Existing Term Loan Clause Samples
The 'Existing Term Loan' clause defines and references any term loan that is already in place prior to the execution of the current agreement. It typically specifies the details of the outstanding loan, such as the lender, principal amount, maturity date, and any relevant terms or conditions that continue to apply. By clearly identifying the existing term loan, this clause ensures that all parties are aware of prior financial obligations, thereby preventing confusion or conflicts with new financing arrangements and maintaining transparency regarding the borrower's debt structure.
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 2.5(b), the principal amount outstanding for the Existing Term Loan shall accrue interest at a floating per annum rate equal to the Prime Rate minus one percent (1.00%) but not less than zero percent (0%). Interest on the Existing Term Loan shall be payable monthly in accordance with Section 2.5(d) below.
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. Except as set forth in Section 2.2(b), the Existing Term Loan shall bear interest, on the outstanding daily balance thereof, at a rate equal to 1.00% above the Prime Rate.
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. Borrower is obligated to the Bank for the Term Loan. Borrower acknowledges and agrees that, as of the First Loan Modification Effective Date, prior to giving effect to the proceeds of the Term Loan 2011, the outstanding principal amount of the Term Loan is $2,527,777.68. Borrower acknowledges and agrees that, once repaid, the Term Loan may not be re-borrowed.