Loans and Borrowing Clause Samples
The 'Loans and Borrowing' clause defines the terms under which a party may obtain funds from another party, typically specifying the conditions, limits, and procedures for borrowing. It often details the maximum amount that can be borrowed, the interest rates, repayment schedules, and any collateral requirements. This clause ensures both parties understand their rights and obligations regarding the extension and repayment of credit, thereby reducing the risk of misunderstandings or disputes over financial transactions.
Loans and Borrowing. (a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.
(b) Subject to Section 2.12, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that (i) any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement and (ii) in the case of any such Loan made by an Affiliate of such Lender, such Lender shall not be entitled to receive any greater payment under Section 2.13 or 2.15 than it would have received had the Lender, and not such Affiliate, funded such Loan, and such Lender shall not be entitled to the benefits of Section 2.15 with respect to any payments on or with respect to such Loan unless such Affiliate complies with Section 2.15(e) as if it were the Lender.
(c) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $10,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $10,000,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.04(e). Borrowings of more than one Type may be outstanding at the same time.
(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Termination Date.
Loans and Borrowing. (a) The failure of any New Lender to make a New Loan required to be made by it shall not relieve any other New Lender of its obligations hereunder; provided, however, that the New Commitments of the New Lenders are several and no New Lender shall be responsible for any other New Lender’s failure to make its New Loan as required.
(b) Each New Lender at its option may make any New Loan by causing any domestic or foreign Lending Office of such New Lender to make such New Loan; provided, however, that the exercise of such option shall not affect the obligation of the Borrower to repay such New Loan in accordance with the terms of this Agreement.
(c) There shall be a single Borrowing of the New Loans hereunder, and such Borrowing shall only occur on the Restatement Effective Date. The aggregate amount of the New Loans shall not exceed the aggregate amount of the New Commitments.
(d) This Agreement is not a revolving credit agreement. Any amounts prepaid or repaid hereunder may not be reborrowed.
Loans and Borrowing. Subject to Section 2.18, the Loans shall be constituted entirely of Prime Rate Loans, CDOR Rate Loans or a combination thereof as either Borrower may request in accordance herewith. The Lender at its option may make any CDOR Rate Loan by causing any domestic or foreign branch or Affiliate of the Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement. Loans of more than one Type may be outstanding at the same time.
Loans and Borrowing. Each Loan outstanding on the Second Amendment Closing Date, after giving effect to the transactions provided for in Section 2.1, shall be part of a borrowing consisting of Loans held by Royalty Opportunities.”
Loans and Borrowing. (a) Each Loan shall be made as part of the Borrowing consisting of Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make the Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make its Loan as required.
(b) Subject to Section 2.11 Section 2.11, the Borrowing shall be comprised entirely of Term Benchmark Loans, as the Borrower may request in accordance herewith. Each Lender at its option may make the Loan required to be made by it by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.
(c) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to elect to continue the Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.
Loans and Borrowing. Each Loan outstanding on the Restatement Date, after giving effect to the transactions provided for in Section 2.1, shall be part of a borrowing consisting of Loans held ratably by the Lenders in accordance with the percentages that their respective Loans bear to the aggregate principal amount of the outstanding Loans. The failure of any Lender having a Commitment to make any New Loan required to be made by it on the Restatement Date shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make New Loans as required.
Loans and Borrowing. Subject to the terms and conditions set forth herein, each Lender agrees on the Closing Date to assume a term Loan hereunder in the principal amount set forth for such Lender on Schedule 2.
01. In connection with such assumption, the proceeds of the loans made under the New Credit Agreement and the proceeds of payments made hereunder by the Lenders in respect of any increase in their outstanding loans under this Agreement will be applied on the Closing Date to repay all the loans outstanding under this Agreement that will not continue after the Closing Date and to make payments to lenders under this Agreement prior to giving effect to the amendment and restatement hereof in respect of any decrease in their portion of any loans continuing after the Closing Date as assumed Loans under this Section 2.01. On the Closing Date, $35,000,000 in aggregate principal amount of Loans are outstanding. Loans assumed and outstanding pursuant to this Section 2.01 are not revolving in nature and amounts of such Loans repaid or prepaid may not be reborrowed.
Loans and Borrowing. Each Loan outstanding on the Restatement Date or the Tranche A Closing Date, after giving effect to the transactions provided for in Section 2.1, shall be part of a borrowing consisting of Loans held ratably by the Lenders in accordance with the percentages that their respective Loans bear to the aggregate principal amount of the outstanding Loans. The failure of any Lender having a Commitment to make any New Loan or Tranche A Loan required to be made by it on the Restatement Date or Tranche A Closing Date (as applicable) shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make New Loans or Tranche A Loans as required.”
Loans and Borrowing. Each Loan outstanding on the Restatement Date, after giving effect to the transactions provided for in Section 2.1, shall be part of a borrowing consisting of Loans held ratably by the Lenders in accordance with the percentages that their respective Loans bear to the aggregate principal amount of the outstanding Loans.
Loans and Borrowing