New Term Loan. (a) Subject to the terms and conditions set forth herein, the Bank agrees to make the New Term Loan to the Borrower on the Effective Date in an amount equal to the Term Commitment. The amounts borrowed under this Section 2.8(a) and repaid or prepaid may not be reborrowed.
(b) The New Term Loan shall be made upon the Borrower's irrevocable notice to the Bank, which may be given by telephone. Such notice must be received by the Bank not later than 3:00 p.m. (New York City time) two Business Days prior to the requested date of the borrowing of such New Term Loan, and must set forth (i) the requested borrowing date commencement date, as the case may be, (ii) whether the Loan shall be a LIBOR Loan or a Fluctuating Rate Loan, and (iii) if entirely a LIBOR Loan, the length of the Interest Period therefor, which shall be one, two, three or six months, as the Borrower shall elect. Such telephonic notice by the Borrower pursuant to this Section 2.8(b) must be confirmed promptly by delivery to the Bank of a written borrowing notice (in form and substance reasonably satisfactory to the Bank), appropriately completed and signed by a chief financial officer of the Borrower. Thereafter, if no Event of Default is (at the time in question) continuing, the Borrower may split the initial Borrowing of the New Term Loan into multiple tranches of Borrowings, and may elect to convert any tranche of a Borrowing of the New Term Loan to create a tranche of a Borrowing of the New Term Loan of a different Type (or Interest Period, where applicable) or to continue such tranche and, in the case of a tranche of LIBOR Borrowing of the New Term Loan, may elect Interest Periods therefor, all in accordance with, and as provided in, Section 2.9.
(c) The Borrower shall repay to the Bank the aggregate principal amount of the New Term Loan on the following dates in the respective amounts set forth opposite such dates (which amounts shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.10)): ---------------------------- ----------------------------------------- Date Amount ---------------------------- ----------------------------------------- November 8, 2007 $0 ---------------------------- ----------------------------------------- February 8, 2008 $892,857.14 ---------------------------- ----------------------------------------- May 8, 2008 $892,857.14 ---------------------------- ----------------------------------------- ...
New Term Loan. A new Section 1C is added to the Schedule to Loan and Security Agreement as follows:
New Term Loan. The BANK shall extend to the BORROWER a new term loan in the principal amount of Five Million Dollars ($5,000,000.00) (the "2002 New Term Loan"), upon and subject to the terms and conditions set forth in the Term Promissory Note of even date evidencing the 2002 New Term Loan, the other Loan Documents and this Agreement.
New Term Loan. Borrower has requested that CIT make a new term loan to Borrower in the principal amount of $403,740.86 (the "New Term Loan"). CIT has agreed to make the New Term Loan to Borrower by consolidating the New Term Loan with the existing Term Loan made to Borrower under Section 10.2(a) of the Loan Agreement on or about September 24, 1998, which has an outstanding principal balance of $346,259.14 as of the date hereof. In order to evidence this consolidation, CIT and Borrower agree to amend and restate Section 10.2(a) in its entirety to read as follows:
(a) A Term Loan shall be made to Borrower on or about January 17, 2003 in the amount of $750,000, which consists of an original Term Loan having an outstanding principal balance of $346,259.14 as of such date and a new term loan of $403,741.86 to be made on or about such date. The principal amount of this Term Loan shall be repaid in immediately available funds in thirty (30) equal consecutive monthly installments of $24,732.80 each, with a final payment of $8,016.00, due and payable commencing February 1, 2003 and on the first day of each month thereafter, provided that notwithstanding the foregoing, the unpaid principal balance thereof shall be due and payable in full on the expiration of any Term or the termination of this Agreement, if earlier." The outstanding principal balance of the existing Term Loan made under Section 10.2(a) of the Loan Agreement shall remain outstanding and shall not be deemed to have been repaid by the making of the New Term Loan.
New Term Loan. Sections 2.1.6 and 2.1.7 of the Loan Agreement are deleted and replaced with the following:
New Term Loan. A new Section 2.2A is hereby added to the Credit Agreement to read as follows:
New Term Loan. Subject to Section 2.5.5, the Company will apply the proceeds of the New Term Loan solely to replace the Existing Term Loan."
New Term Loan. (a) Availability. Bank shall make one term loan available to Borrower in an amount equal to $8,600,000 (the “Term Loan”) within two days after the date of the June 2007 Amendment subject to the satisfaction of the terms and conditions of this Agreement. After repayment, no portion of the Term Loan may be reborrowed.
New Term Loan. The following new Section 2.1.7 is added to the Loan Agreement following existing Section 2.1.6:
New Term Loan. (a) On the First Amendment Closing Date, LaSalle agrees to make a term loan to the Borrower in the original principal amount of Seven Hundred Twenty-Seven Thousand Dollars ($727,000). Principal payable on account of such term loan shall be payable in successive monthly installments (i) payable on the first day of each month, the first of which installments shall be due and payable on the first day of May, 1997 and (ii) based on an amortization schedule consisting of sixty (60) equal and level payments. Proceeds of such term loan shall be disbursed first by application thereof against the unpaid principal balance of the Term Loan outstanding as of the First Amendment Closing Date and the aggregate amount of accrued and unpaid interest on the Term Loan through and including the day immediately preceding the First Amendment Closing Date and second by wire transfer of the remaining proceeds as the Borrower shall direct LaSalle in writing.
(b) The Borrower warrants and represents that (i) as of April 7, 1997, the outstanding principal balance of the Term Loan made by LaSalle to it on the Closing Date equals $410,666.56 and (ii) the aggregate amount of accrued and unpaid interest on the Term Loan through and including April 6, 1997 equals $684.42.
(c) The Borrower agrees to execute and deliver to LaSalle, concurrently with the execution and delivery of this Amendment, a promissory note in the form of Exhibit A to this Amendment. Such promissory note shall (i) be in the amount of $727,000, and (ii) evidence the aggregate amount of the original principal indebtedness owing by the Borrower to LaSalle