Second Term Loan. Subject to the terms and conditions set forth in this Credit Agreement, and in reliance on the representations and warranties of the Borrowers set forth herein, on September 4, 1998, the Second Term Lenders agree to extend a term loan to the Borrowers in the original principal amount of at least $20,000,000 and up to $30,000,000 (the "SECOND TERM LOAN"). The Second Term Loan shall be evidenced by a Term Note and shall be governed in all respects by the terms of this Credit Agreement and the other Credit Documents.
1.2 Section 1.1 of the Credit Agreement is amended by deleting the definition of "APPRAISED VALUE" in its entirety and replacing it as follows:
Second Term Loan. Subject to the terms and conditions of this Agreement, Lender may make an additional term loan (the "Second Term Loan") to Borrowers upon the request of Borrowers and approval of Lender following the Closing Date. The Second Term Loan, if any, shall be evidenced by a Senior Secured Promissory Note, in substantially the same form as Exhibit B hereto and incorporated herein by this reference (the "Second Note" and collectively with the Initial Note, the "Notes"). In the event that Borrowers wish Lender to make the Second Term Loan, Borrowers shall give to Lender irrevocable notice of a request, including the amount, for the Second Term Loan in writing on a business day that is at least fifteen (15) Business Days prior to the date of the proposed Second Term Loan (the "Second Note Funding Request"). Lender shall have the right to accept or refuse to make the Second Term Loan in its sole and absolute discretion. Lender's obligation to fund the Second Term Loan shall be subject to satisfaction by Borrowers of the conditions precedent described in Article II of this Agreement. Borrowers understand and agree that the Second Note will be subject to an original issue discount so that the face amount of the Second Note will be $1,200,000 while the amount actually funded by Lender will be $1,000,000 (exclusive of fees and other charges payable by Borrowers at the closing of the Second Term Loan) (the "Second Funded Amount"). Payments of interest and principal on the Second Term Loan will be as set forth in the Second Note. Notwithstanding anything to the contrary contained herein, Borrowers may request that the amount of the Second Term Loan be less than the amounts specified above, in which case the face amount of the Second Note and the Second Funded Amount (exclusive of fees and charges payable at closing of the Second Term Loan) will be reduced proportionately and the payments thereunder adjusted to fully-amortize over thirty-six (36) months following the funding.
Second Term Loan. Subject to the terms hereof, on and after the ---------------- Effective Date Bank will advance Debtor the sum of up to Two Million Five Hundred Thousand Dollars ($2,500,000.00), which shall be used to finance the purchase of computers and software for the CRO Division, as follows: until the First Takedown Period, in an amount up to One Million Five Hundred Thousand Dollars ($1,500,000.00) and until December 29, 1997 in an amount up to One Million Dollars ($1,000,000.00). Debtor shall pay Bank interest only, at the rate specified below, on the entire principal amount outstanding under the Second Term Loan, commencing on the first day of the month immediately following the first advance by Bank to Debtor thereunder, and on the first day of each month thereafter until the date the full principal amount of the Second Term Loan is advanced to Debtor by Bank or December 27, 1997, whichever occurs first (the "Fixed Amortization Date"). Commencing on the first day of the month immediately following the Fixed Amortization Date, and on the first day of each month thereafter, Debtor shall pay to Bank thirty-six (36) equal monthly installments of principal together with accrued interest at the rate set forth below on the Second Term Loan amortized over such thirty-six (36) months, all as more fully provided herein and in the Second Term Loan Note to be executed by Debtor at the signing hereof. The entire outstanding balance of principal, and any accrued and unpaid interest thereon, shall be due and payable on the earliest of (1) thirty-six (36th) month following the Fixed Amortization Date or (2) the date of acceleration of the Second Term Loan Note upon an Event of Default. The outstanding principal balance under the Second Term Loan shall bear interest at a rate of seven and nine-tenths percent (7.90%) per annum up to $1,500,000.00 and eight and three one-hundredths percent (8.03%) for the remaining $1,000,000.00 (except that interest shall accrue at the Default Rate, so long as an Event of Default shall have occurred and be continuing uncured).
Second Term Loan. On the Second Term Loan Closing Date, the Agent and each Lender consents to the extension of the Second Term Loan by the
Second Term Loan. With respect to SECTIONS 1 AND 3.1 of this Amendment, this Amendment becomes effective upon satisfaction of the following conditions:
(A) The representations and warranties of the Borrowers contained in this Amendment are true and correct as of the Second Term Loan Closing Date.
(B) This Amendment has been approved by the Bankruptcy Court pursuant to an order (the "AMENDMENT APPROVAL ORDER") in form attached as EXHIBIT B, which order is in full force and effect and has not been reversed, modified, amended, appealed or stayed. The Agent and the Second Term Lenders shall have been reasonably satisfied with the form and timing or the notice of the motion for the entry of the Amendment Approval Order and such notice and motion shall have been properly served upon each lessor of property to any Borrower. Unless the Agent and the Second Term Lenders agree otherwise, the Amendment Approval Order shall have become final and non-appealable.
