Common use of The Loan Commitments Clause in Contracts

The Loan Commitments. Each Bank severally agrees on the terms and conditions set forth in this Agreement (including those of Article III) to make loans to Borrower on any Banking Day at the Applicable Lending Office for such Bank during the period from the date hereof until the Termination Date in an aggregate principal amount at any one time outstanding not to exceed (i) such Bank’s Commitment then in effect less (ii) the sum of (A) such Bank’s pro rata share (based on the ratio of its Commitment to the Aggregate Commitments) of the L/C Outstandings and (B) such Bank’s pro rata share (based on the ratio of its Commitment to the Aggregate Commitments) of the Bid Rate Loan Outstandings. Each borrowing of Committed Loans shall be funded by the Banks ratably according to each Bank’s Commitment, and shall be in an aggregate amount of not less than One Million Dollars ($1,000,000) or an integral multiple of One Million Dollars ($1,000,000) in excess thereof. Committed Loans may be borrowed, repaid or prepaid pursuant to Section 2.3, and reborrowed (including a reborrowing for the purpose of refunding an outstanding Loan in whole or in part) under this Section 2.1(a). Notwithstanding the foregoing, no Committed Loan shall be made that would cause the sum of (1) the amount of such Committed Loan (together with the amounts of all other Committed Loans and all Bid Rate Loans to be made on the same Funding Date and the face amounts of all L/Cs to be issued on such Funding Date), (2) the L/C Outstandings, (3) the aggregate principal amount of outstanding Committed Loans, and (4) the Bid Rate Loan Outstandings to exceed the Aggregate Commitments, and Committed Loans must be repaid immediately in an amount sufficient to eliminate any excess.