Loans and Commitments Clause Samples
The "Loans and Commitments" clause defines the terms under which a lender agrees to provide funds to a borrower, as well as the borrower's right to draw on those funds up to a specified limit. This clause typically outlines the maximum loan amount, the conditions for drawing funds, and any ongoing obligations or restrictions related to the commitment. Its core function is to establish clear parameters for borrowing and lending, ensuring both parties understand the extent and limitations of the financial arrangement.
Loans and Commitments. (a) Subject to the terms and conditions set forth herein, each Lender severally agrees to make revolving credit loans in Dollars or an Alternative Currency (“Revolving Loans”) to the Borrowers from time to time during the Revolving Commitment Period in an aggregate principal amount at any one time outstanding which, when added to such Lender’s other Revolving Extensions of Credit then outstanding, does not exceed the amount of such Lender’s Revolving Commitment; provided the aggregate principal amount of Alternative Currency Loans and Alternative Currency LC Exposure shall not exceed the Alternative Currency Sublimit. During the Revolving Commitment Period the Borrowers may use the Revolving Commitments by borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Loans may from time to time be Eurocurrency Loans or ABR Loans, as determined by the applicable Borrower and notified to the Administrative Agent in accordance with Sections 2.1(c) and 2.9. The obligations of the Borrowers under this Agreement are several.
(b) The Borrowers may borrow under the Revolving Commitments during the Revolving Commitment Period on any Business Day, provided that the applicable Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent prior to 12:00 Noon, Local Time, (a) three Business Days prior to the requested Borrowing Date, in the case of Eurocurrency Loans or (b) one Business Day prior to the requested Borrowing Date, in the case of ABR Loans) (provided that any such notice of a borrowing of ABR Loans to finance payments required by Section 3.5 may be given not later than 10:00 A.M., Local Time, on the date of the proposed borrowing), specifying (i) the requested Borrower, (ii) the amount, Type and currency of Revolving Loans to be borrowed, (iii) the requested Borrowing Date, and (iv) in the case of Eurocurrency Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. Each borrowing under the Revolving Commitments shall be in an amount equal to (x) in the case of ABR Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate Available Revolving Commitments are less than $1,000,000, such lesser amount) and (y) in the case of Eurocurrency Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Upon receipt of any such n...
Loans and Commitments. (a) Subject to the terms and conditions hereof, the Non-Extended Portion of each Term B-1 Loan outstanding under the Existing Credit Agreement immediately prior to the Restatement Effective Date shall remain outstanding under this Agreement from and after the Restatement Effective Date as a Term B-1 Loan hereunder. The Non-Extended Portion of each Term B-1 Loan that was a Eurodollar Loan of a particular Eurodollar Tranche under the Existing Credit Agreement immediately prior to the Restatement Effective Date shall initially be a Eurodollar Loan of a Eurodollar Tranche under this Agreement with an initial Interest Period equal to the then remaining Interest Period for such Eurodollar Tranche under the Existing Credit Agreement (and with the same Eurodollar Rate for such Interest Period). The Non-Extended Portion of each Term B-1 Loan that was an ABR Loan under the Existing Credit Agreement immediately prior to the Restatement Effective Date shall initially be an ABR Loan under this Agreement. The Term B-1 Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.10.
(b) Subject to the terms and conditions hereof, each Term B-2 Loan outstanding under the Existing Credit Agreement immediately prior to the Restatement Effective Date shall remain outstanding under this Agreement as a Term B-2 Loan. Term B-2 Loans that were Eurodollar Loans of a particular Eurodollar Tranche under the Existing Credit Agreement immediately prior to the Restatement Effective Date shall initially be Eurodollar Loans of a Eurodollar Tranche under this Agreement with an initial Interest Period equal to the then remaining Interest Period for such Eurodollar Tranche under the Existing Credit Agreement (and with the same Eurodollar Rate). Term B-2 Loans that were ABR Loans under the Existing Credit Agreement immediately prior to the Restatement Effective Date shall initially be ABR Loans under this Agreement. The Term B-2 Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.2 and 2.10.
(c) Subject to the terms and conditions hereof, the Extended Portion of each Term B-1 Loan outstanding under the Existing Credit Agreement immediately prior to the Restatement Effective Date shall be converted into a Term C Loan under this Agreement from and after the Restatement Effect...
