Acquisition Loan Commitment Clause Samples
An Acquisition Loan Commitment clause outlines the lender's agreement to provide financing for the borrower's purchase of a specific asset or company. This clause typically details the amount of the loan, the conditions that must be met before funds are disbursed, and the timeframe during which the commitment is valid. By clearly defining the lender's obligations and the borrower's requirements, the clause ensures both parties understand the terms of the financing, thereby reducing uncertainty and facilitating the acquisition process.
Acquisition Loan Commitment. Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each Lender severally agrees to make available to the Borrower such Lender's Acquisition Loan Commitment Percentage of revolving credit loans requested by the Borrower in Dollars ("ACQUISITION LOANS") from time to time from the Effective Date until October 14, 1999, or such earlier date as the Acquisition Loan Commitments shall have been terminated as provided herein for the purpose of financing the purchase price of, and fees and expenses in connection with, Permitted Acquisitions and Permitted Capital Expenditures; PROVIDED, HOWEVER, that the sum of the aggregate principal amount of outstanding Acquisition Loans shall not exceed FIFTY MILLION DOLLARS ($50,000,000) (as such aggregate maximum amount may be reduced or increased from time to time as provided in Section 3.4, the "ACQUISITION LOAN COMMITTED AMOUNT"); PROVIDED, FURTHER, (A) with regard to each Lender individually, such Lender's outstanding Acquisition Loans shall not exceed such Lender's Acquisition Loan Commitment Percentage of the Acquisition Loan Committed Amount, and (B) the aggregate principal amount of outstanding Acquisition Loans shall not exceed the Acquisition Loan Committed Amount. Acquisition Loans may consist of Base Rate Loans or Eurodollar Loans, or a combination thereof, as the Borrower may request; PROVIDED, HOWEVER, that no more than 16 Eurodollar Loans shall be outstanding hereunder at any time. For purposes hereof, Eurodollar Loans with different Interest Periods shall be considered as separate Eurodollar Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new Eurodollar Loan with a single Interest Period. Acquisition Loans hereunder may be repaid and reborrowed in accordance with the provisions hereof.
Acquisition Loan Commitment. From time to time on any Business Day occurring prior to the Acquisition Loan Conversion Date, each Lender will make Loans (relative to such Lender, its "ACQUISITION LOANS") to the Borrower equal to such Lender's Percentage of the aggregate amount of the Borrowing of Acquisition Loans requested by the Borrower to be made on such day. The Commitment of each Lender described in this SECTION 2.1.2 is herein referred to as its "ACQUISITION LOAN COMMITMENT". On the terms and subject to the conditions hereof, the Borrower may from time to time borrow, prepay and reborrow Acquisition Loans prior to the Acquisition Loan Conversion Date.
Acquisition Loan Commitment. Subject to the terms and conditions set forth herein, each Acquisition Loan Lender severally agrees to make a single Acquisition Loan in Dollars to Borrower on the Effective Date in the original aggregate principal amount equal to its Acquisition Loan Commitment or its Applicable Percentage of the amount of all Acquisition Loans requested by Borrower. Amounts paid or prepaid in respect of Acquisition Loans may not be reborrowed. To the extent Borrower requests less than all of the aggregate Acquisition Loan Commitments for funding on the Effective Date, the remaining unfunded commitment shall be deemed terminated at the end of business on the Effective Date.
Acquisition Loan Commitment. Each Lender will make loans on a revolving basis ("Acquisition Loans") from time to time until the Revolving Termination Date in such Lender's Pro Rata Share of such aggregate amounts as the Company may request from all Lenders; provided that the aggregate principal amount of all outstanding Acquisition Loans will not at any time exceed the Acquisition Commitment Amount.
Acquisition Loan Commitment. Pursuant to the terms and conditions of the Prior Agreement, Bank made a term loan (the "Acquisition Loan") to Borrower in a single disbursement in the original principal amount of Ten Million Dollars ($10,000,000). Immediately prior to the date of this Agreement, the outstanding principal amount of the Acquisition Loan was Six Million One Hundred Eleven Thousand One Hundred Eleven and 22/100 Dollars ($6,111,111.22) (the "Acquisition Loan Commitment"). Borrower's obligation to repay the principal amount of the Acquisition Loan, together with accrued interest thereon, shall be evidenced by a promissory note (the "Acquisition Note") issued by Borrower in favor of Bank on the standard form used by Bank to evidence its commercial loans. The Acquisition Note shall replace and supersede that certain replacement Acquisition Note dated as of May 1, 2002, issued by Borrower in favor of Bank pursuant to the Prior Agreement. The Acquisition Note shall provide for payments of principal and interest as set forth therein. On December 1, 2004 (the "Acquisition Loan Maturity Date"), all unpaid principal of and accrued but unpaid interest on the Acquisition Loan shall be due and payable. The proceeds of the Acquisition Loan were disbursed for the purposes set forth in Section 2.4(b) hereof pursuant to disbursement instructions provided to Bank on Bank's standard form therefor.
Acquisition Loan Commitment. The commitment of the Lender to make Acquisition Loans of up to a maximum principal amount of $1,000,000. Acquisition Loan Maturity Date. May 11, 2012.
Acquisition Loan Commitment. 1.3 Lenders Not Permitted or Required to Make Loans . . . . . . . . . . . . . . . . . . . 29 2.2
Acquisition Loan Commitment. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations and warranties of the Borrower and its Subsidiaries set forth herein and in the other Loan Documents, the Bank agrees to make the Acquisition Loan. The Acquisition Loan shall be used by the Borrower to purchase all of the shares of Ryder Systems Ltd. The Acquisition Loan may be prepaid in whole or in part at any time pursuant to Section 2.1(c), but shall be due in full on the Acquisition Loan Maturity Date, unless the credit extended under the Acquisition Loan is otherwise terminated or extended as provided in this Agreement.
Acquisition Loan Commitment. Each Lender will make loans on a revolving basis (“Acquisition Loans”) to the Company from time to time until the Termination Date in such Lender’s Pro Rata Share of such aggregate amounts as the Company may request; provided that (x) the Acquisition Outstandings will not at any time exceed the Acquisition Commitment Amount and (y) the Total Outstandings will not, at any time, exceed the Borrowing Base by more than the lesser of (x) $300,000,000 and (y) 35% of the Domestic Blue Sky Value at such time.
Acquisition Loan Commitment. Pursuant to the Acquisition Loan Commitment, from the Effective Date to the Maturity Date, each Bank severally agrees to Advance funds to the Borrower as Acquisition Loans for the sole purpose of making Qualified Acquisitions, PROVIDED, HOWEVER, that no Bank shall be required to Advance Acquisition Loans in an aggregate amount exceeding the Bank's Acquisition Loans Commitment as described on SCHEDULE 2.1, PROVIDED, FURTHER, that at no time shall the Banks be required to Advance Acquisition Loans to the Borrower if, after such Advance the aggregate principal amount of Acquisition Loans Advanced would exceed (A) the amount of the Acquisition Loans Commitment MINUS (B) the aggregate principal amount of Acquisition Loans Advanced to such time. The Borrower may not reborrow funds Advanced as Acquisition Loans after such Advances, or any part thereof, have been repaid.