "published": true}], "snippet": "The Lender hereby commits to lend _________________ dollars ($_________) to the Borrower (the \u201cCommitment\u201d). 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 \u201cA\u201d (the \u201cNote\u201d) 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.", "snippet_links": [{"key": "the-lender", "type": "clause", "offset": [0, 10]}, {"key": "to-the-borrower", "type": "definition", "offset": [73, 88]}, {"key": "disburse-funds", "type": "clause", "offset": [126, 140]}, {"key": "the-commitment", "type": "definition", "offset": [147, 161]}, {"key": "upon-receipt-of-a", "type": "clause", "offset": [162, 179]}, {"key": "fully-executed", "type": "definition", "offset": [180, 194]}, {"key": "subordinated-secured-promissory-note", "type": "definition", "offset": [207, 243]}, {"key": "attached-hereto-as-exhibit", "type": "definition", "offset": [256, 282]}, {"key": "security-agreement", "type": "clause", "offset": [321, 339]}], "hash": "b836065b6bf1be004577c2f4080fa237", "id": 2}, {"size": 2, "samples": [{"hash": "8emGE10Fcrr", "uri": "/contracts/8emGE10Fcrr#lending-commitment", "label": "Shareholder Agreement (Sykes Healthplan Services Inc)", "score": 18.0, "published": true}, {"hash": "6WPdYSbRdq6", "uri": "/contracts/6WPdYSbRdq6#lending-commitment", "label": "Shareholder Agreement (Sykes Enterprises Inc)", "score": 18.0, "published": true}], "snippet": "2 2.4. Issuance of Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4", "snippet_links": [{"key": "issuance-of-shares", "type": "definition", "offset": [7, 25]}], "hash": "24e7ea21b72495b906324803a4ce867b", "id": 3}, {"size": 1, "samples": [{"hash": "6221tiuTfVo", "uri": "/contracts/6221tiuTfVo#lending-commitment", "label": "Option Exercise and Lending Commitment Agreement (Nextel Communications Inc)", "score": 18.0, "published": true}], "snippet": "(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.\n(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.", "snippet_links": [{"key": "to-enter", "type": "definition", "offset": [21, 29]}, {"key": "a-loan", "type": "definition", "offset": [35, 41]}, {"key": "subsidiary-of-the-company", "type": "definition", "offset": [80, 105]}, {"key": "principal-advances", "type": "definition", "offset": [120, 138]}, {"key": "commitment-amount", "type": "clause", "offset": [166, 183]}, {"key": "facility-will", "type": "clause", "offset": [224, 237]}, {"key": "secured-loan-facility", "type": "definition", "offset": [304, 325]}, {"key": "principal-amount", "type": "definition", "offset": [331, 347]}, {"key": "pari-passu", "type": "clause", "offset": [381, 391]}, {"key": "consistent-with-the", "type": "clause", "offset": [430, 449]}, {"key": "term-sheet", "type": "clause", "offset": [450, 460]}, {"key": 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institution by April 30,", "snippet_links": [{"key": "efforts-to-obtain", "type": "clause", "offset": [13, 30]}, {"key": "firm-commitment", "type": "definition", "offset": [33, 48]}, {"key": "the-obligations", "type": "clause", "offset": [70, 85]}, {"key": "financial-institution", "type": "definition", "offset": [99, 120]}, {"key": "by-april", "type": "clause", "offset": [121, 129]}], "hash": "70ad52dd25f7e48f5881325f8ef4e13e", "id": 5}, {"size": 1, "samples": [{"hash": "lVcwC94jWWj", "uri": "/contracts/lVcwC94jWWj#lending-commitment", "label": "Second Lien Credit Agreement (NGA Holdco, LLC)", "score": 24.786447525, "published": true}], "snippet": "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 \u201cTerm Loan\u201d) on the Closing Date.", "snippet_links": [{"key": "terms-and", "type": "clause", "offset": [7, 16]}, {"key": "the-conditions", "type": "clause", "offset": [28, 42]}, {"key": "the-lenders", "type": "clause", "offset": [51, 62]}, {"key": "agree-to", "type": "clause", "offset": [63, 71]}, {"key": "a-term-loan", "type": "definition", "offset": [77, 88]}, {"key": "on-schedule", "type": "definition", "offset": [114, 125]}, {"key": "the-closing-date", "type": "clause", "offset": [165, 181]}], "hash": "d34045c6128180b7155282c795b726d6", "id": 6}, {"size": 1, "samples": [{"hash": "fLR2iZnrtal", "uri": "/contracts/fLR2iZnrtal#lending-commitment", "label": "Credit Agreement (Cadence Bancorporation)", "score": 30.2484607697, "published": true}], "snippet": "On the terms and subject to the conditions hereof, the Bank agrees to make available to the Borrower a credit facility available as loans (each, a \u201cRevolving Loan\u201d and, collectively, the \u201cRevolving Loans\u201d) on a revolving basis at any time and from time to time from the Closing Date to the Termination Date, during which period the Borrower may borrow, repay and re-borrow in accordance with the provisions hereof, provided, the unpaid principal amount of outstanding Revolving Loans shall not at any time exceed the Revolving Commitment