Base Loan Term Clause Samples
The Base Loan Term clause defines the initial period during which the loan is scheduled to be outstanding before any extensions or renewals. Typically, this clause specifies the exact start and end dates of the loan, or the duration in months or years, and may outline when principal repayment is due. By clearly establishing the timeframe for repayment and interest accrual, the clause ensures both parties understand their obligations and helps prevent disputes over the loan's duration.
Base Loan Term. The Base Loan Term to be specified in the Drawdown Application shall be a period of one (1), two (2) or three (3) month(s) (or such other shorter period as may be agreed by the Lender); provided, however, that only during the period commencing on the day (inclusive) following the day one month before the Expiration Date and ending on the Expiration Date (inclusive), the Base Loan Term may be a period less than one month, with the Expiration Date set as the Due Date of the applicable Individual Loan. Further, the Due Date shall correspond to the day after the Base Loan Term (provided that the initial date to be calculated into the Base Loan Term shall be the Desired Drawdown Date), and if such corresponding day falls on a day other than a Business Day, the following Business Day shall be the Due Date. If such following Business Day occurs in the next month, the immediately preceding Business Day shall be the Due Date. If the Desired Drawdown Date is the last Business Day of the month, or if the corresponding day of the Desired Drawdown Date does not exist in the last month of the Base Loan Term, the Due Date shall be the last Business Day of that month. The Borrower may not designate a Base Loan Term beyond the Expiration Date.
Base Loan Term. The Base Loan Term to be specified in the Drawdown Application shall be a period of one (1), two (2) or three (3) month(s) (or such other shorter period as may be agreed by the Lender); provided, however, that only during the period commencing on the day (inclusive) following the day one month before the Expiration Date and ending on the Expiration Date (inclusive), the Base Loan Term may be a period less than one month, with the Expiration Date set as the Due Date of the applicable Individual Loan.