Term B Note Sample Clauses
The 'Term B Note' clause defines the terms and conditions governing a specific promissory note, typically referred to as the 'Term B Note,' issued as part of a loan agreement. This clause outlines the principal amount, interest rate, repayment schedule, and any special provisions or covenants associated with the Term B Note. For example, it may specify that the note is repayable in installments over a set period and detail the consequences of late payments. Its core practical function is to clearly set out the borrower's obligations regarding this particular note, ensuring both parties understand the repayment terms and reducing the risk of disputes.
Term B Note. The outstanding principal balance of the Term B Note shall be due and payable as follows:
(1) Beginning on December 1, 2000 and on the first day of each month thereafter, in monthly installments of $87,500.
(2) On the Maturity Date, the entire unpaid principal balance of the Term B Note, and all unpaid interest accrued thereon, shall in any event be due and payable.
Term B Note. The interest rate, principal and interest payments and certain other terms of the Term B Loan will be contained in a promissory note dated the date of this agreement, as such may be amended or replaced from time to time.
Term B Note. The Term B Loans and all Letter of Credit Liability not evidenced by the Revolving Note shall be evidenced by the Term B Note. The date and amount of each Term B Loan made by Bank and of each repayment of principal on the Term B Loans received by Bank shall be separately recorded by Bank in its records. The Term B Loan Balance reflected in the Bank's records as of any time shall be rebuttable presumptive evidence of the Term B Loan Balance as of such time. The failure so to record any such amount or any error in so recording any such amount, however, shall not limit or otherwise affect Borrower's obligations hereunder or under the Note to repay the principal amount of the Term B Loans together with all interest accruing thereon.";
Term B Note. The obligation of Borrowers to repay the Term B Loan shall be evidenced by a promissory note in form and substance acceptable to Bank (as the same may hereafter be amended, extended, renewed, replaced and/or restated from time to time and at any time, the “Term B Note”).