Amount.", "snippet_links": [{"key": "terms-and", "type": "clause", "offset": [7, 16]}, {"key": "the-conditions", "type": "clause", "offset": [28, 42]}, {"key": "the-bank", "type": "definition", "offset": [51, 59]}, {"key": "agrees-to", "type": "clause", "offset": [60, 69]}, {"key": "credit-facility", "type": "definition", "offset": [103, 118]}, {"key": "at-any-time", "type": "clause", "offset": [227, 238]}, {"key": "from-time-to-time", "type": "clause", "offset": [243, 260]}, {"key": "the-closing-date", "type": "clause", "offset": [266, 282]}, {"key": "termination-date", "type": "definition", "offset": [290, 306]}, {"key": "in-accordance-with", "type": "clause", "offset": [373, 391]}, {"key": "the-provisions", "type": "clause", "offset": [392, 406]}, {"key": "unpaid-principal-amount", "type": "definition", "offset": [429, 452]}, {"key": "loans-shall", "type": "definition", "offset": [478, 489]}, {"key": "revolving-commitment-amount", "type": "clause", "offset": [517, 544]}], "hash": "91ddcedb0602b2d628bbc3a16d845806", "id": 7}, {"size": 1, "samples": [{"hash": "8emGE10Fcrr", "uri": "/contracts/8emGE10Fcrr#lending-commitment", "label": "Shareholder Agreement (Sykes Healthplan Services Inc)", "score": 18.0, "published": true}], "snippet": "(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\").\n(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", "snippet_links": [{"key": "at-the-closing", "type": "definition", "offset": [4, 18]}, {"key": "available-to", "type": "definition", "offset": [60, 72]}, {"key": "a-term-loan", "type": "definition", "offset": [79, 90]}, {"key": "by-newco", "type": "clause", "offset": [145, 153]}, {"key": "from-time-to-time", "type": "clause", "offset": [154, 171]}, {"key": "loans-shall", "type": "definition", "offset": [217, 228]}, {"key": "only-payments", "type": "clause", "offset": [256, 269]}, {"key": "interest-due", "type": "definition", "offset": [305, 317]}, {"key": "date-hereof", "type": "clause", "offset": [343, 354]}, {"key": "loan-shall", "type": "definition", "offset": [384, 394]}, {"key": "further-detail", "type": "clause", "offset": [426, 440]}, {"key": "loan-agreements", "type": "definition", "offset": [445, 460]}, {"key": "exhibit-c", "type": "definition", "offset": [482, 491]}, {"key": "related-forms", "type": "clause", "offset": [532, 545]}, {"key": "promissory-notes", "type": "definition", "offset": [549, 565]}, {"key": "also-included", "type": "clause", "offset": [575, 588]}, {"key": "exhibit-d", "type": "definition", "offset": [592, 601]}, {"key": "total-loans", "type": "definition", "offset": [669, 680]}, {"key": "payments-by", "type": "clause", "offset": [686, 697]}, {"key": "pro-rata", "type": "definition", "offset": [747, 755]}], "hash": "d1c089ea235fd2194718a288656a9c8b", "id": 8}, {"size": 1, "samples": [{"hash": "7v6fkyB52Oc", "uri": "/contracts/7v6fkyB52Oc#lending-commitment", "label": "Credit Agreement (Saia Inc)", "score": 30.1115665436, "published": true}], "snippet": "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 .\n2.2.1. 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 amount of all outstanding L/C Obligations shall not exceed $100,000,000, and (ii) the Aggregate Outstanding Credit Exposure shall not exceed the Revolving Credit Commitment. Each Letter of Credit shall have an expiry date not later than one year from the date of issuance, subject to renewal terms allowing for annual extensions, provided that in no event shall any Letter of Credit have a final expiry which is later than the thirtieth (30th) Business Day prior to the Termination Date.\n2.2.2. Subject to Section 2.2.1, the Borrower shall give the L/C Issuer notice at least one (1) Business Day prior to the proposed date of issuance or modification of each Letter of Credit, specifying the account party (which must be the Borrower or a Subsidiary), the beneficiary, the proposed date of issuance (or modification) and the expiry date of such Letter of Credit, and describing the proposed terms of such Letter of Credit and the nature of the transactions proposed to be supported thereby. The issuance or modification by the L/C Issuer of any Letter of Credit shall, in addition to the conditions precedent set forth in Section 3 (the satisfaction of which the L/C Issuer shall have no duty to ascertain), be subject to the conditions precedent that such Letter of Credit shall be satisfactory to the L/C Issuer and that Borrower and the account party (if other than Borrower) shall have executed and delivered such application agreement and/or such other instruments and agreements relating to such Letter of Credit as the L/C Issuer shall have reasonably requested (each, a \"Letter of Credit Application Agreement\"). In the event of any conflict between the terms of this Agreement and the terms of any Letter of Credit Application Agreement, the terms of this Agreement shall control.