The Commitments and Borrowings Clause Samples
The "Commitments and Borrowings" clause defines the obligations of lenders to provide funds and the borrower's right to draw on those funds under a loan agreement. It typically outlines the maximum amount available for borrowing, the process for making borrowing requests, and any conditions that must be met before funds are advanced. This clause ensures both parties understand the limits and procedures for accessing loaned funds, thereby providing clarity and structure to the lending arrangement.
The Commitments and Borrowings. Section 2.01
The Commitments and Borrowings. 2.01 Revolving Commitments 24 §–2.02 Borrowings, Conversions and Continuations of Loans 24 §–2.03 Swing Line Loans 26 §–2.04 Prepayments 28 §–2.05 Termination or Reduction of Aggregate Revolving Commitments 29 §–2.06 Repayment of Loans; Term Out Option 29 §–2.07 Interest 30 §–2.08 Fees 31 §–2.09 Computation of Interest and Fees 31 §–2.10 Evidence of Debt 32 §–2.11 Payments Generally; Administrative Agent’s Clawback 32 §–2.12 Sharing of Payments by Lenders 34 §–2.13 Cash Collateral 34 §–2.14 Defaulting Lenders 35 §–2.15 Additional Revolving Commitments 36 ARTICLE III — TAXES, YIELD PROTECTION AND ILLEGALITY §–3.01 Taxes 37 §–3.02 Illegality 41 §–3.03 Inability to Determine Rates 42 §–3.04 Increased Costs; Reserves on Eurodollar Rate Loans 44 §–3.05 Compensation for Losses 46 §–3.06 Mitigation Obligations; Replacement of Lenders 46 §–3.07 Survival 46
The Commitments and Borrowings. Section 2.01 Revolving Credit Borrowing; Protective Advances 76 Section 2.02 Borrowings, Conversions and Continuations of Loans 78 Section 2.03 Letters of Credit 80 Section 2.04 Swing Line Loans 90 Section 2.05 Prepayments 92 Section 2.06 Termination or Reduction of Commitments 94 Section 2.07 Repayment of Loans 95 Section 2.08 Interest 95 Section 2.09 Fees 96 Section 2.10 Computation of Interest and Fees 96 Section 2.11 Evidence of Indebtedness 97 Section 2.12 Payments Generally 97 Section 2.13 Sharing of Payments 99 Section 2.14 Incremental Credit Extensions 100 Section 2.15 Extensions of Revolving Credit Loans and Revolving Credit Commitments 102 Section 2.16 Defaulting Lenders 106 Section 2.17 Borrower Agent 108 Section 3.01 Taxes 109 Section 3.02 Illegality 113 Section 3.03 Inability to Determine Rates 113
The Commitments and Borrowings. 13 2.01 Loans......................................................................................13 2.02 Borrowings, Conversions and Continuations of Loans.........................................13 2.03 Prepayments................................................................................14 2.04 Reduction or Termination of Commitments....................................................15 2.05
The Commitments and Borrowings. SECTION 2.01 [Reserved].
The Commitments and Borrowings. 2.01 Loans 2.02 Borrowings, Conversions and Continuations of Loans 2.03 Letters of Credit
The Commitments and Borrowings. SECTION 2.01 The Loans 96 SECTION 2.02 Borrowings, Conversions and Continuations of Loans 97 SECTION 2.03 [Reserved] 99 SECTION 2.04 [Reserved] 99 SECTION 2.05 Prepayments 99 SECTION 2.06 Termination or Reduction of Commitments 111 SECTION 2.07 Repayment of Loans 111 SECTION 2.08 Interest 111 SECTION 2.09 Fees 111 SECTION 2.10 Computation of Interest and Fees 111 SECTION 2.11 Evidence of Indebtedness 111 SECTION 2.12 Payments Generally 112 SECTION 2.13 Sharing of Payments 114 SECTION 2.14 Incremental Facilities 114 SECTION 2.15 Refinancing Amendments 120 SECTION 2.16 Extensions of Loans 121 SECTION 2.17 [Reserved] 123 SECTION 2.18 Prepayment Premium 123 SECTION 3.01 Taxes 123 SECTION 3.02 Illegality 127 SECTION 3.03 Inability to Determine Rates 127 SECTION 3.04 Increased Cost and Reduced Return; Capital Adequacy; Reserves on Eurodollar Rate Loans 128
The Commitments and Borrowings. 2. 01Term Loans52
2. 02Borrowings; Conversions and Continuations of Loans53
The Commitments and Borrowings. Section 2.01 Revolving Loans.
(a) Tranche 1 Revolving Loan Commitment. During the Revolving Commitment Period applicable to the Tranche 1 Revolving Commitments, subject to the terms and conditions hereof, each Tranche 1 Revolving Lender severally agrees to make revolving loans to the Borrower or any Co-Borrower from time to time on any Business Day in Dollars and/or any Alternative Currency (“Tranche 1 Revolving Loans”) in an aggregate amount (expressed in the Dollar Amount thereof in the case of an Alternative Currency) up to but not exceeding such Tranche 1 Revolving Lender’s Tranche 1 Revolving Commitment; provided, that after giving effect to the making of any Tranche 1 Revolving Loans in no event shall (i) the Total Utilization of Tranche 1 Revolving Commitments exceed the First Out Line Cap and (ii) the Total Utilization of Revolving Commitments exceed the Total Line Cap; provided further that no Tranche 1 Revolving Loans may be made unless the amount of outstanding FILO Loans is equal to or greater than the FILO Loan Cap. Within the foregoing limits and subject to the terms and conditions set forth herein (including the Administrative Agent’s authority, in its sole discretion, to make Protective Advances pursuant to the terms of Section 2.02), amounts borrowed pursuant to this Section 2.01(a)(i) may be repaid and reborrowed during the Revolving Commitment Period. Each Tranche 1 Revolving Lender’s Tranche 1 Revolving Commitment shall expire on the Revolving Commitment Termination Date, and all Tranche 1 Revolving Loans and all other amounts owed hereunder with respect to the Tranche 1 Revolving Loans and the Tranche 1 Revolving Commitments shall be paid in full no later than such date. Tranche 1 Revolving Loans shall be available as either Term Benchmark Loans or Base Rate Loans.
The Commitments and Borrowings. Section 2.01 Loans 5760 Section 2.02 Borrowings and Conversions of Loans 5760