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Common use of The Term Loans Clause in Contracts

The Term Loans. Each Bank severally agrees, on the terms and conditions set forth herein, to make Term Loans to the Borrower from time to time before the Term Loan Maturity Date; provided that, (i) each Bank's Term Loan Commitment shall be advanced, if at all, in one advance made on the Term Loan Funding Date; and (ii) immediately after each Term Loan is made, the aggregate outstanding principal amount of the Term Loans by such Bank shall not exceed such Bank's Term Loan Commitment, provided further that the aggregate principal amount of all Term Loans at any one time outstanding shall not exceed the aggregate amount of the Term Loan Commitments of all of the Banks at such time. Each Term Loan Borrowing that is a Euro-Dollar Borrowing under this Section shall be in an aggregate principal amount of $5,000,000 or any larger multiple of $1,000,000 and each Term Loan Borrowing that is a Base Rate Borrowing under this Section shall be in an aggregate principal amount of $1,000,000 or any larger multiple of $500,000 and shall be made from the several Banks ratably in proportion to their respective Term Loan Commitments. Within the foregoing limits, the Borrower may borrow under this Section 2.01 (b), repay or, to the extent permitted by Section 2.10, repay Term Loans and reborrow under this Section 2.01 (b) at any time before the Term Loan Maturity Date; provided, however, that after the Term Loan Funding Date: (i) the proceeds of any Term Loan Borrowing shall be used exclusively for the purpose of repaying Term Loans maturing on the date of such Term Loan Borrowing and for no other purpose; and (ii) the ability to reborrow may be limited by the provisions of Section 2.09 hereof.

Appears in 1 contract

Samples: Credit Agreement (Meredith Corp)

The Term Loans. (a) Each Bank Term Lender (severally and not jointly) agrees, on the terms and conditions hereinafter set forth hereinforth, to make Term Loans to the Borrower from time in Dollars or Euro (based in respect of any Term Loans to time before be denominated in Euro by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable Notice of Term Loan Maturity Date; provided that, Borrowing) at the Borrower’s election in one or more Borrowings (ibut subject in all events to the terms and conditions of Section 2.01(b)) each Bank's during the applicable Term Loan Availability Period in an aggregate amount not to exceed such Xxxxxx’s Unused Term Loan Commitment at the time of making such Term Loan. (b) Notwithstanding anything to the contrary set forth in this Agreement, it is understood and agreed that the aggregate number of Term Loan Borrowings made pursuant to Section 2.01(a) shall be advancednot exceed a total of twelve (12) (including, if at allfor the avoidance of doubt, the number of Term Loan Borrowings that are made as part of the Initial Term Loan Borrowing). (c) Each Term Loan Borrowing shall consist of Term Loans of the same Type and in one advance the same currency made on the same day by the Term Lenders ratably in accordance with their Term Loan Funding Date; and (ii) immediately after each Commitments. The failure of any Term Lender to make any Term Loan is made, the aggregate outstanding principal amount of the Term Loans required to be made by such Bank it shall not exceed such Bank's relieve any other Term Loan Commitment, Lender of its obligations hereunder; provided further that the aggregate principal amount of all Term Loans at any one time outstanding shall not exceed the aggregate amount of the Term Loan Commitments of all of the Banks at such time. Each Term Loan Borrowing that is a Euro-Dollar Borrowing Lenders are several and no Term Lender shall be responsible for any other Term Lender’s failure to make Term Loans as required under this Agreement. (d) Subject to Section 2.07, each Borrowing shall be comprised (i) in an aggregate principal amount the case of $5,000,000 or any larger multiple Borrowings in Dollars, entirely of $1,000,000 and each Term Loan Borrowing that is a Base Rate Borrowing under this Section shall be Loans or Term Benchmark Loans and (ii) in an aggregate principal amount the case of $1,000,000 or any larger multiple Borrowings in Euro, entirely of $500,000 and shall be made from the several Banks ratably in proportion to their respective Term Loan Commitments. Within the foregoing limitsBenchmark Loans, as the Borrower may borrow request in accordance herewith. (e) Amounts borrowed under this Section 2.01 (b), repay or, to the extent permitted by Section 2.10, repay Term Loans and reborrow under this Section 2.01 (b) at any time before the Term Loan Maturity Date; provided, however, that after the Term Loan Funding Date: (i) the proceeds of any Term Loan Borrowing shall repaid or prepaid may not be used exclusively for the purpose of repaying Term Loans maturing on the date of such Term Loan Borrowing and for no other purpose; and (ii) the ability to reborrow may be limited by the provisions of Section 2.09 hereofre-borrowed.

