COMMITMENT; USE OF PROCEEDS Sample Clauses
The 'Commitment; Use of Proceeds' clause defines the obligations of a party, typically a lender or investor, to provide funds and specifies how those funds must be used by the recipient. In practice, this clause outlines the total amount committed, the conditions under which funds will be disbursed, and restricts the use of the proceeds to certain approved purposes, such as project development, working capital, or debt repayment. Its core function is to ensure that the provided funds are used appropriately and in line with the agreed objectives, thereby protecting the interests of the party providing the capital and ensuring transparency in the use of resources.
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COMMITMENT; USE OF PROCEEDS. (a) Subject to and upon the terms and conditions herein set forth, each Lender severally agrees to make to Borrower from time to time on and after the Closing Date, but prior to the Termination Date, Loans in an aggregate amount outstanding at any time not to exceed such Lender's Commitment. Borrower shall be entitled to repay and reborrow Loans in accordance with the provisions hereof.
(b) Each Loan shall, at the option of Borrower, be made or continued as, or converted into, part of one or more Borrowings that shall consist entirely of Base Rate Advances or Eurodollar Advances; provided, however, that the aggregate amount of Eurodollar Advances that may be outstanding at any time shall be limited to an amount equal to the sum of the amounts specified in clause (i) and (ii) of the definition of Borrowing Base, and any Advances in excess of such amount shall be Base Rate Advances. The aggregate principal amount of each Borrowing of Loans shall be not less than $5,000,000 or a greater integral multiple of $500,000, provided that each Borrowing of Loans comprised of Base Rate Advances shall be not less than $1,000,000 or a greater integral multiple of $100,000. At no time shall the number of Borrowings outstanding under this Article II exceed eight; provided that, for the purpose of determining the number of Borrowings outstanding and the minimum amount for Borrowings resulting from conversions or continuations, all Borrowings of Base Rate Advances under this Facility shall be considered as one Borrowing. The parties hereto agree that (i) the aggregate principal balance of the Loans of the Lenders as a group shall not exceed the Total Commitment, (ii) the aggregate principal balance of the Loans of the Lenders as a group and the principal amount outstanding with respect to the Prudential Note shall not exceed the Borrowing Base and (iii) no Lender shall be obligated to make Loans in excess of the lesser of (A) the Commitment of such Lender and (B) an amount equal to the Borrowing Base, multiplied by the principal amount such Lender's Commitment, divided by (the aggregate principal amount of the Commitments of all Lenders plus the principal amount of the Prudential Note).
(c) The proceeds of Loans shall be used solely for the following purposes:
(i) To repay Refinanced Indebtedness of the Consolidated Companies on the Closing Date, and to repurchase the Factored Receivables; and
(ii) To fund working capital needs and Capital Expenditures and to be used for ot...
COMMITMENT; USE OF PROCEEDS. (a) Subject to the terms and conditions set forth herein and in the Credit Agreement (including Section 2.02 thereof), each Incremental Lender severally agrees to make to the Borrower an Initial Class C Incremental Term Loan in a single loan on the Class C Incremental Term Effective Date in a principal amount not exceeding such Incremental Lender’s Initial Class C Incremental Term Commitment. Unless previously terminated, the Initial Class C Incremental Term Commitments shall terminate at 5:00 p.m., New York City time, on the date of initial funding of the Initial Class C
COMMITMENT; USE OF PROCEEDS. (a) Subject to and upon the terms and conditions herein set forth, each Lender severally agrees from time to time on and after the Closing Date, but prior to the Termination Date, to make the Revolving Loans as provided in this Section 2.1. Borrower shall be entitled to repay and reborrow Revolving Loans in accordance with the provisions hereof.
(b) The sum of the aggregate unpaid principal amount of any Lender's Revolving Loans outstanding shall not exceed at any time such Lender's Revolving Loan Commitment.
(c) The sum of the aggregate unpaid principal amount of all Revolving Loans shall not exceed at any time the total Revolving Loan Commitment for all Lenders.
