Commitments; Loans Clause Samples
The 'Commitments; Loans' clause defines the obligations of lenders to provide loan funds and the borrower's right to draw on those funds under specified conditions. Typically, this clause outlines the maximum amount available, the process for requesting advances, and any limitations or requirements that must be met before funds are disbursed. Its core function is to establish clear terms for the availability and use of loan proceeds, ensuring both parties understand when and how funds can be accessed, thereby reducing uncertainty and potential disputes.
Commitments; Loans. (a) Each Tranche A Lender severally agrees, subject to and on the terms and conditions of this Agreement, to make a term loan in a maximum of two portions as hereinafter described (each, a "Tranche A Term Loan," and collectively, the "Tranche A Term Loans") to the Borrower on the Closing Date in a principal amount not to exceed its Tranche A Commitment. The first portion of the Tranche A Term Loans shall be in an aggregate amount equal to Twenty Million Dollars ($20,000,000) (each Tranche A Lender's pro rata portion, a "Tranche A-1 Term Loan," and collectively, the "Tranche A-1 Term Loans") and shall be made on the Closing Date. The second portion of the Tranche A Term Loans shall be in an aggregate amount equal to Ten Million Dollars ($10,000,000) (each Tranche A Lender's pro rata portion, a "Tranche A-2 Term Loan," and collectively, the "Tranche A-2 Term Loans") and shall be made on the Acquisition Closing Date. All Tranche A Term Loans shall be made, maintained and repaid in Dollars. To the extent repaid, Tranche A Term Loans may not be reborrowed.
(b) Each Tranche B Lender severally agrees, subject to and on the terms and conditions of this Agreement, to make a term loan (each, a "Tranche B Term Loan," and collectively, the "Tranche B Term Loans") to the Borrower on the Acquisition Closing Date in a principal amount not greater than the excess, if any, of its Tranche B Commitment over its Tranche B Guaranty Exposure immediately after the Acquisition. All Tranche B Term Loans shall be made, maintained and repaid in Pounds Sterling. Except as provided in Section 2.2(d), no Tranche B Term Loans shall be made at any time after the Acquisition Closing Date. To the extent repaid, Tranche B Term Loans may not be reborrowed. Notwithstanding any provision in this Agreement to the contrary, the principal amount of outstanding Tranche B Term Loans owed to any Lender shall not at any time exceed the amount of such Lender's Tranche B Commitment, less the sum of (i) such Lender's pro rata share of payments or deposits required or caused to be made by the Borrower pursuant to Section 2.6(b) and (ii) such Lender's Tranche B Guaranty Exposure.
(c) Each Revolving Lender severally agrees, subject to and on the terms and conditions of this Agreement, to make revolving credit loans (each, a "Revolving Loan," and collectively, the "Revolving Loans") to the Borrower, from time to time on any Business Day during the period from and including the Closing Date to but not includ...
Commitments; Loans. (a) Subject to the terms and conditions and relying upon the representations and warranties herein set forth, each Lender agrees, severally and not jointly, to make revolving loans (“Loans”) in Dollars to each Borrower at any time and from time to time from and including the date hereof to but excluding the Termination Date, or until the earlier termination of its Commitment, in an aggregate principal amount at any one time outstanding not to exceed the amount of its Commitment; provided that (i) the aggregate principal amount of all Loans to any Borrower outstanding at any time shall not exceed such Borrower’s Sublimit and (ii) the Total Extensions of Credit shall not exceed the Total Commitments. Loans made to any Borrower shall be the several obligations of such Borrower.
(b) The Loans made by the Lenders on any Borrowing Date that are ABR Loans shall be (i) in a minimum aggregate principal amount of $1,000,000, (ii) in an integral multiple of $500,000 in excess of the amount provided in clause (i) above or (iii) in an aggregate principal amount equal to the remaining balance of the Total Commitment, as the case may be. The Loans made by the Lenders on any Borrowing Date that are Eurodollar Loans shall be (A) in a minimum aggregate principal amount of $3,000,000 (or, if less, in the amount of the Total Commitments less the Total Extensions of Credit) or (B) in an integral multiple of $1,000,000 in excess of the amount provided in clause (A) above, as the case may be.
