Acquisition Term Loan. Subject to the terms and conditions of this Agreement, Lender shall make a term loan to the Borrower in an original principal amount of Fourteen Million Dollars ($14,000,000.00) (the "ACQUISITION TERM LOAN"). The Acquisition Term Loan shall be evidenced by, and repaid in accordance with a single promissory note of Borrower in the form attached hereto as Exhibit G duly completed, executed and delivered to Lender, in the principal amount of $14,000,000.00 (such promissory note is referred to herein as the "ACQUISITION TERM NOTE") payable to Lender and maturing on June 30, 2005. Borrower shall make monthly payments of accrued interest commencing on August 1, 1998 and on the first Business Day of each month thereafter until the Acquisition Term Loan is repaid in full. Borrower shall make mandatory scheduled principal payments under the Acquisition Term Note monthly in the amount of (a) $83,333.33 per month, commencing July 1, 1999 and continuing on the first day of each succeeding month thereafter through and including June 1, 2002, (b) $250,000 commencing on July 1, 2002 and continuing on the first day of each succeeding month thereafter through and including June 1, 2003 and (c) $333,333.33 per month commencing on July 1, 2003 and continuing on the first day of each succeeding month thereafter through and including June 1, 2005 except that if not sooner paid, the principal amount, together with all accrued but unpaid interest thereon, shall be due and payable on June 30, 2005. Additionally, if at any time after June 30, 1999 the Borrower's Debt Service Ratio (as defined in Section 10 of Exhibit A) exceeds 1.3 to 1.0 based on Borrower's June 30 and December 31 financial statements, the Borrower shall pay Lender an amount equal to fifty (50%) percent of the amount of earnings which when deducted from the Debt Service Ratio calculation would provide for a Debt Service Ratio of 1.3 to 1.0. Such excess amount will be used to first pay down the principal balance of the Acquisition Term Loan in the inverse order of maturity and then to pay down the principal balance of the Second Term Loan, Term Loan, Equipment Loan or Equipment Loan IV ("OTHER TERM DEBT") as determined by Lender in its sole discretion. Furthermore, in the event of a public offering of capital stock or other equity of Borrower, including without limitation a secondary offering thereof, a minimum of $11,000,000 of the proceeds of such offering, after allowance for ordinary and customary underwriting...
Acquisition Term Loan. Beginning on December 31, 2014, and continuing on the last Business Day of each March, June, September, and December thereafter, the Borrower shall make principal payments to the Acquisition Term Lenders each in the amount of $1,750,000.00 (which amounts shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.05), unless accelerated sooner pursuant to Section 8.02; provided, however, that (i) the final principal repayment installment of the Acquisition Term Loans shall be repaid on the Maturity Date for the Acquisition Term Facility and in any event shall be in an amount equal to the aggregate principal amount of all Acquisition Term Loans outstanding on such date and (ii) (A) if any principal repayment installment to be made by the Borrower (other than principal repayment installments on Eurodollar Rate Loans) shall come due on a day other than a Business Day, such principal repayment installment shall be due on the next succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be and (B) if any principal repayment installment to be made by the Borrower on a Eurodollar Rate Loan shall come due on a day other than a Business Day, such principal repayment installment shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such principal repayment installment into another calendar month, in which event such principal repayment installment shall be due on the immediately preceding Business Day.
Acquisition Term Loan. Subject to the terms and conditions of this Agreement, the Bank shall make a term loan (the “Acquisition Term Loan”) to the Borrower in a principal amount equal to One Million and Five Hundred Thousand and 00/100 Dollars ($1,500,000), the proceeds of which shall be used to fund the acquisition of the Purchased Stock.
Acquisition Term Loan. Lender agrees to consolidate and reset the Acquisition Term Loan as of the Closing Date such that the principal amount of Three Million Two Hundred Forty Three Thousand Nine Hundred Dollars ($3,243,900) shall be repaid in successive monthly installments in accordance with the terms of the Amended, Restated and Consolidated Acquisition Term Note ("Acquisition Note"). Each monthly installment shall be due and payable on the first day of each month, commencing on July 1, 2000, followed by a final installment which shall be due and payable on the earlier to occur of November 1, 2005, the end of the Original Term or Renewal Term (as applicable), the termination of this Agreement or acceleration of the Obligation hereunder. The Acquisition Term Loan shall be secured by all of the Collateral.
Acquisition Term Loan. Subject to the terms and conditions of this Agreement, Lenders agree severally to make the Acquisition Term Loan to Borrower in one or more Acquisition Advances from time to time from the date hereof to and including the Termination Date Acquisition Advances in an aggregate principal amount up to but not exceeding each such Lender’s Commitment-Acquisition Term Loan; provided that the aggregate amount of all Acquisition Advances shall not exceed the Combined Commitments-Acquisition Term Loan. Lenders shall have no obligation to make any Acquisition Advance if an Event of Default or an Unmatured Event of Default has occurred and is continuing unless waived by Majority Lenders. The obligations of the Lenders under the Commitments-Acquisition Term Loan are several and not joint. The failure of any Lender to make an Acquisition Advance required to be made by it shall not relieve any other Lender of its obligation to make its Acquisition Advance, and no Lender shall be responsible for the failure of any other Lender to make an Acquisition Advance to be made by such other Lender. No Lender shall ever be required to lend hereunder in excess of its legal lending limit. Borrower may not reborrow any Acquisition Advance which has been repaid. No Acquisition Advance shall be made after the Termination Date Acquisition Advances.
