Term Loan C Sample Clauses
Term Loan C. To the extent there is any Revolver Commitment, Term Loan A Principal Debt, or Term Loan B Principal Debt outstanding, any Term Loan C Lender, at its option, may elect not to accept such partial prepayment under this SECTION 2.7 (other than SECTION 2.7(d)) (such Lender being a "DECLINING C LENDER"), in which event the provisions of the next sentence shall apply. On the prepayment date, an amount equal to that portion of the prepayment amount available to prepay Term Loan C Lenders (less any amounts that would otherwise be payable to Declining C Lenders) shall be applied ratably to prepay Term Loan C Principal Debt owed to Term Loan C Lenders other than Declining C Lenders and any amounts that would otherwise have been applied to prepay Term Loan C Principal Debt owing to Declining C Lenders shall instead be applied ratably to prepay the remaining Term Loan A Principal Debt and Term Loan B Principal Debt, and reduce the Revolver Commitment as provided in SECTIONS 2.7(b) through 2.7(f); PROVIDED FURTHER, that upon prepayment in full of Term Loan C Principal Debt owing to Term Loan C Lenders other than Declining C Lenders the remainder of any prepayment amount that is to be applied to Term Loan C Principal Debt shall be applied ratably to prepay Term Loan C Principal Debt owing to Declining C Lenders. Any Term Loan C Lender may elect not to accept its ratable share of a partial prepayment by giving written notice to the Administrative Agent not later than 11:00 a.m. Dallas, Texas time on the Business Day immediately preceding the scheduled prepayment date.
Term Loan C. (a) Subject to the terms and conditions of the Loan Agreement and this Amendment (including without limitation the conditions precedent set forth herein), Bank agrees to extend to Borrowers a term loan in the original principal amount of Seven Hundred Fifty Thousand Dollars ($750,000) (“Term Loan ‘C’”). Borrowers’ obligation to repay Term Loan C shall be further evidenced by a promissory note executed and delivered by Borrowers to Bank in the face amount of Seven Hundred Fifty Thousand Dollars ($750,000) (“Term Note ‘C’”), which shall be in a form acceptable to Bank.
(b) Borrowers shall use the proceeds of Term Loan C solely to repay a portion of the existing Subordinated Indebtedness owed to Argosy Investment Partners, L.P.
(c) The entire outstanding principal balance of Term Loan C will accrue interest at the Agent Borrower’s option at (i) the LMIR Rate plus Applicable Margin or (ii) the LIBOR Rate plus the Applicable Margin, provided however, at no time shall the applicable rate of interest charged to sums outstanding and accruing interest under Term Loan C at the LMIR Rate plus the Applicable Margin exceed the Prime Rate.
(d) Borrowers understand and agree that subject to the provisions of this Agreement, the LIBOR Rate plus Applicable Margin or the LMIR Rate plus Applicable Margin, as applicable, which applies to the outstanding principal balance of Term Loan C shall apply to the entire outstanding principal balance of Term Loan C.
(e) Borrowers agree to pay to Bank interest on the principal balance of Term Loan C on the first day of each calendar month, commencing on March 1, 2003 and on the first day of each month thereafter through February 1, 2005 (the “Term Loan C Maturity Date”). Borrowers agree to pay to Bank the principal balance of Term Loan C in five (5) equal and consecutive monthly installments of $125,000 each, on the first day of each calendar month, commencing on September 1, 2004, and in one (1) final payment of the remaining principal balance of Term Loan C plus all accrued and unpaid interest thereon on the Term Loan C Maturity Date.
Term Loan C. Subject to Section 2.3(b), the Term Loan C accrues interest at the greater of (a) six percent (6.0%) per annum, and (b) the Prime Rate in effect from time to time, plus two percent (2.0%) per annum.
Term Loan C. Subject to the terms and conditions of this Agreement, on the Second Amendment Effective Date, the Lender shall fund the Term Loan C in the amount of the Term Loan C Commitment, the proceeds of which shall be used to repay, in part, outstanding Overadvances on such date. Upon the funding of the Term Loan C hereunder, the Term Loan C Commitment shall be permanently terminated.
Term Loan C. (a) TERM LOAN C. Bank has made a loan to Borrower in the original principal amount of Five Hundred Thousand Dollars ($500,000.00) ("Term Loan C"), on which the outstanding principal balance as of the date hereof is Two Hundred Eighty-eight Thousand One Hundred Thirty-five and 50/100 Dollars ($288,135.50). Borrower's obligation to repay Term Loan C is evidenced by a promissory note substantially in the form of Exhibit D attached hereto ("Term Note C"), all terms of which are incorporated herein by this reference. Any reference in Term Note C to any prior loan agreement between Bank and Borrower shall be deemed a reference to this Agreement. Subject to the terms and conditions of this Agreement, Bank hereby confirms that Term Loan C remains in full force and effect.
Term Loan C. On the last Banking Day of each March, June, September and December, beginning March 31, 1999, the Borrower will pay to the Administrative Agent, for the 39 39 account of the Lenders as a prepayment of Term Loan C, the lesser of (a) $750,000, as adjusted after the date hereof in accordance with this Section 4, or (b) the amount of Term Loan C then outstanding, in each case together with accrued interest on such prepaid amount, and a final payment of the balance of Term Loan C on the Final Term Loan C Maturity Date.
Term Loan C. Subject to Section 2.3(b), the principal amount outstanding under the Term Loan C shall accrue interest at a per annum rate equal to 9.00%, which interest shall be payable monthly.”
2.4 Revised Section 2.4(a). Section 2.4(a) of the Loan Agreement is hereby amended to read as follows:
Term Loan C. (i) Subject to the terms and conditions hereof, each Term C Lender agrees to make a term loan (collectively, the "Term Loan C") on the Closing Date to Borrower in an aggregate principal amount equal to its Term C Commitment. The obligations of each Term C Lender hereunder shall be several and not joint. The Term Loan C shall, upon the request of any Lender pursuant to Section 1.10, be evidenced by a Note, and, upon such request as provided in Section 1.10, Borrower shall execute and deliver each Note to the applicable Term C Lender. Each Note shall represent the obligation of Borrower to pay the amount of the applicable Term C Lender's Term Loan C, together with interest thereon as prescribed in Section 1.5.
(ii) The aggregate outstanding principal balance of the Term Loan C shall be due and payable in full in immediately available funds on the Maturity Date, if not sooner paid in full. No payment with respect to the Term Loan C may be reborrowed.
(iii) Each payment of principal with respect to the Term Loan C shall be paid to the Administrative Agent for the ratable benefit of each Term C Lender, ratably in proportion to each such Term C Lender's respective Term C Commitment.
Term Loan C. Each Lender, severally, agrees to lend to Borrower, on the Amendment No. 3 Closing Date, its Pro Rata Share of the Term Loan C Commitment which is in the aggregate amount of $15,000,000. Amounts borrowed under this Section 2.1(B-1) and repaid may not be reborrowed. Borrower shall make principal payments in the amount of the applicable Scheduled Installment of Term Loan C (or such lesser principal amount as shall then be outstanding) on the dates set forth below: “Scheduled Installment“ means, for each date set forth below, the amount set forth opposite such date. June 30, 2006 $ 1,500,000.00 September 30, 2006 $ 1,500,000.00 $ 247,381.01 December 31, 2006 $ 1,500,000.00 $ 247,381.01 March 31, 2007 $ 1,500,000.00 $ 247,381.01 June 30, 2007 $ 1,468,572.09 $ 278,808.92 September 30, 2007 $ 1,747,381.01 December 31, 2007 $ 1,747,381.01 March 31, 2008 $ 1,747,381.01 June 30, 2008 $ 1,747,381.01 September 30, 2008 $ 1,747,381.01 December 31, 2008 $ 1,747,381.00 March 31, 2009 $ 1,747,381.00 June 30, 2009 $ 1,747,381.00
Term Loan C. On the terms and subject to the conditions set forth in this Agreement, each Lender hereby severally agrees, on a pro rata basis in accordance with Schedule 1 attached hereto, to grant Term Loan C to Borrower on the Closing Date in the principal amount of Three Million Two Hundred Thousand Dollars ($3,200,000.00), the proceeds of which shall be used to finance the construction of improvements and additions to the El Monte Property. Borrower's obligation to repay Term Loan C shall be evidenced by the Term Notes for Term Loan C, all terms of which are incorporated herein by this reference.