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
New Term Loan. A new Section 1C is added to the Schedule to Loan and Security Agreement as follows:
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. 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. A new Section 2.2A is hereby added to the Credit Agreement to read as follows:
New Term Loan. Section 2.3 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
New Term Loan. Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each New Term Loan Lender severally, but not jointly, agrees to make available to the Borrowers on the First Amendment Effective Date such New Term Loan Lender’s New Term Loan Commitment Percentage of a term loan in Dollars (the “New Term Loan”) in the aggregate principal amount of ONE HUNDRED TWENTY-NINE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($129,250,000) (the “New Term Loan Committed Amount”) for the purposes set forth in Section 3.11. The New Term Loan may consist of Alternate Base Rate Loans or LIBOR Rate Loans, or a combination thereof, as the Parent Borrower may request; provided, however, the New Term Loan made on the First Amendment Effective Date may consist of LIBOR Rate Loans if the Parent Borrower requests such LIBOR Rate Loan in writing on the third Business Day prior to the First Amendment Effective Date and delivers a funding indemnity letter acceptable to the Administrative Agent on or prior to such third Business Day. Amounts repaid on the New Term Loan may not be reborrowed. For the avoidance of doubt, the New Term Loan shall replace and refinance the Initial Term Loan, and the Initial Term Loan, and all obligations thereunder (other than indemnification obligations that pursuant to the express terms of the Credit Documents survive the termination of the Initial Term Loan), shall be terminated upon the borrowing of the New Term Loan and the immediate repayment of the Initial Term Loan with the proceeds thereof.
New Term Loan. Subject to the terms and conditions hereof, and relying on the representations and warranties set forth herein, the Lender agrees to make a term loan (the “New Term Loan”) to the Company available in a single drawdown on the Second Effective Date in an amount not to exceed the New Term Loan Commitment. The New Term Loan may be (i) an Adjusted Libor Loan, (ii) an Alternate Base Rate Loan or (iii) a combination thereof. The New Term Loan Commitment shall terminate upon funding of the New Term Loan on the Second Effective Date.
New Term Loan. On the Effective Date, reorganized FairPoint Communications shall enter into a new $1 billion secured term loan agreement (the “New Term Loan”), which shall be guaranteed by those subsidiaries of FairPoint Communications that have guaranteed repayment of the DIP Facility. The New Term Loan shall include the following material terms: · The New Term Loan shall be secured by the same collateral as the collateral which secures the DIP Facility · 5 year maturity · Interest at LIBOR + 4.50%, with a LIBOR floor of 2.00% · No upfront fee · Mandatory prepayment at par, upon certain conditions to be determined · Optional prepayment at anytime at par · Amortization Schedule — Year 1: 1% annually, Year 2: 1% annually, Year 3: 5% annually, Year 4: 15% annually, and Year 5: 15% (5% per quarter for the first 3 quarters) with 63% bullet payment in 4th quarter. · Amortization occurs quarterly commencing upon the first full quarter after the Company emerges from the chapter 11 cases. · If the Company’s consolidated leverage ratio is above 2.0x at the end of the fiscal year, the Company shall be subject to a sweep of 75% of its Excess Cash Flow (to be defined in a manner reasonably satisfactory to the Steering Committee Lenders) based upon an annual test and paid in the subsequent quarter with the first test occurring for fiscal year 2010 and payable in fiscal 2011. If the Company’s consolidated leverage ratio is below 2.0x at the end of the fiscal year, such sweep shall be reduced to 50% of the Company’s Excess Cash Flow. · Any sweep of the Company’s Excess Cash Flow by the Lenders shall be applied pro rata against obligations in accordance with the Amortization Schedule. · If the Company’s consolidated total leverage ratio is below 2.0x at the end of the fiscal year, the Company shall be permitted to pay dividends with its share of Excess Cash Flow. · Financial covenants will only include interest coverage and leverage ratio tests. Such tests will first occur in the first full quarter following the Effective Date (as calculated in each case in accordance with Schedule 1 hereto). · Usual and customary affirmative and negative covenants as may be mutually agreed to by the Agent, the Steering Committee Lenders and the Company.
