The Uncommitted Programme Clause Samples
The Uncommitted Programme clause defines a framework under which a lender may, at its discretion, make funds or credit available to a borrower without any binding obligation to do so. In practice, this means the lender can choose whether or not to provide financing for each request, and the borrower cannot rely on guaranteed access to funds. This clause is commonly used in facilities such as overdrafts or revolving credit lines where the lender wants to retain full control over the decision to lend. Its core function is to allocate risk and flexibility to the lender, ensuring they are not contractually bound to provide funding and can manage their exposure as circumstances change.
The Uncommitted Programme. The Issuer shall not be under any obligation to issue any Notes, and a Dealer shall not be under any obligation to subscribe for or procure the subscription for any Notes, until such time as an agreement for a Note Transaction has been reached between the Issuer and that Dealer.
The Uncommitted Programme. (a) The Issuer shall not be under any obligation to issue any Notes, and a Dealer shall not be under any obligation to subscribe for or procure the subscription for any Notes, until such time as an agreement for a Note Transaction has been reached between the Issuer and that Dealer.
(b) [Each of the Issuer[, the Guarantor[s]] and the Dealers agree that solely by virtue of appointment as Arranger or Dealer, as applicable, on this Programme, neither the Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of EU Delegated Directive 2017/593.] governance and ECP” dated 21 February 2018, available on the ICMA MiFID II/R in primary markets webpage: https:// ▇▇▇.▇▇▇▇▇▇▇▇▇.▇▇▇/▇▇▇▇▇▇▇▇▇▇-▇▇▇▇▇▇-▇▇▇-▇▇▇▇▇▇- Practice/Primary-Markets/primary-market-topics/mifid-ii-r- in-primary-markets/.
The Uncommitted Programme. (A) The Issuer shall not be under any obligation to issue any Notes, and a Dealer shall not be under any obligation to subscribe for or procure the subscription for any Notes, until such time as an agreement for a Note Transaction has been reached between the Issuer and that Dealer.
(B) Each of the Issuer and the Dealers agree that solely by virtue of appointment as Arranger or Dealer, as applicable, on this Programme, neither the Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of EU Delegated Directive 2017/593 and/or the FCA Handbook Product Intervention and Product Governance Sourcebook.
The Uncommitted Programme. 2.2.1 The Issuer shall not be under any obligation to issue any Notes, and a Dealer shall not be under any obligation to subscribe for or procure the subscription for any Notes, until such time as an agreement for a Note Transaction has been reached between the Issuer and that Dealer.
2.2.2 Each of the Issuer and the Dealers agree that solely by virtue of appointment as Arranger or Dealer, as applicable, on this Programme, neither the Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of Chapter 3.2 of the FCA Handbook Product Intervention and Product Governance Sourcebook.
2.2.3 Each of the Issuer and the Dealers agree that solely by virtue of appointment as Arranger or Dealer, as applicable, on this Programme, neither the Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of EU Delegated Directive 2017/593.
2.2.4 The Issuer has determined and hereby notifies the Dealers, that all Notes issued or to be issued under the Programme are "prescribed capital markets products" (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018).