Initial Term Loans Sample Clauses
The 'Initial Term Loans' clause defines the original amount of loan funds made available to the borrower at the outset of a credit agreement. This clause typically specifies the total principal, the date on which the loan is advanced, and any conditions that must be met before the funds are disbursed. By clearly outlining the terms and conditions for the initial loan disbursement, this clause ensures both parties understand the starting obligations and helps prevent disputes regarding the availability and use of the initial loan proceeds.
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Initial Term Loans. Subject to adjustment as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05(a) solely to the extent of any such amounts applied to the prepayment of Initial Term Loans, the Initial Term Loans shall be due and payable, and the Borrower shall repay to the Initial Term Lenders quarterly on the last Business Day of each month of February, May, August and November occurring until the Maturity Date with respect to the Initial Term Facility, commencing with the first such payment date on May 30, 2024 (each such date, an “Initial Term Loan Repayment Date”), an aggregate principal amount equal to the Applicable Amortization Percentage of the original principal amount of all Initial Term Loans made by all Initial Term Lenders under Section 2.01(a)(i) (which payments shall be reduced as a result of the application of prepayments made in accordance with Section 2.05) or, if less, the entire principal of the Initial Term Loans then outstanding, unless accelerated sooner pursuant to Section 8.02; provided, however, that (i) the final principal repayment installment of the Initial Term Loans shall be repaid on the Maturity Date for the Initial Term Facility and in any event shall be in an amount equal to the aggregate principal amount of all Initial Term Loans outstanding on such date, (ii) if any principal repayment installment to be made by the Borrower (other than principal repayment installments on Term SOFR Loans) shall come due on a day other than a Business Day, such principal repayment installment shall be due on the next succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be and (iii) if any principal repayment installment to be made by the Borrower on a Term SOFR Loan shall come due on a day other than a Business Day, such principal repayment installment shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such principal repayment installment into another calendar month, in which event such principal repayment installment shall be due on the immediately preceding Business Day.
Initial Term Loans. Subject to the terms and conditions hereof, each Lender holding an Initial Term Loan Commitment severally agrees to make, in Dollars, in a single draw on the Closing Date, one or more term loans (each, an “Initial Term Loan”) to the Borrower in an aggregate principal amount not to exceed the amount set forth opposite such Lender’s name in Schedule A under the heading “Initial Term Loan Commitment”, as such amount may be adjusted or reduced pursuant to the terms hereof, which Initial Term Loans:
(i) except as hereinafter provided, shall, at the option of the Borrower, be incurred and maintained as, and/or converted into, ABR Loans or Eurodollar Loans; and
(ii) shall be made by each such Lender in an aggregate principal amount which does not exceed the Initial Term Loan Commitment of such Lender. Once repaid, Initial Term Loans incurred hereunder may not be reborrowed. On the Closing Date (after giving effect to the incurrence of Initial Term Loans on such date), the Initial Term Loan Commitment of each Lender shall terminate.
Initial Term Loans. The Borrower shall repay to the Administrative Agent for the ratable account of the Initial Term Lenders the aggregate principal amount of the Initial Term Loans outstanding in consecutive quarterly installments as follows (which installments shall, to the extent applicable, be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Sections 2.05 and 2.06, or be increased as a result of any increase in the amount of Initial Term Loans pursuant to Section 2.14 (such increased amortization payments to be calculated in the same manner (and on the same basis) as the schedule set forth below for the Initial Term Loans made as of the Closing Date)):
Initial Term Loans. Each Lender agrees, severally on a Pro Rata basis up to its Initial Term Loan Commitment, on the terms set forth herein, to make its portion of the Initial Term Loan to the Borrowers. The Initial Term Loan shall be funded by Lenders on the Closing Date. The Initial Term Loan Commitment of each Lender shall expire upon the funding by Lenders of the Initial Term Loan on the Closing Date. Once repaid, whether such repayment is voluntary or required, Initial Term Loans may not be reborrowed.
Initial Term Loans. Prior to the Closing Date, certain term loans were previously made to the Borrower under the Existing Credit Agreement which remain outstanding as of the Closing Date (such outstanding term loans being hereinafter referred to as the “Existing Term Loans”). Subject to the terms and conditions set forth in this Agreement, the parties hereto agree that on the Closing Date, but subject to the reallocation and other transactions described in Section 1.4, the Existing Term Loans shall be re-evidenced as Initial Term Loans under this Agreement and the terms of the Existing Term Loans shall be restated in their entirety and shall be evidenced by this Agreement. As of the Closing Date, the Initial Terms Loans are funded and such amounts may not be reborrowed. The commitments of the “Term A-1 Lenders” under the Existing Credit Agreement (including, for the avoidance of doubt, such Term A-1 Lenders constituting Initial Term Lenders) to fund the Initial Term Loans terminated immediately following the funding of the Initial Term Loans on the Original Closing Date. The Initial Term Loans are denominated solely in Dollars and may be continued as Floating Rate Loans or converted into Eurocurrency Loans in the manner provided in Section 2.8 and subject to the other conditions and limitations therein set forth and set forth in this Article II and set forth in the definition of Interest Period. Additionally, the Borrower shall make the scheduled repayment installments of principal prescribed in Section 2.4.2 and the mandatory prepayments prescribed in Section 2.4.4.
