2003 Term Loan definition

2003 Term Loan means a term credit facility provided to the Borrowers and AIMCO/Bethesda Holdings, Inc. by a group of financial institutions and administered by Bank of America, as administrative agent, in an original principal amount not to exceed $250,000,000. The net cash proceeds of the 2003 Term Loan shall be applied to prepay Loans outstanding under the Revolving Credit Agreement (without any corresponding reduction of the commitments thereunder). The collateral for the 2003 Term Loan may consist of Liens on the Pledged Collateral, which Liens shall rank pari passu with the Lenders' Liens on such Pledged Collateral and the lender's Liens on the Pledged Collateral under the Revolving Loan Documents. The representations, warranties, covenants, events of default, remedies and other material terms of the 2003 Term Loan shall be substantially similar to the representations, warranties, covenants, events of default, remedies, and other material terms contained in this Agreement. The intercreditor relationship between the lenders under the 2003 Term Loan, the lenders under the Revolving Credit Agreement and the Lenders shall be governed by an intercreditor agreement which shall be satisfactory to the Administrative Agent and the Requisite Lenders.

2003 Term Loan means a term credit facility provided to the Borrowers and AIMCO/Bethesda Holdings, Inc. pursuant to that certain Term Loan Credit Agreement, dated as of May 30, 2003, by and among Borrowers, AIMCO/Bethesda Holdings, Inc., Bank of America, as administrative agent, and the financial institutions party thereto. The intercreditor relationship between the lenders under the 2003 Term Loan, the lenders under the Revolving Credit Agreement and the Lenders shall be governed by the Intercreditor Agreement.

2003 Term Loan means that term as defined in Section 2.2A(a).

Examples of 2003 Term Loan in a sentence

• The intercreditor relationship between the lenders under the 2003 Term Loan, the lenders under the Casden Loan and the Lenders shall be governed by the Intercreditor Agreement.

• The 2003 Term Loans shall be used only to (a) purchase Equipment or (b) reimburse the Borrower for previously purchased Equipment and shall not exceed 100% of the invoice amount of such Equipment approved from time to time by Silicon; provided that the aggregate amount of the Equipment Loans for (i) the purchase or license of software, (ii) leasehold improvements and (iii) other soft costs, including sales tax, freight and installation expenses shall not exceed 35% of each 2003 Term Loan.

• The proceeds of the 2003 Term Loan shall be used to refinance the subordinate debt in favor of The HillStreet Fund, L.P. The proceeds of the Mortgage Loan will be used to refinance existing mortgage debt of Borrower in favor of a third party lender.

• Maintain, at all times, during the period from the Drawdown Date of the 2003 Term Loan through and including, the first anniversary of such Drawdown Date, a Credit Availability with respect to the Revolving Loan (excluding the BV Loan) of not less than $750,000.

• Such payment shall be allocated to payment of the principal of the 2003 Term Loan, in the inverse order of maturity.

• Borrowers and Lenders now desire to amend the Credit Agreement as more particularly set forth below to reflect all of the specific modifications, amendments and supplements needed to be made to the Credit Agreement in connection with the closing of the 2003 Term Loan concurrently herewith.

• During the period prior to the Drawdown Date of the 2003 Term Loan, Tangible Net Worth shall not include the $1,239,000 of one-time charges (net of taxes) previously incurred by Borrower.

• To evidence each of the 2003 Term Loans, Borrower shall deliver to Silicon, at the time of each 2003 Term Loan request, an invoice for the Equipment (a) to be purchased or (b) which was previously purchased by the Borrower.

• The covenant shall only remain in effect until the Drawdown Date of the 2003 Term Loan.

• The Borrower shall maintain on a rolling four quarter basis as of the end of each fiscal quarter of the Borrower a ratio of (i) Earnings Before Interest, Taxes, Depreciation and Amortization minus unfinanced Capital Expenditures to (ii) Current Maturities of Long Term Debt plus Interest Expense of not less than 1.25:1.0. The covenant shall only remain in effect until the Drawdown Date of the 2003 Term Loan.