Term Loans definition
Examples of Term Loans in a sentence
Optional partial prepayments of any Class of Term Loan in amounts less than $100,000 shall not be permitted unless such prepayment is of the entire outstanding principal balance of such Class of Term Loans.
All prepayments of Term Loans shall be without premium or penalty, and shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment.
The Initial Term Loan Commitment shall automatically and permanently be reduced to $0 upon the funding in full of the Initial Term Loans on the Closing Date.
In order to request a Term Loan, the Borrower Representative shall notify the Administrative Agent of such request by telephone not later than 12:00 p.m., New York time, one Business Day before a proposed borrowing of Term Loans (or such shorter period as may be agreed by the Administrative Agent).
Borrower shall at all times maintain in one or more Collateral Accounts maintained in the United Stated and subject to Control Agreement(s) in favor of Collateral Agent a cash balance of not less than five percent (5.00%) of the aggregate principal amount of Term Loans outstanding under this Agreement.