Initial Term Loans. The Borrower shall repay to the Administrative Agent for the ratable account of the Initial Term Lenders: (A) on or prior to the last day of each March, June, September and December that occurs prior to the Amendment No. 1 Effective Date, an aggregate amount equal to 0.25% of the initial aggregate principal amount of all Initial Term Loans made on the Closing Date, with the first such payment to be made on the last day of the fifth full fiscal quarter ending after the Closing Date, (B) on or prior to the last day of each March, June, September and December that occurs prior to the Initial Term Loan Maturity Date, an aggregate amount equal to 0.25% of the initial aggregate principal amount of all Initial Term Loans on the Amendment No. 1 Effective Date, with the first such payment to be made on the last day of the first full fiscal quarter ending after the Amendment No. 1 Effective Date; provided that if the Amendment No. 3 Funding Date occurs, after the funding of the 2020 Incremental Term Loans, the Administrative Agent shall be authorized to increase the total amount of amortization to account for the inclusion of the 2020 Incremental Term Loans in the Initial Term Loans such that the 2020 Incremental Term Loans will be fungible with the then-existing Initial Term Loans and (C) (C) on the Initial Term Loan Maturity Date, an aggregate amount equal to the aggregate principal amount of all Initial Term Loans outstanding on such date.
Initial Term Loans. Subject to the terms and conditions set forth herein, each Initial Term Loan Lender severally agrees to make an Initial Term Loan to the Borrower on the Closing Date in an aggregate amount equal to such Initial Term Loan Lender’s Initial Term Loan Commitment. Amounts borrowed under this Section 2.01(a) once paid or prepaid, may not be reborrowed.
Initial Term Loans. The Borrowers shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders (A) on the last Business Day of each March, June, September and December, commencing with June 30, 2020, an aggregate principal amount equal to 0.25% of the aggregate principal amount of all Initial Term Loans outstanding on the Closing Date (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05 or Section 10.07 to the extent such Indebtedness is cancelled) and (B) on the Maturity Date for the Initial Term Loans, the aggregate principal amount of all Initial Term Loans outstanding on such date.
Initial Term Loans. Subject to the terms and conditions set forth herein or in the Amendment and Restatement Agreement, each Initial Term Lender made an Initial Term Loan to the Term Borrowers on or prior to the Restatement Effective Date. The Initial Term Loans (x) are denominated in Dollars and (y) bear interest in accordance with Section 2.06. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed. Notwithstanding anything to the contrary contained herein (and without affecting any other provision hereof), (i) the funded portion of the Initial Term Loans made on the Original Effective Date by the Initial Term Lenders was equal to 99.0% of the principal amount thereof (it being agreed that the full principal amount of each such Initial Term Loan was deemed outstanding on the Original Effective Date and the Term Borrowers shall be obligated to repay 100% of the principal amount of each such Initial Term Loan as provided hereunder) and (ii) the funded portion of the Initial Term Loans made on the Restatement Effective Date by the Initial Term Lenders was equal to 98.5% of the principal amount thereof (it being agreed that the full principal amount of each such Initial Term Loan was deemed outstanding on the Restatement Effective Date and the Term Borrowers shall be obligated to repay 100% of the principal amount of each such Initial Term Loan as provided hereunder).
Initial Term Loans. Subject to the terms and conditions hereof, each Initial Term Loan Lender severally agrees to make in a single draw on the Restatement Effective Date, one or more term loans in Dollars to the Borrower in an aggregate principal amount not to exceed the amount set forth opposite such Initial Term Loan Lender’s name on Schedule A hereto under the heading “Term Loan Commitment,” as such amount may be adjusted or reduced pursuant to the terms hereof, which term loans may be made in cash or, if agreed by the Borrower, by exchange of all or any portion of such Initial Term Loan Lender’s Term Loans (as defined under the Original Term Loan Credit Agreement) outstanding immediately prior to the Restatement Effective Date into Initial Term Loans pursuant to the Second Amendment, or a combination thereof.