Common use of Existing Term Loans Clause in Contracts

Existing Term Loans. ▇▇▇▇▇▇▇▇ acknowledges and agrees that certain of the Original Lenders made term loans to Borrower from time to time under the Original Credit Agreement (the “Existing Term Loans”), and, as of the Closing Date, immediately before giving effect to this Agreement, the outstanding principal balance of the Existing Term Loans is $34,000,000. Each of ▇▇▇▇▇▇▇▇, Administrative Agent and each Lender acknowledges and agrees that the Existing Term Loans (x) remain outstanding hereunder, (y) constitute “Term Loans” for all purposes under this Agreement and the other Loan Documents and (z) as of the Closing Date, constitute a single Term SOFR Portion with an Interest Period of one month, the first day of which is the Closing Date.