Term Loan Borrowing Commitments Clause Samples
The 'Term Loan Borrowing Commitments' clause defines the lender's obligation to provide a specified amount of funds to the borrower under a term loan agreement. It typically outlines the maximum principal amount available, the time frame during which the borrower can request disbursements, and any conditions that must be met before funds are advanced. For example, the clause may state that the borrower can draw up to $10 million within 12 months, subject to meeting certain financial covenants. This clause ensures both parties have a clear understanding of the borrowing limits and conditions, thereby reducing uncertainty and managing expectations regarding the availability of loan funds.
Term Loan Borrowing Commitments. (i) Subject to and upon the terms and conditions herein set forth, each Lender severally agrees to make a simultaneous loan or loans (each, a “Closing Date Term Loan”) on the Closing Date to the Borrower in Dollars, which Closing Date Term Loans shall not exceed for any such Lender, the Closing Date Term Loan Commitment of such Lender and in the aggregate for all such Lenders shall not exceed $23,500,000.
Term Loan Borrowing Commitments. Subject to and upon the terms and conditions herein set forth, (x) each Lender having a Term Loan Commitment severally agrees to make a simultaneous loan or loans (each a “Term Loan”) on the Closing Date to the Borrower in Dollars, which Term Loans shall not exceed for any such Lender the Term Loan Commitment of such Lender and in the aggregate shall not exceed $650,000,000. and (y) each 2013 Term Loan Lender having a 2013 Term Loan Commitment severally agrees to make a simultaneous loan or loans on the 2013 Refinancing Amendment Effective Date to the Borrower in Dollars, which Term Loans shall not exceed for any such Lender the 2013 Term Loan Commitment of such Lender and in the aggregate shall not exceed $793,500,000 (it being understood that the Term Loans made on the Closing Date pursuant to clause (x) above will be refinanced as of the 2013 Refinancing Amendment Effective Date and shall not be outstanding thereafter). Such Term Loans (i) shall be made on the Closing Date or the 2013 Refinancing Amendment Effective Date, as applicable, in accordance with the preceding paragraph, (ii) may at the option of the Borrower be incurred and maintained as, and/or converted into, ABR Loans or LIBOR Loans, provided that all such Term Loans made by each of the Lenders pursuant to the same Borrowing shall, unless otherwise specifically provided herein, consist entirely of Term Loans of the same Type, (iii) may be repaid or prepaid in accordance with the provisions hereof, but once repaid or prepaid, may not be reborrowed, (iv) shall not exceed for any such Lender its Term Loan Commitment and (v) shall not exceed in the aggregate the total of all Term Loan Commitments. On the Term Loan Maturity Date, all then unpaid Term Loans shall be repaid in full.
Term Loan Borrowing Commitments. Subject to and upon the terms and conditions herein set forth, (xw) each Lender having a Term Loan Commitment severally agrees to make a simultaneous loan or loans on the Closing Date to the Borrower in Dollars, which Term Loans shall not exceed for any such Lender the Term Loan Commitment of such Lender and in the aggregate shall not exceed $650,000,000, (yx) each 2013 Term Loan Lender having a 2013 Term Loan Commitment severally agrees to make a simultaneous loan or loans on the 2013 Refinancing Amendment Effective Date to the Borrower in Dollars, which Term Loans shall not exceed for any such Lender the 2013 Term Loan Commitment of such Lender and in the aggregate shall not exceed $793,500,000 (and refinance in full the Term Loans made on the Closing Date pursuant to clause (xw) above) and, (zy) each 2017 Term Loan Lender having a 2017 Term Loan Commitment severally agrees to make a simultaneous loan or loans on the 2017 Refinancing Amendment Effective Date to the Borrower in Dollars, which Term Loans shall not exceed for any such 2017 Term Loan Lender the 2017 Term Loan Commitment of such 2017 Term Loan Lender and in the aggregate shall not exceed $400,000,000 (it being understood that the Term Loans made on the 2013 Refinancing Amendment Effective Date pursuant to clause (yx) above will be refinanced in full as of the 2017 Refinancing Amendment Effective Date and shall not be outstanding thereafter). and (z) each 2018 Term Loan Lender having a 2018 Term Loan Commitment severally agrees to make a simultaneous loan or loans on the 2018 Refinancing Amendment Effective Date to the Borrower in Dollars, which Term Loans shall not exceed for any such 2018 Term Loan Lender the 2018 Term Loan Commitment of such 2018 Term Loan Lender and in the aggregate shall not exceed $399,000,000 (it being understood that the Term Loans made on the 2017 Refinancing Amendment Effective Date pursuant to clause (y) above will be refinanced in full as of the 2018 Refinancing Amendment Effective Date and shall not be outstanding thereafter). Such Term Loans (i) shall be made on the Closing Date or, the 2013 Refinancing Amendment Effective Date, the 2017 Refinancing Amendment Effective Date or the 2018 Refinancing Amendment Effective Date, as applicable, in accordance with the preceding paragraph, (ii) may at the option of the Borrower be incurred and maintained as, and/or converted into, ABR Loans or LIBOR Loans, provided that all such Term Loans made by each of the Lenders purs...
Term Loan Borrowing Commitments. (a) Subject to and upon the terms and conditions herein set forth and the Interim Order, and provided, that the notice of Borrowing to occur on the Closing Date is made within three (3) Business Days after the Petition Date, each Lender severally agrees to make a simultaneous loan (the “Closing Date Term Loan”) on the Closing Date to the Borrower in Dollars, which Closing Date Term Loan shall not exceed, (x) for all Lenders, the amount specified in clause (a) of the definition of Maximum Availability, and (y) for any individual Lender, such Lender’s pro rata share of the amount specified in clause (x) above based on the ratio that the Closing Date Term Loan Commitment of such Lender bears to the Closing Date Term Loan Commitments of all the Lenders.
Term Loan Borrowing Commitments