Appears in 1 contract

Samples: Term Loan Credit Agreement (PPG Industries Inc)

The Term Loans. (i) Each Bank severally agrees, on the terms and conditions set forth herein, to make Term Loans to the Borrower from time to time before the Term Loan Maturity Date; provided that, (i) each Bank's except as may be required pursuant to Section 2.06(g), at no time shall any Bank have more than one Term Loan Commitment shall be advanced, if at all, in one advance made on the Term Loan Funding Date; outstanding and (ii) immediately after each such Term Loan is made, the aggregate outstanding principal amount of the Term Loans by such Bank shall not exceed such Bank's Term Loan Commitment, ; and provided further that the aggregate principal amount of all Term Loans at any one time outstanding shall not exceed the aggregate amount of the Term Loan Commitments of all of the Banks at such time. Each Term Loan Borrowing that is a Euro-Dollar Borrowing under this Section shall be in an aggregate principal amount of $5,000,000 or any larger multiple of $1,000,000 and each Term Loan Borrowing that is a Base Rate Borrowing under this Section shall be in an aggregate principal amount of $1,000,000 or any larger multiple of $500,000 and shall be made from the several Banks ratably in proportion to their respective Term Loan Commitments. Within the foregoing limits, the Borrower may borrow under this Section 2.01 (b), repay or, or to the extent permitted by Section 2.10, repay prepay Term Loans and reborrow under this Section 2.01 (b) at any time before the Term Loan Maturity Date; provided, however, that after the Term Loan Funding Date: (iy) the proceeds of any Term Loan Borrowing Borrowing, other than the initial Term Loan Borrowing, shall be used exclusively for the purpose of repaying Term Loans maturing on the date of such Term Loan Borrowing and for no other purpose; and (iiz) the ability to reborrow may be limited by the provisions of Section 2.09 hereof. (ii) On the Closing Date: (y) the initial Term Loan Borrowing shall be made by the Banks to the Borrower; and (z) in connection with the initial Term Loan Borrowing, each Bank shall make a Term Loan to the Borrower in an amount equal to such Bank's Term Loan Commitment. The Term Loans comprising the initial Term Loan Borrowing shall be Euro-Dollar Loans bearing interest at a rate per annum equal to the sum of the Applicable Margin plus the Adjusted London Interbank Offered Rate for an Interest Period of one month. The Term Loans shall at all times be either Euro-Dollar Loans or Base Rate Loans; provided that if the Borrower is otherwise entitled under this Agreement to repay any Term Loans maturing at the end of an Interest Period applicable thereto with the proceeds of a new Term Loan Borrowing and the Borrower fails to repay such Term Loans using its own moneys and fails to give a Notice of Borrowing in connection with a new corresponding Term Loan Borrowing, a new Term Loan Borrowing shall be deemed to be made on the date such Term Loans mature in an amount equal to the principal amount of the Term Loans so maturing, and except as may be required pursuant to Section 2.06(g) the Term Loans comprising such new Term Loan Borrowing shall be Euro-Dollar Loans with an Interest Period of one month.

Appears in 1 contract

Samples: Credit Agreement (Cadmus Communications Corp/New)

