Common use of Second Term Note Clause in Contracts

Second Term Note. The Second Term Loan shall be evidenced by the second term note of the Borrower, payable to the order of the Bank, substantially in the form of Exhibit C attached hereto, with blanks appropriately completed. The Second Term Note shall be dated a date on or about the date of the Eighth Amendment to this Agreement and shall mature on the applicable Maturity Date at which time the entire outstanding principal balance and all interest thereon shall be due and payable. The Second Term Loan shall bear interest at a rate per annum equal to (a) the Prime Rate, or (b) 3.0% in excess of the Libor Rate for a one month Interest Period, the entire outstanding principal balance of which, at the Borrower’s option (subject to availability), shall be swapped into a fixed rate acceptable to the Bank for the remainder of the term pursuant to the Master Agreement. Interest shall be payable pursuant to Section 2.9 hereof and continued or converted in accordance with the requirements of Section 2.7 hereof. Prepayments shall be subject to Section 2.8 hereof. The Second Term Note shall be entitled to the benefits and subject to the provisions of this Agreement.” (I) The Agreement is hereby amended to add a new Section 2.9.2 to read as follows: