The Commitments and Borrowings Clause Samples
The "Commitments and Borrowings" clause defines the obligations of lenders to provide funds and the borrower's right to draw on those funds under a loan agreement. It typically outlines the maximum amount available for borrowing, the process for making borrowing requests, and any conditions that must be met before funds are advanced. This clause ensures both parties understand the limits and procedures for accessing loaned funds, thereby providing clarity and structure to the lending arrangement.
The Commitments and Borrowings. Section 2.01
The Commitments and Borrowings. 2.01 Revolving Commitments 24 §–2.02 Borrowings, Conversions and Continuations of Loans 24 §–2.03 Swing Line Loans 26 §–2.04 Prepayments 28 §–2.05 Termination or Reduction of Aggregate Revolving Commitments 29 §–2.06 Repayment of Loans; Term Out Option 29 §–2.07 Interest 30 §–2.08 Fees 31 §–2.09 Computation of Interest and Fees 31 §–2.10 Evidence of Debt 32 §–2.11 Payments Generally; Administrative Agent’s Clawback 32 §–2.12 Sharing of Payments by Lenders 34 §–2.13 Cash Collateral 34 §–2.14 Defaulting Lenders 35 §–2.15 Additional Revolving Commitments 36 ARTICLE III — TAXES, YIELD PROTECTION AND ILLEGALITY §–3.01 Taxes 37 §–3.02 Illegality 41 §–3.03 Inability to Determine Rates 42 §–3.04 Increased Costs; Reserves on Eurodollar Rate Loans 44 §–3.05 Compensation for Losses 46 §–3.06 Mitigation Obligations; Replacement of Lenders 46 §–3.07 Survival 46
The Commitments and Borrowings. 13 2.01 Loans......................................................................................13 2.02 Borrowings, Conversions and Continuations of Loans.........................................13 2.03 Prepayments................................................................................14 2.04 Reduction or Termination of Commitments....................................................15 2.05
The Commitments and Borrowings. SECTION 2.01 [Reserved].
The Commitments and Borrowings. Section 2.01 Revolving Credit Borrowing; Protective Advances 76 Section 2.02 Borrowings, Conversions and Continuations of Loans 78 Section 2.03 Letters of Credit 80 Section 2.04 Swing Line Loans 90 Section 2.05 Prepayments 92 Section 2.06 Termination or Reduction of Commitments 94 Section 2.07 Repayment of Loans 95 Section 2.08 Interest 95 Section 2.09 Fees 96 Section 2.10 Computation of Interest and Fees 96 Section 2.11 Evidence of Indebtedness 97 Section 2.12 Payments Generally 97 Section 2.13 Sharing of Payments 99 Section 2.14 Incremental Credit Extensions 100 Section 2.15 Extensions of Revolving Credit Loans and Revolving Credit Commitments 102 Section 2.16 Defaulting Lenders 106 Section 2.17 Borrower Agent 108 Section 3.01 Taxes 109 Section 3.02 Illegality 113 Section 3.03 Inability to Determine Rates 113
The Commitments and Borrowings. Loans 2.02 Borrowings, Conversions and Continuations of Loans
The Commitments and Borrowings. 99 Section 2.01 The Loans 99 Section 2.02 Borrowings, Conversions and Continuations of Loans 100 Section 2.03 [Reserved] 101 Section 2.04 [Reserved] 101 Section 2.05 Prepayments 101 Section 2.06 Termination or Reduction of Commitments 106 Section 2.07 Repayment of Loans 107 Section 2.08 Interest 107 Section 2.09 Fees 108 Section 2.10 Computation of Interest and Fees 108 Section 2.11 Evidence of Indebtedness 108 Section 2.12 Payments Generally; Administrative Agent’s Clawback 109 Section 2.13 Sharing of Payments 110 Section 2.14 Incremental Facilities 111 Section 2.15 New Incremental Notes 115 Section 2.16 Cash Collateral 115 Section 2.17 Defaulting Lenders 116 Section 2.18 Specified Refinancing Debt 117 Section 2.19 Permitted Debt Exchanges 118 ARTICLE III. Taxes, Increased Costs Protection and Illegality 119 Section 3.01 Taxes 119 Section 3.02 [Reserved] 122 Section 3.03 Illegality 122 Section 3.04 Inability to Determine Rates 123 Section 3.05 Increased Cost and Reduced Return; Capital Adequacy and Liquidity Requirements 123 Section 3.06 Funding Losses 124 Section 3.07 Matters Applicable to All Requests for Compensation 125 i
The Commitments and Borrowings. Section 2.01 The Loans 8689 Section 2.02 Borrowings, Conversions and Continuations of Loans 8689 Section 2.03 [Reserved] 8891
The Commitments and Borrowings. 2.01 REVOLVER FACILITY.
(a) Each Revolver Lender severally, but not jointly, agrees to lend to Borrower such Revolver Lender's Pro Rata Share of one or more Borrowings under (i) the Acquisition Subfacility (further described in SECTION 2.01(b) below) not to exceed such Lender's Committed Sum under the Acquisition Subfacility, and (ii) the Working Capital/Distribution Subfacility (further described in SECTION 2.01(c) below) not to exceed such Lender's Committed Sum under the Working Capital/Distribution Subfacility. Such Borrowings may be repaid and reborrowed from time to time in accordance with the terms and provisions of the Loan Documents; provided that, each such Borrowing must occur on a Business Day and no later than the Business Day immediately preceding the Revolver Maturity Date.
(b) Loans under the Acquisition Subfacility shall be available to Borrower for the purposes set forth in SECTION 6.12(b). After giving effect to any Borrowing under the Acquisition Subfacility, the Acquisition Subfacility Principal Debt shall not exceed the Acquisition Subfacility Commitment then in effect.
(c) Loans under the Working Capital/Distribution Subfacility shall be available to Borrower for the purposes set forth in SECTION 6.12(c); provided, however, Borrowings under the Working Capital/Distribution Subfacility will be available to fund Quarterly Distributions only if, at the time of such Borrowing and after giving effect thereto, there is at least $9,000,000.00 of the Working Capital/Distribution Subfacility Commitment undrawn and available for working capital purposes. After giving effect to any Borrowing under the Working Capital/Distribution Subfacility, the Working Capital/Distribution Subfacility Principal Debt shall not exceed the Working Capital/Distribution Subfacility Commitment then in effect.
The Commitments and Borrowings. 2.01 Loans. ii)