Common use of THE LENDERS' COMMITMENTS Clause in Contracts

THE LENDERS' COMMITMENTS. 3.1. The Lenders' Commitments to Lend . Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred that the Agent has not declared in writing to have been cured or waived (or, if one has occurred and not been so declared cured or waived, if all of the Lenders, in their sole discretion and with or without waiving the default, have elected in writing that lending under this Agreement shall continue nonetheless) the Lenders agree to make revolving credit Advances to the Companies under the Sublines through the Termination Date, which the Companies may borrow, repay and (having repaid) reborrow in aggregate principal amounts outstanding on any day, of up to the respective Sublimits and, in the aggregate, up to the Aggregate Committed Sum for that day. The Lenders' respective Commitments and their respective Subline Funding Limits for each Subline and the Aggregate Committed Sum are set forth on Schedule LC in effect for that day, as it may have been amended or restated pursuant to this Agreement. Upon the joinder of additional Lender(s), if any, the parties agree to approve in writing revised and updated versions of Schedule LC. The fractions to be applied to determine the respective Funding Shares of the Lenders for any day are their respective Commitments divided by the Aggregate Committed Sum for that day. Each Lender shall be obligated to fund only that Lender's own Funding Share(s) of any Advance requested, and no Lender shall be obligated to the Companies or any other Lender to fund a greater share of any Advance. No Lender shall be excused from funding its applicable Funding Share(s) of any Advance merely because any other Lender has failed or refused to fund its relevant Funding Share(s) of that or any other Advance. If any Lender fails to fund its Funding Share(s) of any Advance under any Facility, the other Lenders who are willing to do so shall have the right (but no obligation) to do so in the proportion that the Commitment of each bears to the sum of the Commitments of all Lenders that have funded (or are funding) their own Funding Shares of that Advance and that are willing to fund part of the Funding Share(s) of such Lender that so failed to fund, and regardless of whether the other Lenders fund the Funding Share(s) of the Lender who has failed to fund, the respective ownership interests of the Lenders in the Loan shall be adjusted as provided in the definition of "Pro Rata". All Advances under this Agreement shall constitute a single debt and all of the Collateral shall be security for all of the Senior Credit Notes and the Obligations. If the unpaid balance of the Loan should ever exceed the Aggregate Committed Sum or any other limitation set forth in this Agreement, such excess shall nevertheless constitute part of the Obligations that are secured by the Collateral and entitled to all benefits thereof.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (American Business Financial Services Inc /De/)

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THE LENDERS' COMMITMENTS. 3.1. 2.1 The Lenders' Commitments to Lend Lend. Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred that the Agent has not declared in writing to have been cured or waived (or, if one has occurred and not been so declared cured or waived, if all of the Lenders, in their sole discretion and with or without waiving the defaultDefault or Event of Default, have elected in writing that lending under this Agreement shall continue nonetheless) the Lenders agree to make revolving credit Advances to the Companies Company under the Sublines through before the Termination Date, which the Companies Company may borrow, repay and (having repaid) reborrow in aggregate principal amounts outstanding on any day, day of up to the respective Sublimits and, in the aggregate, up to the Aggregate Committed Sum Sum, for that day. The Lenders' respective Commitments and their respective Subline Funding Limits for each Subline and the Aggregate Committed Sum are set forth on Schedule SCHEDULE LC in effect for that day, as it may have been amended or restated pursuant to this Agreement. The fractions to be applied to determine the respective Funding Shares of the Lenders that are parties to this Agreement on the Effective Date are the fractions of each Advance set forth opposite the Lenders' respective names on SCHEDULE FS in effect for that day, as it may have been amended or restated pursuant to this Agreement. Upon the joinder of additional Lender(s), if any, the parties agree to approve in writing revised and updated versions of Schedule LC. The fractions to be applied to determine the respective Funding Shares of the Lenders for any day are their respective Commitments divided by the Aggregate Committed Sum for that daySCHEDULES LC and FS. Each Lender shall be obligated to fund only that Lender's own Funding Share(s) of any Advance requested, and no Lender shall be obligated to the Companies Company or any other Lender to fund a greater share of any Advance. No Lender shall be excused from funding its applicable Funding Share(s) of any Advance merely because any other Lender has failed or refused to fund its relevant Funding Share(s) of that or any other Advance. If any Lender fails to fund its Funding Share(s) of any Advance under any Facility, the other Lenders who are willing to do so shall have the right (but no obligation) to do so in the proportion that the Commitment of each bears to the sum of the Commitments of all Lenders that have funded (or are funding) their own Funding Shares of that Advance and that are willing to fund part of the Funding Share(s) of such Lender that so failed to fund, and regardless of whether the other Lenders fund the Funding Share(s) of the Lender who has failed to fund, the respective ownership interests of the Lenders in the Loan shall be adjusted as provided in the definition of "Pro Rata". All Advances under this Agreement shall constitute a single debt and all of the Collateral shall be security for all of the Senior Credit Notes and the Obligations. If the unpaid balance of the Loan should ever exceed the Aggregate Committed Sum or any other limitation set forth in this Agreement, such excess shall nevertheless constitute part of the Obligations that are secured by the Collateral and entitled to all benefits thereof.adjusted

