Term Loan B Clause Samples
The 'Term Loan B' clause defines the terms and conditions governing a specific type of long-term loan facility, typically provided to a borrower as a single lump sum with a set repayment schedule. In practice, this clause outlines the principal amount, interest rate, maturity date, and repayment structure, which often includes minimal amortization and a large final payment. Its core function is to establish clear expectations for both lender and borrower regarding the loan's financial terms, thereby facilitating structured financing and reducing uncertainty about repayment obligations.
Term Loan B. (a) Subject to the terms and conditions of this Agreement, each Term Loan B Lender severally agrees to make an advance of its Pro Rata Term B Share of the Term Loan B to the Borrower on the Closing Date, and from the Closing Date to the Term Loan B Maturity Date, Convert and Continue Segments from time to time in accordance with the terms hereof. The principal amount of each Segment of the Term Loan B outstanding hereunder from time to time shall bear interest and the Term Loan B shall be repayable as herein provided. No amount of the Term Loan B repaid or prepaid by the Borrower may be reborrowed hereunder, and no subsequent advance under the Term Loan B Facility shall be allowed after the initial such advance of the Term Loan B on the Closing Date. Segments of the Term Loan B may be Base Rate Segments or Eurodollar Rate Segments at the Borrower’s election, as provided herein.
(b) Not later than 1:00 P.M. New York time, on the Closing Date, each Term Loan B Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make the amount of its Pro Rata Term B Share of the Term Loan B available by wire transfer to the Administrative Agent. Such wire transfer shall be directed to the Administrative Agent at the Administrative Agent’s Office and shall be in the form of same day funds in Dollars. The amount so received by the Administrative Agent shall, subject to the terms and conditions of this Agreement, including without limitation the satisfaction of all applicable conditions in Sections 5.01 and 5.02, be made available to the Borrower by delivery of the proceeds thereof as shall be directed by the Responsible Officer of the Borrower and reasonably acceptable to the Administrative Agent. The initial Borrowing of the Term Loan B may be a Eurodollar Rate Segment, a Base Rate Segment, or both; provided that (i) nothwithstanding anything to the contrary in Section 2.03 or otherwise, any Eurodollar Rate Segment to be a portion of the initial Borrowing of the Term Loan B, and each Conversion to or Continuation of a Eurodollar Rate Segment made during the period of fourteen days after the Closing Date, may only be for a period beginning on the date such Eurodollar Rate Segment is initially advanced, or on the date any Segment is Continued as or Converted into a Eurodollar Rate Segment, and ending on the date that is one week thereafter, and (ii) if the Borrower desires that any portion of the initial Borrowing of the Term Loan B is advanced ...
Term Loan B. (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make one (1) term loan to Borrower in an aggregate principal amount not to exceed Five Million Five Hundred Thousand Dollars ($5,500,000) (the “Term Loan B”, and together with the Term Loan A, the “Term Loans”). Borrower may request the Term Loan B at any time from the Term Loan B Availability Start Date through the Term Loan B Availability End Date. The proceeds of the Term Loan B shall be used for general working capital purposes and for capital expenditures.
(ii) Interest shall accrue from the date of the Term Loan B at the rate specified in Section 2.3(a), and prior to the Term Loan B Interest Only End Date shall be payable monthly beginning on the 11th day of the month next following the Term Loan B, and continuing on the same day of each month thereafter. The Term Loan B that is outstanding on the Term Loan B Interest Only End Date shall be payable in equal monthly installments of principal, plus all accrued interest, beginning on the last day of the month immediately following the Term Loan B Interest Only End Date, and continuing on the same day of each month thereafter through the Term Loan B Maturity Date, at which time all amounts due in connection with the Term Loan B and any other amounts due under this Agreement shall be immediately due and payable. The Term Loan B, once repaid, may not be reborrowed. Borrower may prepay the Term Loan B without penalty or premium.
(iii) When Borrower desires to obtain the Term Loan B, Borrower shall notify Bank (which notice shall be irrevocable) by facsimile transmission to be received no later than 3:30 p.m. Eastern time on the day on which the Term Loan B is to be made. Such notice shall be substantially in the form of Exhibit C. The notice shall be signed by an Authorized Officer.
Term Loan B. Subject to the terms and conditions of this Agreement, and subject to the provisions of Section 1.01 with respect to the continuation of outstanding amounts of the Term Loan under (and as defined in) the Existing Agreement, each Term Loan B Lender severally agrees to make an advance of, or continue from the Existing Agreement, its Pro Rata Term B Share of the Term Loan B to the Borrower in Dollars on the Closing Date, and from the Closing Date to the Term Loan Maturity Date, convert and continue Segments from time to time in accordance with the terms hereof. The principal amount of each Segment of the Term Loan B outstanding hereunder from time to time shall bear interest and the Term Loan B shall be repayable as herein provided. No amount of the Term Loan B repaid or prepaid by the Borrower may be reborrowed hereunder, and no subsequent advance under the Term Loan B Facility shall be allowed after the initial such advance of the Term Loan B on the Closing Date. Segments of the Term Loan B may be Base Rate Segments or Eurocurrency Rate Segments at the Borrower’s election, as provided herein.
Term Loan B. (i) Subject to the terms and conditions hereof, the Term Lender agrees to continue to provide a term loan (the "Term Loan B") which was previously made under the Prior Loan Agreement to Borrower in the original principal amount of the Term Loan B Commitment. The Term Loan B shall be evidenced by a promissory note substantially in the form of Exhibit 1.1(b)(i) (the "Term B Note") and Borrower shall execute and deliver the Term B Note to the Term Lender on the Closing Date, and thereupon all Term B Notes outstanding under the Prior Credit Agreement shall deemed to be replaced by such new notes. The Term B Note shall represent the obligation of Borrower to pay the amount of the Term Loan B, together with interest thereon as prescribed in Section 1.5.
