Example ContractsClausesInitial Term Loan
Initial Term Loan
Initial Term Loan contract clause examples

Initial Term Loan. The Borrower shall repay in full the aggregate outstanding principal amount of the Initial Term Loan (as defined in the Original Credit Agreement) in Dollars on the Restatement Effective Date (or, if and to the extent separately agreed in writing by the Borrower, the Administrative Agent and such 2028 Term Loan Lender, by the surrender and exchange of a principal amount of the Initial Term Loan (as defined in the Original Credit Agreement) of such 2028 Term Loan Lender for an equal principal amount of the 2028 Term Loan).

Initial Term. The initial term of this Agreement shall begin on the Commencement Date and continue for two (2) years (the “Initial Term,” and together with any renewals, if applicable, the “Term”).

Initial Term Loan. The Borrower shall give the Administrative Agent an irrevocable Notice of Borrowing prior to 12:00 p.m. on the date of borrowing requesting that the Term Loan Lenders make the Initial Term Loan as a Base Rate Loan on such date (provided that the Borrower may request, no later than three Business Days prior to such date, that the Lenders make the Initial Term Loan as a LIBOR Rate Loan if the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in [Section 5.9] of this Agreement); notwithstanding the foregoing, the Borrower may give such irrevocable notice to the Administrative Agent by telephone, provided that such telephonic notice by the Borrower must be promptly confirmed by delivery to the Administrative Agent of a Notice of Borrowing. Upon receipt of such Notice of Borrowing from the Borrower, the Administrative Agent shall promptly notify each Term Loan Lender thereof. Not later than 2:00 p.m. on the Closing Date, each Term Loan Lender will make available to the Administrative Agent for the account of the Borrower, at the Administrative Agent’s Office in immediately available funds, the amount of such Initial Term Loan to be made by such Term Loan Lender on such date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of the Initial Term Loan in immediately available funds by wire transfer to such Person or Persons as may be designated by the Borrower in writing.

Initial Term Loan. The Borrower shall repay the aggregate outstanding principal amount of the Initial Term Loan in consecutive quarterly installments on each Term Loan Installment Date as set forth below, except as the amounts of individual installments may be adjusted pursuant to Section 4.4 hereof:

Initial Term. The initial term of this Agreement shall begin on the date first set forth

Initial Term. This Agreement shall commence on the Distribution Date and shall continue in full force and effect, subject to Section 5(b), until the date that is eight (8) years from the Distribution Date (the “Initial Term”), or the earlier date upon which this Agreement has been otherwise terminated in accordance with the terms hereof.

Initial Term Loan. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations and warranties set forth in this Agreement and the other Loan Documents, each Term Loan Lender severally agrees to make the portion of the Initial Term Loan set forth on [Schedule 1.01] to the Company on the Effective Date.

Initial Term. Executive’s employment under this Agreement commenced effective April 1, 2020 (“Effective Date”), and will continue for a period of two (2) years (the “Initial Term”). Thereafter, this Agreement shall renew only upon thirty (30) days written notice as provided in Section 4(b).

Initial Loan. According to the terms and subject to the conditions of this Agreement, the Lender shall make a single-installment loan to the Company on the Initial Loan Closing Date in an amount determined by Lender in his sole discretion (the "Initial Loan"), and may advance additional Loans, upon the Company’s request and accordance with the terms set forth in [Section 2.2], in the amount up to $100,000 less the amount of the Initial Loan (the "Additional Loans") (the Initial Loan and the Additional Loan, if any, shall be referred to collectively as the "Loans"). The Loans shall be each evidenced by a convertible promissory note in the form attached hereto as [Exhibit A] ("Note"), duly executed on behalf of the Company and dated as of the Initial Loan Closing Date. The Note shall be convertible, upon Lender’s request, into shares of Company common stock at a price per share equal to twenty percent (20%) of the Average Closing Price as reported by the principal trading exchange on which the Company’s Common Stock is traded for the twenty (20) trading days preceding the date of the Note.

Initial Term. The initial term shall commence on the date of the Agreement and shall continue in full force and effect, subject to Section 5(b), until August 31, 2025 (the “Initial Term”), or the earlier date upon which this Agreement has been otherwise terminated in accordance with the terms hereof.

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