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LSDefine

Simple English definitions for legal terms

committed credit facility

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A quick definition of committed credit facility:

A committed credit facility is an agreement between a borrower and a lender where the lender promises to lend money to the borrower if certain conditions are met. The borrower can choose to reduce or end the credit facility at any time, but the lender can only end it if the borrower doesn't follow the agreement. These types of credit facilities are usually long-term and can last up to five years.

A more thorough explanation:

A committed credit facility is a type of loan agreement between a borrower and a lender. In this agreement, the lender agrees to lend a specific amount of money to the borrower, provided that the borrower meets certain conditions. Once these conditions are met, the lender is obligated to lend the money.

For example, let's say a company needs to borrow $1 million to expand its business. The company negotiates a committed credit facility with a bank. The bank agrees to lend the money, but only if the company meets certain conditions, such as maintaining a certain level of revenue or profitability. If the company meets these conditions, the bank is obligated to lend the money.

Committed credit facilities are generally long-term, lasting up to five years. The borrower can terminate or reduce the credit facility at any time, while the lender can only terminate if the borrower defaults on the credit facility.

commitment | commodity classification request

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NosyBeagle
19:28
Do tell
windyMagician
19:40
i had to drop out of a grad program but i explained it in my gpa addendum bc it was the same underlying event causing both
windyMagician
19:40
i was also named in a civil lawsuit that got dismissed but only one school asked about it
windyMagician
19:41
sorry probably not helpful
ParallelAgreeableOrangutan
19:58
idk what the situations are, but you absolutely should write about them if the school asks about them—the only time you should be asking *whether* to write one is when you're not sure whether your situation qualifies as what they're asking about
ParallelAgreeableOrangutan
19:59
better question is usually *how* to write about them
ParallelAgreeableOrangutan
20:00
I had to write about write
ParallelAgreeableOrangutan
20:01
... write-ups at work (petty, and they were removed from my file after a year, but even so the app asked so I wrote)
NosyBeagle
20:05
Ah it cancelled out my msg cus I switched tabs. But I’ll just tell you guys cus I get mixed answers: a) accused of cheating on a calc exam freshman year but was cleared of wrongdoing, b) sent to the hospital senior year because I go too drunk
ParallelAgreeableOrangutan
20:12
Seems like you'd need to write about A because it went through a formal process, but it shouldn't hurt you if you explain it straightforwardly and explain you were cleared (just don't be weirdly salty about it like you're holding a grudge)
ParallelAgreeableOrangutan
20:12
Re B, did this involve school in any way? Is there an app that has a C&F question that you think this applies to?
ParallelAgreeableOrangutan
20:13
Maybe you're not deep enough into the process to know this—each school has its own unique set of C&F questions, so you should disclose exactly what they ask about, no more, no less
NosyBeagle
20:14
OH
NosyBeagle
20:14
Ok why did I think it was just gonna be one type of q for all. My bad folks. Ignore my info dump
ParallelAgreeableOrangutan
20:16
No worries! Frankly I think it's wild that applications have weird hidden quirks that you don't know about until you're actually logged into LSAC working through the app. There's some info you can find about the oddball/unique questions you'll find on specific apps, so you might want to look for that for schools you're going to apply to
ParallelAgreeableOrangutan
20:17
Like on various consultants' blogs, reddit, etc
NosyBeagle
20:17
🫡 thank you good sir or ma’am or bam
ParallelAgreeableOrangutan
20:17
Ooh can I be a bam
NosyBeagle
20:39
You may
NemoPropheta
20:45
ima write my personal statement about being fired and how that made me want to do law but it would be funny if I also had to write an addendum about it
NemoPropheta
20:45
turns out defense companies don’t like it when you question the war machine 🙏
NemoPropheta
20:46
“What are your opinions on Edward Snowden” - my boss
ParallelAgreeableOrangutan
21:02
I wrote optional essays about a situation that affected my undergrad performance. For any school that required an "education gap addendum" I was basically like "pls see my optional essay"
ParallelAgreeableOrangutan
21:02
¯⁠\⁠_⁠(⁠ツ⁠)⁠_⁠/⁠¯
NosyBeagle
21:12
did they accept that?
NosyBeagle
21:12
that reminds me of filling out job apps and they want you to type out your resume in a text box. like huh??? open the pdf, idiots
ParallelAgreeableOrangutan
21:18
I mean I was nicer about it—I'd put a couple of sentences explaining it super lo-res, and then I said something like "I speak to this situation in detail in my optional essay."
ParallelAgreeableOrangutan
21:20
They don't send your application back to you and tell you to redo an addendum if they don't like it, so the only way to know whether they "accepted" it, as it were, is admissions results
Bettercaulsaul
22:28
Helpful video I found https://youtu.be/2ZVrX6DTSKU?si=KsZeWbF4_fJuqKl5
c0bra1
23:17
who up lsdin they law
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