Common use of Term Loan Amounts Clause in Contracts

Term Loan Amounts. On the terms and subject to the conditions set forth herein, the Lenders hereby agree to make to Borrowers a term loan in an original principal amount equal to the Term Loan Commitment (“Term Loan”). Each Lender’s obligation to fund the Term Loan shall be limited to such Lender’s Term Loan Commitment Percentage, and no Lender shall have any obligation to fund any portion of any Term Loan required to be funded by any other Lender, but not so funded. No Borrower shall have any right to reborrow any portion of the Term Loan that is repaid or prepaid from time to time. The Term Loan may be funded in multiple advances in an aggregate amount not to exceed the Term Loan Commitment, but no advances under the Term Loan shall be made after December 31, 2007, and any portion of the Term Loan Commitment not funded as of the close of business on such December 31, 2007 shall thereupon automatically be terminated and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitment. Lenders shall have no obligation to make more than one (1) advance in respect of the Term Loan per calendar month and Lenders shall have no obligation to make any advance of the Term Loan that is less than $1,000,000 (other than any final disbursement). Borrowers shall deliver to Administrative Agent a Notice of Borrowing with respect to each proposed Term Loan advance, such Notice of Borrowing to be delivered no later than 2:00 PM (Chicago time) two (2) Business Days prior to such proposed borrowing.

Appears in 1 contract

Samples: Credit and Security Agreement (Orexigen Therapeutics, Inc.)

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Term Loan Amounts. On the terms and subject to the conditions set forth herein, the Lenders hereby agree each Lender severally agrees to make to Borrowers a term loan in an original principal amount equal to the such Lender’s Term Loan Commitment Percentage (collectively, the “Term Loan”). Each Lender’s obligation to fund the Term Loan shall be limited to such Lender’s Term Loan Commitment Percentage, and no Lender shall have any obligation to fund any portion of any Term Loan required to be funded by any other Lender, but not so funded. No Borrower shall have any right to reborrow any portion of the Term Loan that is repaid or prepaid from time to time. The Term Loan may be funded in multiple no more than three (3) advances of no less than $2,000,000 each (each, a “Draw”), and in an aggregate amount not to exceed the Term Loan Commitment; provided, but however, that no advances Draws under the Term Loan shall may be made at any time after December 31October 15, 2007, and any portion of the Term Loan Commitment not funded as of the close of business 5:00pm (Chicago time) on such December 31October 15, 2007 shall thereupon automatically be terminated terminated, and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitment. Lenders shall have no obligation to make more than one (1) advance in respect of The initial Draw made under the Term Loan per calendar month and Lenders shall have no obligation to make any advance be in an amount of the Term Loan that is not less than $1,000,000 (other than any final disbursement)7,500,000 and shall be advanced on the Closing Date. Borrowers shall deliver to Administrative Agent a Notice of Borrowing with respect to each proposed Term Loan advanceDraw, such Notice of Borrowing to be delivered no later than 2:00 PM noon (Chicago time) two five (25) Business Days prior to such proposed borrowingDraw.

Appears in 1 contract

Samples: Credit and Security Agreement (Targanta Therapeutics Corp.)

Term Loan Amounts. On the terms and subject to the conditions set forth herein, the Lenders hereby agree each Lender severally agrees to make to Borrowers a term loan in an original principal amount equal to the such Lender’s Term Loan Commitment Percentage (collectively, the “Term Loan”). Each Lender’s obligation to fund the Term Loan shall be limited to such Lender’s Term Loan Commitment Percentage, and no Lender shall have any obligation to fund any portion of any Term Loan required to be funded by any other Lender, but not so funded. No Borrower shall have any right to reborrow any portion of the Term Loan that is repaid or prepaid from time to time. The Term Loan may be funded in multiple two advances (each, a “Tranche”): Twenty Five Million Dollars ($25,000,000) shall be drawn on the Closing Date (“Tranche A”) and an additional Five Million Dollars ($5,000,000) may be drawn during the first six (6) months from the Closing Date (“Tranche B”), in an aggregate amount not to exceed the Term Loan Commitment, but no advances under the Term Loan shall be made after December 31, 2007the six (6) month anniversary date of the Closing Date, and any portion of the Term Loan Commitment not funded as of the close of business on such December 31, 2007 the six (6) month anniversary date of the Closing Date shall thereupon automatically be terminated and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitment. If Borrowers have not drawn Tranche B as of the close of business on the six (6) month anniversary of the Closing Date, Borrowers shall pay to Administrative Agent, for the benefit of all Lenders shall have no obligation committed to make more than one Term Loan advances on the Closing Date a non-utilization fee of Two Hundred Thousand Dollars (1$200,000). Notwithstanding anything to the contrary provided for in the foregoing or otherwise in this Agreement, as of the close of business on the six (6) advance in respect month anniversary date of the Closing Date, if the total aggregate amount of all advances under the Term Loan per calendar month requested by Borrowers and funded by Lenders as of such date shall have no obligation to make any advance not equal Thirty Million Dollars ($30,000,000), then as of such date the Term Loan that is less than Commitment shall be automatically reduced by an amount equal to the difference between Thirty Million Dollars ($1,000,000 (other than any final disbursement)30,000,000) and such total aggregate amount of all advances under the Term Loan made as of such date and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitment. If drawn, Tranche B shall be drawn by Borrowers in its entirety. Borrowers shall deliver to Administrative Agent a Notice of Borrowing with respect to each proposed Term Loan advance, such Notice of Borrowing to be delivered no later than 2:00 PM noon (Chicago time) two (2) Business Days prior to such proposed borrowing.

Appears in 1 contract

Samples: Credit and Security Agreement (NxStage Medical, Inc.)

Term Loan Amounts. On the terms and subject to the conditions set forth herein, the Lenders hereby agree to make to Borrowers a term loan in an original principal amount equal to the Term Loan Commitment (“Term Loan”"TERM LOAN"). Each Lender’s 's obligation to fund the Term Loan shall be limited to such Lender’s 's Term Loan Commitment Percentage, and no Lender shall have any obligation to fund any portion of any Term Loan required to be funded by any other Lender, but not so funded. No Borrower shall have any right to reborrow any portion of the Term Loan that is repaid or prepaid from time to time. The Subject to the terms and conditions contained herein, the Term Loan may be funded in multiple two advances (each such advance being hereinafter referred to as a "TRANCHE") in an aggregate amount not to exceed the Term Loan Commitment, but no advances under the Term Loan shall be made after December 31, 2007, and any portion the Commitment Expiry Date. The initial Tranche of the Term Loan Commitment not funded as of (the close of business on such December 31, 2007 shall thereupon automatically be terminated and the Term Loan Commitment Amount of each Lender as of such date "TRANCHE A ADVANCE") shall be reduced by such Lender’s Pro Rata Share of such total reduction advanced on the date hereof in the Term Loan Commitmentamount of Twelve Million Dollars ($12,000,000). Lenders shall have no obligation to make more than one (1) advance in respect The second Tranche of the Term Loan per calendar month (the "TRANCHE B ADVANCE") may be advanced in a single advance at any time through the Commitment Expiry Date and Lenders may not exceed Twelve Million Dollars ($12,000,000); provided, however, that the Tranche B Advance shall have no obligation to make not be advanced at any advance of time that either the Term Loan that is less than $1,000,000 (other than any final disbursement)Market Cap Condition or the Opana Condition has not been satisfied. Borrowers shall deliver to Administrative Agent a Notice of Borrowing with respect to each proposed Term Loan advance, such Notice of Borrowing to be delivered no later than 2:00 PM noon (Chicago time) two (2) Business Days prior to such proposed borrowingthe funding date of the applicable advance.

Appears in 1 contract

Samples: Credit and Security Agreement (Penwest Pharmaceuticals Co)

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Term Loan Amounts. On the terms and subject to the conditions set forth herein, the Lenders hereby agree to make to Borrowers a term loan in an original principal amount equal to the Term Loan Commitment (“Term Loan”). Each Lender’s obligation to fund the Term Loan shall be limited to such Lender’s Term Loan Commitment Percentage, and no Lender shall have any obligation to fund any portion of any Term Loan required to be funded by any other Lender, but not so funded. No Borrower shall have any right to reborrow any portion of the Term Loan that is repaid or prepaid from time to time. The Term Loan may be funded in multiple advances in an aggregate amount not to exceed the Term Loan Commitment, but no advances under the Term Loan shall be made after December 31June 30, 2007, and any portion of the Term Loan Commitment not funded as of the close of business on such December 31June 30, 2007 shall thereupon automatically be terminated and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitment. Lenders shall have no obligation to make more than one (1) advance in respect of the Term Loan per calendar month and Lenders shall have no obligation to make any advance of the Term Loan that is less than $1,000,000 (other than any final disbursement). Borrowers shall deliver to Administrative Agent a Notice of Borrowing with respect to each proposed Term Loan advance, such Notice of Borrowing to be delivered no later than 2:00 PM (Chicago time) two (2) Business Days prior to such proposed borrowing. Notwithstanding anything to the contrary provided for in the foregoing or otherwise in this Agreement, as of the close of business on March 31, 2007, if the total aggregate amount of all advances under the Term Loan requested by Borrowers and funded by Lenders as of such date does not equal or exceed $10,000,000, then as of such date the Term Loan Commitment shall be automatically reduced by an amount equal to the difference between $10,000,000 and such total aggregate amount of all advances under the Term Loan made as of such date and the Term Loan Commitment Amount of each Lender as of such date shall be reduced by such Lender’s Pro Rata Share of such total reduction in the Term Loan Commitment.

Appears in 1 contract

Samples: Credit and Security Agreement (Orexigen Therapeutics, Inc.)

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