Definition of Term Equipment Commitment

  1. Term Equipment Commitment means the obligation of the Lender to Term-Out its Revolving Equipment Loans into a Term Equipment Loan pursuant to Section 2.01(c)(ii) in a principal amount equal to the aggregate principal amount of Revolving Equipment Loans outstanding on the Conversion Date.

Examples of Term Equipment Commitment in a sentence

  1. Unless previously terminated, (i) each of the Revolving Commitment and the Equipment Revolving Commitment shall automatically terminate on the Revolving Commitment Termination Date and (ii) the Term Equipment Commitment shall automatically terminate on the Conversion Date.

Definition of Term Equipment Commitment in Loan Agreement

Term Equipment Commitment means the obligation of the Lender to Term-Out its Revolving Equipment Loans into a Term Equipment Loan pursuant to Section 2.01(c)(ii) in a principal amount equal to the aggregate principal amount of Revolving Equipment Loans outstanding on the Conversion Date.