Committed Loans definition
Examples of Committed Loans in a sentence
The indebtedness of the Borrower resulting from the Committed Loans made to the Borrower by each Bank that requests such a promissory note shall, in addition to the accounts and records referred to in Section 2.6(c), be evidenced by a promissory note of the Borrower payable to the order of such Bank and otherwise duly completed, in substantially the form of Exhibit A (a “Committed Loan Note”).
The Committed Loans may be Base Rate Loans, Term SOFR Loans or Daily Simple SOFR Loans (each, a “type” of Committed Loan).
Subject to the terms of this Agreement, during such period the Borrower may borrow, repay, prepay (as provided in Section 3.2) and reborrow the aggregate amount of the Commitments; provided, that the aggregate principal amount of all Committed Loans, together with the aggregate principal amount of all Money Market Loans, at any one time outstanding shall not exceed the aggregate amount of the Commitments at such time.
The Borrower shall give the Administrative Agent notice of each borrowing of Committed Loans to be made hereunder as provided in Section 5.5. Not later than 1:30 p.m. New York time on the date specified for each such borrowing hereunder, each Bank shall make available the amount of the Committed Loan to be made by it on such date to the Administrative Agent, at the Administrative Office, in immediately available funds, for the account of the Borrower.
Each Defaulting Bank shall be entitled to receive fees payable under Sections 2.7 for any period during which that Bank is a Defaulting Bank only to extent allocable to the sum of the outstanding principal amount of the Committed Loans funded by it.