New Term Loan Sample Clauses

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. 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. (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. 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. During the period commencing on the Fifth Amendment Date and ending on February 28, 2003 (the “Increase Period”), Borrower may, at its option, obtain a new term loan from WBCC (the “New Term Loan”), subject, however, to meeting the following terms, covenants and conditions: (i) the maximum amount of the New Term Loan cannot exceed the lesser of (A) $1,000,000, or (B) 100% of the amount of each cash equity contribution received by Borrower between May 3, 2002 and February 28, 2003, to the extent in excess of $700,000 (rounded down to the nearest $10,000) to the extent applied, when received, to the payment of Revolving Advances (after which the same may be re-borrowed; (ii) Borrower may request and obtain no more than two (2) disbursements of the New Term Loan during the Increase Period, with such disbursements to be obtained on, or within five (5) Business Days after, December 31, 2002 and February 28, 2003, respectively (unless in either or both cases, a sooner or later date is approved by the Agent) and in amounts not less than $250,000 per disbursement (unless otherwise approved by the Agent); provided that the initial such disbursement cannot exceed $600,000 in any event; (iii) a disbursement of the New Term Loan (herein, an “Increase”) may not be requested and, if requested, shall not be made available to the Borrower if a Default or Event of Default then exists; and (iv) the second disbursement of the New Term Loan may not be requested (or, if requested, shall not be granted) unless on or prior to its disbursement the Bank of Scotland shall have agreed, under the terms of the Scotland Agreements (as hereinafter defined) to permit Foreign Subsidiaries to reimburse Borrower and/or its Domestic Subsidiaries, as appropriate, for any costs or expenses (including overhead) incurred by it or them for and on behalf of the Foreign Subsidiaries, or any of them, in a manner satisfactory to Agent.

New Term Loan. Subject to the terms and conditions of this Agreement, on the date hereof, the Bank agrees to make a term loan to the Borrower in the amount of Four Million Dollars ($4,000,000) (the “Term Loan”) (the Term Loan, the 2007 Term Loan (as defined below), and the Revolving Loan are sometimes herein referred to together collectively as the “Loans” and each individually as a “Loan”). The Term Note (as defined below) shall mature and be payable in full on October 21, 2013, unless accelerated or extended as described herein (the “Term Loan Maturity Date”). The Term Loan is evidenced by a Promissory Note in substantially the form of Exhibit G attached hereto, as the same may be amended and/or restated from time to time (the “Term Note”) (the Term Note, the Revolving Note, and the 2007 Term Note (defined below) are sometimes hereinafter referred to collectively as the “Notes” and each individually as a “Note”).