Sungard language

language establishes borrower requirements in a lender’s commitment letter to a borrower using funds to purchase a company or other acquisitions.

The “Sungard” or “certain funds” language evolved to ensure that the obligation of each lender to fund its commitment at closing is subject to a limited set of specified conditions (i) which borrower may satisfy without relying on the cooperation of unaffiliated third parties or (ii) the failure of which also relieves borrower of its obligation to consummate the acquisition under the acquisition agreement.