Commitment; the DFA Loan Clause Samples
The 'Commitment; the DFA Loan' clause defines the lender's obligation to provide a specific loan facility, known as the DFA Loan, to the borrower under agreed terms. It typically outlines the maximum loan amount, the conditions that must be met before funds are advanced, and the timeframe during which the commitment is valid. This clause ensures both parties are clear on the lender's funding commitment and the borrower's right to access the loan, thereby providing certainty and structure to the financing arrangement.
Commitment; the DFA Loan. Subject to the terms and conditions herein, Developer hereby irrevocably commits to advance a term loan to the Authority in an aggregate principal amount equal to the DFA Satisfaction Amount (the “DFA Loan”) on the Substantial Completion Date (the “Borrowing Date”).