The Commitments and Credit Extensions Clause Samples
The "Commitments and Credit Extensions" clause defines the obligations of lenders to provide funds or credit to a borrower under a loan agreement. It typically outlines the maximum amount of credit available, the conditions under which funds can be drawn, and the procedures for requesting advances or loans. For example, it may specify that the borrower can request advances up to a certain limit, subject to compliance with covenants and representations. This clause ensures clarity regarding the availability and terms of credit, helping both parties understand their rights and obligations and reducing the risk of disputes over funding.
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The Commitments and Credit Extensions. 2.01 The Loans.
The Commitments and Credit Extensions. Section 2.01. The Loans.
(a) The Initial Term Loan Borrowings and DDTL Borrowings.
(i) The Initial Term Loan Borrowings. Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make to the Borrower on the Closing Date loans denominated in Dollars in an aggregate principal amount not to exceed the amount of such Term Lender’s Term Commitment. Amounts borrowed under this Section 2.01(a)(i) and repaid or prepaid may not be reborrowed. Initial Term Loans may be Base Rate Loans or Term SOFR Loans, as further provided herein; provided that as of the Amendment No. 4 Effective Date, any outstanding Initial Term Loans that are Eurocurrency Rate Loans (as defined by this Agreement prior to giving effect to Amendment No. 4) prior to giving effect to Amendment No. 4 will continue as Eurocurrency Rate Loans (in accordance with this Agreement prior to giving effect to Amendment No. 4) until the last day of the Interest Period applicable to such Loan (or the next following Business Day if such day is not a Business Day) and, to the extent it remains outstanding on such date, shall be available to be converted by the Borrower to Term SOFR Loan or a Base Rate Loan.
(ii) The Initial DDTL Borrowings. Subject to the terms and conditions set forth herein, each Initial DDTL Lender severally agrees to make to the Borrower from time to time after the Closing Date until the Initial DDTL Commitment Expiration Date (on one or more occasions) loans denominated in Dollars in an aggregate principal amount not to exceed the amount of such Initial DDTL Lender’s then-outstanding Initial DDTL Commitment. Amounts borrowed under this Section 2.01(a)(ii) and repaid or prepaid may not be reborrowed. Initial DDTLs may be Base Rate Loans or Term SOFR Loans, as further provided herein. Notwithstanding anything to the contrary in this Agreement, (i) from and after the Initial DDTL Commitment Expiration Date, the Initial DDTLs shall be added to and become a part of the Initial Term Loans, (ii) the Initial DDTLs shall have the same terms as the Initial Term Loans and (iii) from and after the Initial DDTL Commitment Expiration Date, the Initial Term Loans and the Initial DDTLs shall be treated as part of a single Class of Initial Term Loans for all purposes, except that interest on the Initial DDTLs shall commence to accrue from the applicable date of such DDTL Borrowing. On the Initial DDTL Commitment Expiration Date, the Administrative Agent shall, based on the Ty...
The Commitments and Credit Extensions. 2.01 Revolving Loans, Term B Loan and Incremental Term A Loan.
The Commitments and Credit Extensions. 36 2.01 Commitments .................................................................................................................... 36 2.02 Borrowings, Conversions and Continuations of Loans .................................................... 36 2.03 [Reserved] ......................................................................................................................... 38 2.04 [Reserved] ......................................................................................................................... 38 2.05
The Commitments and Credit Extensions. Section 2.01 The Loans 128 Section 2.02 Borrowings, Conversions and Continuations of Loans 129 Section 2.03 Letters of Credit 131 Section 2.04 [Reserved] 144 Section 2.05 Prepayments 144 Section 2.06 Termination or Reduction of Commitments 152 Section 2.07 Repayment of Loans 154 Section 2.08 Interest 156 Section 2.09 Fees 157 Section 2.10 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate 157 Section 2.11 Evidence of Indebtedness 158 Section 2.12 Payments Generally; Administrative Agent’s Clawback 159 Section 2.13 Sharing of Payments 162 Section 2.14 Incremental Facilities 163 Section 2.15 Incremental Notes 169 Section 2.16 Cash Collateral 172 Section 2.17 Defaulting Lenders 173 Section 2.18 Specified Refinancing Debt 175 Section 2.19 Extension of Term Loans and Revolving Credit Commitment 178 Section 2.20 Permitted Debt Exchanges 183 Section 3.01 Taxes 185 Section 3.02 [Reserved] 191 Section 3.03 Illegality 191 Section 3.04 Inability to Determine Rates 192
The Commitments and Credit Extensions. Section 2.01.
The Commitments and Credit Extensions. 2.01. The Revolving Credit Facility. Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (“Loans”) to the Borrower from time to time, on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Borrowing, (i) the Total Outstandings shall not exceed the Revolving Credit Facility, and (ii) the aggregate Outstanding Amount of the Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01. Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. All Existing Loans shall be deemed to have been made pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.
The Commitments and Credit Extensions. 2.01 Commitments.
The Commitments and Credit Extensions. Section 2.01. The Loans 76 Section 2.02. Borrowings, Conversions and Continuations of Loans 77 Section 2.03. [Reserved] 79 Section 2.04. [Reserved] 79 Section 2.05. Prepayments 79 Section 2.06. Termination or Reduction of Commitments 90 Section 2.07. Repayment of Loans 90 Section 2.08. Interest 91 Section 2.09. Fees 91 Section 2.10. Computation of Interest and Fees 92 Section 2.11. Evidence of Indebtedness 92 Section 2.12. Payments Generally 93 Section 2.13. Sharing of Payments 95 Section 2.14. Incremental Credit Extensions 96 Section 2.15. Refinancing Amendments 102 Section 2.16.
The Commitments and Credit Extensions. 24 2.01. Revolving Loans....................................... 24 2.02. Borrowings, Conversions and Continuations of Revolving Loans................................................. 24 2.03.