Term Borrowing Clause Samples
The Term Borrowing clause defines the conditions under which a borrower can access and utilize funds for a specified period. Typically, it outlines the maximum amount that can be borrowed, the duration of the borrowing period, and any requirements for drawing down funds, such as notice periods or compliance with certain covenants. This clause ensures both parties understand the timeframe and limits of the borrowing arrangement, thereby providing predictability and managing the lender’s risk exposure.
Term Borrowing. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a single loan to the Borrower, in Dollars, on the Closing Date in an amount not to exceed such Term Lender’s Applicable Percentage of the Term Facility. The Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Applicable Percentage of the Term Facility. Term Borrowings repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; provided, however, any Term Borrowing made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless the Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Term Borrowing.
Term Borrowing. (i) Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make up to one (1) loan to the Company in Dollars from time to time, on any Business Day during the Availability Period for the Term Facility, in an aggregate amount not to exceed such Term Lender’s Applicable Percentage of the Term Facility (which such loan (i.e. the Term Loan (First Draw)) was funded on the Specified Acquisition Closing Date). The Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Applicable Percentage of the Term Facility. Term Borrowings repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein; provided, however, any Term Borrowing made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless the Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Term Borrowing.
(ii) On the Second Amendment Effective Date, pursuant to the terms hereof, each Term Lender with a Second Amendment Term Commitment, severally and not jointly, shall make an additional term loan denominated in Dollars to the Company (collectively, the “Second Amendment Term Loans”) in an aggregate amount not to exceed such Term Lender’s Applicable Percentage of the Second Amendment Term Commitments. The Second Amendment Term Commitments shall terminate concurrently with the making of the Second Amendment Term Loans on the Second Amendment Effective Date. Term Borrowings of the Second Amendment Term Loans repaid or prepaid may not be reborrowed. Second Amendment Term Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein. For the avoidance of doubt, it is understood and agreed that the Second Amendment Term Loans shall have all the terms and conditions applicable to, the initial Term Loans made pursuant to the Term Commitments provided on the Closing Date for all purposes under this Agreement and each Loan Document. Without limiting the generality of the foregoing, the Second Amendment Term Loans shall (x) constitute Obligations under the Loan Documents and have all of the benefits thereof, (x) have all of the rights, remedies, privileges and protections applicable to the Term Loans made prior to the Second Amendment Effective and (z) all references to “Term Loan”, “a Term Loan”, “any Term Loan”, or “the Term L...
Term Borrowing. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make up to two (2) loans to the Company in Dollars from time to time, on any Business Day during the Availability Period for the Term Facility, in an aggregate amount not to exceed such Term Lender’s Applicable Percentage of the Term Facility. The Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Applicable Percentage of the Term Facility. Term Borrowings repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein; provided, however, any Term Borrowing made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless the Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Term Borrowing.
Term Borrowing. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a single loan to the Borrower, in Dollars, on the Closing Date in an amount not to exceed such Term Lender’s Applicable Percentage of the Term Facility. The Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Applicable Percentage of the Term Facility. Term Borrowings repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein.
Term Borrowing. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a single loan in Dollars to the Company on the Closing Date in an amount not to exceed such Term Lender’s Applicable Percentage of the Term Facility. The Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Applicable Percentages of the Term Facility. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.
Term Borrowing. Subject to the terms and conditions set forth herein, the Lender agrees to make a single loan to the Borrower, in Dollars, on the Closing Date in an amount not to exceed the Term Facility. The Term Borrowing shall consist of Term Loans made by the Lender. Term Loans repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; provided, however, any Term Borrowing made on the Closing Date shall be made as Base Rate Loans unless the Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the Closing Date.
Term Borrowing. (i) Tranche B-1 Term Loans. Subject to the terms and conditions set forth herein, each Tranche B-1 Term Lender severally agrees to make a single loan to the Term Borrower (an “Initial Tranche B-1 Term Loan”) on the Closing Date, in Dollars, in an amount not to exceed such Term Lender’s Initial Tranche B-1
Term Borrowing. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a single loan to the Borrower, in Dollars, on the Eighth Amendment Effective Date in an amount not to exceed such Term Lender’s Applicable Percentage of the Term Facility, so long as after giving effect to such Term Borrowing, the Borrowing Availability shall not be less than zero. The Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Applicable Percentages of the Term Facility. Term Borrowings repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.
Term Borrowing. Subject to the terms and conditions set forth herein, in the event of the creation of any Incremental Term Loan pursuant to Section 2.15, each Term Lender severally agrees to make a single loan to the Borrowers, in Dollars on the effective date of such Incremental Term Loan in an amount not to exceed such Term Lender’s Applicable Percentage of such Incremental Term Loan. Any Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Applicable Percentage of the applicable Incremental Term Loan. Term Borrowings repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein.
Term Borrowing. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a single loan to the Borrower on the Closing Date in an amount equal to such Term Lender’s Term Commitment. The Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Applicable Percentage of the Term Facility. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed.