New Term Loan Sample Clauses
New Term Loan. Pursuant to Section 2.12 of the Credit Agreement, on the Increased Amount Date, the Initial Incremental Lender hereby agrees to make to the Company a term loan in respect of its Initial Incremental Term Loan Commitment, in the aggregate principal amount of $135,000,000 (the “Initial Incremental Term Loan”) upon, and subject to, the following terms and conditions:
A. the Initial Incremental Lender hereby becomes a Lender under the Credit Agreement with respect to its Initial Incremental Term Loan Commitment and, following the making thereof, the Initial Incremental Term Loan. Upon the making thereof, the Initial Incremental Term Loan shall be deemed, and is hereby made, a pro rata tranche of the existing Term Loans under the Credit Agreement (the “Original Term Loans”), and all references to such Original Term Loans and, except as otherwise provided herein, each provision of the Credit Agreement applicable to such Original Term Loans shall apply to and be deemed to include the Initial Incremental Term Loan. Without limitation of the foregoing, the maturity date of the Initial Incremental Term Loan shall be the Term Loan Maturity Date;
B. upon the funding of the Initial Incremental Term Loan, $135,000,000 shall be added to the Register for purposes of determining (together with any Original Term Loans of the Initial Incremental Lender) the Initial Incremental Lender’s Term Loans;
C. Company shall repay the Initial Incremental Term Loan in the manner consistent with Section 2.4 of the Credit Agreement and in the amounts set forth on Exhibit 1 hereto;
D. the rate of interest applicable to the Initial Incremental Term Loan shall be the same as is applicable to the Original Term Loans; provided, however, that in the event that any additional Incremental Term Loan is entered into on or prior to the first anniversary of the funding of the Initial Incremental Term Loan and the interest margins, upfront fees, original issue discount or any other component of the Yield on such additional Incremental Term Loan (the “Additional Incremental Component”) exceeds the corresponding component of Yield on the Initial Incremental Term Loan (the “Initial Incremental Component”) (determined as provided in Section 2.12(d) of the Credit Agreement), then such Initial Incremental Component shall be adjusted such that the Initial Incremental Term Loan benefits equally with such additional Incremental Term Loan, including in the case of (i) the interest margins, the interest margins f...
New Term Loan. A new Section 1C is added to the Schedule to Loan and Security Agreement as follows:
New Term Loan. The BANK shall extend to the BORROWER a new term loan in the principal amount of Five Million Dollars ($5,000,000.00) (the "2002 New Term Loan"), upon and subject to the terms and conditions set forth in the Term Promissory Note of even date evidencing the 2002 New Term Loan, the other Loan Documents and this Agreement.
New Term Loan. Borrower has requested that CIT make a new term loan to Borrower in the principal amount of $403,740.86 (the "New Term Loan"). CIT has agreed to make the New Term Loan to Borrower by consolidating the New Term Loan with the existing Term Loan made to Borrower under Section 10.2(a) of the Loan Agreement on or about September 24, 1998, which has an outstanding principal balance of $346,259.14 as of the date hereof. In order to evidence this consolidation, CIT and Borrower agree to amend and restate Section 10.2(a) in its entirety to read as follows:
(a) A Term Loan shall be made to Borrower on or about January 17, 2003 in the amount of $750,000, which consists of an original Term Loan having an outstanding principal balance of $346,259.14 as of such date and a new term loan of $403,741.86 to be made on or about such date. The principal amount of this Term Loan shall be repaid in immediately available funds in thirty (30) equal consecutive monthly installments of $24,732.80 each, with a final payment of $8,016.00, due and payable commencing February 1, 2003 and on the first day of each month thereafter, provided that notwithstanding the foregoing, the unpaid principal balance thereof shall be due and payable in full on the expiration of any Term or the termination of this Agreement, if earlier." The outstanding principal balance of the existing Term Loan made under Section 10.2(a) of the Loan Agreement shall remain outstanding and shall not be deemed to have been repaid by the making of the New Term Loan.
New Term Loan. Section 2.3 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
New Term Loan. Section 2.4 of the Credit Agreement shall be modified to reflect the addition of a new term Loan, by the addition thereto of a new Section 2.4A at the end of said Section 2.4, to read as follows:
New Term Loan. Facilities In connection with the Credit Agreement Exchange Offer & Amendment, the Borrower will establish: (i) a new tranche B-2 term loan facility under the New Credit Agreement (the “New Tranche B-2 Term Loan Facility”; the loans hereunder, the “New Tranche B-2 Term Loans”) in an aggregate principal amount not to exceed $547,156,441.32, which shall be provided by the Participating New Tranche B-2 Term Loan Lenders and the Funding B-3 Term Loan Lenders (collectively, the “New Tranche B-2 Term Loan Lenders”) on the terms set forth in Exhibit A to the Transaction Support Agreement; and (ii) a new tranche B-3 term loan facility under the New Credit Agreement (the “New Tranche B-3 Term Loan Facility” and, together with the New Tranche B-2 Term Loan Facility, the “New Term Loan Facilities” and each, a “New Term Loan Facility”; the loans hereunder, the “New Tranche B-3 Term Loans” and together with the New Tranche B-2 Term Loans, the “New Term Loans”) in an aggregate principal amount equal to the aggregate principal amount of Existing Tranche B-3 Term Loans that are exchanged by Participating Tranche B-3 Term Loan Lenders (or repaid through cashless roll) (the “New Tranche B-3 Term Loan Lenders”) into New Tranche B-3 Term Loans.
New Term Loan. Subject to the terms and conditions set forth herein and in reliance on the representations, warranties and covenants contained herein, the Bank agrees to make an additional term loan (the "New Term Loan") to the Borrower on June 30, 1997. The New Term Loan shall be in the principal amount of $6,000,000, (a) shall be used to make leasehold improvements at the Leased Premises and for working capital and other general corporate purposes (including without limitation the payment of the last $100,000 installment owed under the Advances made under Section 3.1, which is due and payable on July 1, 1997), (b) shall be payable jointly and severally by the Borrower and the Subsidiaries as provided in Section 3.4, (c) shall be evidenced by the Note referred to in Section 3.5, (d) shall bear interest at the rate provided in Section 3.8 and (e) shall otherwise be governed by all of the terms and conditions and covenants of this Agreement applicable to Advances.
2. A new SECTION 3.2A is added after SECTION 3.2 of the Loan Agreement, reading as follows:
New Term Loan. The Borrowers shall repay to the Lenders the aggregate outstanding principal amount of the New Term Loan on a quarterly basis at a rate of one percent (1%) per annum with the remaining aggregate outstanding principal amount of the New Term Loan to be paid in full on the Maturity Date.
New Term Loan. Borrower: The Company