The Term Loans. (a) Each Bank Term Lender (severally and not jointly) agrees, on the terms and conditions hereinafter set forth hereinforth, to make Term Loans to the Borrower from time in Dollars or Euro (based in respect of any Term Loans to time before be denominated in Euro by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable Notice of Term Loan Maturity Date; provided that, Borrowing) at the Borrower’s election in one or more Borrowings (ibut subject in all events to the terms and conditions of Section 2.01(b)) each Bank's during the applicable Term Loan Availability Period in an aggregate amount not to exceed such Lender’s Unused Term Loan Commitment at the time of making such Term Loan. (b) Notwithstanding anything to the contrary set forth in this Agreement, it is understood and agreed that the aggregate number of Term Loan Borrowings made pursuant to Section 2.01(a) shall be advancednot exceed a total of twelve (12) (including, if at allfor the avoidance of doubt, the number of Term Loan Borrowings that are made as part of the Initial Term Loan Borrowing). (c) Each Term Loan Borrowing shall consist of Term Loans of the same Type and in one advance the same currency made on the same day by the Term Lenders ratably in accordance with their Term Loan Funding Date; and (ii) immediately after each Commitments. The failure of any Term Lender to make any Term Loan is made, the aggregate outstanding principal amount of the Term Loans required to be made by such Bank it shall not exceed such Bank's relieve any other Term Loan Commitment, Lender of its obligations hereunder; provided further that the aggregate principal amount of all Term Loans at any one time outstanding shall not exceed the aggregate amount of the Term Loan Commitments of all of the Banks at such time. Each Term Loan Borrowing that is a Euro-Dollar Borrowing Lenders are several and no Term Lender shall be responsible for any other Term Lender’s failure to make Term Loans as required under this Section shall be in an aggregate principal amount of $5,000,000 or any larger multiple of $1,000,000 and each Term Loan Borrowing that is a Base Rate Borrowing under this Section shall be in an aggregate principal amount of $1,000,000 or any larger multiple of $500,000 and shall be made from the several Banks ratably in proportion to their respective Term Loan Commitments. Within the foregoing limits, the Borrower may borrow Agreement. (d) Amounts borrowed under this Section 2.01 (b), repay or, to the extent permitted by Section 2.10, repay Term Loans and reborrow under this Section 2.01 (b) at any time before the Term Loan Maturity Date; provided, however, that after the Term Loan Funding Date: (i) the proceeds of any Term Loan Borrowing shall repaid or prepaid may not be used exclusively for the purpose of repaying Term Loans maturing on the date of such Term Loan Borrowing and for no other purpose; and (ii) the ability to reborrow may be limited by the provisions of Section 2.09 hereofre-borrowed.

Appears in 1 contract

Samples: Term Loan Credit Agreement (PPG Industries Inc)

The Term Loans. Each Bank severally agrees, on the terms and conditions set forth herein, to make Term Loans to the Borrower from time to time before the Term Loan Maturity Date; provided that, (ia) each Bank's Term Loan Commitment shall be advanced, if at all, in one advance made on the Term Loan Funding Date; and (ii) immediately after each Term Loan is made, the aggregate outstanding principal amount of the Term Loans by such Bank shall not exceed such Bank's Term Loan Commitment, provided further that the aggregate principal amount of all Term Loans at any one time outstanding shall not exceed the aggregate amount of the Term Loan Commitments of all of the Banks at such time. Each Term Loan shall be made as part of a Borrowing consisting of Term Loans made by the Lenders ratably in accordance with their applicable Commitments; provided that is a Euro-Dollar the failure of any Lender to make its Term Loan shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to make any Loan required to be made by such other Lender). Base Rate Loans comprising any Borrowing under this Section shall be in an aggregate principal amount of $5,000,000 or any larger that is (i) an integral multiple of $1,000,000 1.0 million and each Term Loan not less than $5.0 million or (ii) equal to the remaining available balance of the applicable Commitments. Eurodollar Loans comprising any Borrowing that is a Base Rate Borrowing under this Section shall be in an aggregate principal amount of $1,000,000 or any larger that is (i) an integral multiple of $500,000 1.0 million and shall be made from the several Banks ratably in proportion to their respective Term Loan Commitments. Within the foregoing limits, the Borrower may borrow under this Section 2.01 not less than $5.0 million or (b), repay or, ii) equal to the extent permitted by Section 2.10, repay Term Loans and reborrow under this Section 2.01 remaining available balance of the applicable Commitments. (b) at any time before the Term Loan Maturity Date; providedSubject to Sections 2.11 and 2.12, however, that after the Term Loan Funding Date: (i) the proceeds of any Term Loan each Borrowing shall be used exclusively for comprised entirely of Base Rate Loans or Eurodollar Loans as Borrower may request pursuant to Section 2.3. Each Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the purpose obligation of repaying Borrower to repay such Loan in accordance with the terms of this Agreement. Borrowings of more than one Type may be outstanding at the same time; provided that Borrower shall not be entitled to request any Borrowing that, if made, would result in more than five Eurodollar Loans outstanding hereunder at any one time. For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings. (c) Each Lender shall make each Term Loans maturing Loan to be made by it hereunder on the Closing Date by wire transfer of immediately available funds to such account in New York City as the Administrative Agent may designate not later than 11:00 a.m., New York City time, and the Administrative Agent shall promptly credit the amounts so received to an account as directed by Borrower in the applicable Borrowing Request. (d) Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with paragraph (c) above, and the Administrative Agent may, in reliance upon such assumption, make available to Borrower on such date a corresponding amount. If the Administrative Agent shall have so made funds available, then, to the extent that such Lender shall not have made such portion available to the Administrative Agent, each of such Lender and Borrower agrees to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to Borrower until the date such amount is repaid to the Administrative Agent at (i) in the case of Borrower, the interest rate applicable at the time to the Term Loan Loans comprising such Borrowing and for no other purpose; and (ii) in the ability to reborrow may be limited case of such Lender, the greater of the Federal Funds Rate and a rate determined by the provisions Administrative Agent in accordance with banking industry rules on interbank compensation. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Lender’s Term Loan as part of such Borrowing for purposes of this Agreement, and Borrower’s obligation to repay the Administrative Agent such corresponding amount pursuant to this Section 2.09 hereof2.2(d) shall cease. (e) Notwithstanding any other provision of this Agreement, Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

