Loans and Commitments Clause Samples
The "Loans and Commitments" clause defines the terms under which a lender agrees to provide funds to a borrower, as well as the borrower's right to draw on those funds up to a specified limit. This clause typically outlines the maximum loan amount, the conditions for drawing funds, and any ongoing obligations or restrictions related to the commitment. Its core function is to establish clear parameters for borrowing and lending, ensuring both parties understand the extent and limitations of the financial arrangement.
Loans and Commitments. (a) Subject to the terms and conditions hereof, each Term A Loan outstanding under the Existing Credit Agreement immediately prior to the Restatement Effective Date shall remain outstanding under this Agreement as a Term A Loan. Term A Loans that were Eurodollar Loans of a particular Eurodollar Tranche under the Existing Credit Agreement immediately prior to the effectiveness of this Agreement on the Restatement Effective Date shall initially be Eurodollar Loans of a Eurodollar Tranche under this Agreement with an initial Interest Period equal to the then remaining Interest Period for such Eurodollar Tranche under the Existing Credit Agreement (and with the same Eurodollar Rate). Term A Loans that were ABR Loans under the Existing Credit Agreement immediately prior to the effectiveness of this Agreement on the Restatement Effective Date shall initially be ABR Loans under this Agreement. The Term A Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.10.
(b) Subject to the terms and conditions hereof, each Term E Loan outstanding under the Existing Credit Agreement immediately prior to the effectiveness of this Agreement on the Restatement Effective Date shall remain outstanding under this Agreement as a Term E Loan. Term E Loans that were Eurodollar Loans of a particular Eurodollar Tranche under the Existing Credit Agreement immediately prior to the effectiveness of this Agreement on the Restatement Effective Date shall initially be Eurodollar Loans of a Eurodollar Tranche under this Agreement with an initial Interest Period equal to the then remaining Interest Period for such Eurodollar Tranche under the Existing Credit Agreement (and with the same Eurodollar Rate). Term E Loans that were ABR Loans under the Existing Credit Agreement immediately prior to the effectiveness of this Agreement on the Restatement Effective Date shall initially be ABR Loans under this Agreement. The Term E Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.10.
(c) Subject to the terms and conditions hereof, each Term F Loan outstanding under the Existing Credit Agreement immediately prior to the effectiveness of this Agreement on the Restatement Effective Date shall remain outstanding under this Agreement as a Term F Loan. Term F Loans that wer...
Loans and Commitments. (a) Subject to the terms and conditions set forth herein (including Sections 4.01 and 4.02), and relying upon the representations and warranties set forth herein, each Lender with a Refinanced Commitment shall be deemed, on the Effective Date, to have made a loan to the Borrower (each such loan, a “Refinanced Loan”) in an aggregate amount equal to such Lender’s Refinanced Commitment. The Administrative Agent, the Lenders and the Credit Parties each acknowledges and agrees that the Refinanced Loans shall be deemed funded on the Effective Date without any actual funding and the Refinanced Commitment of each Lender shall terminate immediately and automatically after the deemed making of the Refinanced Loan. The Borrower acknowledges and agrees that the full proceeds of the Refinanced Loans have been disbursed by the Lenders to the Borrower. The Refinanced Loans shall initially be made as Eurodollar Loans with an Interest Period of three months. Once repaid, the Refinanced Loans may not be reborrowed, and any Refinanced Commitment, once terminated, may not be reinstated.
(b) Subject to the terms and conditions set forth herein (including Sections 4.01 and 4.02), and relying upon the representations and warranties set forth herein, each Lender with a New Money Commitment agrees, severally and not jointly, to make loans to the Borrower (each such loan, a “New Money Loan”) in Dollars on any Business Day on or following the Effective Date and during the Availability Period in an aggregate amount not to exceed its New Money Commitment at such time; provided that the aggregate amount of each such Borrowing shall not be less than $500,000 (or, if less, the aggregate amount of the remaining New Money Commitments), and, in any event, in an aggregate amount for each such Borrowing not to exceed the aggregate New Money Commitments at such time. The amount of each Lender’s New Money Loan as part of any such Borrowing shall equal its pro rata share of such Borrowing.
(c) Proceeds of the New Money Loans shall be used and distributed by the Borrower solely as permitted herein. Once borrowed or repaid, the New Money Loans may not be reborrowed, and any New Money Commitment, once terminated or reduced, may not be reinstated. The aggregate amount of the New Money Commitments shall be reduced by the amount of each Borrowing of New Money Loans made hereunder immediately upon the funding thereof, and the amount of each Lender’s applicable New Money Commitment shall be automaticall...
