Initial Loan Term definition
Examples of Initial Loan Term in a sentence
The obligation of any Lender to make its Initial Loan Term Loan hereunder is subject to the receipt by the Administrative Agent of each of the documents and the satisfaction of the conditions precedent set out in this Section 6.01, each of which shall be satisfactory to the Lenders in form, scope and substance.
In accordance with the Promissory Note, attached as “Exhibit B” to this Agreement, Borrower shall pay the Principal Loan and Loan Fee, as described below, along with any other costs, fees, and expenses within One Hundred and Eighty (180) days after the Effective Date of this Agreement (“Initial Loan Term”), provided the Initial Loan Term may be extended by an additional ninety days in the discretion of Lender as Borrower meets certain established milestones, if any.
Should the loan term exceed the Initial Loan Term, Borrower will make additional monthly payments, which term will not be extended beyond the Final Payment Date, at which point the loan principal balance and all interest is due and payable in full on penalty of Seizure of all Collateral.
The Loan shall mature eighteen (18) months from date hereof (the "Stated Maturity Date"), which eighteen (18)-month period is referred to herein as the "Initial Loan Term".
Subject to the terms and conditions of this Agreement, each Lender shall lend to Borrower its Initial Loan Term Commitment, totaling, for all Lenders, $20,000,000 (the “Initial Loan”).