Acquisition Term Loan. (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make a single cash advance (the “Acquisition Term Loan”) to Parent in an original principal amount of up to Six Million Dollars ($6,000,000) and no less than Three Million Dollars ($3,000,000). The proceeds of the Acquisition Term Loan shall be used to finance the acquisition of Target.
(ii) Interest shall accrue from the date the Acquisition Term Loan is made to Parent (the “Funding Date”) at the rate specified in Section 2.3. Payments of interest only shall be made monthly in arrears on the tenth day of each month for the first six months following the Funding Date. Thereafter, the Acquisition Term Loan shall be payable in fifty-four (54) monthly installments of principal (each, a “Scheduled Payment”), plus all accrued interest, beginning on the tenth day of the seventh month following the Funding Date in accordance with the payment schedule set forth below, and continuing on the same day of each month thereafter through the fifth anniversary of the Funding Date (the “Acquisition Term Loan Maturity Date”), at which time all amounts owing under this Section 2.1(b) and any other amounts related thereto shall be immediately due and payable. Scheduled Payments 1 – 12: [11.12% of the Acquisition Term Loan divided by 6] Scheduled Payments 13 – 54: [22.22% of the Acquisition Term Loan divided by 12]
(iii) Borrowers shall have the option to prepay all but not less than all of the Acquisition Term Loan provided that Borrowers provide written notice to Bank of its election to prepay the Acquisition Term Loan at least ten (10) days prior to such prepayment, and pays, on the date of such prepayment, (1) the outstanding principal amount of the Acquisition Term Loan being repaid, plus (2) all accrued interest thereon, plus (3) all other sums, if any, that shall have become due and payable under the Loan Documents and relate to such Acquisition Term Loan, plus (4) the Prepayment Fee. The Acquisition Term Loan once repaid, may not be reborrowed.
(iv) Bank’s obligation to make the Acquisition Term Loan to Parent is conditioned upon Bank’s receipt of the following, each in form and substance satisfactory to Bank: (1) the executed asset purchase agreement, together with all material schedules, exhibits and ancillary documents entered into in connection therewith; (2) subordination agreement duly executed by the shareholders of Target; and (3) an Acquisition Term Loan Request Form in the form...
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 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.
Acquisition Term Loan. (a) Bank will make the Acquisition Term Loan to Borrower in a single advance on the earlier of (i) Borrower's completion of its filing with the U.S. Securities and Exchange Commission on Form S-1 or (ii) July 31, 2001.
(b) Borrower will pay equal monthly installments of principal plus interest (the "Acquisition Term Loan Payment"). Each Acquisition Term Loan Payment is payable on the 11th of each month during the term of the Acquisition Term Loan. Borrower's final Acquisition Term Loan Payment, due on April 30, 2004, includes all outstanding Acquisition Term Loan principal and accrued interest.
Acquisition Term Loan. Each of the Borrowers jointly and severally promises to pay to the Administrative Agent, for the pro-rata accounts of the Lenders, the principal amount of the Acquisition Term Loan, in equal consecutive quarterly installments of $1,964,286.00 each (except that the payment due on November 1, 2004 shall be in the amount of $1,309,524.00), based upon a seven (7) year amortization schedule, such quarterly installments to be due and payable on August 1st, November 1st, February 1st and May 1st of each calendar year, commencing on November 1, 2004. Each of the Borrowers further agrees to pay to the Administrative Agent, for the pro-rata accounts of the Lenders, interest on the unpaid principal amount of the Acquisition Term Loan from time to time outstanding from the date hereof until payment in full thereof at the rates per annum and on the dates set forth in Section 4.3 above. On the Maturity Date for the Acquisition Term Loan (or such earlier date on which the Acquisition Term Loan becomes due and payable pursuant to Article 12 below), the entire outstanding balance of the Acquisition Term Loan (including without limitation, all unpaid principal, all accrued but unpaid interest and all unpaid fees, charges, costs and expenses) shall be immediately due and payable in full. The Borrower acknowledges that the seven (7) year schedule provided herein for the periodic payment of unpaid principal of the Acquisition Term Loan is longer than the time which will elapse until the Maturity Date for the Acquisition Term Loan, and that a substantial balance or "balloon" payment of principal may be required on the Maturity Date for the Acquisition Term Loan.
Acquisition Term Loan. Subject to the terms and conditions set forth in this Agreement, each Lender, severally and not jointly, will make Acquisition Term Loans to Borrower, from time to time during the period commencing on the Closing Date and ending on August 20, 2000, in aggregate principal amounts outstanding at any time equal to such Lender's Commitment Percentage of up to $25,000,000.
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. Subject to Section 2.3(b), the principal amount outstanding with respect to the Acquisition Term Loan shall accrue interest at a fixed per annum rate equal to seven and one half percent (7.50%), which interest shall be payable monthly in accordance with Section 2.3(f) below.
Acquisition Term Loan. The principal balance of the Acquisition Term --------------------- Loan shall be repaid in 24 consecutive monthly installments due and payable on the first day of each calendar month commencing with the first such day following the Revolving Termination Date. The first 23 such installments shall each be in an amount equal to 1/36th of the initial principal balance of the Acquisition Term Loan and the final installment shall be equal to the remaining principal balance of the Acquisition Term Loan. Notwithstanding the foregoing, on the Termination Date, the principal amount of the Acquisition Term Loan then outstanding shall be due and payable in full. The Company may request the Lender to extend the initial maturity date of the Acquisition Term Loan for an additional twelve-month period by delivering to the Lender at least 120 days but no more than 150 days prior to the Termination Date, a written request for such extension. The Company acknowledges that the Lender has not promised (either expressly or impliedly), nor does the Lender have any obligation or commitment whatsoever, to extend the maturity date of the Acquisition Term Loan. If the Lender, in its sole and absolute discretion, consents to such an extension, the Lender shall evidence such consent and the extension of the maturity date of the Acquisition Term Loan by delivering to the Company, no later than the date 60 days prior to the Termination Date, a letter evidencing such extension. If the Lender does not deliver such written direction in accordance with the preceding sentence, such failure shall be deemed a denial of the Company's request for such extension.
