Revolving Facility Commitment Clause Samples
A Revolving Facility Commitment clause defines the lender's obligation to make funds available to the borrower up to a specified maximum amount on a revolving basis. This means the borrower can draw, repay, and re-borrow funds as needed within the agreed limit and during the commitment period, similar to how a credit card operates. The clause typically outlines the total commitment amount, the conditions for drawing funds, and any applicable fees. Its core practical function is to provide the borrower with flexible access to short-term financing, addressing the need for liquidity management and operational cash flow.
POPULAR SAMPLE Copied 1 times
Revolving Facility Commitment. Subject to the terms, conditions and limitations of this Agreement, the Lender agrees to make Revolving Advances to the Borrower from time to time during the Revolving Facility Availability Period. The aggregate unpaid principal balance of the Revolving Advances Outstanding at any time shall not exceed the Revolving Facility Commitment. Subject to the terms, conditions and limitations of this Agreement, the Borrower may re-borrow any amounts under the Revolving Facility which it has previously borrowed and repaid under the Revolving Facility.
Revolving Facility Commitment. Subject to the terms, conditions and limitations of this Agreement, the Lender agrees to make Revolving Advances to the Borrower from time to time during the Revolving Facility Availability Period. The aggregate unpaid principal balance of the Revolving Advances Outstanding at any time shall not exceed the Revolving Facility Commitment. Subject to the terms, conditions and limitations of this Agreement, the Borrower may re-borrow any amounts under the Revolving Facility which it has previously borrowed and repaid under the Revolving Facility. The Borrower shall be entitled to Revolving Advances based on increased Valuations of the Mortgaged Properties.
Revolving Facility Commitment. Unless the Borrower elects the Eurodollar Rate as described below, the interest rate on outstanding principal amounts under the Revolving Facility Commitment is the lesser of (a) the maximum lawful rate of interest permitted under applicable usury laws, now or hereafter enacted (the "MAXIMUM RATE"), or (b) the rate that is equal to the Bank's Reference Rate. The "REFERENCE RATE" is the rate of interest publicly announced from time to time by the Bank in Irving, Texas, as its Reference Rate. The Reference Rate is set by the Bank based on various factors, including its costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans. The Bank may price loans to its customers at, above, or below the Reference Rate. Any change in the Reference Rate will take effect at the opening of business on the day specified in the public announcement of a change in the Bank's Reference Rate. Notwithstanding the foregoing, if at any time the Reference Rate shall exceed the Maximum Rate and thereafter the Reference Rate shall become less than the Maximum Rate, the rate of interest payable shall be the Maximum Rate until the Bank shall have received the amount of interest it otherwise would have received if the interest payable had not been limited by the Maximum Rate during the period of time the Reference Rate exceeded the Maximum Rate.
Revolving Facility Commitment. Notwithstanding any other term of this Agreement, each Lender shall ensure that at all times:
(a) its Revolving Facility Commitment is not less than:
(i) its Ancillary Commitment; or
(ii) the Ancillary Commitment of its Affiliate.
Revolving Facility Commitment. Subject to the terms, conditions and limitations of this Agreement, the Lender agrees to make Revolving Advances to the Borrower from time to time during the Revolving Facility Availability Period. The aggregate unpaid principal balance of the Revolving Advances Outstanding at any time shall not exceed the Revolving Facility Commitment (as such Revolving Facility Commitment may be permanently reduced pursuant to Article III (in connection with a conversion), Section 8.2(e) (in connection with a release) or Article X (in connection with a reduction) or temporarily reduced pursuant to Section 7.4 (in connection with a substitution)). Subject to the terms, conditions and limitations of this Agreement, the Borrower may re-borrow any amounts under the Revolving Facility which it has previously borrowed and repaid under the Revolving Facility.