Appears in 1 contract

Samples: Credit Agreement (Long Beach Financial Corp)

THE LENDERS' COMMITMENTS. 3.1. The Lenders' Commitments to Lend . Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred that the Agent has not declared in writing to have been cured or waived (or, if one has occurred and not been so declared cured or waived, if all of the Lenders, in their sole discretion and with or without waiving the defaultDefault or Event of Default, have elected in writing that lending under this Agreement shall continue nonetheless) the Lenders agree to make revolving credit Advances to the Companies under the Sublines through the last Business Day before the Termination Date, which the Companies may borrow, repay and (having repaid) reborrow in aggregate principal amounts outstanding on any day, of up to the respective Sublimits and, in the aggregate, up to the Aggregate Committed Sum for that day. The Lenders' respective Commitments and their respective Subline Funding Limits for each Subline and the Aggregate Committed Sum are set forth on Schedule LC in effect for that day, as it may have been amended or restated pursuant to this Agreement. Upon the joinder of additional Lender(s), if any, the parties agree to approve in writing revised and updated versions of Schedule LC. The fractions to be applied to determine the respective Funding Shares of the Lenders for any day are their respective Commitments divided by the Aggregate Committed Sum for that day. Each Lender shall be obligated to fund only that Lender's own Funding Share(s) of any Advance Borrowing requested, and no Lender shall be obligated to the Companies or any other Lender to fund a greater share of any Advance. No Lender shall be excused from funding its applicable Funding Share(s) of any Advance merely because any other Lender has failed or refused to fund its relevant Funding Share(s) of that or any other Advance. If any Lender fails to fund its Funding Share(s) of any Advance under any Facility, the Agent (in its sole and absolute discretion) may choose to fund the amount that such Nonfunding Lender failed or refused to fund, or the Agent as a Lender and the other Lenders who are willing to do so shall have the right (but no obligation) to do so in the proportion that the Commitment of each bears to the sum of the Commitments of all Lenders that have funded (or are funding) their own Funding Shares of that Advance and that are willing to fund part of the Funding Share(s) of such Nonfunding Lender. Should the Agent and/or any other Lender(s) fund any or all of the Nonfunding Lender's Funding Share of any Advance, then the Nonfunding Lender that so failed shall have the obligation to fund, and regardless deliver such amount to the Agent (for distribution to the Lender(s) who funded it) in collected funds on the next Business Day. Regardless of whether the other Lenders fund the Funding Share(s) of the Lender who has failed to fundNonfunding Lender, the respective ownership interests of the Lenders in the Loan shall be adjusted as provided in the definition of "Pro Rata". All Advances under this Agreement shall constitute a single debt and all of the Collateral shall be security for all of the Senior Credit Notes and the Obligations. If the unpaid balance of the Loan should ever exceed the Aggregate Committed Sum or any other limitation set forth in this Agreement, such excess shall nevertheless constitute part of the Obligations that are secured by the Collateral and entitled to all benefits thereof.

