Initial Term Loan Facility Clause Samples
The Initial Term Loan Facility clause defines the terms under which a lender provides a borrower with a specific amount of funds as a term loan at the outset of a financing arrangement. This clause typically outlines the principal amount available, the conditions for drawing the loan, and the repayment schedule. For example, it may specify that the borrower can access a set sum upon closing, subject to meeting certain conditions precedent. Its core practical function is to establish the foundational borrowing arrangement, ensuring both parties are clear on the initial loan amount, timing, and obligations, thereby reducing uncertainty and facilitating the transaction.
Initial Term Loan Facility. As of the Amendment and Restatement Effective Date, the Initial Term Loans have been repaid in full and are no longer outstanding.
Initial Term Loan Facility. Subject to the terms and conditions set forth herein, on the Amendment and Restatement Effective Date any “Term Loan” outstanding under the Existing Bank Credit Agreement shall be continued as an Initial Term Loan hereunder. As of the Amendment and Restatement Effective Date, the aggregate amount of outstanding Initial Term Loans is $200 million.
Initial Term Loan Facility. Subject to the terms and conditions hereof, each Lender agrees to make available loans in the amount of such Lender’s Initial Term Loan Commitment to the Borrowers in Dollars (each, an “Initial Term Loan” and, collectively, the “Initial Term Loans”) on the Effective Date. Amounts repaid in respect of Initial Term Loans may not be reborrowed.
Initial Term Loan Facility. Each Lender severally agrees, on the terms and conditions of this Agreement, to make a loan (collectively, the "INITIAL TERM LOANS") to the Borrower in Dollars on the Closing Date in an aggregate principal amount equal to the amount of the Initial Term Loan Commitment of such Lender; provided that: (i) there shall be no more than one borrowing of Initial Term Loans; and (ii) in no event shall the aggregate principal amount of all Initial Term Loans at any one time outstanding exceed the aggregate amount of the Initial Term Loan Commitments as in effect from time to time. Amounts prepaid or repaid in respect of the Initial Term Loans may not be reborrowed.
Initial Term Loan Facility. Subject to the terms and conditions hereof, each Lender, by its acceptance hereof, severally agrees to make a loan (individually an “Initial Term Loan” and collectively for all the Lenders the “Initial Term Loans”) in U.S. Dollars to the Borrower in the amount of such Lender’s Initial Term Loan Commitment. T▇▇ ▇▇▇tial Term Loans shall be advanced in a single Borrowing on the Closing Date and shall be made ratably by the Lenders in proportion to their respective Initial Term Loan Percentages, at which time the Initial Term Loan Commitments shall expire. As provided in Section 2.6(a), the Borrower may elect that the Initial Term Loans be outstanding as Base Rate Loans or Term SOFR Loans. No amount repaid or prepaid on any Initial Term Loans may be borrowed again (it being understood and agreed that any continuation or conversion of an Initial Term Loan shall not constitute an additional Borrowing).
Initial Term Loan Facility. Subject to the terms and conditions set forth herein, on the Effective Date any “Term Loan” outstanding under the Existing Credit Agreement shall be continued as an Initial Term Loan hereunder and the Initial Term Loan of each Initial Term Loan Bank hereunder as of the Effective Date shall be as set forth on Appendix II hereto.