Commitments; Loans. (i) Each Revolving Loan Lender severally agrees, subject to the limitations set forth below with respect to the maximum amount of Revolving Loans permitted to be outstanding from time to time, to lend to the Borrowers from time to time in U.S. Dollars and/or Canadian Dollars during the period on and from the Effective Date to but excluding the Commitment Termination Date an aggregate amount not exceeding its Pro Rata Share of the aggregate amount of the Commitments, to be used for the purposes identified in Section 2.5B. The aggregate original amount of the Commitments is $75,000,000. Subject to Section 2.9, each Revolving Loan Lender’s Commitment (other than Other Credit Extensions or any Commitments amended by Permitted Amendments pursuant to a Loan Modification Offer) shall expire on the Commitment Termination Date and all Revolving Loans (other than Other Credit Extensions or any Loans amended by Permitted Amendments pursuant to a Loan Modification Offer) and all other amounts owed hereunder with respect to the Revolving Loans and the Commitments (other than Other Credit Extensions or any Commitments or Loans amended by Permitted Amendments pursuant to a Loan Modification Offer) shall be paid in full no later than that date. Amounts borrowed under this Section 2.1A(i) may be repaid and reborrowed, subject to the limitations and conditions set forth herein, up to but excluding the Commitment Termination Date. Notwithstanding anything contained herein to the contrary, in no event shall (i) the Total Utilization of Commitments at any time exceed the lesser of (a) the Commitments then in effect and (b) the Availability Amount then in effect or (ii) the aggregate Canadian Revolving Exposure at any time exceed 105% of the Canadian Sublimit then in effect.
Commitments; Loans. Subject to the terms and conditions set forth herein, each Lender agrees to make Loans denominated in dollars to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Loans.
Commitments; Loans. Subject to the terms and conditions set forth herein, each Lender agrees to make Loans denominated in Euros to the Borrower from time to time in one or more draws on one or more Borrowing Dates during the Availability Period in an aggregate principal amount not to exceed such L▇▇▇▇▇’s Commitment; provided that the aggregate number of Borrowings under this Section 2.01 shall not exceed five (5) during the term of this Agreement. Amounts paid, repaid or prepaid on the Loans may not be reborrowed.
Commitments; Loans. (i) Each Lender severally agrees, subject to the limitations set forth below with respect to the maximum amount of Loans permitted to be outstanding from time to time, to lend to the Borrower from time to time in U.S. Dollars during the period on and from the Effective Date to but excluding the Commitment Termination Date an aggregate amount not exceeding its Pro Rata Share of the aggregate amount of the Commitments, to be used for the purposes identified in Section 2.5A. The aggregate amount of the Commitments as of the Effective Date is $800,000,000. Subject to Section 2.9, each Lender’s Commitment (other than Other Credit Extensions or any Commitments amended by Permitted Amendments pursuant to a Loan Modification Offer) shall expire on the Commitment Termination Date and all Loans (other than Other Credit Extensions or any Loans amended by Permitted Amendments pursuant to a Loan Modification Offer) and all other amounts owed hereunder with respect to the Loans and the Commitments (other than Other Credit Extensions or any Commitments or Loans amended by Permitted Amendments pursuant to a Loan Modification Offer) shall be paid in full not later than that date. Amounts borrowed under this Section 2.1A(i) may be repaid and reborrowed, subject to the limitations and conditions set forth herein, up to but excluding the Commitment Termination Date. Notwithstanding anything contained herein to the contrary, in no event shall the Revolving Exposure at any time exceed the Availability Amount then in effect.
Commitments; Loans. 28 2.2 Interest on the Loans........................................................................... 35 2.3 Fees............................................................................................
Commitments; Loans. Section 2.1 Loans. . . . . . . . . . . . . . . . . . . Section 2.2
Commitments; Loans. 36 2.2 Interest on the Loans. . . . . . . . . . . . . . . . . . . . . . . 44 2.3 Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commitments; Loans. Subject to the terms and conditions set forth herein, each Lender agrees to make Loans denominated in the Agreed Currencies (selected by the Borrower) to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment; provided that the aggregate Dollar Equivalent amount of Loans denominated in Canadian Dollars, Euros and/or Pounds Sterling immediately after giving effect to the making of any Loans in Canadian Dollars, Euros and/or Pounds Sterling shall not exceed $500,000,000. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Loans.