(ii) The aggregate outstanding principal balance of the Term Loan B shall be due and payable in full in immediately available funds on the Commitment Termination Date, if not sooner paid in full. No payment with respect to the Term Loan B may be reborrowed.
(iii) Each payment of principal and each payment of interest with respect to the Term Loan B shall be paid to Agent for the benefit of the Term Lender.
Term Loan B. Subject to the terms and conditions of this Agreement, each Lender with a Term Loan B Commitment agrees (severally, not jointly or jointly and severally) to make term loans B (collectively, “Term Loan B”) to Borrowers from time to time from the First Amendment Effective Date until the Term Loan Expiration Date, or until the earlier reduction of its Term Loan B Commitment to zero in accordance with the terms hereof, in an aggregate principal amount not to exceed the unused portion of such Lender’s Term Loan B Commitment. The aggregate principal amount of Term Loan B (based on the initial principal amount) shall not exceed the Term Loan B Amount. The Term Loan B Commitment of each Lender shall (x) automatically and permanently be reduced to the extent that such Lender makes a Term Loan B to Borrowers, and (y) automatically and permanently be reduced to zero on the Term Loan Expiration Date. Each Term Loan B requested by Borrowers pursuant to this Section 2.2(b) shall be in a minimum amount of $2,500,000. Any principal amount of Term Loan B that is repaid or prepaid may not be reborrowed. The outstanding principal of the Term Loan B shall be repayable by the Borrowers in consecutive quarterly installments, on the first day of each April, July, October and January, commencing on April 1, 2006 and ending on the Maturity Date (or if earlier than the Maturity Date, the date that the Term Loans have been repaid in full) consisting of (i) during the period from April 1, 2006 through January 1, 2007, quarterly payments of $125,000, (ii) during the period from April 1, 2007 through January 1, 2008, quarterly payments of $250,000, and (iii) during the period from April 1, 2008 through the Maturity Date, equal quarterly payments which, in the aggregate, equal the remaining outstanding principal balance of Term Loan B; provided, that the last such installment shall be in the amount necessary to repay in full the unpaid principal amount of Term Loan B; provided, further, for the avoidance of doubt, no installment shall be due during any period where the outstanding principal amount of Term Loan B has been repaid in full. The outstanding unpaid principal balance and all accrued and unpaid interest under Term Loan B shall be due and payable on the date of termination of this Agreement, whether by its terms, by prepayment, or by acceleration. All amounts outstanding under Term Loan B shall constitute Obligations.”
Term Loan B. On the Closing Date, a portion of the Existing Term Loan in the amount of the Maximum Term Loan B Amount shall be continued hereunder as the Term Loan B.
Term Loan B. (i) Subject to the terms and conditions hereof, each Term Lender agrees to make a term loan on the Term Loan B Funding Date to Borrower (the "Term Loan B") in the original principal amount of its Term Loan B Commitment. The obligations of each Term Lender hereunder shall be several and not joint. Each Term Loan B shall be evidenced by promissory notes substantially in the form of Exhibit 1.1
Term Loan B. Subject to Section 2.3(b), the principal amount outstanding under the Term Loan B shall accrue interest at a per annum rate equal to 0.75 percentage points above the Prime Rate, which interest shall be payable monthly.
Term Loan B. Section 2.1.3(b) of the Credit Agreement is amended in its entirety as follows:
Term Loan B. (1) Subject to the terms and conditions hereof, each Lender with a Term Loan B Commitment agrees to make a term loan (collectively, the “Term Loan B”) on the Closing Date to Borrowers in an amount of the applicable Lender’s Term Loan B Commitment. The obligations of each Lender hereunder shall be several and not joint. Upon request by any Lender with a Term Loan B Commitment, each Borrower shall execute and deliver to such Lender a promissory note substantially in the form of Exhibit 1.1(b)(i) (each a “Term Loan B Note” and collectively, the “Term Loan B Notes”). Each Term Loan B Note (or, if a Term Loan B Note is not requested, this Agreement) shall represent the joint and several obligation of Borrowers to pay the applicable Lender’s Term Loan B Commitment, together with interest hereon as prescribed in Section 1.5.
(2) Borrowers shall repay the principal balance of the Term Loan B in consecutive quarterly installments on the first day of January, April, July and October of each year, commencing January 1, 2011, as follows: January 1, 2011 $687,500 April 1, 2011 $687,500 July 1, 2011 $687,500 October 1, 2011 $687,500 January 1, 2012 $687,500 April 1, 2012 $687,500 July 1, 2012 $687,500 October 1, 2012 $687,500 January 1, 2013 $687,500 April 1, 2013 $687,500 July 1, 2013 $687,500 October 1, 2013 $687,500 January 1, 2014 $687,500 April 1, 2014 $687,500 July 1, 2014 $687,500 October 1, 2014 $687,500 January 1, 2015 $687,500 April 1, 2015 $687,500 July 1, 2015 $687,500 October 1, 2015 $687,500 January 1, 2016 $687,500 April 1, 2016 $687,500 July 1, 2016 $687,500 August 9, 2016 $259,187,500 The final installment due August 9, 2016 shall be in the amount of $259,187,500 or, if different, the remaining principal balance of the Term Loan B, together with accrued interest and all fees, costs, expenses and other charges due by Borrowers with respect to the Term Loan B.
(3) Notwithstanding Section 1.1(b)(i)(2), the aggregate outstanding principal balance of the Term Loan B shall be due and payable in full in immediately available funds on the Commitment Termination Date applicable to the Term Loan B, if not sooner paid in full. No payment with respect to the Term Loan B may be reborrowed.