Acquisition Term Loan. Subject to, and in accordance with, the terms and conditions of this Agreement, the Bank agrees to loan the Borrower the principal amount of Three Hundred Fifty Thousand Dollars ($350,000.00) (the "Acquisition Term Loan").
Acquisition Term Loan. Upon satisfaction of the conditions contained in Section Three hereof, the Agent will make an Acquisition Term Loan to ROA in the amount of $3,500,000, the proceeds of which shall be used solely to make the Acquisition (the "Forethought Term Loan"). Notwithstanding anything to the contrary contained in the Financing Agreement: (a) The CIT Group/Business Credit, Inc., as a Lender, will fund the entire Forethought Term Loan and Fleet National Bank will not fund any portion of the Forethought Term Loan; (b) the Forethought Term Loan shall be non-amortizing; (c) so long as any Obligations under the Financing Agreement shall be owing to Fleet National Bank: (i) no payments or proceeds of Collateral shall be applied to pay any principal of or interest on the Forethought Term Loan; (ii) no payments shall be made by any Company in respect of the ICC award against ROA in favor of Eurimex; and (iii) interest on the Forethought Term Loan shall accrue at all times at a variable per annum rate equal to the Chase Bank Rate plus 4%; and (d) concurrently with the funding of the Forethought Term Loan, the Agent shall establish a $3,500,000 reserve against Availability and shall maintain such reserve so long as any Obligations under the Financing Agreement shall be owing to Fleet National Bank.
Acquisition Term Loan. Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of Holdings and Borrower contained herein, each Acquisition Term Lender, severally and not jointly, shall make a term loan to Borrower in one draw on the Restatement Date in an amount equal to its Pro Rata Share of $230,000,000 (the “Acquisition Term Loan”). Borrower shall repay the Acquisition Term Loan through periodic payments on the dates and in the amounts indicated below (“Acquisition Term Loan Scheduled Installments”). June 30, 2009 $ 4,312,500 September 30, 2009 $ 4,312,500 December 31, 2009 $ 4,312,500 March 31, 2010 $ 4,312,500 June 30, 2010 $ 5,750,000 September 30, 2010 $ 5,750,000 December 31, 2010 $ 5,750,000 March 31, 2011 $ 5,750,000 June 30, 2011 $ 5,750,000 September 30, 2011 $ 5,750,000 December 31, 2011 $ 5,750,000 March 31, 2012 $ 5,750,000 June 30, 2012 $ 7,187,500 September 30, 2012 $ 7,187,500 December 31, 2012 $ 7,187,500 March 31, 2013 $ 7,187,500 June 30, 2013 $ 7,187,500 September 30, 2013 $ 7,187,500 December 31, 2013 $ 7,187,500 March 28, 2014 $ 116,437,500 The final installment shall in all events equal the entire remaining principal balance of the Acquisition Term Loan. Notwithstanding the foregoing, the outstanding principal balance of the Acquisition Term Loan shall be due and payable in full on the Term Loan Maturity Date. Amounts borrowed under this Section 1.1(a)(ii) and repaid may not be reborrowed. The Acquisition Term Loan shall be evidenced by promissory notes substantially in the form of Exhibit 1.1(a)(ii) (as amended, modified, extended, substituted or replaced from time to time, each a “Acquisition Term Note” and, collectively, the “Acquisition Term Notes”), and, except as provided in Section 1.7, Borrower shall execute and deliver each Acquisition Term Note to the applicable Acquisition Term Lender. Each Acquisition Term Note shall represent the obligation of Borrower to pay the amount of the applicable Acquisition Term Lender’s Acquisition Term Loan Commitment, together with interest thereon.
Acquisition Term Loan. The Lenders shall severally make a term loan (the "Acquisition Term Loan") to the Companies on the date the Acquisition Date, in the amounts set forth on Exhibit B hereto (the "Acquisition Term Loan Commitments"). If the Acquisition does not occur on or prior to May 30, 1997, unless the parties hereto have extended such date on terms and conditions satisfactory to the parties hereto, the Acquisition Term Loan Commitments shall terminate and be of no further force and effect. The termination of the Acquisition Term Loan Commitments shall not affect the availability of the Line of Credit and Conversion Term Loan pursuant to this Agreement.
Acquisition Term Loan proceeds: i) are to be used exclusively to pay for, or reimburse a Company for, the acquisition by a Company of distributors of granite memorials, operators of granite quarries, and manufacturers, wholesalers and/or retailers of granite products; and ii) will be disbursed concurrent with, or immediately after, such acquisition, provided, however, that ROA may combine several acquisitions into one Acquisition Term Loan.
