Committed Loans definition
Examples of Committed Loans in a sentence
The obligations of the Lenders hereunder to make Committed Loans, to fund participations in Letters of Credit and Swing Line Loans and to make payments hereunder are several and not joint.
Notwithstanding anything to the contrary contained herein, if at any time any Revolving Lender acting as L/C Issuer and/or Swing Line Lender assigns all of its Revolving Commitment and Committed Loans pursuant to subsection (b) above, (i) such Revolving Lender shall, upon 30 days’ notice to the Lead Borrower and the Revolving ▇▇▇▇▇▇▇, resign as L/C Issuer, if applicable, and/or (ii) such Revolving Lender shall, upon 30 days’ notice to the Lead Borrower, resign as Swing Line Lender, if applicable.
If the Lead Borrower fails to give a timely notice with respect to any continuation of a SOFR Loan or ▇▇▇▇▇ Loan, then the applicable Committed Loans shall be converted to Base Rate Loans (if in Canadian Dollars, to Canadian Base Rate Loans), effective as of the last day of the Interest Period then in effect with respect to the applicable SOFR Loans or ▇▇▇▇▇ Loans.
The Borrowers shall prepay any Committed Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Committed Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the Revolving Commitments under this Section.
Canadian Committed Loans may be Base Rate Loans, ▇▇▇▇▇ Loans or SOFR Loans, as further provided herein.