\n2.2.3. Notwithstanding anything to the contrary contained herein or in any Letter of Credit Application Agreement, the L/C Issuer shall not be under any obligation to issue any requested Letter of Credit if:\n(a) any order, judgment or decree of any governmental authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any legal requirement applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the L/C Issuer in good \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587 material to it;\n(b) except as otherwise agreed by the L/C Issuer, such Letter of Credit is to be denominated in a currency other than Dollars;\n(c) a default of any Bank's obligations to fund under Section 2.2.7 exists or any Bank is at such time a Defaulting Bank hereunder, unless the L/C Issuer has entered into satisfactory arrangements with the Borrower or such Bank to eliminate the L/C Issuer's risk with respect to such Bank; or\n(d) the beneficiary of a Letter of Credit which is requested to be issued does not accept the proposed Letter of Credit.\n2.2.4. Upon the issuance of each Letter of Credit, the Borrower shall pay to the L/C Issuer for its own account an issuance (fronting) fee equal to 0.100% of the face amount of such Letter of Credit.\n2.2.5. In the event that the beneficiary of any Letter of Credit requested to be issued hereunder will not accept a Letter of Credit issued by the L/C Issuer, the L/C Issuer will use commercially reasonable efforts to arrange for another Bank to issue the requested Letter of Credit. The Borrower shall pay any issuance or fronting fees charged by the issuing Bank, and the Borrower acknowledges that such fees may be higher than the issuance fee provided for in Section 2.2.4.\n2.2.6. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the L/C Issuer or the Bank, the L/C Issuer hereby grants to each Bank, and each Bank hereby acquires from the L/C Issuer, a participation in such Letter of Credit equal to such Bank's Pro Rata Share of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Bank hereby absolutely and unconditionally agrees to pay to the L/C Issuer such Bank's Pro Rata Share of each payment made by the L/C Issuer upon any drawing and not reimbursed by the Borrower on the Letter of Credit Payment Date as provided in Section 2.2.7, or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Bank acknowledges and agrees that its obligation to acquire participations pursuant to this Section 2.2.6 in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of any Default or reduction or termination of the Revolving Credit Commitment, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.\n2.2.7. Upon receipt from the beneficiary of any demand for payment under any Letter of Credit, the L/C Issuer shall promptly notify the Borrower and the Administrative Agent as to the amount to be paid by the L/C Issuer as a result of such demand and the proposed payment date (each, a \"Letter of Credit Payment Date\"). The Borrower and any other applicable account party shall be irrevocably and unconditionally obligated to reimburse the L/C Issuer on or by the applicable Letter of Credit Payment Date for any amounts to be paid by the L/C Issuer upon any drawing under any Letter of Credit, without presentment, demand, protest or other formalities of any kind. All such amounts paid by the L/C Issuer and remaining unpaid by the Borrower and any other applicable account party shall bear interest, payable on demand, for each day until paid at a rate per annum equal to (i) the applicable Adjusted Base Rate for such day if such day falls on or before the applicable Letter of Credit Payment Date and (ii) the sum of 2% plus the Adjusted Base Rate applicable for such day if such day falls after such Letter of Credit Payment Date.\n2.2.8. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Bank of such drawing, the payment amount then due from the Borrower in respect thereof and such Bank's Pro Rata Share thereof. Promptly following receipt of such notice, each Bank shall pay to the Administrative Agent (for the account of the L/C Issuer) its Pro Rata Share of the payment then due from the Borrower, in the same manner as provided in Section 2.1 with respect to Revolving Credit Loans made by such Bank, and the amounts so paid to the Administrative Agent shall be deemed Revolving Credit Loans for purposes of this Agreement.