Appears in 1 contract

Samples: Sale and Servicing Agreement (American Business Financial Services Inc /De/)

THE LENDERS' COMMITMENTS. 3.12.1. The Lenders' Commitments to Lend Lend. Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred that the Agent has not declared in writing to have been cured or waived (or, if one has occurred and not been so declared cured or waived, if all of the Lenders, in their sole discretion and with or without waiving the defaultDefault or Event of Default, have elected in writing that lending under this Agreement shall continue nonetheless) ), the Lenders agree to make revolving credit Advances to the Companies under the Sublines Company through the Termination Date, which the Companies Company may borrow, repay and (having repaid) reborrow in aggregate principal amounts outstanding on any day, day of up to the respective Sublimits and, in the aggregate, up to the Aggregate Committed Sum for that day. The Lenders' respective Commitments and their respective Subline Funding Limits for each Subline and the Aggregate Committed Sum are set forth on Schedule SCHEDULE LC in effect for that day, as it may have been amended or restated pursuant to this Agreement. Upon the joinder of additional Lender(s), if any, the parties agree to approve in writing revised and updated versions of Schedule SCHEDULE LC. The fractions to be applied to determine the respective Funding Shares of the Lenders for any day are their respective Commitments divided by the Aggregate Committed Sum for that day. Each Lender shall be obligated to fund only that Lender's own Funding Share(s) Share of any Advance requested, and no Lender shall be obligated to the Companies Company or any other Lender to fund a greater share of any Advance. No Lender shall be excused from funding its applicable Funding Share(s) of any Advance merely because any other Lender has failed or refused to fund its relevant Funding Share(s) of that or any other Advance. If any Lender fails to fund its Funding Share(s) of any Advance under any Facility, the Agent (in its sole and absolute discretion) may choose to fund the amount that such Nonfunding Lender failed or refused to fund, or the Agent as a Lender and the other Lenders who are willing to do so shall have the right (but no obligation) to do so in the proportion that the Commitment of each bears to the sum of the Commitments of all Lenders that have funded (or are funding) their own Funding Shares of that Advance and that are willing to fund part of the Funding Share(s) of such Nonfunding Lender. Should the Agent and/or any other Lender(s) fund any or all of the Nonfunding Lender's Funding Share of any Advance, then the Nonfunding Lender that so failed shall have the obligation to fund, and regardless deliver such amount to the Agent (for distribution to the Lender(s) who funded it) in collected funds on the next Business Day. Regardless of whether the other Lenders fund the Funding Share(s) of the Lender who has failed to fundNonfunding Lender, the respective ownership interests of the Lenders in the Loan shall be adjusted as provided in the definition of "Pro Rata". All Advances under this Agreement shall constitute a single debt and all of the Collateral shall be security for all of the Senior Credit Notes and the Obligations. If the unpaid balance of the Loan should ever exceed the Aggregate Committed Sum or any other limitation set forth in this Agreement, such excess shall nevertheless constitute part of the Obligations that are secured by the Collateral and entitled to all benefits thereof.

Appears in 1 contract

Samples: Credit Agreement (Sunset Financial Resources Inc)

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THE LENDERS' COMMITMENTS. 3.1. 2.1 The Lenders' Commitments to Lend Lend. Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred that the Agent has not declared in writing to have been cured or waived (or, if one has occurred and not been so declared cured or waived, if all of the Lenders, in their sole discretion and with or without waiving the defaultDefault or Event of Default, have elected in writing that lending under this Agreement shall continue nonetheless) the Lenders agree to make revolving credit Advances to the Companies Company under the Sublines through before the Termination Date, which the Companies Company may borrow, repay and (having repaid) reborrow in aggregate principal amounts outstanding on any day, day of up to the respective Sublimits and, in the aggregate, up to the Aggregate Committed Sum Sum, for that day. The Lenders' respective Commitments and their respective Subline Funding Limits for each Subline and the Aggregate Committed Sum are set forth on Schedule SCHEDULE LC in effect for that day, as it may have been amended or restated pursuant to this Agreement. Upon the joinder of additional Lender(s), if any, the parties agree to approve in writing revised and updated versions of Schedule LC. The fractions to be applied to determine the respective Funding Shares of the Lenders for any day that are their parties to this Agreement on the Effective Date are the fractions of each Advance set forth opposite the Lenders' respective Commitments divided by the Aggregate Committed Sum names on SCHEDULE FS in effect for that day, as it may have been amended or restated pursuant to this Agreement. If and when some or all of the Lenders then party to this Agreement agree in writing to change their Committed Sums, or when a new Lender becomes party to this Agreement, the Agent shall execute an updated SCHEDULE FS reflecting the Funding Shares of all Lenders then in effect and deliver it to the Company and the Lenders, and that updated SCHEDULE FS shall thereupon be substituted for and supersede the prior SCHEDULE FS. Each Lender shall be obligated to fund only that Lender's own Funding Share(s) of any Advance requested, and no Lender shall be obligated to the Companies Company or any other Lender to fund a greater share of any Advance. No Lender shall be excused from funding its applicable Funding Share(s) of any Advance merely because any other Lender has failed or refused to fund its relevant Funding Share(s) of that or any other Advance. If any Lender fails to fund its Funding Share(s) of any Advance under any Facility, the other Lenders who are willing to do so shall have the right (but no obligation) to do so in the proportion that the Commitment of each bears to the sum of the Commitments of all Lenders that have funded (or are funding) their own Funding Shares of that Advance and that are willing to fund part of the Funding Share(s) of such Lender that so failed to fund, and regardless of whether the other Lenders fund the Funding Share(s) of the Lender who has failed to fund, the respective ownership interests of the Lenders in the Loan shall be adjusted as provided in the definition of "Pro Rata". All Advances under this Agreement shall constitute a single debt and all of the Collateral shall be security for all of the Senior Credit Line Notes and the Obligations. If the unpaid balance of the Loan should ever exceed the Aggregate Committed Sum Sum, the Maximum Committed Amount or any other limitation set forth in this Agreement, such excess shall nevertheless constitute part of the Obligations that are secured by the Collateral and entitled to all benefits thereof.

