Common use of The Initial Term Loan Commitments Clause in Contracts

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.