Global Definitions Database

An undertaking agreement or acknowledgement made by an investor in favor of a subscription-backed credit facility lender whereby the investor makes representations, acknowledgments and covenants in favor of the lender as a condition to the investor being included in the borrowing base; typically, includes an acknowledgement of the existence of the subscription-backed credit facility and the pledge of the right to receive and enforce the subscription-backed credit facility collateral, and the investor will agree to make capital contributions upon notice by the lender during an event of default.