\n2.2.9. If after the date hereof, any Change in Law shall impose, modify or deem applicable any Non-Excluded Tax or Other Tax, reserve, special deposit or similar requirement against or with respect to or measured by reference to Letters of Credit issued or to be issued hereunder, and the result shall be to increase the cost to the L/C Issuer of issuing or maintaining any Letter of Credit, or reduce any amount receivable hereunder by the L/C Issuer in respect of any Letter of Credit (which increase in cost, or reduction in amount receivable, shall be the result of the L/C Issuer's reasonable allocation of the aggregate of such increases or reductions resulting from such event), then, upon demand by the L/C Issuer, the Borrower agrees to pay to the L/C Issuer, from time to time as specified by the L/C Issuer, such additional amounts as shall be sufficient to compensate the L/C Issuer for such increased costs or reductions in amounts received by the L/C Issuer. A certificate of the L/C Issuer submitted by the L/C Issuer to the Borrower shall be conclusive as to the amount thereof in the absence of manifest error.\n2.2.10. The obligations of Borrower and any other applicable account parties under this Section 2.2 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which Borrower or any of the foregoing account parties may have or have had against the L/C Issuer or any beneficiary of a Letter of Credit. The Borrower and the applicable account parties further agree with the L/C Issuer that the obligation for reimbursement in respect of any Letter of Credit shall not be affected by the validity or genuineness of documents or of any endorsements thereon, even if such documents should in fact prove to be in any or all respects invalid, fraudulent or forged, or any dispute between or among the Borrower and any other applicable account parties, or any of their Affiliates, the beneficiary of any Letter of Credit or any financing institution or other party to whom any Letter of Credit may be transferred or any claims or defenses whatsoever of the Borrower or any other applicable account parties, or any of their Affiliates, against the beneficiary of any Letter of Credit or any such transferee. The responsibility of the L/C Issuer to the Borrower shall be only to determine that the documents (including each demand for payment) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit. The L/C Issuer shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit. The Borrower and any other applicable account parties agree that any action taken or omitted by the L/C Issuer under or in connection with each Letter of Credit and the related drafts and documents, if done in good faith and without willful misconduct or gross negligence, shall be binding upon them and shall not put the L/C Issuer under any liability to any of them.\n2.2.11. The L/C Issuer shall be entitled to rely, and shall be fully protected in relying upon, any Letter of Credit, draft, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the L/C Issuer.\n2.2.12. The Borrower hereby agrees to indemnify and hold harmless the L/C Issuer, and its respective directors, officers and employees from and against any and all claims and damages, losses, liabilities, costs or expenses which the L/C Issuer may incur (or which may be claimed against the L/C Issuer by any Person whatsoever) by reason of or in connection with the execution and delivery or transfer of or payment or failure to pay under any Letter of Credit or any actual or proposed use of any Letter of Credit, including, without limitation, any claims, damages, losses, liabilities, costs or expenses which the L/C Issuer may incur by reason of or on account of the L/C Issuer issuing any Letter of Credit which specifies that the term \"beneficiary\" included therein includes any successor by operation of law of the named beneficiary, but which Letter of Credit does not require that any drawing by any such successor beneficiary be accompanied by a copy of a legal document, satisfactory to the L/C Issuer, evidencing the appointment of such successor beneficiary; provided that Borrower shall not be required to indemnify the L/C Issuer for any claims, damages, losses, liabilities, costs or expenses (x) to the extent, but only to the extent, caused by (i) the willful misconduct or gross negligence of the L/C Issuer in determining whether a request presented under any Letter of Credit complied with the terms of such Letter of Credit or (ii) the L/C Issuer's failure to pay under any Letter of Credit after the presentation to it of a request strictly complying with the terms and conditions of such Letter of Credit or (y) which are the subject of or are incurred in connection with any litigation or proceeding with respect to which (i) the Borrower or any other applicable account parties, or their Affiliates, on the one hand, and (ii) the L/C Issuer, on the other hand, are directly opposing parties and with respect to which a final, non-appealable judgment has been rendered in favor of the Borrower or such other applicable account party or their Affiliates by a court of competent jurisdiction. Nothing in this Section 2.2.12 is intended to limit the obligations of Borrower under any other provision of this Agreement. The provisions of this Section 2.2.12 shall survive termination of this Agreement.