Definition of Term Loan Payment Date


Term Loan Payment Date means, with respect to any Term Loan, (a) the first Business Day of the third month immediately following the related Term Loan Start Date and the first Business Day of each third consecutive month thereafter occurring prior to the Maturity Date, and (b) the Maturity Date.

Examples of Term Loan Payment Date in a sentence

The principal amount outstanding under the Term Notes shall be payable in quarterly installments commencing on the first day of the fourth full fiscal month following the Closing Date and, thereafter, on each three-month anniversary thereof (each such date, a "Term Loan Payment Date") as follows: (a) on each Term Loan Payment Date, in an amount equal to $9,250,000 and (b) on the Maturity Date, in any amount equal to the remaining aggregate principal amount of the Term Loans outstanding on such date.
The outstanding principal balance of the Term Loan shall be payable to the Lender in equal consecutive monthly installments in the amount of $357,142.86 on each Term Loan Payment Date, commencing with the Term Loan Payment Date of April 1, 2011 and continuing thereafter until the Term Loan Termination Date, at which time the outstanding principal balance of the Term Loan, together with all interest accrued thereon, shall be due and payable in full.
Any principal payment with respect to the Term Loan not paid when due, whether on a Term Loan Payment Date or by acceleration, shall bear interest thereafter at a rate per annum of two percent (2.0%) 36 45 over the Term Loan Applicable Rate in effect with respect to such payment at the time of such default (the "Term Loan Default Rate").
Any principal payment with respect to the Term Loan not paid when due, whether on a Term Loan Payment Date or by acceleration, shall bear interest thereafter at a rate per annum of two percent (2.0%) over the Term Loan Applicable Rate in effect with respect to such payment at the time of such default (the "Term Loan Default Rate").
For the Term Loan B, Borrower shall pay principal to Agent, for the account of the Lenders in accordance with their Pro Rata Shares, in an amount equal to $416,700 on each Scheduled Payment Date, commencing on the Initial Term Loan Payment Date, and one final payment in an amount equal to the entire remaining principal balance of the Term Loan B on the Final Maturity Date.