Common use of Rateable Portion Clause in Contracts

Rateable Portion. Subject to the provisions of this Agreement, each Lender agrees to make available its Rateable Portion of each Advance (or Rollover or Conversion thereof) to the Borrower. No Lender shall be responsible for a Commitment of any other Lender. The failure of a Lender to make available an Advance (or Rollover or Conversion thereof) in accordance with its obligations under this Agreement shall not release any other Lender from its obligations. Notwithstanding anything to the contrary in this Agreement, no Lender shall be obligated to make or participate in Advances in excess of its Commitment. For greater certainty, (i) the Issuing Bank shall only include its Rateable Portion of Letters of Credit when determining if it has made available Advances in excess of its Commitment, and (ii) Hedge Contracts are not subject to this Section 2.3(1).

Appears in 1 contract

Sources: Credit Agreement (Tricon Residential Inc.)

Rateable Portion. Subject to the provisions of this Agreement, each Lender agrees to make available its Rateable Portion of each Advance (or Rollover or Conversion thereof) to the Borrower. No Lender shall be responsible for a Commitment of any other Lender. The failure of a Lender to make available an Advance (or Rollover or Conversion thereof) in accordance with its obligations under this Agreement shall not release any other Lender from its obligations. Notwithstanding anything to the contrary in this Agreement, no Lender shall be obligated to make or participate in Advances in excess of its Commitment. For greater certainty, (i) the LEGAL_39694004.1 - 31 SIXTH AMENDED AND RESTATED CREDIT AGREEMENT Issuing Bank shall only include its Rateable Portion of Letters of Credit when determining if it has made available Advances in excess of its Commitment, and (ii) Hedge Contracts are not subject to this Section 2.3(1).

Appears in 1 contract

Sources: Credit Agreement (Tricon Residential Inc.)