Prior Term Loans definition
Examples of Prior Term Loans in a sentence
Subject to the terms and conditions set forth herein, each Lender severally agrees to make (or convert from Prior Term Loans, in the case of the Continuing Lenders) to the Borrower a single loan denominated in Dollars equal to such Lender’s Commitment on the Closing Date.
Immediately before giving effect to the Eleventh Amendment to this Agreement, the aggregate outstanding principal balance of the Prior Term Loans was $4,500,000 and the Borrowers’ obligation to pay the Prior Term Loans was evidenced by the Third Amended and Restated Term Note of the Borrowers dated April 15, 2016 and payable to the order of the Bank in the original principal amount of $6,000,000 (the “Prior Term Note”).
On the Closing Date, each of the initial Lenders made Prior Term Loans subject to the terms and conditions set forth in the Agreement as in effect on such date.
Subject to the terms and conditions set forth herein and in the Second Amendment, each Lender severally agrees to make Term B-1 Loans in Dollars to the Borrower on the Second Amendment Effective Date in a principal amount equal to the excess of (A) its Commitment to make Term B-1 Loans over (B) the aggregate principal amount of its Converted Prior Term Loans, if any.
Immediately before giving effect to the Eighth Amendment to this Agreement, the aggregate outstanding principal balance of the Prior Term Loans was $4,000,000 and the Borrowers’ obligation to pay the Prior Term Loans was evidenced by the Second Amended and Restated Term Note of the Borrowers dated March 31, 2015 and payable to the order of the Bank in the original principal amount of $5,000,000 (the “Prior Term Note”).
The Prior Term Loans shall be paid in full ---------------- simultaneously with the closing hereunder.
Subject to the terms and conditions set forth herein and in the Second Amendment, with respect to each Continuing Term Lender (as defined in the Second Amendment) that has Prior Term Loans, such Continuing Term Lender severally agrees to convert on the Second Amendment Effective Date an aggregate principal amount of the Prior Term Loans (“Converted Prior Term Loans”) held by it immediately prior to the Second Amendment Effective Date for and into a like principal amount in Dollars of Term B-1 Loans.
The Borrower shall refinance all Prior Term Loans that are not Converted Prior Term Loans with the gross proceeds of such Term B-1 Loans described in the immediately preceding sentence.
Immediately before giving effect to the Seventh Amendment to this Agreement, the aggregate outstanding principal balance of the Prior Term Loans was $1,750,000 and the Borrowers’ obligation to pay the Prior Term Loans was evidenced by the Promissory Note of the Borrowers payable to the order of the Bank in the original principal amount of $4,000,000 (the “Prior Term Note”).
The Continuing Term Lenders and the Administrative Agent waive the requirement for delivery of a prepayment notice in respect of the prepayment of Prior Term Loans on the Second Amendment Effective Date pursuant to Section 2.03 of the Credit Agreement and the Amended Credit Agreement.