Appears in 1 contract

Samples: Term Loan Credit Agreement (Nacco Industries Inc)

The Term Loans. Each Bank severally agrees, on (a) Subject to the terms and conditions set forth hereinin this Agreement, each Term Lender agrees severally, and not jointly, to make a single Term Loans Loan to the Borrower from time on the Closing Date in a principal amount equal to time before the its Term Loan Maturity Date; provided that, (i) each Bank's Term Loan Commitment Commitment. In no event shall be advanced, if at all, in one advance made on the Term Loan Funding Date; and (ii) immediately after each Term Loan is made, the aggregate outstanding principal amount of the Term Loans by such Bank shall not outstanding on the Closing Date exceed such Bank's the total aggregate Term Loan Commitment, provided further that the aggregate principal amount Commitments of all Term Loans Lenders. Each Term Lender’s Term Loan Commitment shall terminate immediately and without further action on the Closing Date after giving effect to any funding of such Term Lender’s Term Loan Commitment on such date. (b) The Borrower may only make one borrowing under the Term Loan Commitments, which shall be on the Closing Date. The Borrower shall deliver a Borrowing Notice to the Administrative Agent no later than 10:00 a.m. (New York City time) at any one time outstanding least two (2) Business Days in advance of the Closing Date (or such shorter timeframe as may be agreed by the Administrative Agent in its sole discretion). The Borrowing Notice shall not exceed be irrevocable, shall be signed by an Authorized Officer of the Borrower and shall specify the following information in compliance with this Section 2.01: (i) the aggregate amount of the requested Term Loan; (ii) the proposed Closing Date, which shall be a Business Day; (iii) the account(s) to which the proceeds of such Term Loan Commitments of all are to be disbursed (if applicable); and (iv) the initial Interest Period Election. (c) The Borrower shall use the proceeds of the Banks at such time. Each Term Loan Borrowing that is a Euro-Dollar Borrowing under this Section shall be in an aggregate principal amount of $5,000,000 or any larger multiple of $1,000,000 and each Term Loan Borrowing that is a Base Rate Borrowing under this Section shall be in an aggregate principal amount of $1,000,000 or any larger multiple of $500,000 and shall be made from the several Banks ratably in proportion to their respective Term Loan Commitments. Within the foregoing limits, the Borrower may borrow borrowed under this Section 2.01 solely (b), repay or, i) except to the extent permitted funded with a Letter of Credit, to fund the Debt Service Reserve Account in an amount equal to the Debt Service Reserve Required Amount, (ii) to pay fees due pursuant to the Loan Documents and costs and expenses incurred pursuant to the Loan Documents or otherwise in connection with this financing, (iii) to fund the Proceeds Escrow Account with the Escrowed Amount, (iv) to consummate the Closing Date Assignments under the Closing Date Assignment Agreements and release the Guarantors from [***] DESIGNATES PORTIONS OF THIS DOCUMENT THAT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND FILED SEPARATELY WITH THE COMMISSION. their guarantees under the Aggregation Facility and the Subordinated Holdco Facility and (v) for the general corporate purposes of the Relevant Parties and a distribution to the Sponsor. (d) Subject to the terms and conditions set forth herein (including the prior satisfaction or waiver of the applicable conditions precedent under ARTICLE VIII), each Term Lender shall make the amount of its Term Loan available to the Administrative Agent (or if directed by Section 2.10the Administrative Agent, repay the Depository Agent, pursuant to the Closing Date Funds Flow Memorandum) not later than 11:00 a.m. (New York City time) on the Closing Date by wire transfer of same day funds, in Dollars to the account specified in the Closing Date Funds Flow Memorandum. Except as provided herein, upon satisfaction or waiver of the conditions precedent specified herein, the Administrative Agent shall, in accordance with the Closing Date Funds Flow Memorandum, make the proceeds of such Term Loans and reborrow available to the Borrower on the Closing Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Term Loans received into such account from the Term Lenders by 11:00 a.m. (New York City time) on the Closing Date to be credited to the account of the Borrower designated in the Borrowing Notice delivered pursuant to Section 2.01(b). Amounts borrowed under this Section 2.01 (b) at any time before the Term Loan Maturity Date; provided, however, that after the Term Loan Funding Date: (i) the proceeds of any Term Loan Borrowing shall and subsequently repaid or prepaid may not be used exclusively for the purpose of repaying Term Loans maturing on the date of such Term Loan Borrowing and for no other purpose; and (ii) the ability to reborrow may be limited by the provisions of Section 2.09 hereofreborrowed.

