THE TERM COMMITMENTS AND TERM LOANS Sample Clauses
The 'Term Commitments and Term Loans' clause defines the lender's obligation to provide a specific amount of funds to the borrower for a set period, and the borrower's corresponding obligation to repay those funds according to an agreed schedule. This clause typically outlines the total loan amount, the timeframe for drawing down the funds, and the repayment terms, such as installment dates and interest calculations. By clearly specifying the mechanics of borrowing and repayment, this clause ensures both parties understand their financial commitments and helps prevent disputes over loan disbursement and repayment expectations.
THE TERM COMMITMENTS AND TERM LOANS. Section 2.01 The Term Loans 29 Section 2.02 Borrowings, Conversions and Continuations of Term Loans 29 Section 2.03 Prepayments 31 Section 2.04 Termination of Term Commitments 32 Section 2.05 Repayment of Term Loans 32 Section 2.06 Interest 32 Section 2.07 Fees 32 Section 2.08 Computation of Interest and Fees 32 Section 2.09 Evidence of Debt 33 Section 2.10 Payments Generally; Administrative Agent’s Clawback 33 Section 2.11 Sharing of Payments by Lenders 35 Section 2.12 [Reserved] 35 Section 2.13 Defaulting Lenders 35 Section 3.01 Taxes 36 Section 3.02 Illegality 39 Section 3.03 Inability to Determine Rates 39 Section 3.04 Increased Costs; Reserves on Eurodollar Rate Loans 40 Section 3.05 Compensation for Losses 41 Section 3.06 Mitigation Obligations; Replacement of Lenders 42 Section 3.07 Survival 42 Section 4.01 Conditions to Funding Date Borrowings 42 Section 4.02 [Reserved] 44 Section 4.03 Certain Funds 44
THE TERM COMMITMENTS AND TERM LOANS. 2.01 The Term Loans
(a) Generally.
(i) As described in the Preliminary Statements, upon the effectiveness of this Agreement, the term loan facility made available to the Borrowers under the Original Loan Agreement is being extended and increased as of the Closing Date. The results of the aforesaid extension and increase being that the Maturity Date will be March 29, 2016, instead of November 2, 2012, that the Original Term Commitments will be replaced with the Term Commitments, and that the maximum principal amount of the term loan facility shall be increased to $60,000,000, which amount may be increased to $75,000,000 pursuant to Section 2.01(f).
(ii) Schedule 2.01 (x) sets forth the Term Commitments of the Term Lenders, as of the Closing Date, (y) sets forth the Outstanding Loan Balance of each Term Loan and the Aggregate Outstanding Loan Balance hereunder, as of the Effective Time and prior to the funding of the Additional Borrowed Amount, and (z) identifies each Term Loan as either a Tranche A Loan or a Tranche B Loan.
(iii) Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make its Additional Term Loan Amount, if any, available to the Borrowers on the Borrowing Date. With respect to each Term Lender, the sum of its Additional Term Loan Amount and its Original Loan Amount shall not exceed that Term Lender’s Term Commitment.
(iv) Following the Closing Date, the Term Loans that are repaid or prepaid may not be re-borrowed. For the avoidance of doubt, no amount borrowed pursuant to this Agreement is a re-borrowing of any amount made available to the Borrowers under the Original Loan Agreement.
THE TERM COMMITMENTS AND TERM LOANS