Existing Term Loan. On the Closing Date, the Existing Term Lenders made Existing Term Loans to the Borrower pursuant to Section 2.01(a) of this Agreement as in effect on the Closing Date.
Existing Term Loan. (1) Subject to the terms and conditions hereof, each Lender with an Existing Term Loan Commitment agrees that the loans comprising the “Term Loan B” under, and as defined in, the Prior Credit Agreement shall remain outstanding on and after the Closing Date as term loans (collectively, the “Existing Term Loan”) made pursuant to this Agreement, and such loans shall be deemed to be made in satisfaction of its obligation to make its Pro Rata Share of the Existing Term Loan on the Closing Date. Upon request by any Lender with a Existing Term Loan Commitment, each Borrower shall execute and deliver to such Lender a promissory note substantially in the form of Exhibit 1.1(b)(i) (each an “Existing Term Loan Note” and collectively the “Existing Term Loan Notes”). Each Existing Term Loan Note (or, if an Existing Term Loan Note is not requested, this Agreement) shall represent the joint and several obligation of Borrowers to pay the applicable Existing Term Loan Commitment, together with interest hereon as prescribed in Section 1.5.
(2) Borrowers shall repay the principal balance of the Existing Term Loan in consecutive quarterly installments on the first day of January, April, July and October of each year, commencing January 1, 2010, as follows: January 1, 2010 $ 10,228.29 April 1, 2010 $ 10,228.29 July 1, 2010 $ 10,228.29 August 9, 2010 $ 3,907,208.19 The final installment due August 9, 2010 shall be in the amount of $3,907,208.19 or, if different, the remaining principal balance of the Existing Term Loan, together with accrued interest and all fees, costs, expenses and other charges due by Borrowers with respect to the Existing Term Loan.
(3) Notwithstanding Section 1.1(b)(i)(2), the aggregate outstanding principal balance of the Existing Term Loan shall be due and payable in full in immediately available funds on the Commitment Termination Date applicable to the Existing Term Loan, if not sooner paid in full. No payment with respect to the Existing Term Loan may be reborrowed.
Existing Term Loan. Pursuant to the Existing Agreement, the Term Lenders thereunder have made Term Loans in the aggregate principal amount of the Term Commitment (the “Existing Term Loans”). Such Existing Term Loans shall continue to be outstanding under this Agreement as Term Loans. On the Closing Date, the Existing Term Loans by the Term Loan Lenders are as set forth on Appendix A attached hereto. On the Third Amendment Effective Date, the Existing Term Loans by the Term Loan Lenders are as set forth on Appendix A to the Third Amendment.
Existing Term Loan. Borrowers shall repay the outstanding principal amount of the Existing Term Loan in full, together with any accrued but unpaid interest on the Maturity Date.
Existing Term Loan. Subject to Section 2.4(b), the principal amount outstanding under the Existing Term Loan shall accrue interest at a floating per annum rate equal to the greater of (i) one percentage point (1.0%) above the Prime Rate, or (ii) eight and three-quarters of one percent (8.75%), which interest shall be payable monthly.
Existing Term Loan. For clarification purposes, the parties hereto acknowledge that as of the date hereof, the Existing Term Loan (as defined in the Credit Agreement as amended by this Amendment) has been repaid in full.
Existing Term Loan. The Administrative Agent shall have received evidence that the Existing Term Loan has been, or concurrently with the Closing Date is being paid off in full and/or converted to equity in Guarantor and all liens on assets of the Borrower Group Members securing obligations under the Existing Term Loan have been, or concurrently with the Closing Date are being, released.
Existing Term Loan. Borrower and Bank acknowledge and agree that the outstanding principal balance of the existing Term Loan 2014 as of October 1, 2016 is $4,840,000.
Existing Term Loan. Except as set forth in Section 2.3(b), the Existing Term Loan shall bear interest, on the outstanding daily balance thereof, at a rate equal to one and three quarters percent (1.75%) above the Prime Rate.
Existing Term Loan. (a) Borrower is obligated to SVB for the 2008 Term Loan (as defined in the Original Loan Agreement and defined herein as the “Existing Term Loan”), made by SVB to Borrower pursuant to the Original Credit Agreement. Borrowers acknowledge that, as of the Closing Date, the aggregate outstanding principal amount of the Existing Term Loan is $3,319,442. Borrowers acknowledge there is no availability under the Existing Term Loan, and no amount of the Existing Term Loan may be reborrowed.
(b) Borrowers shall continue to pay the Existing Term Loan in monthly installments of principal (each in accordance with its applicable current amortization schedule), plus accrued interest on the first day of each month, and with a final payment of all remaining principal amounts outstanding under the Existing Term Loan and accrued interest thereon on the applicable Existing Term Loan Maturity Date. Payments received after 2:00 p.m. Eastern time are considered received at the opening of business on the next Business Day.
(c) Borrowers shall continue to make monthly payments of interest on the outstanding principal amount of the Existing Term Loan until the Existing Term Loan has been paid in full. Interest shall accrue at a floating per annum rate of interest equal to the aggregate of the SVB Prime Rate plus one-half of one percent (0.50%).
(d) Notwithstanding anything herein to the contrary, effective as of the Closing Date, all covenants, representations, warranties and events of default in the Original Loan Agreement shall cease to be of further force and effect and the Original Loan Agreement shall only continue to be in effect for purposes of the funding and payment obligations of A123 and SVB with respect to the Existing Term Loan.
