Common use of Term Loan Amounts Clause in Contracts

Term Loan Amounts. On the terms and subject to the conditions set forth herein, the Lenders hereby agree to make to Borrowers a term loan in an original principal amount equal to the Term Loan Commitment (“Term Loan”). Each Lender’s obligation to fund the Term Loan shall be limited to such Lender’s Term Loan Commitment Percentage, and no Lender shall have any obligation to fund any portion of any Term Loan required to be funded by any other Lender, but not so funded. No Borrower shall have any right to reborrow any portion of the Term Loan that is repaid or prepaid from time to time. The Term Loan may be funded in multiple advances in an aggregate amount not to exceed the Term Loan Commitment, but no advances under the Term Loan shall be made after June 30, 2007, and any portion of the Term Loan Commitment not funded as of the close of business on such June 30, 2007 shall thereupon automatically be terminated and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitment. Lenders shall have no obligation to make more than one (1) advance in respect of the Term Loan per calendar month and Lenders shall have no obligation to make any advance of the Term Loan that is less than $1,000,000 (other than any final disbursement). Borrowers shall deliver to Administrative Agent a Notice of Borrowing with respect to each proposed Term Loan advance, such Notice of Borrowing to be delivered no later than 2:00 PM (Chicago time) two (2) Business Days prior to such proposed borrowing. Notwithstanding anything to the contrary provided for in the foregoing or otherwise in this Agreement, as of the close of business on March 31, 2007, if the total aggregate amount of all advances under the Term Loan requested by Borrowers and funded by Lenders as of such date does not equal or exceed $10,000,000, then as of such date the Term Loan Commitment shall be automatically reduced by an amount equal to the difference between $10,000,000 and such total aggregate amount of all advances under the Term Loan made as of such date and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitment.

Appears in 1 contract

Samples: Credit and Security Agreement (Orexigen Therapeutics, Inc.)

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Term Loan Amounts. On the terms and subject to the conditions set forth herein, the Lenders hereby agree to make to Borrowers a term loan in an original principal amount equal to the Term Loan Commitment (“Term Loan”"TERM LOAN"). Each Lender’s 's obligation to fund the Term Loan shall be limited to such Lender’s 's Term Loan Commitment Percentage, and no Lender shall have any obligation to fund any portion of any Term Loan required to be funded by any other Lender, but not so funded. No Borrower shall have any right to reborrow any portion of the Term Loan that is repaid or prepaid from time to time. The Subject to the terms and conditions contained herein, the Term Loan may be funded in multiple two advances (each such advance being hereinafter referred to as a "TRANCHE") in an aggregate amount not to exceed the Term Loan Commitment, but no advances under the Term Loan shall be made after June 30, 2007, and any portion the Commitment Expiry Date. The initial Tranche of the Term Loan Commitment not funded as of (the close of business on such June 30, 2007 shall thereupon automatically be terminated and the Term Loan Commitment Amount of each Lender as of such date "TRANCHE A ADVANCE") shall be reduced by such Lender’s Pro Rata Share of such total reduction advanced on the date hereof in the Term Loan Commitmentamount of Twelve Million Dollars ($12,000,000). Lenders shall have no obligation to make more than one (1) advance in respect The second Tranche of the Term Loan per calendar month (the "TRANCHE B ADVANCE") may be advanced in a single advance at any time through the Commitment Expiry Date and Lenders may not exceed Twelve Million Dollars ($12,000,000); provided, however, that the Tranche B Advance shall have no obligation to make not be advanced at any advance of time that either the Term Loan that is less than $1,000,000 (other than any final disbursement)Market Cap Condition or the Opana Condition has not been satisfied. Borrowers shall deliver to Administrative Agent a Notice of Borrowing with respect to each proposed Term Loan advance, such Notice of Borrowing to be delivered no later than 2:00 PM noon (Chicago time) two (2) Business Days prior to such proposed borrowing. Notwithstanding anything to the contrary provided for in the foregoing or otherwise in this Agreement, as funding date of the close of business on March 31, 2007, if the total aggregate amount of all advances under the Term Loan requested by Borrowers and funded by Lenders as of such date does not equal or exceed $10,000,000, then as of such date the Term Loan Commitment shall be automatically reduced by an amount equal to the difference between $10,000,000 and such total aggregate amount of all advances under the Term Loan made as of such date and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitmentapplicable advance.

Appears in 1 contract

Samples: Credit and Security Agreement (Penwest Pharmaceuticals Co)

Term Loan Amounts. On the terms and subject to the conditions set forth herein, the Lenders hereby agree to make to Borrowers a term loan in an original principal amount equal to the Term Loan Commitment (“Term Loan”). Each Lender’s obligation to fund the Term Loan shall be limited to such Lender’s Term Loan Commitment Percentage, and no Lender shall have any obligation to fund any portion of any Term Loan required to be funded by any other Lender, but not so funded. No Borrower shall have any right to reborrow any portion of the Term Loan that is repaid or prepaid from time to time. The Term Loan may be funded in multiple advances in an aggregate amount not to exceed the Term Loan Commitment, but no advances under the Term Loan shall be made after June 30December 31, 2007, and any portion of the Term Loan Commitment not funded as of the close of business on such June 30December 31, 2007 shall thereupon automatically be terminated and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitment. Lenders shall have no obligation to make more than one (1) advance in respect of the Term Loan per calendar month and Lenders shall have no obligation to make any advance of the Term Loan that is less than $1,000,000 (other than any final disbursement). Borrowers shall deliver to Administrative Agent a Notice of Borrowing with respect to each proposed Term Loan advance, such Notice of Borrowing to be delivered no later than 2:00 PM (Chicago time) two (2) Business Days prior to such proposed borrowing. Notwithstanding anything to the contrary provided for in the foregoing or otherwise in this Agreement, as of the close of business on March 31, 2007, if the total aggregate amount of all advances under the Term Loan requested by Borrowers and funded by Lenders as of such date does not equal or exceed $10,000,000, then as of such date the Term Loan Commitment shall be automatically reduced by an amount equal to the difference between $10,000,000 and such total aggregate amount of all advances under the Term Loan made as of such date and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitment.

