Common use of Second Amendment Term Loan Clause in Contracts

Second Amendment Term Loan. (i) Subject to the terms and conditions of this Agreement and relying on the representations and warranties set forth herein, each Lender, severally and not jointly, agrees to provide its share of the Second Amendment Term Loan to Borrower on the Second Amendment Date in Dollars in a principal amount equal to such Lender’s Second Amendment Date Commitment. No Lender shall have an obligation to make a Second Amendment Term Loan in excess of such Lender’s Second Amendment Date Commitment. (ii) Borrower may make one borrowing under the Second Amendment Date Commitment which shall be on the Second Amendment Date. Subject to Section 3.03, all amounts owed hereunder with respect to the Second Amendment Term Loan shall be paid in full no later than the Second Amendment Maturity Date. Each Lender’s Second Amendment Date Commitment shall terminate immediately and without further action on the Second Amendment Date after giving effect to the funding of such Lender’s Second Amendment Date Commitment on such date. (iii) Upon satisfaction or waiver of the conditions precedent set forth in Section1 3 of the Second Amendment, the Lenders shall make the proceeds of the Second Amendment Term Loan available to Borrower on the Second Amendment Date.

Appears in 2 contracts

Samples: Forbearance Agreement and Third Amendment to Credit Agreement and Guaranty (Icagen, Inc.), Forbearance Agreement and Third Amendment to Credit Agreement and Guaranty (Icagen, Inc.)

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Second Amendment Term Loan. (i) Subject to the terms and conditions of this Agreement and relying on the representations and warranties set forth herein, each Lender, severally and not jointly, agrees to provide its share of the Second Amendment Term Loan to Borrower on the Second Amendment Date in Dollars in a principal amount equal to such Lender’s Second Amendment Date Commitment. No Lender shall have an obligation to make a Second Amendment Term Loan in excess of such Lender’s Second Amendment Date Commitment. (ii) Borrower may make one borrowing under the Second Amendment Date Commitment which shall be on the Second Amendment Date. Subject to Section 3.03, all amounts owed hereunder with respect to the Second Amendment Term Loan shall be paid in full no later than the Second Amendment Maturity Date. Each Lender’s Second Amendment Date Commitment shall terminate immediately and without further action on the Second Amendment Date after giving effect to the funding of such Lender’s Second Amendment Date Commitment on such date. (iii) Upon satisfaction or waiver of the conditions precedent set forth in Section1 3 Section 13 of the Second Amendment, the Lenders shall make the proceeds of the Second Amendment Term Loan available to Borrower on the Second Amendment Date.

Appears in 1 contract

Samples: Forbearance Agreement and Second Amendment to Credit Agreement and Guaranty (Icagen, Inc.)

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Second Amendment Term Loan. (i) Subject to the terms and conditions of this Agreement and relying on the representations and warranties set forth herein, each Lender, severally and not jointly, agrees to provide its share of the Second Amendment Term Loan to Borrower on the Second Amendment Date in Dollars in a principal amount equal to such Lender’s Second Amendment Date Commitment. No Lender shall have an obligation to make a Second Amendment Term Loan in excess of such Lender’s Second Amendment Date Commitment. (ii) Borrower may make one borrowing under the Second Amendment Date Commitment which shall be on the Second Amendment Date. Subject to Section 3.03, all amounts owed hereunder with respect to the Second Amendment Term Loan shall be paid in full no later than the Second Amendment Maturity Date. Each Lender’s Second Amendment Date Commitment shall terminate immediately and without further action on the Second Amendment Date after giving effect to the funding of such Lender’s Second Amendment Date Commitment on such date. (iii) Upon satisfaction or waiver of the conditions precedent set forth in Section1 3 Section13 of the Second Amendment, the Lenders shall make the proceeds of the Second Amendment Term Loan available to Borrower on the Second Amendment Date.

Appears in 1 contract

Samples: Forbearance Agreement and Second Amendment to Credit Agreement and Guaranty (Icagen, Inc.)

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