New Term Loan. A new Section 1C is added to the Schedule to Loan and Security Agreement as follows:
New Term Loan. Borrower has requested that CIT make a new term loan to Borrower in the principal amount of $403,740.86 (the "New Term Loan"). CIT has agreed to make the New Term Loan to Borrower by consolidating the New Term Loan with the existing Term Loan made to Borrower under Section 10.2(a) of the Loan Agreement on or about September 24, 1998, which has an outstanding principal balance of $346,259.14 as of the date hereof. In order to evidence this consolidation, CIT and Borrower agree to amend and restate Section 10.2(a) in its entirety to read as follows:
New Term Loan. Section 2.4 of the Credit Agreement shall be modified to reflect the addition of a new term Loan, by the addition thereto of a new Section 2.4A at the end of said Section 2.4, to read as follows:
New Term Loan. Section 2.3 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
New Term Loan. Subject to the terms and conditions hereof, each Lender severally agrees to make a term loan (individually, a “New Term Loan” and, collectively, the “New Term Loans”) to the Co-Borrowers on the Effective Date in an amount not to exceed its New Term Loan Commitment. The Co-Borrowers shall give the Administrative Agent irrevocable written notice on or before the Effective Date specifying (i) the amount to be borrowed, which shall not exceed the Total New Term Loan Commitment, (ii) the Type or Types of such New Term Loan and the related amounts for each, and (iii) if all or any portion of the New Term Loan is a LIBOR Loan, the initial Interest Period selected for the New Term Loan. Upon receipt of such notice from the Co-Borrowers, the Administrative Agent shall promptly notify each Lender thereof. The New Term Loans may, at the election of the Co-Borrowers, be (i) LIBOR Loans, (ii) Prime Rate Loans or (iii) a combination thereof. The Total New Term Loan Commitment shall terminate upon funding of the New Term Loans on the Effective Date.
New Term Loan. The following new Section 2.1.7 is added to the Loan Agreement following existing Section 2.1.6:
New Term Loan. (a) Availability. Bank shall make one term loan available to Borrower in an amount equal to $8,600,000 (the “Term Loan”) within two days after the date of the June 2007 Amendment subject to the satisfaction of the terms and conditions of this Agreement. After repayment, no portion of the Term Loan may be reborrowed.
New Term Loan. The Borrowers shall repay to the Lenders the aggregate outstanding principal amount of the New Term Loan on a quarterly basis at a rate of one percent (1%) per annum with the remaining aggregate outstanding principal amount of the New Term Loan to be paid in full on the Maturity Date.
New Term Loan. Subject to all the terms and conditions of this Agreement and so long as no Default exists, on the Amendment No. 1
New Term Loan. Subject to Section 2.5.5, the Company will apply the proceeds of the New Term Loan solely to replace the Existing Term Loan."
