THE COMMITMENT LETTER Sample Clauses

THE COMMITMENT LETTER. BDC has extended the Offer Letter. The Debtor acknowledges and agrees that in the event of any discrepancy between any term of this Security Agreement and any term of the Offer Letter, the terms of the Offer Letter shall apply and take precedence over the terms of this Security Agreement.

THE COMMITMENT LETTER. The Bank has extended an offer of financing or a commitment letter to 2314505 Ontario Inc. and the Debtor and has subsequently entered into the Loan Agreement relating to certain loan facilities including those secured by, among other things, the Guarantee and this Security Agreement. The Debtor acknowledges and agrees that in the event of any discrepancy, conflict or inconsistency between any term of this Security Agreement and any term of the Loan Agreement, the terms of the Loan Agreement shall apply and take precedence over the terms of this Security Agreement to the extent of such discrepancy, conflict or inconsistency. Provided, however, that the existence of a particular representation, warranty, covenant or other provision in this Security Agreement which is not contained in the Loan Agreement shall not constitute or be deemed to constitute a discrepancy, conflict or inconsistency and that particular representation, warranty, covenant or other provision in this Security Agreement shall continue to apply.

THE COMMITMENT LETTER. BDC has extended an offer of financing or a commitment letter to the Debtor relating to the loan facilities secured by this Security Agreement. The Debtor acknowledges and agrees that in the event of any discrepancy between any term of this Security Agreement and any term of the commitment letter, the terms of the commitment letter shall apply and take precedence over the terms of this Security Agreement.

THE COMMITMENT LETTER. The First Lien Administrative Agent will file an “all assets” UCC financing statement (the “First Lien Financing Statement”) with respect to the collateral (including the assets acquired in connection with the Trican asset acquisition (the “Trican Assets”)) as promptly as practicable following execution of the commitment letter, but prior to the Closing Date.

THE COMMITMENT LETTER. The Bank has extended an offer of financing or a commitment letter to the Borrower relating to the loan facilities secured by this Security Agreement. The Borrower acknowledges and agrees that in the event of any discrepancy between any term of this Security Agreement and any term of the commitment letter, the terms of the commitment letter shall apply and take precedence over the terms of this Security Agreement.

THE COMMITMENT LETTER. The commitment letter is the main document, and sets out: (i) the promise to lend to the borrower exclusively to use the funds in connection with a particular transaction or project; and, (ii) the conditions under which the lender can terminate the promise to lend, which may include, a deadline for closing of full form documents, a termination for breach of the commitment document, the date on which full form documents have to be signed up and the conditions precedent to utilization that have to be satisfied in full. The commitment letter will also include certain boilerplate provisions on the distribution of costs and expenses incurred in the lending, the execution of the lending documents and assignment conditions among the lenders. The assigning arranger will remain liable if the transferee lender fails to perform its obligations. Finally, the commitment letter will also include a representation on the accuracy of material and written information provided to the lender by the borrower. In certain cases, this will include financing projections. In summary, borrowers want to make sure the money will be available by the time the main project will be executed or the transaction closes. ▇▇▇▇▇▇▇, on the other hand, want to make sure that the borrower will reimburse the money if the deal does not close and to be sure they get indemnity from third parties claims under certain circumstances. Arrangers, in case of syndicate lending, will be the lead financial institution in charge of “selling” the loan to other lenders. Underwriters, the financial institutions that will provide the funding within the credit agreement, will want to ensure their appointment is exclusive. The exclusivity provision typically restricts the borrower from entering into discussion with any party in relation to structuring, arranging, or funding the intended loan. The commitment letter will also include a deal away provision that sets forth that if the borrower walks away early from the financing and obtains better conditions with other lenders, the borrower will have to pay some compensation fees to the lenders. A strong borrower will seek to resist granting exclusivity, or at least to include carve outs to the exclusivity for additional classes of debt. A facility may be divided in different tranches with different interest rates and ranking priorities, or agree a long period for acceptance of the lender’s offer to delay the application of exclusivity. The commitment letter will detail ...