Amount and Terms of Term Commitments Clause Samples
The 'Amount and Terms of Term Commitments' clause defines the total financial commitment a lender or group of lenders agrees to provide under a term loan, as well as the specific conditions governing those commitments. It typically outlines the maximum principal amount available, the schedule for disbursement, and any conditions precedent to funding, such as documentation requirements or satisfaction of covenants. This clause ensures both parties have a clear understanding of the loan's size and the rules for accessing funds, thereby reducing uncertainty and potential disputes over the availability and use of the committed financing.
Amount and Terms of Term Commitments. 2.1 Term Commitments. Subject to the terms and conditions hereof, each Lender with an Initial Term Commitment agrees to make Initial Term Loans to the Borrower in Dollars on the Closing Date in an amount not to exceed the amount of its Initial Term Commitment. The Initial Term Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 4.
Amount and Terms of Term Commitments. 2.1 Term Commitments. Subject to the terms and conditions hereof, (a) each 2016 Term Lender severally agrees to make a term loan (a “2016 Term Loan”) to the Borrower on the Restatement Effective Date in an amount not to exceed the 2016 Term Commitment of such 2016 Term Lender and (b) each 2019 Term Lender severally agreesagreed to make a term loan (a “2019 Term Loan” and upon the Fourth Amendment Effective Date, such 2019 Term Loan becoming a term loan with a maturity date of September 25, 2021 (a “2021 Term Loan”) and, together with the 2016 Term Loan, the “Term Loans”) to the Borrower on the Restatement Effective Date in an amount not to exceed the 2019 Term Commitment of such 2019 Term Lender. The Term Loans may from time to time be LIBOR Rate Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 3.3.
Amount and Terms of Term Commitments. 2.1. Term Commitments. Prior to the Closing Date, each Original Term Lender held an Original Term Loan under the Original Credit Agreement in a principal amount equal to the amount set forth with respect to Original Term Loans in such Original Term Lender's Conversion and Repayment Notice. Subject to the terms and conditions hereof, (a) each Original Term Lender agrees that its Original Term Loan shall be converted into a term loan to the U.S. Borrower in Dollars (each, a "U.S. Term Loan") on the Closing Date in the amount specified in such Original Term Lender's Conversion and Repayment Notice and that from and after the Closing Date, such Original Term Lender shall be a U.S. Term Lender with respect to such U.S. Term Loan and (b) each Canadian Term Lender severally agrees to make a term loan to the Canadian Borrower in Dollars (each, a "Canadian Term Loan") on the Closing Date in an amount not to exceed the amount of the Canadian Term Commitment of such Lender, which amount shall be distributed on the Closing Date as a return of capital by the Canadian Borrower (indirectly through any applicable Subsidiary of the U.S. Borrower) to the U.S. Borrower (which shall prepay a principal amount of the Original Term Loans in the same amount). The U.S. Term Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the U.S. Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 4.3. The Canadian Term Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the Canadian Borrower and notified to the Canadian Administrative Agent in accordance with Sections 2.2 and 4.3.
Amount and Terms of Term Commitments. 2.1. Term Commitments Subject to the terms and conditions hereof, each Tranche B Term Lender severally agrees to make a term loan (a “Tranche B Term Loan”) to the
Amount and Terms of Term Commitments. 2.1 Term Commitments. Subject to the terms and conditions hereof, (a) each 2016 Term Lender severally agreed to make a term loan (a “2016 Term Loan”) to the Borrower on the Restatement Effective Date in an amount not to exceed the 2016 Term Commitment of such 2016 Term Lender, (b) each 2019 Term Lender severally agreed to make a term loan (a “2019 Term Loan” and upon the Fourth Amendment Effective Date, such 2019 Term Loan becoming a term loan with a maturity date of September 25, 2021 (a “2021 Term Loan”)) to the Borrower on the Restatement Effective Date in an amount not to exceed the 2019 Term Commitment of such 2019 Term Lender, (c) each 2023 Term Lender severally agreed to make a term loan or continue its 2021 Term Loan pursuant to the terms of the Fifth Amendment (each, a “2023 Term Loan”) to the Borrower on the Fifth Amendment Effective Date in an amount not to exceed the 2023 Term Commitment of such 2023 Term Lender and (d) each 2026 Term Lender severally agrees to make a term loan or exchange its 2023 Term Loan pursuant to the terms of the Sixth Amendment (each, a “2026 Term Loan”) to the Borrower on the Sixth Amendment Effective Date in an amount not to exceed the 2026 Term Commitment of such 2026 Term Lender. The Term Loans may from time to time be LIBOR RateSOFR Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 3.3.
Amount and Terms of Term Commitments. 2.1. Loans Subject to the terms and conditions set forth in this Agreement, each Lender severally agrees to make a single loan (in Dollars) to the Borrower on the Closing Date in an amount equal to its Commitment. The Borrowing shall consist of Loans made simultaneously by the Lenders in accordance with their respective Commitments. The full amount of the Facility must be drawn in a single drawing on the Closing Date. The Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Section 4.3. Amounts borrowed under this Section 2.1 and repaid or prepaid may not be reborrowed. The Commitments shall be automatically and permanently reduced on the Closing Date (after giving effect to the Borrowing) to zero.
Amount and Terms of Term Commitments