Appears in 1 contract

Samples: Credit Agreement (Long Beach Financial Corp)

THE LENDERS' COMMITMENTS. 3.12.1. The Lenders' Commitments to Lend Lend. Subject to the terms and conditions of this Agreement and provided no Default or Event of Default has occurred that the Agent has not declared in writing to have been cured or waived (or, if one has occurred and not been so declared cured or waived, if all of the Lenders, in their sole discretion and with or without waiving the defaultDefault or Event of Default, have elected in writing that lending under this Agreement shall continue nonetheless) ), the Lenders agree to make revolving credit Advances to the Companies under the Sublines Company through the Termination Date, which the Companies Company may borrow, repay and (having repaid) reborrow in aggregate principal amounts outstanding on any day, day of up to the respective Sublimits and, in the aggregate, up to the Aggregate Committed Sum for that day. The Lenders' respective Commitments and their respective Subline Funding Limits for each Subline and the Aggregate Committed Sum are set forth on Schedule LC in effect for that day, as it may have been amended or restated pursuant to this Agreement. Upon the joinder of additional Lender(s), if any, the parties agree to approve in writing revised and updated versions of Schedule LC. The fractions to be applied to determine the respective Funding Shares of the Lenders for any day are their respective Commitments divided by the Aggregate Committed Sum for that day. Each Lender shall be obligated to fund only that Lender's ’s own Funding Share(s) Share of any Advance requested, and no Lender shall be obligated to the Companies Company or any other Lender to fund a greater share of any Advance. No Lender shall be excused from funding its applicable Funding Share(s) of any Advance merely because any other Lender has failed or refused to fund its relevant Funding Share(s) of that or any other Advance. If any Lender fails to fund its Funding Share(s) of any Advance under any Facility, the Agent (in its sole and absolute discretion) may choose to fund the amount that such Nonfunding Lender failed or refused to fund, or the Agent as a Lender and the other Lenders who are willing to do so shall have the right (but no obligation) to do so in the proportion that the Commitment of each bears to the sum of the Commitments of all Lenders that have funded (or are funding) their own Funding Shares of that Advance and that are willing to fund part of the Funding Share(s) of such Nonfunding Lender. Should the Agent and/or any other Lender(s) fund any or all of the Nonfunding Lender’s Funding Share of any Advance, then the Nonfunding Lender that so failed shall have the obligation to fund, and regardless deliver such amount to the Agent (for distribution to the Lender(s) who funded it) in collected funds on the next Business Day. Regardless of whether the other Lenders fund the Funding Share(s) of the Lender who has failed to fundNonfunding Lender, the respective ownership interests of the Lenders in the Loan shall be adjusted as provided in the definition of "Pro Rata". All Advances under this Agreement shall constitute a single debt and all of the Collateral shall be security for all of the Senior Credit Notes and the Obligations. If the unpaid balance of the Loan should ever exceed the Aggregate Committed Sum or any other limitation set forth in this Agreement, such excess shall nevertheless constitute part of the Obligations that are secured by the Collateral and entitled to all benefits thereof.

Appears in 1 contract

Samples: Credit Agreement (E Loan Inc)

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