(d) Except as set forth below in Section 2.5, with respect to Swingline Loans, each Revolving Loan shall, at the option of Borrower, be made or continued as, or converted into,
COMMITMENT; USE OF PROCEEDS. (a) Subject to and upon the terms and conditions herein set forth, each Lender severally agrees to make to Borrower from time to time on and after the Closing Date, but prior to the Maturity Date, Revolving Loans; provided that, immediately after each such Revolving Loan is made, (i) the aggregate principal amount of all Advances comprising Revolving Loans made by such Lender shall not exceed such Lender's Revolving Credit Commitment, and (ii) the aggregate principal amount of all outstanding Revolving Loans plus the aggregate principal amount of all Competitive Bid Rate Advances plus the aggregate principal amount of all outstanding Swing Line Loans, shall not exceed the Total Commitments.
(b) Each Revolving Loan shall, at the option of Borrower, be made or continued as, or converted into, part of one or more Borrowings that shall consist entirely of Base Rate Advances or Eurodollar Advances. The aggregate principal amount of each Borrowing of Revolving Loans comprised of Eurodollar Advances shall be not less than $5,000,000 or a greater integral multiple of $1,000,000, and the aggregate principal amount of each Borrowing of Revolving Loans comprised of Base Rate Advances shall be not less than $1,000,000 or a greater integral multiple of $100,000.
(c) The proceeds of Revolving Loans shall be used solely for the following purposes:
(i) Initially, to repay the Indebtedness outstanding pursuant to the Prior Agreements on the Closing Date; and
(ii) All other amounts shall be used by the Borrower and its Subsidiaries for acquisitions, capital expenditures and as working capital and for other general corporate purposes.
COMMITMENT; USE OF PROCEEDS. (a) Subject to the conditions of this Agreement, Lender agrees to extend to Borrowers a revolving line of credit which shall not exceed at any time the then-applicable Commitment. The amount of the then-applicable Commitment available to Borrowers at any time shall be equal to the then-applicable Commitment less the aggregate face amount of the HELOCs.
(b) Borrowings advanced hereunder may be used by Borrowers to (i) acquire, originate and purchase HELOCs which meet the criteria specified in the Underwriting Guidelines ("HELOC BORROWINGS") and (ii) reimburse Sub-Servicer and/or the Collection Account for Liquidity Contributions pursuant to the terms of the Liquidity Agreement ("LIQUIDITY BORROWINGS"). From and after the Maturity Date, Borrowers shall not request, and Lender shall have no obligation to fund, any HELOC Borrowing, Lender's sole remaining commitment being to fund Liquidity Borrowings through the Termination Date.
(c) Prior to the Maturity Date and in accordance with the terms of this Agreement, Lender is hereby authorized, but is not required, to record the date and principal amount of each Borrowing and any repayment in respect of principal due under the Note on the schedule attached to the Note.
(d) Lender and Borrower may mutually agree to extend the Maturity Date provided, however, that Lender shall have no obligation to extend the Maturity Date, such decision being at Lender's sole discretion, and, provided further, that any such agreement to extend shall be in writing and signed by Lender and Borrower.
(e) If at any time a HELOC fails to conform to the Underwriting Guidelines, becomes a Delinquent HELOC or fails to meet the document delivery requirements under the Custodial Agreement, then such HELOC may, at Lender's sole discretion, be excluded from all calculations of the Borrowing Base. In addition, with respect to each HELOC as to which Lender has received an Outstanding Note Report from Collateral Custodian in accordance with the Custodial Agreement, Lender may request that Borrower repurchase such HELOC the next Business Day.
COMMITMENT; USE OF PROCEEDS. Subject to the terms and conditions of this Agreement (including without limitation, those set forth in Section 3A.3 hereof), each Lender severally and for itself alone agrees to make Advances of the CAPEX Loan in Dollars to the US Borrower from time to time on any Business Day during the CAPEX Loan Draw Period in an aggregate original principal amount not to exceed at any one time outstanding such Lender's Percentage of the CAPEX Loan Aggregate Commitment. The proceeds of each Advance under the CAPEX Loan shall be used solely to finance (in part) Capital Expenditures incurred by the US Borrower. No Advance shall exceed the CAPEX Advance Limit applicable to such Advance.