Outstanding Term Loan definition
Examples of Outstanding Term Loan in a sentence
Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a single loan to the Domestic Borrower, in Dollars, in a single draw on the Closing Date in an amount equal to such Term Lender’s Applicable Percentage of the Initial Term Facility less such Term Lender’s Applicable Percentage of the Outstanding Term Loan Obligations (the “Closing Date Term Loans”, and together with the Outstanding Term Loan Obligations, the “Initial Term Loan”).
If, on any date, the Outstanding Advances other than the Outstanding Term Loan shall exceed the Maximum Advance Amount (such excess, the "Shortfall Amount"), then the Customer shall on such date prepay the Outstanding Advances other than the Outstanding Term Loan in an amount equal to such Shortfall Amount.
On the Closing Date and upon effectiveness of this Agreement, the Outstanding Term Loan Balance shall be continued and shall convert automatically, for all purposes of this Agreement, to a portion of the Term Loan hereunder owing to the Lenders as if such portion of the Term Loan had been made by the Lenders to the Borrowers hereunder on the Closing Date ratably in accordance with their respective Pro Rata Term Loan Share.
It is the intention of the parties hereto that the making of the Term Loans and the disbursement of the proceeds thereof in accordance with this Section 2.2 shall not effect a payment or discharge of any portion of the Outstanding Term Loan, but that the amount of the Outstanding Term Loan in excess of Citicorp North America, Inc.'s Term Loan Commitment (the "Assigned Interest") shall be deemed to have been assigned by Citicorp North America, Inc.
In addition, the Borrower promises to pay to the Agent for the respective accounts of the Banks those amounts as are required to be paid pursuant to any asset disposition consummated in connection with Section 9.5.2. after the Conversion Date, in the manner and at the times set forth in Section 9.5.2, which amounts shall be applied to the Outstanding Term Loan in the inverse order of maturity.
The Advances shall be made in one or more Advances each an amount not less than $100,000 (or if less, the entire Outstanding Term Loan Commitment) in accordance with Section 2.1(b); provided, that no more than two Advances (excluding the advance of the Initial Term Loan) shall be made during any thirty (30) day consecutive period; and, provided, further, that no Advances shall be made after September 30, 2008.
The Administrative Agent may also amend the Commitment and Outstanding Term Loan Schedule to reflect assignments entered into pursuant to Section 9.04.
If Borrower sells the Atlanta Property, then immediately upon consummation of the sale Borrower shall use the proceeds therefrom (the "Atlanta Property Proceeds") to pay to Lender, in cash, any and all amounts then owing by Borrower under this Agreement in respect of the Term Loan B (the "Outstanding Term Loan B Amounts").
The Term Loan A-1 Advances and Outstanding Term Loan A-2 Advances shall be deemed to have been issued pursuant to this Section 2.01(b), and from and after the Restatement Date shall be subject to and governed by the terms and conditions hereof.
Beginning with the first Payment Date occurring after the Availability Period and on each Payment Date thereafter (or, if such date is not a Business Day, on the immediately preceding Business Day), the Borrowers shall make quarterly payments of principal on the Term Loans in an amount equal to one and one quarter percent (1.25%) of the Aggregate Outstanding Term Loan Credit Exposure as of the end of the Availability Period.