Sterling Commitment definition

Sterling Commitment means, with respect to each Lender, the commitment of such Lender to make Sterling Revolving Loans, as such commitment may be (a) reduced from time to time pursuant to Section 2.9 or (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.4. The initial amount of each Lender’s Sterling Commitment is set forth on Schedule 2.1, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Sterling Commitment, as applicable. The Sterling Commitment is a part of, but not in addition to, each Lender’s Dollar Commitment.

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Sterling Commitment means, as to each UK Bank, its obligation during a Sterling Allocation Period to (a) make Sterling Advances to the UK Borrower pursuant to Section 2B.1, and (b) purchase participations in Sterling L/C Obligations pursuant to Section 2B.8(c), in an aggregate principal amount at any one time outstanding not to exceed in such period, the lesser of (i) such UK Bank’s Sterling Allocated Commitment and (ii) such UK Bank’s Pro Rata Share of the Sterling Allocated Total Commitment for such period, such Pro Rata Share being a fraction whose numerator is such UK’s Bank’s Sterling Allocated Commitment and whose denominator is the Sterling Allocated Maximum Total Commitment.

Sterling Commitment means, as to each Sterling Lender, its obligation to (a) make Sterling Loans to Sterling Borrowers pursuant to Section 5.1 and (b) purchase participations in Sterling Fronting Loans to the extent such Sterling Lender is a Sterling Non-Qualified Lender, in the Sterling Equivalent aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Sterling Lender’s name on the most recent Schedule 2.1(d), as prepared by Administrative Agent (or if the applicable assignment occurred after such preparation, in the most recent Assignment and Assumption to which such Sterling Lender is a party), as such amount may be adjusted from time to time in accordance with this Agreement.

Examples of Sterling Commitment in a sentence

Within the limits of each UK Bank’s Sterling Commitment, the UK Borrower may borrow, prepay pursuant to Section 2.9B(a) and reborrow under this Section 2B.1. Subject to the terms and conditions hereof, more than one Sterling Borrowing may be made on a UK Business Day (including, for example, a Sterling Borrowing having one Sterling Interest Period and another Sterling Borrowing having a different Sterling Interest Period).
Each UK Bank severally agrees, on the terms and conditions hereinafter set forth, to make one or more Sterling Advances as part of a Sterling Borrowing to the UK Borrower from time to time on any UK Business Day during the Sterling Allocation Period in an aggregate amount not to exceed at any time outstanding (i) such UK Bank’s Sterling Commitment minus (ii) such UK Bank’s Sterling Pro Rata Share of outstanding Sterling L/C Obligations.
Within the limits of each Sterling Lender’s Sterling Commitment, Sterling Borrowers may borrow under this Section 5.1, prepay under Section 5.4 and reborrow under this Section 5.1. Sterling Loans may be Base Rate Loans (if denominated in Dollars), Eurocurrency Rate Loans or, solely upon the occurrence of an event described in Section 7.2 or 7.3, Substitute Rate Loans, as further provided herein.
So long as no Sterling Allocation Period exists, the Borrower may at any time permanently terminate its right to allocate a portion of the Total Committed Amount as the Sterling Allocated Total Commitment, at which time the obligations of the UK Borrower hereunder and the UK Guaranty shall automatically terminate, and thereafter no Bank nor its UK branch or Affiliate shall have any Sterling Allocated Commitment, nor shall any UK Bank have any Sterling Commitment.
Within the limits of each UK Bank's Sterling Commitment, the UK Borrower may borrow, prepay pursuant to Section 2.9B(a) and reborrow under this Section 2B.1. Subject to the terms and conditions hereof, more than one Sterling Borrowing may be made on a UK Business Day (including, for example, a Sterling Borrowing having one Sterling Interest Period and another Sterling Borrowing having a different Sterling Interest Period).
Pound Sterling Commitment Termination Date." The date contained in line two of this Section of the Loan Agreement is amended by deleting "April 30, 2002" and inserting in its place "April 30, 2003".
Pound Sterling Commitment Termination Date." The date contained in line two of this Section of the Agreement is amended by deleting "April 30, 2001" and inserting in its place "April 30, 2002".
Notwithstanding anything to the contrary herein, no Defaulting Bank shall have any right to approve or disapprove, and its approval or disapproval shall not be required in connection with, any amendment, waiver or consent hereunder, except that its Commitment, Canadian Commitment or Sterling Commitment may not be increased or extended without its consent.
Any such cancellation shall reduce the Available Dollar Commitment and/or the Available Sterling Commitment, as the case may be, of the Banks rateably.
Each UK Bank severally agrees, on the terms and conditions hereinafter set forth, to make one or more Sterling Advances as part of a Sterling Borrowing to the UK Borrower from time to time on any UK Business Day during the Sterling Allocation Period in an aggregate amount not to exceed at any time outstanding (i) such UK Bank's Sterling Commitment minus (ii) such UK Bank's Sterling Pro Rata Share of outstanding Sterling L/C Obligations.

More Definitions of Sterling Commitment

Sterling Commitment means, as to any Sterling Lender, the obligation of such Sterling Lender to make Sterling Loans and participate in Sterling Swing Line Loans or Sterling Letters of Credit hereunder in an aggregate principal or face amount at any one time outstanding up to but not exceeding the amount set forth opposite such Sterling Lender’s name on Schedule 1 to the Credit Agreement under the caption “Sterling Commitment” or in the Assignment and Acceptance pursuant to which such Sterling Lender became party to the Credit Agreement, as the same may be changed from time to time pursuant to the terms hereof. The original aggregate principal amount of the Sterling Commitments is the Sterling or euro equivalent of U.S.$300,000,000.

Sterling Commitment in relation to a Bank at any time means, subject to the provisions of Clause 13.1 and save as otherwise provided herein, the amount of the commitment set opposite its name in Column 2 of the First Schedule, the amount of any commitment transferred to in accordance with Clause 35 less any amount of its Sterling Commitment transferred by it in accordance with Clause 35;

Sterling Commitment means, (a) with respect to any Lender at any time, the amount set forth opposite such Lender’s name on Schedule I hereto under the caption “Sterling Commitment” or (b) if such Lender has entered into one or more Assignment and Acceptances or Lender Accession Agreements, set forth for such Lender in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Lender’s “Sterling Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.04 or increased pursuant to Section 2.16.

Sterling Commitment means, with respect to each Lender, the commitment of such Lender to make Sterling Revolving Loans, as such commitment may be (a) reduced from time to time pursuant to Section 2.10, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.4 or (c) increased from time to time pursuant to Section 2.1(e). The initial amount of each Lender’s Sterling Commitment is set forth on Schedule 2.1, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Sterling Commitment, as applicable.

Sterling Commitment means, (a) with respect to any 5-Year Term Lender at any time, the amount set forth opposite such 5-Year Term Lender’s name on Schedule IB hereto under the caption “Sterling Commitment” or (b) if such 5-Year Term Lender has entered into one or more Assignment and Acceptances or Lender Accession Agreements, set forth for such 5-Year Term Lender in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such 5-Year Term Lender’s “Sterling Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.04 or increased pursuant to Section 2.15.