Loans and Commitments. (a) Subject to the terms and conditions hereof, each Revolving Credit Lender severally agrees to make revolving credit loans (the "Revolving Credit Loans") to the Borrower from time to time during the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding which, when added to such Lender's Revolving Credit Commitment Percentage of the then outstanding L/C Obligations, does not exceed the amount of such Lender's Revolving Credit Commitment, provided that no such Revolving Credit Loan shall be made if, after giving effect thereto, Section 2.4
Loans and Commitments. 19 Section 2.2
Loans and Commitments. (a) [Reserved]
(b) Subject to and upon the terms and conditions set forth herein, each Tranche A Term Lender severally agrees to make on the Effective Date term loans (each a “Tranche A Term Loan”) requested by Borrower hereunder, which Tranche A Term Loans (A) shall be made and maintained in Dollars, (B) shall bear interest in accordance with Section 2.07, (C) may not be reborrowed if repaid, (D) shall not exceed for any Tranche A Term Lender at any time that aggregate principal amount outstanding which at such time equals the Tranche A Term Loan Commitment of such Tranche A Term Lender at such time, (E) shall not be required to be made by any Tranche A Term Lender if, after giving effect thereto, the Aggregate Tranche A Term Loan Exposure would exceed the then applicable Total Tranche A Term Loan Commitment, and (F) may only be drawn by the Borrower pursuant to one Borrowing on the Effective Date.
(c) Subject to and upon the terms and conditions set forth herein, each Tranche B Term Lender severally agrees to make at any time on or after the Effective Date and prior to the Tranche B Term Loan Commitment Termination Date term loans (each a “Tranche B Term Loan”) requested by Borrower hereunder, which Tranche B Term Loans (A) shall be made and maintained in Dollars, (B) shall bear interest in accordance with Section 2.07, (C) may only be drawn by the Borrower on a date occurring prior to the Tranche B Term Loan Commitment Termination Date, (D) may not be reborrowed if repaid, (E) shall not exceed for any Tranche B Term Lender at any time that aggregate principal amount outstanding which at such time equals the Tranche B Term Loan Commitment of such Tranche B Term Lender at such time, (F) shall not be required to be made by any Tranche B Term Lender if, after giving effect thereto, the Aggregate Tranche B Term Loan Exposure would exceed the then applicable Total Tranche B Term Loan Commitment, (G) may only be drawn by the Borrower pursuant to one Borrowing after the Effective Date but prior to the Tranche B Term Loan Commitment Termination Date, (H) may only be drawn if prior to or concurrently with such Borrowing, all of the conditions precedent set forth in Section 7 have been satisfied or waived, and (I) shall not be required to be made by any Tranche B Term Lender if, after giving effect thereto, the Aggregate Term Loan Exposure would exceed the amount then permitted pursuant to Section 4.07(1) of the Senior Note Indenture at such time.
Loans and Commitments. Section 2.01 Loans.......................................................8 Section 2.02 Borrowing...................................................8 Section 2.03 Fees........................................................9 Section 2.04 Note........................................................9 Section 2.05 Prepayments.................................................9
Loans and Commitments. Subject to the terms and conditions set forth herein, each Lender agrees (a) to make term loans to the Borrower on the Closing Date (each, a “Tranche B Term Loan”) in a principal amount not exceeding such Lender’s Tranche B Term Loan Commitment and (b)(i) on the Closing Date all Revolving Loans under (and as defined in) the Existing Credit Agreement shall be deemed to be Revolving Loans outstanding under this Agreement, (ii) the Revolving Commitments shall be increased from $15,000,000 to $25,000,000 and (iii) to make Revolving Loans to the Borrower from time to time during the Revolving Availability Period in an aggregate principal amount that will not result in such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. Amounts repaid or prepaid in respect of Tranche B Term Loans may not be reborrowed.
Loans and Commitments. Subject to the terms and conditions hereof, each Lender severally agrees to make, on the Closing Date, a Loan to Company in an amount equal to its pro rata portion of $20 million shown on Appendix A, such that the total Loans of all Lenders made on the Closing Date shall be $20 million. Any amount borrowed under this Section 2.1(a) and subsequently repaid or prepaid may not be reborrowed. Subject to Sections 2.13(a) and 2.14, all amounts owed hereunder with respect to the Loans shall be paid in full no later than the Maturity Date. Each Lender’s Loan made on the Closing Date shall automatically reduce such Lender’s Commitment in the principal amount funded. For the avoidance of doubt, the making of a Loan under this Section 2.1 and the consequent termination of such Lender’s Commitment on the Closing Date do not limit the obligation of such Lender to make a PIK Loan under Section 2.8(b).
Loans and Commitments. (a) The Loan Parties acknowledge and agree that pursuant to the Existing Credit Agreement, the Tranche A Lenders made certain term loans prior to the Closing Date to Borrower in an aggregate principal amount equal to $67,164,710.50 and that the outstanding term loans are to remain outstanding as of the date of this Agreement (such loans hereafter referred to as “Existing Tranche A Loans”).
(b) Subject to the terms and conditions hereof, each of the Tranche A Lenders severally agrees to make a term loan to Borrower, at any time or from time to time during the period from the Funding Date to the Commitment Expiration Date, in an aggregate principal amount not to exceed such Lender’s Tranche A Commitment at such time (collectively, “Additional Tranche A Loans”; and together with the Existing Tranche A Loans, the “Tranche A Loans”).
Loans and Commitments. 58 2.1. Loans and Commitments. 58 2.2. Pro Rata Shares; Availability of Funds 60 2.3.