Initial Term definition
Examples of Initial Term in a sentence
The Initial Term Commitments of each Term Lender shall be automatically and permanently reduced to $0 upon the funding of the Initial Term Loans to be made by such Term Lender on the Closing Date.
Subject to the terms and conditions expressly set forth herein, each Term Lender severally agrees to make to the Initial Borrower on the Closing Date one or more Term Borrowings of Initial Term Loans denominated in Dollars in an aggregate amount not to exceed at any time outstanding the amount of such Term Lender’s Initial Term Commitment.
In accordance with the foregoing, the Initial Borrower has requested that, substantially simultaneously with the consummation of the Acquisition, the Lenders extend credit in the form of Initial Term Loans (as this and other capitalized terms used in these preliminary statements are defined in Section 1.01 below) and Revolving Loans on the Closing Date.
The proceeds of the Initial Term Loans and the Revolving Loans (limited, on the Closing Date, as set forth herein), together with the proceeds of the Equity Contributions contributed directly or indirectly to the Initial Borrower and cash on hand, will be used on the Closing Date (i) to consummate the Refinancing, (ii) to fund the Acquisition, (iii) to pay the Transaction Expenses and (iv) for working capital and general corporate purposes and, after the Closing Date, in accordance with Section 6.16.
In accordance with the foregoing, the Initial Borrower requested that, substantially simultaneously with the consummation of the Acquisition, the Lenders extend credit in the form of Initial Term Loans (as this and other capitalized terms used in these preliminary statements are defined in Section 1.01 below) and Revolving Loans on the Closing Date.