Making of Term Loans. Subject to the terms and conditions hereof, in a single borrowing during the Term Loan Availability Period, each Term Loan Lender severally and not jointly agrees to make a Term Loan to the Company in the aggregate principal amount equal to such Lender’s Term Loan Commitment Percentage of up to $750,000,000 (the “Initial Term Loan Amount”), in accordance with the terms hereof. Upon a Lender’s funding of its Term Loan Commitment, the Term Loan Commitment of such Lender shall terminate and be reduced to zero. If the Company does not borrow the full Initial Term Loan Amount in a single borrowing as contemplated by this Agreement, the Term Loan Commitments shall be reduced to zero immediately following such borrowing. Any unused Term Loan Commitments shall automatically terminate at 5:00 p.m. New York City time on the last day of the Term Loan Availability Period.
Appears in 4 contracts
Samples: Credit Agreement (Park Hotels & Resorts Inc.), Credit Agreement (Park Hotels & Resorts Inc.), Credit Agreement (Park Hotels & Resorts Inc.)
