The Commitment Amount (Loan C) Clause Samples
The Commitment Amount (Loan C) clause defines the maximum principal amount that the lender agrees to make available to the borrower under Loan C. In practice, this clause specifies the total funds that can be drawn by the borrower, often subject to certain conditions or milestones outlined elsewhere in the agreement. By clearly stating the upper limit of the lender’s financial obligation, this clause ensures both parties understand the scope of available financing and helps prevent disputes over the amount that can be borrowed.
The Commitment Amount (Loan C). Subject to the terms and conditions of this Agreement and relying upon the representations and warranties herein set forth as and when made or deemed to be made, Lender agrees to lend to Borrower prior to the Commitment Termination Date (Loan C), one Advance in an aggregate amount not to exceed the Commitment Amount (Loan C).
The Commitment Amount (Loan C). Subject to the terms and conditions of this Agreement and relying upon the representations and warranties herein set forth as and when made or deemed to be made, Horizon agrees to lend to Borrower on or after September 1, 2007 and prior to the Commitment Termination Date Loan C, one draw in an amount not to exceed the Commitment Amount Loan C (Horizon) or be less than Six Hundred Sixty Six Thousand Six Hundred and Sixty Seven Dollars ($666,667). Subject to the terms and conditions of this Agreement and relying upon the representations and warranties herein set forth as and when made or deemed to be made, Silicon agrees to lend to Borrower on or after September 1, 2007 and prior to the Commitment Termination Date Loan C, one (1) draw in an amount not to exceed the Commitment Amount Loan C (Silicon) or be less than Three Hundred Thirty Three Thousand Three Hundred Thirty Three Dollars ($333,333). Notwithstanding the foregoing, the obligation of Lenders to make Loan C is subject to Borrower’s delivery to Lenders of evidence satisfactory to Lenders in their sole discretion, including without limitation an opinion of Borrower’s counsel upon the request of Lenders, that the maximum number of Shares (as defined in the Warrants) issuable pursuant to exercise or conversion of the Warrants have been duly authorized and reserved for issuance by Borrower and, when issued in accordance with the terms thereof, will be validly issued, fully paid and nonassessable.