The Initial Term Borrowing Clause Samples
The Initial Term Borrowing clause defines the terms under which a borrower may access funds at the outset of a loan agreement. Typically, it specifies the maximum amount that can be borrowed during the initial period, the conditions that must be met before funds are disbursed, and any limitations or requirements unique to this first drawdown. By clearly outlining these parameters, the clause ensures both parties understand the initial borrowing process, reducing ambiguity and helping to manage expectations regarding the commencement of the loan.
The Initial Term Borrowing. Subject to the terms and conditions set forth herein, each Initial Term Lender severally agrees to make a single loan denominated in Dollars (the “Initial Term Loans”) to the Borrower and the Co-Borrower on the Closing Date in an amount not to exceed such Initial Term Lender’s Initial Term Commitment. The Initial Term Borrowing shall consist of Initial Term Loans made simultaneously by the Initial Term Lenders in accordance with their respective Initial Term Commitments. Amounts borrowed under this Section 2.01(a) and subsequently repaid or prepaid may not be reborrowed (it being understood, however, that prepayments will be taken into account for purposes of any Prepayment-Based Incremental Facility to the extent provided by Section 2.14). Initial Term Loans may be Base Rate Loans or SOFR Loans as further provided herein.
The Initial Term Borrowing. Subject to the terms and conditions set forth herein, each Term Lender, severally and not jointly, agrees to make a single loan denominated in Dollars to the Borrower on the Funding Date, in an amount not to exceed such Term Lender’s Term Commitment. The Initial Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Term Commitments. Amounts borrowed under this Section 2.01(a) and subsequently repaid or prepaid may not be reborrowed. Initial Term Loans may be Base Rate Loans or SOFR Loans as further provided herein.
The Initial Term Borrowing. Subject to the terms and conditions set forth herein, (i) each Initial Term Lender severally agrees to make a single loan denominated in Dollars (the “Initial Term Loans”) to the Borrower on the Closing Date in an amount not to exceed such Initial Term Lender’s Initial Term Commitment and (ii) each 2023 Incremental Term Lender severally agrees to make a single loan denominated in Dollars to the Borrower on the Second Amendment Effective Date in an amount not to exceed such 2023 Incremental Term Lender’s 2023 Incremental Term Commitment. The Initial Term Borrowing shall consist of Initial Term Loans made simultaneously by the Initial Term Lenders in accordance with their respective Initial Term Commitments. Amounts borrowed under this Section 2.01(a) and subsequently repaid or prepaid may not be reborrowed (it being understood, however, that prepayments will be taken into account for purposes of any Prepayment-Based Incremental Facility to the extent provided by Section 2.14). Initial Term Loans may be Base Rate Loans, Eurocurrency Rate Loans (as defined herein prior to the First Amendment Effective Date) (from the Closing Date through the First Amendment Effective Date) or SOFR Loans as further provided herein.
The Initial Term Borrowing. Subject to the terms and conditions set forth herein, each Term Lender with an Initial Term Commitment severally agrees to make a single loan denominated in Dollars (the “Initial Term Loans”) to the Borrowers on the Closing Date in an amount not to exceed such Term Lender’s Initial Term Commitment. The Initial Term Borrowing shall consist of Initial Term Loans made simultaneously by the Term Lenders in accordance with their respective Initial Term Commitments. Amounts borrowed under this Section 2.01(a) and subsequently repaid or prepaid may not be reborrowed (it being understood, however, that prepayments will be taken into account for purposes of any Prepayment-Based Incremental Facility to the extent provided by Section 2.14). The Initial Term Loans may be Base Rate Loans or Eurocurrency Rate Loans as further provided herein. Notwithstanding the Borrowers’ joint and several liability for all payments to be made under this Agreement, as of the Closing Date, each Borrower hereby agrees, solely as between such Persons that, including for federal or state income tax purposes, the initial principal amount of the outstanding Initial Term Borrowing of the Parent Borrower is $302,403,901.26, the initial principal amount of the outstanding Initial Term Borrowing of Vector is $119,069,918.06, the initial principal amount of the outstanding Initial Term Borrowing of Cygnus is $117,054,873.04 and the initial principal amount of the outstanding Initial Term Borrowing of TriLink is $61,471,307.64.
