Reducing Revolving Term Loan Sample Clauses

Reducing Revolving Term Loan. (a) The Reducing Revolving Term Loan shall be in the total amount of $3,599,998, with interest payable monthly by the Borrower to the Lenders beginning on the first day of the month following the month in which borrowings were made under this facility, and continuing on the first day of each calendar month thereafter until the Reducing Revolving Term Loan Balance is zero and/or until December 19, 2004, when all sums owing under this facility are due and payable. (b) The Borrower may only borrow under the Reducing Revolving Term Loan up to the amount of the Reducing Revolving Term Loan Available Commitment. Principal payments of the greater of $66,667 per month or an amount necessary to reduce the Reducing Revolving Term Loan Balance to the Reducing Revolving Term Loan Available Commitment will be required should the amount of borrowings equal to or exceed the Reducing Revolving Term Loan Available Commitment. (c) Upon the terms and conditions (including, without limitation, the right of the Lenders to decline to make any Loan so long as any Default or Event of Default exists) and relying on the representations and warranties contained in this Agreement, each Lender severally agrees, during the Commitment Period, to make Loans, in immediately available funds at the Applicable Lending Office or the Principal Office, to or for the benefit of the Borrower in an aggregate principal amount not to exceed at any time outstanding the lessor of the Facility Amount of such Lender or the Percentage Share of such Lender of the Reducing Revolving Term Loan Balance then in effect. Loans shall be made from time to time on any Business Day designated by the Borrower following receipt by the Agent of a Borrowing Request. (d) Subject to the terms of this Agreement, during the Commitment Period, the Borrower may borrow, repay, and reborrow up to the amount of the Reducing Revolving Term Loan Available Commitment in effect at that time, and convert Loans of one type or with one Interest Period into Loans of another type or with a different Interest Period. Except for prepayments made pursuant to Section 2.10, each borrowing, conversion, and prepayment of principal of Loans shall be in an amount at least equal to $100,000. Each borrowing, prepayment, or conversion of or into a Loan of a different type or, in the case of a LIBO Rate Loan, having a different Interest Period, shall be deemed a separate borrowing, conversion, and prepayment for purposes of the foregoing, one for ea...