Loans and Commitments. (a) Subject to the terms and conditions hereof, the Non-Extended Portion of each Term Loan outstanding under the Existing Credit Agreement immediately prior to the Restatement Effective Date shall remain outstanding under this Agreement from and after the Restatement Effective Date as a Term B Loan hereunder and such Term B Loans shall, forset forth in Amendment No. 3 (x) the Additional Term C-2 Lender agrees to make loans to the Borrower (each a “Term C-2 Loan”) on the Amendment No. 3 Effective Date (i) in an aggregate amount denominated in Dollars not to exceed the amount of its Additional Dollar Term C-2 Commitment, which Term C-2 Loan shall be a Dollar Term Loan on the Amendment No. 3 Effective Date, and (ii) in an aggregate amount denominated in Euros not to exceed the amount of its Additional Euro Term C-2 Commitment, which Term C-2 Loan shall be a Euro Term Loan on the Amendment No. 3 Effective Date, and (y) each Converted Term Loan of each Amendment No. 3 Converting Lender shall be converted into a Term C-2 Loan of such Lender effective as of the Amendment No. 3 Effective Date in a principal amount equal to all or a portion of the principal amount of such Lender’s Converted Term Loan immediately prior to such conversion. For the avoidance of doubt, have an aggregate principal amount of $508,869,157.19 as of the Restatement Effective Date. The Non-Extended Portion of each Term Loan that was a Eurocurrency Term Loan under the Existing Credit Agreementsuch conversion shall not constitute a novation of any interest owing to any Amendment No. 3 Converting Lender and each Amendment No. 3 Converting Lender shall receive all accrued and unpaid interest owing to it from the Borrower to but not including the Amendment No. 3 Effective Date with respect to its Converted Term Loan (which, in the case of accrued interest, shall be payable on the Amendment No. 3 Effective Date). Converted Term Loans that were Eurocurrency Term Loans immediately prior to the RestatementAmendment No. 3 Effective Date shall initially be a Eurocurrency Term LoanLoans under this Agreement with an initial Interest Period equal to the then remaining Interest Period for such Eurocurrency Term Loan under the Existing Credit Agreement. The Non-Extended Portion of each. Converted Term LoanLoans that was anwere ABR Term Loan under the Existing Credit AgreementLoans immediately prior to the RestatementAmendment No. 3 Effective Date shall initially be an ABR Term LoanLoans under this Agreement...
Loans and Commitments. (a) Subject to the terms and conditions hereof, each Revolving Credit Lender severally agrees to make revolving credit loans (the "Revolving Credit Loans") to the Borrower from time to time during the Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding which, when added to such Lender's Revolving Credit Commitment Percentage of the then outstanding L/C Obligations, does not exceed the amount of such Lender's Revolving Credit Commitment, provided that no such Revolving Credit Loan shall be made if, after giving effect thereto, Section 2.4
Loans and Commitments. Section 2.01 Loans................................................................................. 9 Section 2.02 Borrowing.............................................................................10 Section 2.03 Note..................................................................................10 Section 2.04 Prepayments...........................................................................10 Section 2.05 Fees..................................................................................11 Section 2.06 Borrowing Base........................................................................11
Loans and Commitments. 16 Section 2.02
Loans and Commitments. Subject to the terms and conditions set forth herein, each Lender agrees (a) to make term loans to the Borrower on the Closing Date (each, a “Tranche B Term Loan”) in a principal amount not exceeding such Lender’s Tranche B Term Loan Commitment and (b)(i) on the Closing Date all Revolving Loans under (and as defined in) the Existing Credit Agreement shall be deemed to be Revolving Loans outstanding under this Agreement, (ii) the Revolving Commitments shall be increased from $15,000,000 to $25,000,000 and (iii) to make Revolving Loans to the Borrower from time to time during the Revolving Availability Period in an aggregate principal amount that will not result in such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. Amounts repaid or prepaid in respect of Tranche B Term Loans may not be reborrowed.
Loans and Commitments. Pursuant to the Plan of Reorganization, on the Closing Date, each Lender shall be deemed to have made a Loan to the Borrower, and the Borrower shall be deemed to have requested a Loan from such Lender, in the amount of such Lender’s Commitment. Any Loans (or any portion thereof) repaid or prepaid hereunder may not be reborrowed. If not previously paid, the Loans and all other amounts owed hereunder with respect to the Loans shall be paid in full no later than the Maturity Date.
Loans and Commitments. (a) The Loan Parties acknowledge and agree that pursuant to the Existing Credit Agreement, the Tranche A Lenders made certain term loans prior to the Closing Date to Borrower in an aggregate principal amount equal to $67,164,710.50 and that the outstanding term loans are to remain outstanding as of the date of this Agreement (such loans hereafter referred to as “Existing Tranche A Loans”).
(b) Subject to the terms and conditions hereof, each of the Tranche A Lenders severally agrees to make a term loan to Borrower, at any time or from time to time during the period from the Funding Date to the Commitment Expiration Date, in an aggregate principal amount not to exceed such Lender’s Tranche A Commitment at such time (collectively, “Additional Tranche A Loans”; and together with the Existing Tranche A Loans, the “Tranche A Loans”).
Loans and Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees (i) to continue a term loan to the Borrower in an aggregate principal amount set forth in Schedule 1.1A (the "CONTINUED LOANS") and (ii) to make a term loan to the Borrower (together with the Continued Loans, the "LOANS") on the Closing Date in a principal amount equal to the amount of such Lender's Commitment.