Appears in 1 contract

Samples: Credit and Security Agreement (Orexigen Therapeutics, Inc.)

Term Loan Amounts. On the terms and subject to the conditions set forth hereinherein and in the other Financing Documents, the Lenders severally hereby agree to make to Borrowers a one or more term loan in an original principal amount equal loans on one or more Business Days occurring after the Closing Date and on or prior to the Term Loan Commitment Termination Date (each, a “Term Loan Funding Date”) in an original aggregate principal amount not to exceed the Term Loan Commitments on such Term Loan Funding Date (each such advance, a “Term Loan Advance” and collectively, the “Term Loan”); provided that (i) the amount of any Term Loan Advance requested by Borrowers at such time shall not exceed the Term Loan Availability at such time, (ii) each Term Loan Advance shall be in a principal amount of $2,500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the remaining amount of the Term Loan Commitments) and (iii) each Term Loan Advance shall reduce and partially terminate the Term Loan Commitment on a dollar-for-dollar basis. Each Lender’s obligation to fund the Term Loan shall be limited to such Lender’s Term Loan Commitment Percentage, and no Lender shall have any obligation to fund any portion of any the Term Loan required to be funded by any other Lender, but not so funded. No Borrower shall have any right to reborrow any portion of the Term Loan that is repaid or prepaid from time to time. The Term Loan may be funded in multiple advances in an aggregate amount not to exceed the Term Loan CommitmentUnless previously terminated, but no advances under the Term Loan shall be made after June 30, 2007, and any portion of upon the Term Loan Commitment not funded as of Termination Date, the close of business on such June 30, 2007 Term Loan Commitments shall thereupon automatically be terminated and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan CommitmentCommitments. Lenders No Borrower shall have no obligation any right to make more than one (1) advance in respect of the Term Loan per calendar month and Lenders shall have no obligation to make reborrow any advance portion of the Term Loan that is less than $1,000,000 (other than any final disbursement)repaid or prepaid from time to time. Borrowers shall deliver to Administrative Agent a Notice of Borrowing with respect to each proposed Term Loan advanceAdvance, such Notice of Borrowing to be delivered no later than 2:00 PM noon (Chicago Eastern time) two (2) Business Days prior to such proposed borrowing. Notwithstanding anything to the contrary provided for in the foregoing or otherwise in this Agreement, as of the close of business on March 31, 2007, if the total aggregate amount of all advances under the Term Loan requested by Borrowers and funded by Lenders as of such date does not equal or exceed $10,000,000, then as of such date the Term Loan Commitment shall be automatically reduced by an amount equal to the difference between $10,000,000 and such total aggregate amount of all advances under the Term Loan made as of such date and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitment.

Appears in 1 contract

Samples: Credit, Guaranty and Security Agreement (Transfix Holdings, Inc.)

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Term Loan Amounts. On the terms and subject to the conditions set forth herein, the Lenders hereby agree each Lender severally agrees to make to Borrowers a term loan in an original principal amount equal to the such Lender’s Term Loan Commitment Percentage (collectively, the “Term Loan”). Each Lender’s obligation to fund the Term Loan shall be limited to such Lender’s Term Loan Commitment Percentage, and no Lender shall have any obligation to fund any portion of any Term Loan required to be funded by any other Lender, but not so funded. No Borrower shall have any right to reborrow any portion of the Term Loan that is repaid or prepaid from time to time. The Term Loan may be funded in multiple no more than three (3) advances of no less than $2,000,000 each (each, a “Draw”), and in an aggregate amount not to exceed the Term Loan Commitment; provided, but however, that no advances Draws under the Term Loan shall may be made at any time after June 30October 15, 2007, and any portion of the Term Loan Commitment not funded as of the close of business 5:00pm (Chicago time) on such June 30October 15, 2007 shall thereupon automatically be terminated terminated, and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitment. Lenders shall have no obligation to make more than one (1) advance in respect of The initial Draw made under the Term Loan per calendar month and Lenders shall have no obligation to make any advance be in an amount of the Term Loan that is not less than $1,000,000 (other than any final disbursement)7,500,000 and shall be advanced on the Closing Date. Borrowers shall deliver to Administrative Agent a Notice of Borrowing with respect to each proposed Term Loan advanceDraw, such Notice of Borrowing to be delivered no later than 2:00 PM noon (Chicago time) two five (25) Business Days prior to such proposed borrowing. Notwithstanding anything to the contrary provided for in the foregoing or otherwise in this Agreement, as of the close of business on March 31, 2007, if the total aggregate amount of all advances under the Term Loan requested by Borrowers and funded by Lenders as of such date does not equal or exceed $10,000,000, then as of such date the Term Loan Commitment shall be automatically reduced by an amount equal to the difference between $10,000,000 and such total aggregate amount of all advances under the Term Loan made as of such date and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan CommitmentDraw.

Appears in 1 contract

Samples: Credit and Security Agreement (Targanta Therapeutics Corp.)

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