Term Loan Draw Period means the period commencing on the Effective Date and ending on the date of the earlier to occur of (i) the aggregate outstanding principal balance of the Term Loans equaling the Term Commitment, (ii) May 3, 2011, or (iii) Borrowers written request to Bank to commence the terming out of the Term Loan.
The Term Loans shall be interest only during the Term Loan Draw Period, with interest due and payable in accordance with Section 2.3(f) hereof.
Subject to the terms and conditions of this Agreement, during the Term Loan Draw Period, Borrower may request that Bank make term loans available to Borrower in an aggregate amount not to exceed the Term Loan Amount (each a Term Loan and collectively, the Term Loans).
The following terms and their respective definitions hereby are deleted from Section 13.1 of the Loan Agreement: Term Loans, Term Loan Amount, Term Loan Draw Period, Term Loan Maturity Date.
Term Loans outstanding on the last day of the Term Loan Draw Period are payable in (i) thirty six (36) consecutive equal monthly installments of principal, plus (ii) monthly payments of accrued interest (the Term Loan Payment), beginning on May 1, 2016 and continuing on the first (1st) day of each month thereafter through the Term Loan Maturity Date.
In addition, during the Term Loan Draw Period, the Company may, upon notice to the Administrative Agent as set forth above, from time to time terminate (in whole or in part) the unused portion of the Aggregate Term Loan Commitments.