Common use of Commitment to Make Term Loan Clause in Contracts

Commitment to Make Term Loan. Subject to and upon the terms and conditions set forth in this Agreement, each Lender severally and not jointly agrees to lend to the Borrower on the Closing Date the principal amount set forth on Schedule 2.1 opposite such Lender’s name under the heading “Term Loan Commitment”. Amounts borrowed under this Section 2.1.1 and, if applicable, Section 2.7, are referred to as the “Term Loan”. The aggregate amount funded by the Lenders on the Closing Date is referred to as the “Term Loan Amount”. The funding of the Term Loan Amount shall be effected by each Lender depositing into an escrow account established by Agent immediately available funds equal to such Lender’s Term Loan Commitment and depositing with Agent in escrow its signature page to this Agreement on or prior to the Closing Date and by Agent, promptly following authorization from each Lender on the Closing Date, disbursing such funds to the Borrower and releasing such signature pages to the Borrower and the other Lenders.‌

Commitment to Make Term Loan. Subject to and upon the terms and conditions set forth in this Agreement, each Lender severally and not jointly agrees to lend to the Borrower on the Closing Date the principal amount set forth on Schedule 2.1 opposite such Lender’s name under the heading “Term Loan Commitment”. Amounts borrowed under this Section 2.1.1 and, if applicable, Section 2.7, are referred to as the “Term Loan”. The aggregate amount funded by the Lenders on the Closing Date is referred to as the “Term Loan Amount”. The funding of the Term Loan Amount shall be effected by each Lender depositing into an escrow account established by Agent immediately available funds equal to such Lender’s Term Loan Commitment and depositing with Agent in escrow its signature page to this Agreement on or prior to the Closing Date and by Agent, promptly following authorization from each Lender on the Closing Date, disbursing such funds to the Borrower and releasing such signature pages to the Borrower and the other Lenders.‌Lenders.