(C) The Borrowers have obtained an order of the Bankruptcy Court extending the Borrowers' time to assume or reject executory contracts and unexpired leases, pursuant to section 365(d)(4) of the Bankruptcy Code, through March 31, 1999.
(D) The Second Term Lenders have completed their due diligence review of the Borrowers and their properties and are satisfied, in their sole and absolute discretion, with the results of such investigation. Such due diligence investigation includes, without limitation, (i) review of the Borrowers' financial statements, (ii) review of leases for each of 32 properties selected by the Second Term Lenders, (iii) review of the terms and provisions of the Borrowers' real estate holdings (including leasehold documentation relating to such holdings) and (iv) receipt and review of a report prepared by Keen Realty Consultants, such report to be acceptable to the Second Term Lenders in their sole and absolute discretion.
(E) The Agent and the Second Term Lenders have been reimbursed for all fees and expenses (including reasonable attorneys' fees and expenses) incurred in connection with the preparation of this Amendment and the Second Term Loan.
(F) The Agent has received all of the following, each duly executed and dated as of the Second Term Loan Closing Date (or such other date as is satisfactory to the Agent) in form and substance satisfactory to the Agent:
Second Term Loan. (a) MAALT has requested a new term loan for construction in Big Lake, Xxxxxx County, Texas, and Lender has agreed on the terms set forth in this Amendment. The Loan Agreement is amended to add a new Section 1B that reads as follows:
Second Term Loan. (a) Subject to the terms and conditions set forth in the Loan Agreement and the other Loan Documents, Lender agrees to make a multiple advance and term loan in the maximum aggregate principal amount of $3,850,497.00 to MAALT (the “Second Term Loan”) on the terms set forth in the Term Promissory Note attached as Exhibit G to this Amendment (the “Second Term Note”), for the purpose of financing the construction of a sand storage and transloading facility situated in Big Lake, Xxxxxx County, Texas (the “Big Lake Facility”). Subject to the terms and conditions of MAALT, L.P. GHMR OPERATIONS, L.L.C. February 9, 2016 the Loan Agreement, MAALT may request one or more advances on or before August 9, 2016 (the “Second Termination Date”), in an aggregate amount not to exceed the lesser of (i) eighty percent (80%) of MAALT’s aggregate cost incurred in connection with the construction of the Big Lake Facility in accordance with the Big Lake Approved Budget (as defined below), or (ii) $3,850,497.00.
(b) Lender will make monthly advances under the Second Term Loan for the payment of costs of labor, materials, and services supplied for the construction of the Big Lake Improvements (as defined below), for completed work during the period, upon compliance by MAALT with the Loan Agreement and the inspection of the construction by Lender’s third-party inspector (the “Big Lake Interim Advances”). MAALT shall give notice to Lender of any requested advance on the Second Term Loan, in the form of the Request for Borrowing attached as Exhibit H, not later than 10:00 a.m. (Fort Worth, Texas time) on the date of the requested advance. The request for an advance may be given telephonically if promptly confirmed in writing by delivery of Request for Borrowing. Each month, MAALT will submit a Request for Borrowing to Lender requesting an advance for the payment of the costs of construction of the Big Lake Improvements in accordance with the Big Lake Approved Budget. Lender will require an inspection of the construction before making the advance. Big Lake Interim Advances shall not exceed eighty percent (80%) of the aggregate of the (i) costs of labor, materials, and services actually incorporated into the Big Lake Improvements in a manner acceptable to Lender during the time covered by the Request for Borrowing, and (ii) the purchase price of all uninstalled materials to be utilized in the construction of Big Lake Improvements, if approved by Lender and if stored in a manner acceptabl...
Second Term Loan. Subject to the terms and conditions of this Agreement, in addition to the Line of Credit and the Term Loan, Bank hereby agrees to make advances to Borrower from time to time up to and including July 12, 2019 not to exceed at any time the aggregate principal amount of One Million and No/100 Dollars ($1,000,000.00) (the ‘Second Term Loan’), the proceeds of which shall be used by Borrower to pay for stock repurchases (including any associated costs) of its equity interests, as approved by Bank. Borrower’s obligation to repay advances under the Second Term Loan are evidenced by a Promissory Note dated as of July 12, 2018, in the stated principal amount of $1,000,000.00 (as such promissory note may be amended, restated, refinanced or otherwise modified from time to time, the “Second Term Note”), all terms of which are incorporated herein by this reference.
Second Term Loan. Subject to the terms and conditions hereof, the Bank agrees to make a second term loan (the “Second Term Loan”) to the Borrower on or about the effective date of the Eighth Amendment to this Agreement in an amount equal Four Million Five Hundred Thousand and 00/100 ($4,500,000.00) Dollars.”
(H) The Agreement is hereby amended to add new Sections 2.2.2 to read as follows:
Second Term Loan. (a) Second Term Loan. The Bank has made and continues to make hereunder a loan (the "Second Term Loan") to Borrower, in the outstanding principal amount as of the Closing Date of Two Million Five Hundred Fifty Thousand Dollars ($2,550,000).
