Closing Date Loan Clause Samples
The 'Closing Date Loan' clause defines the terms under which a loan is disbursed to the borrower on the closing date of a transaction. Typically, this clause specifies the amount to be advanced, the conditions that must be satisfied before disbursement, and the timing of the loan funding in relation to the closing of a purchase or refinancing. For example, it may require that all legal documents are executed and all pre-closing obligations are met before the lender releases funds. The core function of this clause is to ensure that both parties are clear on when and how the loan proceeds will be provided, thereby reducing uncertainty and coordinating the financial aspects of the closing process.
Closing Date Loan. The obligation of each Lender to make the Loans on the Closing Date as provided for hereunder is subject to the fulfillment, to the satisfaction of the Agents and each Lender, of each of the following conditions precedent on or before the Closing Date, unless any such condition is waived in accordance with Section 12.01:
Closing Date Loan. At the Closing, BitNile and Giga shall enter into the loan documents to be negotiated by Giga and BitNile with respect to the Closing Date Loan, and BitNile shall fund the Closing Date Loan in accordance with the terms of such loan documents.
Closing Date Loan. On the Closing Date:
Closing Date Loan. Each Lender severally agrees to make its portion of a term loan (the “Closing Date Loan”) to the Borrower on the Closing Date in an aggregate amount equal to Twenty Five Million Dollars ($25,000,000.00); and
Closing Date Loan. On the Closing Date, and without the requirement for providing any other notice under this Agreement, Lenders shall make, and Borrower shall borrow, a Loan in the principal amount of One Hundred Million Dollars ($100,000,000), which shall bear interest through December 12, 2006 at the rate per annum equal to four and eighty-three one-hundredths percent (4.83%) plus the Applicable Margin as of the Closing Date (such Loan is referred to as the "Fixed Rate Loan"). Unless Borrower elects otherwise in accordance with the terms and conditions of this Agreement, immediately after December 12, 2006, the Fixed Rate Loan shall automatically convert to a Base Rate Loan.