Revolving Commitments; Term Loans Clause Samples
The 'Revolving Commitments; Term Loans' clause defines the structure and terms under which a lender provides both revolving credit facilities and term loans to a borrower. In practice, this clause outlines the maximum amounts available for revolving borrowings—where funds can be drawn, repaid, and redrawn up to a specified limit—and the terms for term loans, which are typically disbursed in a lump sum and repaid over a fixed schedule. By clearly distinguishing between these two types of credit arrangements, the clause ensures both parties understand the borrowing options, repayment obligations, and flexibility available, thereby reducing confusion and managing expectations regarding the use and repayment of loaned funds.
Revolving Commitments; Term Loans. (i) Subject to the terms and conditions set forth herein, each Revolving Lender severally agrees to make Revolving Loans to the Borrower from time to time in dollars during the Availability Period in an aggregate principal amount that will not result in (a) such ▇▇▇▇▇▇’s Revolving Credit Exposure exceeding such ▇▇▇▇▇▇’s Revolving Commitment or (b) the sum of the total Revolving Credit Exposures exceeding the total Revolving Commitments.
(ii) Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.
(b) Subject to the terms and conditions set forth therein, each Term Loan Lender extended a Term Loan (other than New Term Loans and the Effective Date Term Loans) to the Borrower in dollars pursuant to the Existing Credit Agreement. The Term Loan Commitments of the Lenders to make the Term Loans (other than the New Term Loan Commitments, which shall be governed by Section 2.04, and the Effective Date Term Loan Commitment) have expired as of the Effective Date (the “Term Loan Commitment Expiry Date”). Each of the parties hereto hereby acknowledges and agrees that, notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, as of the Effective Date (and prior to giving effect to the repayment of Non-Extended Term Loan A-2 and Non-Extended Term Loan A-3 (in each case under and as defined in the Existing Credit Agreement) pursuant to Section 2.01(c)), the “Obligations” of the Borrower under and as defined in the Existing Credit Agreement (including all outstanding principal, all accrued and unpaid interest thereon (including default interest), fees, costs and expenses) remain outstanding and payable by the Borrower and constitute Obligations hereunder and under the other Loan Documents. Each of the parties hereto hereby further agrees and acknowledges that each Lender has funded that amount of the Term Loans as set forth opposite the name of such Lender on Schedule 2.01 under the column “Term Loans A-1” and “Term Loans A-2”. Subject to the terms and conditions set forth herein (including the cashless settlement of the Term Loans under the Existing Credit Agreement repaid on the Effective Date pursuant to Section 2.01(c) below), each Term Loan Lender with an Effective Date Term Loan Commitment severally agrees to make an Effective Date Term Loan to the Borrower in dollars in a single Borrowing on the Effective Date in an amount not to exceed...
Revolving Commitments; Term Loans. (a) Revolving Commitments; L/C Issuer; Swing Line Lender.