Common use of Initial Term Loan Commitments Clause in Contracts

Initial Term Loan Commitments. (a) Upon the terms and subject to the conditions set forth herein, (x) each Existing Term Lender severally agrees that, on the Restatement Date, the Existing Term Loans held by such Existing Term Lender under the Existing Credit Agreement and outstanding on the Restatement Date (immediately prior to giving effect thereto) (other than the Non-Converting Portion, if any, of such Existing Term Lender) shall convert (the “Term Loan Conversion”) into a new term loan to the Borrower (each such term loan, a “Converted Term Loan”); and (y) each Additional Initial Term Lender with an Additional Initial Term Commitment severally agrees to make, on the Restatement Date, in cash, a term loan or term loans to the Borrower in an amount equal to its Additional Initial Term Commitment (each, an “Additional Initial Term Loan”, and collectively, the “Additional Initial Term Loans”, and together with the Converted Term Loans, the “Initial Term Loans”), which Initial Term Loans: (i) shall, in the case of Additional Initial Term Loans, be incurred by the Borrower pursuant to a single drawing on the Restatement Date for the purposes described in Section 5.10; and (ii) shall not exceed for any Lender, an initial principal amount which equals the sum of (1) the aggregate principal amount of the Converted Term Loans made (or deemed made) by such Lender (if any) and outstanding on the Restatement Date (immediately prior to giving effect thereto) as set forth on Schedule I hereto under the heading “Converted Term Loans” plus (2) the aggregate principal amount of the Additional Initial Term Commitments of such Lender (if any) as in effect on the Restatement Date (before giving effect to any reductions thereto on such date pursuant to Section 2.8(a)). (b) Notwithstanding anything to the contrary herein, upon the occurrence of the Restatement Date, the Initial Term Loans converted pursuant to clause (a)(i)(x) above and the Initial Term Loans advanced pursuant to clause (a)(i)(y) above shall, collectively, constitute a single tranche of Initial Term Loans hereunder and under the other Loan Documents. The Initial Term Loans subject to the Term Loan Conversion shall be allocated ratably to the outstanding Borrowings of Additional Initial Term Loans (based upon the relative principal amounts of Borrowings of Additional Initial Term Loans subject to different Interest Periods immediately prior to giving effect thereto). Each resulting “borrowing” of Converted Initial Term Loans shall constitute a new “Borrowing” and be subject to the same Interest Period applicable to the Borrowing of Additional Initial Term Loans to which it relates, which Interest Period shall continue in effect until such Interest Period expires and a new Type of Borrowing is selected in accordance with the provisions of Section 2.7. (c) Amounts borrowed under this Section 2.5 and subsequently repaid or prepaid may not be reborrowed. Initial Term Loans may be Base Rate Loans or Term SOFR Loans as further provided herein.