Appears in 1 contract

Samples: Credit Agreement (Vivint Solar, Inc.)

The Term Loans. (i) Each Bank severally agrees, on the terms and conditions set forth herein, to make Term Loans to the Borrower from time to time before the Term Loan Maturity Date; provided that, (i) each Bank's except as may be required pursuant to Section 2.05(f), at no time shall any Bank have more than one Term Loan Commitment shall be advanced, if at all, in one advance made on the Term Loan Funding Date; outstanding and (ii) immediately after each such Term Loan is made, the aggregate outstanding principal amount of the Term Loans by such Bank shall not exceed such Bank's Term Loan Commitment, ; and provided further that the aggregate principal amount of all Term Loans at any one time outstanding shall not exceed the aggregate amount of the Term Loan Commitments of all of the Banks at such time. Each Term Loan Borrowing that is a Euro-Dollar Borrowing under this Section shall be in an aggregate principal amount of $5,000,000 or any larger multiple of $1,000,000 and each Term Loan Borrowing that is a Base Rate Borrowing under this Section shall be in an aggregate principal amount of $1,000,000 or any larger multiple of $500,000 and shall be made from the several Banks ratably in proportion to their respective Term Loan Commitments. Within the foregoing limits, the Borrower may borrow under this Section 2.01 (b2.01(b), repay or, or to the extent permitted by Section 2.102.09, repay prepay Term Loans and reborrow under this Section 2.01 (b2.01(b) at any time before the Term Loan Maturity Date; provided, however, that after the Term Loan Funding Date: (iy) the proceeds of any Term Loan Borrowing Borrowing, other than the initial Term Loan Borrowing, shall be used exclusively for the purpose of repaying Term Loans maturing on the date of such Term Loan Borrowing and for no other purpose; and (iiz) the ability to reborrow may be limited by the provisions of Section 2.09 2.08 hereof. (ii) On the Closing Date: (y) the initial Term Loan Borrowing shall be made by the Banks to the Borrower; and (z) in connection with the initial Term Loan Borrowing, each Bank shall make a Term Loan to the Borrower in an amount equal to such Bank's Term Loan Commitment. The Term Loans comprising the initial Term Loan Borrowing shall be Euro-Dollar Loans bearing interest at a rate per annum equal to the sum of the Applicable Margin plus the Adjusted London Interbank Offered Rate for an Interest Period of one month. The Term Loans shall at all times be either Euro-Dollar Loans or Base Rate Loans; provided that if the Borrower is otherwise entitled under this Agreement to repay any Term Loans maturing at the end of an Interest Period applicable thereto with the proceeds of a new Term Loan Borrowing and the Borrower fails to repay such Term Loans using its own moneys and fails to give a Notice of Borrowing in connection with a new corresponding Term Loan Borrowing, a new Term Loan Borrowing shall be deemed to be made on the date such Term Loans mature in an amount equal to the principal amount of the Term Loans so maturing and such new Term Loan Borrowing shall be comprised of Base Rate Loans with an Interest Period of 30 days.

Appears in 1 contract

Samples: Credit Agreement (Cadmus Communications Corp/New)