The Initial Term Loan Commitments Sample Clauses
The Initial Term Loan Commitments clause defines the amount and terms under which lenders agree to provide the initial tranche of loan funds to the borrower at the outset of a credit agreement. This clause typically specifies the total commitment amount, identifies the participating lenders, and outlines the conditions that must be met before the funds are disbursed, such as satisfaction of closing conditions or delivery of required documentation. Its core practical function is to establish the baseline financial commitment from lenders, ensuring both parties have a clear understanding of the initial funding available and the requirements for accessing those funds.
The Initial Term Loan Commitments. Subject to and upon the terms and conditions set forth herein, each Lender with an Initial Term Loan Commitment severally agrees to make a term loan (each, an “Initial Term Loan” and, collectively, the “Initial Term Loans”) to the Borrower, which Initial Term Loans (i) shall be incurred pursuant to a single drawing on the Closing Date, (ii) shall be denominated in Dollars, (iii) except as hereinafter provided, shall, at the option of the Borrower, be incurred and maintained as, and/or converted into, Base Rate Loans or LIBOR Loans; provided that except as otherwise specifically provided in Section 2.10(b), all Term Loans comprising the same Borrowing shall at all times be of the same Type and Class, and (iv) shall be made by each such Lender in an aggregate principal amount which does not exceed the Initial Term Loan Commitment of such Lender on the Closing Date. Once repaid, Term Loans incurred hereunder may not be reborrowed.
The Initial Term Loan Commitments. Subject to and upon the terms and conditions set forth herein, each Lender with an Initial Term Loan Commitment severally agrees to make on the Closing Date a term loan (each, an “Initial Term Loan” and, collectively, the “Initial Term Loans”) to the Borrower in the principal amount set forth opposite such Lender’s name on Schedule 1.01(a), which Initial Term Loans (i) shall be incurred pursuant to a single drawing on the Closing Date, (ii) shall be denominated in Dollars and (iii) except as hereinafter provided, shall, at the option of the Borrower, be incurred and maintained as, and/or converted into, Base Rate Loans or SOFR Loans; provided, that except as otherwise specifically provided in Section 2.10(b), all Initial Term Loans comprising the same Borrowing shall at all times be of the same Type and Class. Once repaid, Term Loans incurred hereunder may not be reborrowed.
The Initial Term Loan Commitments. Subject to and upon the terms and conditions set forth herein, concurrently with the settlement of the transactions contemplated by the Closing Date Open Market Purchase Agreements and in satisfaction of the purchase price due from the Borrower thereunder to each Lender (or Affiliate of such Lender thereunder as specified on Schedule 1.01(a)), each Lender shall be deemed to make to the Borrower on the Closing Date, and the Borrower shall be deemed to issue to each Lender on the Closing Date, a term loan (each, an “Initial Term Loan” and, collectively, the “Initial Term Loans”) in the principal amount equal to the aggregate principal amount of the Existing Term Loans of such Lender (or Affiliate of such Lender as specified on Schedule 1.01(a)) purchased pursuant to the applicable Closing Date Open Market Purchase Agreement, which is set forth opposite such Lender’s name on Schedule 1.01(a), which Initial Term Loans (i) shall be incurred pursuant to a single drawing on the Closing Date, (ii) shall be denominated in Dollars and (iii) except as hereinafter provided, shall, at the option of the Borrower, be incurred and maintained as, and/or converted into, Base Rate Loans or LIBOR Loans; provided, that except as otherwise specifically provided in Section 2.10(b), all Initial Term Loans shall at all times be of the same Type. Once repaid, Initial Term Loans incurred hereunder may not be reborrowed. For the avoidance of doubt, notwithstanding that no cash is exchanged, the Borrower shall owe the aggregate principal amount of the Initial Term Loans to the Lenders under this Agreement.