Existing Term Loan Commitments Clause Samples

Existing Term Loan Commitments. Borrowers and the Lenders acknowledge and agree that, immediately prior to the effectiveness of this Agreement, the outstanding principal amount of the “Term Loan” under the Existing Credit Agreement is $0.00 (the “Existing Term Loans”). The Borrowers and the Lenders expressly acknowledge and agree that (a) the Existing Term Loans (including, without limitation, all interest and fees due and owing in connection therewith) have been repaid in full and no Lender shall have any commitment to fund any additional term loans pursuant to this Agreement, (b) all Term Loan Commitments have been satisfied and have been terminated and (c) the Borrowers shall have no additional payment obligations in respect of the principal amount of the Existing Term Loan. Amounts previously borrowed as an Existing Term Loan which were repaid or prepaid may not be reborrowed.