Committed Purchaser definition
Examples of Committed Purchaser in a sentence
Without limiting the foregoing, any advice, consent, concurrence or waiver granted by a Related Committed Purchaser pursuant to this Agreement or any other Transaction Document shall be deemed to have been granted by such Related Committed Purchaser in its individual capacity and by its Related Conduit Purchaser and by any assignee or other transferee of such Related Conduit Purchaser.
The applicable Related Committed Purchaser shall provide the Seller and the Administrative Agent written notice of any assignment of Capital or any potion hereof pursuant to this clause (b) promptly but not later than one (1) Business Day thereafter.
Each party to this Agreement may assume that (i) each Related Committed Purchaser is acting for the benefit and on behalf of its Related Conduit Purchaser, as well as for the benefit of each assignee or other transferee from any such Related Conduit Purchaser and (ii) each action taken by each Related Committed Purchaser has been duly authorized and approved by all necessary action on the part of its Related Conduit Purchaser and any assignee or other transferee of such Related Conduit Purchaser.
If PNC is a Committed Purchaser (and is not a Defaulting Purchaser) at the time of such request, the Seller shall request that PNC’s Commitment be increased such that PNC’s Commitment, expressed as a percentage of the Facility Limit, does not decrease as a result of the Seller’s requested increase in the Facility Limit, and PNC shall have the right (but no obligation) to increase its Commitment by such amount.
No Conduit Purchaser shall have any obligation to fund or maintain any Loan (or portion thereof) at any time, and if any Conduit Purchaser declines or fails to fund any Loan (or portion thereof) requested of it (which any Conduit Purchaser may do in its sole discretion) and the conditions precedent to the funding of such Loan hereunder are satisfied, then such Conduit Purchaser’s Related Committed Purchaser shall fund such Loan (or the applicable portion thereof).