New Term Loan Sample Clauses

New Term Loan. Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, (i) each First Amendment Term Loan Lender severally, but not jointly, agrees to make available to the Borrowers on the First Amendment Effective Date such First Amendment Term Loan Lender’s First Amendment Term Loan Commitment Percentage of a term loan in Dollars (the “First Amendment Term Loan”) in the aggregate principal amount of ONE HUNDRED TWENTY-NINE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($129,250,000) (the “First Amendment Term Loan Committed Amount”) and (ii) each Second Amendment Term Loan Lender (together with the First Amendment Term Loan Lenders, each a “New Term Loan Lender”) severally, but not jointly, agrees to make available to the Borrowers on the Second Amendment Effective Date such Second Amendment Term Loan Lender’s Second Amendment Term Loan Commitment Percentage of a term loan in Dollars (the “Second Amendment Term Loan” and together with the First Amendment Term Loan, the “New Term Loan”) in the aggregate principal amount of TWENTY-FIVE MILLION DOLLARS ($25,000,000) (the “Second Amendment Term Loan Committed Amount” and together with the First Amendment Term Loan Committed Amount, the “New Term Loan Committed Amount”) in each case for the purposes set forth in Section 3.11. The New Term Loan may consist of Alternate Base Rate Loans or LIBOR Rate Loans, or a combination thereof, as the Parent Borrower may request; provided, however, the New Term Loan made on the First Amendment Effective Date and/or the Second Amendment Effective Date, as applicable, may consist of LIBOR Rate Loans if the Parent Borrower requests such LIBOR Rate Loan in writing on the third Business Day prior to the First Amendment Effective Date and/or the Second Amendment Effective Date, as applicable, and delivers a funding indemnity letter acceptable to the Administrative Agent on or prior to such third Business Day. Amounts repaid on the New Term Loan may not be reborrowed. For the avoidance of doubt, the First Amendment Term Loan shall replace and refinance the Initial Term Loan, and the Initial Term Loan, and all obligations thereunder (other than indemnification obligations that pursuant to the express terms of the Credit Documents survive the termination of the Initial Term Loan), shall be terminated upon the borrowing of the First Amendment Term Loan and the immediate repayment of the Initial Term Loan with the proceeds thereof.
New Term Loan. A new Section 1C is added to the Schedule to Loan and Security Agreement as follows:
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. 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. Section 2.3 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
New Term Loan. A new Section 2.2A is hereby added to the Credit Agreement to read as follows:
New Term Loan. The Bank agrees to extend credit to the Borrower as evidenced by the New Term Note. This New Term Loan is unsecured notwithstanding any language contained in any mortgage or security agreement previously executed by Borrower. The New Term Note will be in the form of an amortizing or term credit and the Bank shall have no obligation to make additional advances. No negative amortization will be permitted.
New Term Loan. Subject to the terms and conditions hereof, and relying on the representations and warranties set forth herein, the Lender agrees to make a term loan (the “New Term Loan”) to the Company available in a single drawdown on the Second Effective Date in an amount not to exceed the New Term Loan Commitment. The New Term Loan may be (i) an Adjusted Libor Loan, (ii) an Alternate Base Rate Loan or (iii) a combination thereof. The New Term Loan Commitment shall terminate upon funding of the New Term Loan on the Second Effective Date.
New Term Loan. Lender will lend to Borrower and Borrower will borrow from Lender the aggregate amount of One Hundred Eighteen Thousand Two Hundred Seventy-One Dollars and Eighty-Eight Cents ($118,271.88) (the "Term Loan 2"). Borrower's obligation to repay the Term Loan 2 shall be evidenced by Borrower's promissory note (the "Note 2") in the face amount of One Hundred Eighteen Thousand Two Hundred Seventy-OneDollars and Eighty-Eight Cents ($118,271.88), which shall be in the form attached hereto as Exhibit "A-1", with the blanks appropriately filled in.