Effective Date Loans Clause Samples

The 'Effective Date Loans' clause defines the specific date from which a loan agreement becomes legally binding and enforceable between the parties. In practice, this clause establishes when the lender is obligated to provide funds and when the borrower assumes responsibility for repayment and compliance with the loan terms. By clearly stating the effective date, the clause ensures both parties are aligned on when their rights and obligations commence, thereby preventing disputes over the timing of loan disbursement and repayment schedules.
Effective Date Loans. Subject to the terms and conditions set forth in this Agreement, each of the Lenders severally agrees to lend to the Borrower on the Effective Date the aggregate principal amount of such Lender’s Initial Commitment Amount, for the purposes set forth in Section 2.13. On the Effective Date, the Total Initial Commitment Amount as of the Effective Date shall be disbursed to the Borrower in a single advance. Such Loans shall be made pro rata in accordance with each Lender’s Initial Commitment Percentage. The acceptance by the Borrower of such Loans hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in Section 5 have been satisfied or waived. No portion of any such Loan that is repaid or prepaid may be reborrowed hereunder.
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Effective Date Loans. Subject to Section 2.0l(a) and the other terms and conditions set forth herein, the Revolving Lenders agree to make the Effective Date Loans to the Borrower Representative for the benefit of the Borrowers on the Amendment No. 1 Effective Date; provided, however, that (i) the Lenders waive the conditions set forth in Section 4.02(c)(ii) and Section 4.02(d) with respect to the Effective Date Loans, (ii) for all purposes of this Agreement, the outstanding principal amount of the Effective Date Loans shall be excluded from any determination of the Borrowing Base Deficiency until the first date following the Amendment No. 1 Effective Date on which the outstanding principal amount of the Revolving Loans does not exceed the Borrowing Base and (iii) each Effective Date Loan shall initially be a Base Rate Loan and, notwithstanding the second sentence of Section 2.02(a), notice of the requested Borrowing of the Effective Date Loans (which may be delivered by telephone or e-mail request) may be received by the Administrative Agent not later than 2:00 p.m. on the Amendment No. 1 Effective Date.
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Effective Date Loans. Subject to the terms and conditions hereof, on the Effective Date each Lender severally and not jointly agrees to make an Effective Date Loan to the Borrower in the aggregate principal amount of such Lender's Commitment. Each Lender's Commitment to make an Effective Date Loan shall terminate immediately when such Effective Date Loan is made on the Effective Date.
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Effective Date Loans. The obligation of each Lender to make its Loans on the Effective Date are subject to the following conditions precedent:
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Related to Effective Date Loans

  • Revolving Loans The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of all Revolving Loans outstanding on such date.

  • Incremental Loans Any Incremental Term Loans or Incremental Revolving Commitments effected through the establishment of one or more new term loans or new revolving credit commitments, as applicable, made on an Incremental Facility Closing Date (other than a Loan Increase) shall be designated a separate Class of Incremental Term Loans or Incremental Revolving Commitments, as applicable, for all purposes of this Agreement. On any Incremental Facility Closing Date on which any Incremental Term Commitments of any Class are effected (including through any Term Loan Increase), subject to the satisfaction of the terms and conditions in this Section 2.14, (i) each Incremental Term Lender of such Class shall make a Loan to the Borrower (an “Incremental Term Loan”) in an amount equal to its Incremental Term Commitment of such Class and (ii) each Incremental Term Lender of such Class shall become a Lender hereunder with respect to the Incremental Term Commitment of such Class and the Incremental Term Loans of such Class made pursuant thereto. On any Incremental Facility Closing Date on which any Incremental Revolving Commitments of any Class are effected through the establishment of one or more new revolving credit commitments (including through any Revolving Commitment Increase), subject to the satisfaction of the terms and conditions in this Section 2.14, (i) each Incremental Revolving Lender of such Class shall make its Commitment available to the Borrower (when borrowed, an “Incremental Revolving Loan” and collectively with any Incremental Term Loan, an “Incremental Loan”) in an amount equal to its Incremental Revolving Commitment of such Class and (ii) each Incremental Revolving Lender of such Class shall become a Lender hereunder with respect to the Incremental Revolving Commitment of such Class and the Incremental Revolving Loans of such Class made pursuant thereto.

  • Effective Date; Duration This Agreement shall become effective when signed by both parties and approved by the City’s legal counsel. Unless sooner terminated, this Agreement shall expire on June 30, 2019. Termination or expiration shall not extinguish or prejudice the City’s right to enforce this Agreement with respect to any default or defect in performance that has not been cured.

  • Existing Loans (a) The Contributors have obtained certain financing encumbering the Property referred to as the Excel Centre from CIBC with a principal balance, as of September 30, 2009, of approximately $13,054,774 (the “Existing Loan”). Such Existing Loan, including any related notes, deed of trusts, financing statements, amendments, modifications, assignments, and all other documents or instruments evidencing or securing such Existing Loan, shall be referred to, collectively, as the “Existing Loan Documents.” The Existing Loan shall be considered a “Permitted Lien” for purposes of this Agreement and Exhibit F hereto. The Operating Partnership at its election shall either (i) assume the Existing Loan at the Closing (subject to obtaining any necessary consents from the holder of each mortgage or deed of trust related to the Existing Loan (each a “Lender”) prior to Closing), or (ii) take title to the Property Interest subject to the lien of the Existing Loan Documents; provided, however, that if the Operating Partnership elects to proceed under clauses (i) or (ii) of this sentence, the Operating Partnership may nonetheless, at its sole discretion, cause the Existing Loan to be refinanced or repaid after the Closing. (b) In connection with the assumption of the Existing Loan at the Closing, the Operating Partnership shall be responsible for any assumption fee or prepayment premium assessed by the Lender and associated with such assumption, refinancing or payoff prior to maturity and any other related fees, charges, costs or expenses. Each Contributor shall use commercially reasonable efforts along with the Operating Partnership in seeking to process approval of the assumption of the Existing Loan or in beginning the process for any refinancing or payoff.

  • Disbursement of Revolving Credit and Swingline Loans Not later than 2:00 p.m. on the proposed borrowing date, (i) each Revolving Credit Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Revolving Credit Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, the Swingline Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form attached as Exhibit C (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this Section to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage of such Loan. Revolving Credit Loans to be made for the purpose of refunding Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.2(b).