Common use of Initial Commitments Clause in Contracts

Initial Commitments. (i) Subject to the terms and conditions hereof, on the Closing Date, each Lender with an Initial Commitment shall make to the Borrower (so long as all conditions precedent required hereby shall have then been satisfied or waived), a term loan in an aggregate principal amount equal to such ▇▇▇▇▇▇’s Initial Commitment. The aggregate amount of all Initial Commitments is $45,000,000. The Initial Commitments may only be drawn on the Closing Date and, once repaid, may not be reborrowed. (ii) The Initial Commitment of each Lender who satisfies its obligation to fund the Loans on the Closing Date shall terminate in its entirety (after giving effect to the incurrence of such Loans on such date).