Term Loan Funding Clause Samples
The Term Loan Funding clause outlines the procedures and conditions under which a lender provides a specified loan amount to a borrower for a set period. Typically, this clause details the process for requesting funds, the timing and method of disbursement, and any prerequisites such as documentation or compliance requirements that must be met before funds are released. Its core practical function is to ensure both parties understand the steps and obligations involved in making the loan available, thereby reducing uncertainty and facilitating smooth financial transactions.
Term Loan Funding. (i) Subject to the conditions precedent set forth in Section 3.2 of this Agreement, the Lender agrees to fund Term Loans following not less than five (5) Business Days (or such shorter period as the Lender may agree in writing (including via email)) advance written notice substantially in the form of Exhibit F (such notice, a “Borrowing Request”) from Borrower, together with evidence of the satisfaction of the conditions precedent set forth in Section 3.2 of this Agreement (each, a “Term Loan” and collectively, the “Term Loans”); provided, that: (w) the aggregate amount of all such Term Loans shall not exceed the Term Loan Commitment, (x) the Lender shall not have any obligation to fund any Term Loan more frequently than once in every month and (y) each borrowing shall be in a minimum principal amount of $520,000,000 (or such lesser aggregate amount as is equal to the unused Term Loan Commitment at such time).
(ii) The proceeds of each Term Loan shall be deposited in the Disbursement Account and, to the extent intended to be used for the construction of the Georgia Facility pursuant to the applicable Term Loan Budget, disbursed to Borrower by the Title Company, all in accordance with Section 5.16(g).
Term Loan Funding. No later than 12:00 p.m., Pacific time, on a date of the Borrowing confirmed by a final irrevocable notice of Borrower (“Borrowing Notice”), if the applicable conditions precedent listed in Section 3.1 have been satisfied or waived, the Lender shall make available the Commitment in Dollars in immediately available funds to an account maintained by the Borrower.
Term Loan Funding. (a) Subject to the terms and conditions hereof, including, without limitation, the conditions set forth in Section 3.01(c), Purchased Bonds on the Term Loan Commencement Date shall be subject to repayment as provided in this section (“Term Loan Funding”). If the conditions precedent to a Term Loan Funding set forth in Section 3.01(c) are satisfied on a Term Loan Commencement Date, and notwithstanding anything to the contrary contained in the Bonds, the Commission agrees that (i) each Purchased Bond that is the subject of Term Loan Funding, if not earlier required to be paid under this Agreement, shall be subject to mandatory redemption in equal (as equal as reasonably practical taking into account the Authorized Denominations of the Bonds) principal installments on each Term Loan Payment Date scheduled to occur between the Term Loan Commencement Date and the Term Loan End Date beginning with the first Term Loan Payment Date to occur following the Term Loan Commencement Date; provided, however, that notwithstanding the foregoing, the Commission shall redeem or purchase (or cause to be purchased) all such Purchased Bonds no later than the Term Loan End Date; and (ii) all Purchased Bonds that are the subject of a Term Loan Funding shall, from and including the related Term Loan Commencement Date, bear interest at the Term Loan Rate payable on each Purchased Bond Interest Payment Date. All or any portion of the Purchased Bonds may be optionally redeemed at any time without penalty, but only in Authorized Denominations.
(b) If the conditions precedent to a Term Loan Funding set forth in Section 3.01(c) are not satisfied on a Term Loan Commencement Date, any Purchased Bonds on such Term Loan Commencement Date shall, from and after such date, bear interest at the Default Rate, a Term Loan End Date shall be deemed to have occurred with respect to said Purchased Bonds and said Purchased Bonds shall be subject to immediate mandatory redemption.
(c) Unless it otherwise notifies the Bank in writing, the Commission shall be deemed to have requested that each Purchased Bond held on the Term Loan Commencement Date related to such Purchased Bond become subject to Term Loan Funding by the Bankholder on the Term Loan Commencement Date related to such Purchased Bond. The obligation of the Bankholder to provide Term Loan Funding on a Term Loan Commencement Date shall be subject to the Bank’s satisfaction that (i) no Event of Default shall have occurred and be continuing and (...
Term Loan Funding. Subject to the terms and conditions set forth in Section 3.1 and Section 3.2, on the Term Loan Funding Date, each Lender severally agrees to advance to Borrower, on the Term Loan Funding Date (a “Borrowing”), a term loan (each a “Term Loan” and collectively the “Term Loans”). The Term Loans shall be in an aggregate principal amount not to exceed the Term Loan Commitment of all Lenders (the “Term Loan Facility”).
Term Loan Funding. Each Lender shall deposit an amount equal to the Term Loan to be made by such Lender to the Borrower with the Administrative Agent at the Principal Office, in immediately available funds, not later than 12:00 noon Eastern time on the Effective Date. Subject to fulfillment of all applicable conditions set forth herein, the Administrative Agent shall make available to the Borrower in the account specified by the Borrower in the Disbursement Instruction Agreement, not later than 3:00 p.m. Eastern time on the Effective Date the proceeds of such amounts received by the Administrative Agent. The Borrower may not reborrow any portion of the Term Loans once repaid.
Term Loan Funding. The Term Loan Lenders shall not be required to make the Term Loans unless the CompAir Acquisition shall be consummated, substantially concurrently with the making of the Term Loans, in compliance with the following terms and conditions: