Term Note B. Subject to the provisions of SECTION 2.5 below, Term Note B shall bear interest on the outstanding principal balance from time to time outstanding under Term Note B at a rate equal to the lesser of (a) the Prime Rate plus one-half of one percent (1/2%) per annum until the Term Note B Maturity Date, and after the Term Note B Maturity Date, at the Past Due Rate, and (b) the Maximum Legal Rate. Term Note B shall continue to be payable in monthly principal installments of $8,977.78 each, one each due and payable on the first day of each succeeding calendar month after its date until Term Note B (including all accrued interest thereon) has been fully paid and satisfied; PROVIDED, that on the Term Note B Maturity Date, all principal of Term Note B and all accrued and unpaid interest thereon shall be finally due and payable. Accrued interest on Term Note B shall be due and payable concurrently with and in addition to the principal installments provided for hereinabove. Without notice to any Borrower or any other person, the rate of interest applicable to Term Note B shall change as and when the Bank's Prime Rate changes.
Term Note B. Term Loan B shall be evidenced by Term Note B. At the time of the initial disbursement of Term Loan B, at each time any additional disbursement is made under Term Loan B or a repayment made in whole or in part thereon, a notation thereof shall be made on the books and records of Lender. All amounts recorded shall be, absent demonstrable error, conclusive and binding evidence of (i) the principal amount of Term Loan B advanced hereunder, (ii) any accrued and unpaid interest owing on Term Loan B and (iii) all amounts repaid on Term Loan B. The failure to record any such amount or any error in recording such amounts shall not, however, limit or otherwise affect the obligations of Borrowers under Term Note B to repay the principal amount of Term Loan B, together with all interest accruing thereon.
Term Note B. Term Loan B made by the Lender shall be evidenced by a promissory note of the Company, substantially in the form of Exhibit C, with appropriate insertions ("Term Note B") payable to the order of the Lender and representing the obligation of the Company to pay the unpaid principal amount of Term Loan B of the Lender with interest thereon as prescribed in Section 3.01. The Lender is authorized to record the Type and the date and amount of each payment or prepayment of principal thereof in the Lender's records or on the grid schedule annexed to Term Note B; provided, however, that the failure of the Lender to set forth each payment and other information shall not in any manner affect the obligation of the Company to repay Term Loan B in accordance with the terms of Term Note B and this Agreement. Term Note B, the grid schedule and the books and records of the Lender shall constitute presumptive evidence of the information so recorded absent manifest error. Term Note B shall (a) be dated the Closing Date, (b) be stated to mature on the Term Loan B Maturity Date and (c) be payable as to principal in sixty consecutive monthly installments of $33,883 commencing September 30, 2002, provided that the final installment on the Term Loan B Maturity Date shall be in an amount equal to the remaining principal amount outstanding on the Term Loan B Maturity Date. Repayments and prepayments of Term Loan B may not be reborrowed. Term Note B shall bear interest from the date thereof until paid in full on the unpaid principal amount thereof from time to time outstanding at the applicable interest rate per annum determined as provided in, and payable as specified in, Section 3.01.
Term Note B. Borrowers' obligation to repay Term Loan B shall be further evidenced by a promissory note executed and delivered by Borrowers to Bank in the face amount of Two Million Four Hundred Thousand Dollars ($2,400,000.00) ("Term Note B") which shall be in a form acceptable to Bank.
Term Note B. The term “Term Note B” shall mean, individually and collectively, any promissory note of Houston Auto issued to Initial Lender (or subsequently re-issued by the Borrowers to an assignee of Initial Lender pursuant to Section 10.3 hereof) in respect of the Term Loan B hereunder, as such promissory note may be amended, modified, supplemented or restated from time to time, and any substitutions for or renewals of such promissory note.
Term Note B. Coincident with the execution of this Amendment, Borrowers shall execute and deliver to Bank a new promissory note of even date herewith, evidencing the indebtedness of Borrowers to Bank under Term Loan B in the original principal amount of $2,400,000. All references to the Term Note B in the Loan Agreement and the other Loan Documents shall be deemed to be references to such new Note.
Term Note B. The Term B Loan shall be evidenced by a promissory note of Borrowers (herein, as from time to time supplemented, extended or replaced, called the "Term Note B") substantially in the form set forth in Exhibit D, with appropriate insertions, dated the date hereof, payable to the order of Lender in the maximum principal amount of the Term B Commitment.
Term Note B. Term Note B Advances may only be used for the purchase of new machinery or equipment and will only be made available to the Borrower through the Termination Date. Each requested Advance must be accompanied by the invoice for the machinery or equipment to be purchased or financed with the proceeds of such Advance. The Lender may refuse to advance for taxes, freight or discounts not taken with regard to such purchases. Each promissory note executed as a Term Note B note shall be due and payable in 60 equal monthly installments, commencing on the first day of the month next following the month of Advance for funding that respective note, and continuing on the same day of each successive month thereafter for 59 additional months;
Term Note B. Borrower shall execute and deliver to Agent on behalf of each Lender, on March 14, 2003, a promissory note substantially in the form of Exhibit B-2 attached hereto and made a part hereof (such promissory note together with any new notes issued pursuant to Section 13.3.2 upon the assignment of any portion of any Lender's Term Loan B Advance, being hereinafter referred to collectively as the "Term Notes B" and each of such promissory notes being hereinafter referred to individually as a "Term Note B"), to evidence such Lender's Term Loan B Advance to Borrower, in original principal amounts equal to the amount of such Lender's Term Loan B Commitment. Each Term Note B shall be dated March 14, 2003, and shall provide for payment of the Term Loan B Advance evidenced thereby as specified in Section 4.3 hereof.
Term Note B. Concurrently with the execution and delivery of this Agreement Borrower shall evidence Term Loan B by executing and delivering to Bank Borrower’s note in the form and substance of Exhibit C to this Agreement.
