Term definition
Examples of Term in a sentence
For the avoidance of doubt, Incremental Term Loans having identical terms to any of the other Term Loans (other than OID and/or upfront fees) may be treated as the same Class as any of such Term Loans for all purposes herein.
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.
In the case of each Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent (in the case of Term Loans) and the Revolving Agent (in the case of Revolving Loans)in Same Day Funds, through its relevant Lending Office, at the Applicable Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice.
If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or fails to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Loans shall be made as, or converted to, Base Rate Loans.
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.