Examples of Term Loan Tranche 2 in a sentence
Borrowers shall use the proceeds of any Term Loan Tranche 2 borrowing solely for the purposes consummating the Third Amendment Acquisition.
On the earlier of the Term Loan Maturity Date, the prepayment of all Credit Extensions, or the date the Obligations become due and payable, a Final Payment Fee equal to (i) One Hundred Fifty Thousand Dollars ($150,000) plus (ii) an additional amount equal to 1.00% of the aggregate amount of Term Loan Tranche 2 Advances made during the term of this Agreement.
Term Loan Tranche 2 Advances, once repaid, may not be reborrowed.
Borrower may prepay any Term Loan Tranche 2 Advances without penalty or premium.
Each Borrower hereby (x) represents, warrants, agrees, covenants and reaffirms that it has no defense, set off, claim or counterclaim against the Agent and the Lenders with regard to its Obligations in respect of each such Existing Term Loan and (y) reaffirms its obligation to repay each of Term Loan Tranche 1, Term Loan Tranche 2 and Term Loan Tranche 3 in accordance with the terms and provisions of this Agreement and the other Financing Documents.
The Prepayment Fee in respect of each of Term Loan Tranche 1, Term Loan Tranche 2 or Term Loan Tranche 3 shall be equal to an amount determined by multiplying the amount being prepaid (or required to be prepaid, if such amount is greater) by the following applicable percentage amount: ((x) four percent (4.0%) for the first year following the Closing Date, (y) three percent (3.0%) for the second year following the Closing Date and (z) two percent (2.0%) thereafter.
Immediately prior to the effectiveness of this Agreement, the outstanding principal balance of the Existing Term Loan 2 is $5,000,000, which amount shall be deemed to have been, and hereby is, converted to the “Term Loan Tranche 2” under this Agreement, and hereby is deemed to be outstanding in the amount set forth with respect to each Lender’s Term Loan Tranche 2 Commitment Amount hereto without constituting a novation.
Interest shall accrue from the date of each Term Loan Tranche 2 Advance at the rate specified in Section 2.3, and shall be payable monthly on the 11th day of each month so long as any Term Loan Tranche 2 Advances are outstanding.
The Prepayment Fee in respect of each of Term Loan Tranche 2 shall be equal to an amount determined by multiplying the amount being prepaid (or required to be prepaid, if such amount is greater) by the following applicable percentage amount: (x) three percent (3.0%) for the first year following the date on which the Term Loan Tranche 2 is funded, (y) two percent (2.0%) for the second year following the date on which the Term Loan Tranche 2 is funded and (z) one percent (1.0%) thereafter.
When Borrower desires to obtain a Term Loan Tranche 2 Advance, Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail or facsimile transmission to be received no later than 12:00 p.m. Eastern time three (3) Business Days before the day on which the Term Loan Tranche 2 Advance is to be made.