The Initial Term Borrowing. Subject to the terms and conditions set forth herein, each Term Lender with an Initial Term Commitment severally agrees to make a single loan denominated in Dollars (the “Initial Term Loans”) to the Borrower and/or the Co-Borrower on the Closing Date in an amount not to exceed such Term Lender’s Initial Term Commitment. The Initial Term Borrowing shall consist of Initial Term Loans made simultaneously by the Term Lenders in accordance with their respective Initial Term Commitments. Amounts borrowed under this Section 2.01(a) and subsequently repaid or prepaid may not be reborrowed. Initial Term Loans may be Base Rate Loans or Eurocurrency Rate Loans as further provided herein.
The Initial Term Borrowing. Subject to the terms and conditions set forth herein, on the Initial Closing Date each Term Lender severally agrees to make a single loan (each such loan, an “Initial Term Loan”) to Initial Borrower in Dollars pursuant to the Initial Term Facility in an amount equal to its Initial Term Loan Commitment; provided that the aggregate amount of the Initial Term Borrowing under the Initial Term Facility on the Initial Closing Date shall not exceed $95,000,000. The Initial Term Borrowing shall consist of Initial Term Loans made simultaneously by the Initial Term Lenders in accordance with their respective Applicable Percentages of the Initial Term Facility.
The Initial Term Borrowing. Subject to the terms and conditions set forth herein, (i) each Term Lender with an Initial Term B-1 Commitment severally agrees to make a single loan denominated in Dollars (the “Initial Term B-1 Loans”) to the Parent Borrower and Subsidiary Borrower (on a joint and several basis) on the Closing Date in an amount not to exceed such Term Lender’s Initial Term B-1 Commitment, (ii) each Term Lender with an Initial Term B-2 Commitment severally agrees to make a single loan denominated in Dollars (the “Initial Term B-2 Loans”) to the Parent Borrower on the Closing Date in an amount not to exceed such Term Lender’s Initial Term B-2 Commitment and (iii) (subject to Section 2.04(a)(ii)) each Term Lender with an Initial Term B-3 Commitment (if any) severally agrees to make a single loan denominated in RMB (the “Initial Term B-3 Loans”) to the Parent Borrower on the Closing Date in an amount not to exceed such Term Lender’s Initial Term B-3 Commitment (if any). The Initial Term B-1 Borrowing shall consist of Initial Term B-1 Loans made simultaneously by the Term Lenders in accordance with their respective Initial Term B-1 Commitments. The Initial Term B-2 Borrowing shall consist of Initial Term B-2 Loans made simultaneously by the Term Lenders in accordance with their respective Initial Term B-2 Commitments. The Initial Term B-3 Borrowing (if any) shall consist of Initial Term B-3 Loans made simultaneously by the Term Lenders in accordance with their respective Initial Term B-3 Commitments (if any). Amounts borrowed under this Section 2.01(a) and subsequently repaid or prepaid may not be reborrowed (it being understood, however, that prepayments will be taken into account for purposes of any Prepayment-Based Incremental Facility to the extent provided by Section 2.14). Initial Term B-1 Loans and Initial Term B-2 Loans may be Base Rate Loans or Eurocurrency Rate Loans as further provided herein. The Initial Term B-3 Loans shall be Benchmark PBOC Rate Loans.
The Initial Term Borrowing. On the terms and subject to the conditions set forth herein, each Initial Term Lender with an Initial Term Loan Commitment severally agrees to make a single loan to Borrower on the Closing Date in an aggregate amount not to exceed such Initial Term Lender’s Initial Term Loan Commitment (the “Initial Term Loans”). The Initial Term Loans shall consist of Term Loans made by the Initial Term Lenders in accordance with their respective Initial Term Loan Commitments. Amounts borrowed under this Section 2.1(a) and subsequently repaid or prepaid may not be reborrowed.
The Initial Term Borrowing. Subject to the terms and conditions set forth herein, each Initial Term Lender severally agrees to make a single loan denominated in Dollars to the Borrowers on the Closing Date in an amount not to exceed such Initial Term Lender’s Initial Term Commitment. The Initial Term Borrowing shall consist of Initial Term Loans made simultaneously by the Initial Term Lenders in accordance with their respective Initial Term Commitments. Amounts borrowed under this Section 2.01(a) and subsequently repaid or prepaid may not be reborrowed (it being understood, however, that prepayments will be taken into account for purposes of any Prepayment-Based Incremental Facility to the extent provided by Section 2.14). Initial Term Loans may be Base Rate Loans or Term SOFR Loans as further provided herein.