The Initial Loans Clause Samples
The Initial Loans clause defines the specific loans that are being made available at the outset of a financing agreement. It typically outlines the principal amounts, the borrowers, and the terms under which these initial funds are disbursed, such as interest rates, repayment schedules, and any conditions precedent to funding. By clearly identifying the initial loans, this clause ensures all parties understand the scope and structure of the initial financing, thereby reducing ambiguity and establishing a clear foundation for the lending relationship.
The Initial Loans. Subject to the terms and conditions set forth herein, the Lender agrees to make to the Borrower on the Closing Date loans denominated in Dollars in an aggregate amount not to exceed the amount of the Lender’s Initial Commitment. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed.
The Initial Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make a single term loan (each, an “Initial Loan”) to the Borrower on the Restatement Effective Date in an amount not to exceed such Lender’s Commitment. The Borrowing shall consist of Initial Loans made simultaneously by the Lenders in accordance with their respective Applicable Percentage of the Initial Loan Facility. Amounts borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed. Initial Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. The Borrower agrees to pay to each Lender party to this Agreement on the Restatement Effective Date, upon funding of the Initial Loans, as compensation for the funding of such Lender’s Initial Loan, a closing fee (the “Closing Fee”) in an amount equal to 0.50% of the principal amount of such Lender’s Initial Loan made on the Restatement Effective Date. Such Closing Fee will be in all respects fully earned, due and payable on the Restatement Effective Date and upon funding of the Initial Loans and non-refundable and non-creditable thereafter.
The Initial Loans. Subject to the terms and conditions of this Agreement, each Lender with a Commitment, severally and not jointly, agrees to make Loans in Dollars to the Borrowers on the Closing Date in the amount set forth opposite such Lender’s name in Schedule 1.1(a) under the heading “Initial Commitment” (such amount being referred to herein as such Lender’s “Initial Commitment”). Amounts borrowed under this Section 1.1(a) are referred to individually as an “Initial Loan” and collectively as the “Initial Loans”. The Initial Loans and the Incremental Loans are sometimes referred to individually as a “Loan” and together as “Loans”. Amounts borrowed hereunder which are repaid or prepaid may not be re-borrowed. As of the Closing Date, the aggregate principal amount of the Initial Commitment equals $250,000,000.
The Initial Loans. On or after the Closing Date and on or before the Drawdown Termination Date, Lender agrees to advance to Borrower up to $10,200,000 (collectively, the “Initial Loans”) to be applied as follows:
(i) $9,059,566.40 used for D&A Operations described on Schedule 2.1
(a) attached hereto, including reimbursement to Borrower for expenses incurred by Borrower prior to the disbursement of the Initial Loans in connection with such D&A Operations (the “Initial Committed D&A Operations”); provided that such Schedule 2.1(a) may be amended, restated, or supplemented by mutual agreement of Borrower and Lender;
(ii) To reimburse Borrower and Lender for, or advance to Borrower or Lender amounts to pay, certain expenses (including accounting, legal and other similar fees) actually incurred by Borrower or Lender under Section 7.1(y) in an amount of up to $516,457.84 (the “Closing Costs”);
(iii) To pay a Facility Fee of $177,638.56 in respect of its funding the Initial Loans; and
(iv) To pay the initial Administration Fee in the amount of $5,000. Upon the funding of the Initial Loans, Lender will concurrently refund to Borrower the $50,000 expense advance delivered to Lender by Borrower between May 21, 2007 and the Closing Date.
The Initial Loans. On or after the Closing Date and on or before the Drawdown Termination Date, Lender agrees to advance to Borrower up to $10,700,000 (collectively, the “Initial Loans”) to be applied as follows:
(i) $9,559,566.40 used for D&A Operations described on Schedule 2.1
(a) attached hereto, including reimbursement to Borrower for expenses incurred by Borrower prior to the disbursement of the Initial Loans in connection with such D&A Operations (the “Initial Committed D&A Operations”); provided that such Schedule 2.1(a) may be amended, restated, or supplemented by mutual agreement of Borrower and Lender; Sections 2.6(b), 2.6(b)(i) and 2.6(b)(ii) of the Credit Agreement are hereby deleted in their entirety and replaced with the following:
The Initial Loans. Subject to the terms and conditions hereof, each Lender severally agrees to make, on the Closing Date, an Initial Loan to the Borrower in an amount equal to such Lender’s Commitment. The Borrower may make only one borrowing under such Commitment which shall be on the Closing Date. Any amount borrowed under this Section 2.1(a) and subsequently repaid or prepaid may not be reborrowed. Subject to Sections 2.1(b), 2.11 and 2.13, all amounts owed hereunder with respect to the Initial Loans shall be paid in full no later than the Final Maturity Date. Each Lender’s Commitment shall terminate immediately and without further action on the Closing Date after giving effect to the funding of such Lender’s Commitment on such date.
The Initial Loans