Common use of Initial Term Commitments Clause in Contracts

Initial Term Commitments. Subject to the terms and conditions set forth herein, each Lender severally agrees to make a single term loan to the Borrower on the Closing Date (the “Initial Term Loan”) in a principal amount equal to the Initial Term Commitment of such Lender. The Initial Term Loan may be comprised of, from time to time, Base Rate Loans or Eurodollar Loans or a combination thereof. The execution and delivery of this Agreement by the Borrower and the satisfaction of all conditions precedent pursuant to Section 3.1 shall be deemed to constitute the Borrower’s request to borrow the Initial Term Loan on the Closing Date; provided that the Initial Term Loan made on the Closing Date shall be a Base Rate Borrowing unless a funding indemnity letter in form and substance reasonably satisfactory to the Administrative Agent is received three (3) Business Days prior to the Closing Date. It is understood and agreed that to the extent the Sterling Acquisition is not consummated prior to or simultaneously with the Closing Date, $25,000,000 of the Initial Term Loans (the “Escrowed Amount”) shall be funded into a segregated account maintained by the Borrower with the Administrative Agent (the “Segregated Account”).

Initial Term Commitments. Subject to the terms and conditions set forth herein, each Lender severally agrees to make a single term loan to the Borrower on the Closing Date (the “Initial Term Loan”) in a principal amount equal to the Initial Term Commitment of such Lender. The Initial Term Loan may be comprised of, from time to time, Base Rate Loans or Eurodollar Loans or a combination thereof. The execution and delivery of this Agreement by the Borrower and the satisfaction of all conditions precedent pursuant to Section 3.1 shall be deemed to constitute the Borrower’s request to borrow the Initial Term Loan on the Closing Date; provided that the Initial Term Loan made on the Closing Date shall be a Base Rate Borrowing unless a funding indemnity letter in form and substance reasonably satisfactory to the Administrative Agent is received three (3) Business Days prior to the Closing Date. It is understood and agreed that to the extent the Sterling Acquisition is not consummated prior to or simultaneously with the Closing Date, $25,000,000 100,000,000 of the Initial Term Loans (the “Escrowed Amount”) shall be funded into a segregated account maintained by the Borrower with the Administrative Agent (the “Segregated Account”).