\n2.2.13. The L/C Issuer may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced L/C Issuer and the successor L/C Issuer. The Administrative Agent shall notify the Banks of any such replacement of the L/C Issuer. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced L/C Issuer pursuant to Section 2.2.4. From and after the effective date of any such replacement, (i) the successor L/C Issuer shall have all the rights and obligations of the L/C Issuer under t", "snippet_links": [{"key": "each-bank", "type": "clause", "offset": [25, 34]}, {"key": "the-terms-and-conditions", "type": "definition", "offset": [46, 70]}, {"key": "pro-rata-share", "type": "definition", "offset": [106, 120]}, {"key": "to-the-borrower", "type": "definition", "offset": [211, 226]}, {"key": "from-time-to-time", "type": "clause", "offset": [227, 244]}, {"key": "from-the-effective-date", "type": "clause", "offset": [263, 286]}, {"key": "amount-not-to-exceed", "type": "clause", "offset": [359, 379]}, {"key": "at-any-time", "type": "clause", "offset": [380, 391]}, {"key": "after-giving", "type": "clause", "offset": [440, 452]}, {"key": "aggregate-outstanding-credit-exposure", "type": "definition", "offset": [512, 549]}, {"key": "the-revolving-credit-commitment", "type": "clause", "offset": [567, 598]}, {"key": "sum-of", "type": "clause", "offset": [629, 635]}, {"key": "aggregate-outstanding-amount", "type": "definition", "offset": [662, 690]}, {"key": "the-revolving-credit-loans", "type": "clause", "offset": [694, 720]}, {"key": "loans-shall", "type": "definition", "offset": [880, 891]}, {"key": "subject-to-the", "type": "clause", "offset": [927, 941]}, {"key": "other-terms-and-conditions", "type": "definition", "offset": [942, 968]}, {"key": "section-21", "type": "clause", "offset": [1005, 1016]}, {"key": "request-for", "type": "definition", "offset": [1230, 1241]}, {"key": "lesser-amount", "type": "definition", "offset": [1272, 1285]}, {"key": "pursuant-to-the-terms", "type": "clause", "offset": [1322, 1343]}, {"key": "base-rate-loans", "type": "definition", "offset": [1426, 1441]}, {"key": "libor-loans", "type": "definition", "offset": [1445, 1456]}, {"key": "loan-shall", "type": "definition", "offset": [1488, 1498]}, {"key": "lending-office", "type": "definition", "offset": [1542, 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"definition", "offset": [2463, 2501]}, {"key": "obligations-shall", "type": "definition", "offset": [2525, 2542]}, {"key": "expiry-date", "type": "definition", "offset": [2705, 2716]}, {"key": "one-year", "type": "definition", "offset": [2732, 2740]}, {"key": "date-of-issuance", "type": "definition", "offset": [2750, 2766]}, {"key": "renewal-terms", "type": "definition", "offset": [2779, 2792]}, {"key": "in-no-event-shall", "type": "clause", "offset": [2839, 2856]}, {"key": "any-letter-of-credit", "type": "clause", "offset": [2857, 2877]}, {"key": "business-day", "type": "definition", "offset": [2939, 2951]}, {"key": "section-22", "type": "clause", "offset": [3001, 3012]}, {"key": "the-borrower-shall", "type": "clause", "offset": [3016, 3034]}, {"key": "issuer-notice", "type": "definition", "offset": [3048, 3061]}, {"key": "proposed-date", "type": "definition", "offset": [3105, 3118]}, {"key": "modification-of", "type": "clause", "offset": [3134, 3149]}, {"key": "the-account", "type": 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Termination"], ["issuance-and-distribution", "Issuance and Distribution"], ["rtn-and-bin-issuance", "RTN and BIN issuance"]], "title": "Lending Commitment", "id": "lending-commitment", "related": [["revolving-commitment", "Revolving Commitment", "Revolving Commitment"], ["loan-commitment", "Loan Commitment", "Loan Commitment"], ["revolving-loan-commitment", "Revolving Loan Commitment", "Revolving Loan Commitment"], ["investment-commitment", "Investment Commitment", "Investment Commitment"], ["no-commitment", "No Commitment", "No Commitment"]], "related_snippets": [], "updated": "2026-03-08T04:26:59+00:00", "also_ask": ["What are the most negotiable terms in a lending commitment clause?", "Which drafting elements are essential to ensure enforceability of the lender\u2019s obligations?", "What are the primary risks for both lender and borrower if the commitment is not clearly defined?", "How do lending commitment clauses differ across common law and civil law jurisdictions?", "What factors do courts consider when determining if a lending commitment is legally binding?"], "drafting_tip": "Specify the maximum loan amount to prevent overextension; define conditions precedent to ensure lender protection; set clear termination events to manage risk exposure.", "explanation": "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\u2019s commitment and the borrower\u2019s 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."}, "json": true, "cursor": ""}}