Common use of The Term Loan Commitment Clause in Contracts

The Term Loan Commitment. Subject to and upon the terms and conditions set forth herein, each Lender with a Term Loan Commitment agrees to make a term loan (the “Term Loan”) to the Borrower, which Term Loan (i) shall be incurred pursuant to a single drawing on NYDOCS02/1076196.5 20 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, a Base Rate Loan or a LIBOR Loan, provided that except as otherwise specifically provided in Section 2.11(b), the Term Loan shall at all times be of a single Type, and (iv) shall be made by each such Lender in that aggregate principal amount which does not exceed the Term Loan Commitment of such Lender on the Closing Date. Once repaid, the Term Loan incurred hereunder may not be reborrowed.