Term Credit. Subject to the terms and conditions hereof, the Lender agrees to make a loan (the "Term Loan") to the Company in an amount up to the Lender's Term Loan Commitment. There shall be a single borrowing under the Term Loan Commitment which shall be made, if at all, on or before August 31, 1996, at which time the commitment of the Lender to make a Term Loan under the Term Loan Commitment shall expire. There shall be one borrowing under the Term Loan Commitment, and any portion of the Term Loan Commitment not requested by the Company on the occasion of such borrowing shall thereupon expire. The Term Loan made by the Lender to the Company shall be evidenced by a Term Note of the Company (the "Term Note") payable to the order of the Lender in the amount of its Term Loan Commitment, with the Term Note to be in the form (with appropriate insertions) attached hereto as Exhibit B. The Term Note shall be dated the date of issuance thereof and be expressed to bear interest as set forth in Section 2 hereof. The Company hereby promises to make principal payments on the Term Note in installments on the dates set forth in column A below each in an amount equal to the amount set forth in column B below opposite the relevant due date: If the original principal amount of the Term Loan is $30,000,000, or less, then principal payments on the Term Note shall be as follows:
Term Credit. Subject to the terms and conditions hereof, each Lender severally agrees to make one or more loans (individually a "TERM LOAN" and collectively the "TERM LOANS") to the Company in the aggregate amount of such Lender's commitment to make Term Loans as set forth on the applicable signature page hereof or pursuant to Section 11.10 hereof (its "TERM LOAN COMMITMENT" and collectively for all Lenders the "TERM LOAN COMMITMENTS") (subject to any reductions thereof pursuant to the terms hereof) prior to the Term Credit Termination Date. Each Borrowing of Term Loans shall be made ratably by the Lenders in accordance with their Percentages. Each Borrowing of Term Loans shall be in an amount of $1,000,000 or such greater amount which is an integral multiple of $100,000; PROVIDED, HOWEVER, that a Borrowing of Term Loans, or any part thereof, which bears interest with reference to the Adjusted LIBOR Rate shall be in such greater amount as is required by Section 2 hereof. The principal amount of each Term Loan shall permanently reduce the amount available to the Company under each Lender's Term Loan Commitment, and no amount repaid or prepaid on any Term Loan may be borrowed again. Each Term Loan made by a Lender shall be evidenced by a Term Note of the Company (individually a "TERM NOTE" and collectively the "TERM NOTES", which shall include the Term Notes issued pursuant to Section 11.10 hereof) payable to the order of such Lender in an amount equal to such Lender's Percentage of the Borrowing of Term Loans then being made, each Term Note to be in the form (with appropriate insertions) attached hereto as Exhibit C. Each Term Note shall be dated the date of issuance thereof, be expressed to bear interest as set forth in Section 2 hereof, and be expressed to mature in consecutive quarterly principal installments, with each principal installment of a Term Note to be in an amount equal to 1/20th of the original principal amount of the Term Loan evidenced thereby, commencing on the date which is three calendar months after the date on which the relevant Term Loan is made and continuing on the same date of each and every third calendar month thereafter (or if no such date exists for any one or more of such installments, then on the last day of such third calendar month), except that the final payment of both principal and interest, if not sooner paid, shall be due on the earlier of (i) the fifth anniversary date of the date on which the relevant Term Loan was made or (ii) J...
Term Credit. Subject to and upon the terms and ----------- conditions herein set forth, each Bank agrees to make a term loan (a "Term Loan," and, collectively, the "Term Loans") to the Borrower on each Bank's applicable Termination Date in an amount up to an aggregate principal amount not exceeding the amount of such Bank's Commitment on the applicable Termination Date. The proceeds of the Term Loan shall be immediately applied by each Bank, to the extent necessary, to the repayment in full of the Revolving Credit Note then held by such Bank. On each Bank's Termination Date, the commitment of each Bank shall terminate and any facility fee then outstanding shall be paid in full.
Term Credit. The Banks agree to advance $48,490,000 to the Borrower for the purchase of substantially all of the assets of Broadcast Partners. Such advances shall be made, in one or more closings, on a pro rata basis by the Banks, based on the following maximum advance limits for each Bank: (1) as to FNB-O, $10,780,000; (ii) as to FNB-W, $245,000; (iii) as to NBD, $6,223,000; (iv) as to Norwest, $4,047,000; (v) as to LaSalle, $10,388,000; (vi) as to Mercantile, $5,333,900; (vii) as to Sumitomo, $5,170,000; (viii) as to First Bank, $1,933,000; and (ix) as to Montreal, $4,370,100. It is understood and agreed by the parties that the foregoing advances by FNB-O, FNB-W, and NBD were made at the initial closing under the 1996 Term Credit Agreement on May 3, 1996. The foregoing advance by Norwest represents an advance of $1,822,000 which was made at the initial closing under the Agreement on May 3, 1996, and an additional advance of $2,225,000, which was made at the closing under the First Amendment on July 17, 1996. The foregoing advances by Mercantile, Sumitomo and First Bank were made at the closing under the First Amendment on July 17, 1996. The advance made by Montreal was made at the closing of the Second Amendment on July 31, 1996; the proceeds of such advance were used to prepay the existing Note held by Broadcast Partners in the remaining principal amount of $4,070,100, and to provide an additional $300,000 to the Borrower. The advance made by LaSalle was made on December 27, 1996, at the closing of the Third Amendment. This Agreement shall not be deemed to extinguish any existing indebtedness of the Borrower under the 1996 Term Credit Agreement or the Notes issued thereunder or to release, terminate or affect the priority of any security therefor.
Term Credit. Subject to the terms and conditions set forth herein and the continuation of Pre-Existing Borrowings as Borrowings hereunder, each Term Credit Lender commits to make a Loan (each such Loan made under this Section 2.1(2), a “Term Loan”) to the Borrower by way of a single advance on the Closing Date (each such commitment, a “Term Credit Commitment”) in an aggregate principal amount up to the amount set forth beside such Lender’s name in Schedule 2.1 under the heading “Term Credit Commitment”. Any undrawn portion of any Term Credit Commitment shall be cancelled immediately following the Closing Date.
Term Credit. The Banks agree to advance $48,490,000 to the Borrower for the purchase of substantially all of the assets of Broadcast Partners. Such advances shall be made, in one or more closings, on a pro rata basis by the Banks, based on the following maximum advance limits for each Bank: (1) as to FNB-O, $10,780,000; (ii) as to FNB-W, $245,000; (iii) as to NBD, $6,223,000; (iv) as to Norwest, $4,047,000; (v) as to Farm Credit, $10,388,000; (vi) as to Mercantile, $5,333,900; (vii)as to Sumitomo, $5,170,000, (viii) as to First Bank, $1,933,000, (ix) as to Montreal, $4,370,100. 1 It is understood and agreed by the parties that the foregoing advances by FNB-O, FNB-W, NBD, and Farm Credit were made at the initial closing under the Agreement on May 3, 1996. The foregoing advance by Norwest represents an advance of $1,822,000 which was made at the initial closing under the Agreement on May 3, 1996, and an additional advance of $2,225,000, which was made at the closing under the First Amendment on July 17, 1996. The foregoing advances by Mercantile, Sumitomo and First Bank were made at the closing under the First Amendment on July 17, 1996. The advance made by Montreal represents a new advance, the proceeds of which shall be used to prepay the existing Note held by Broadcast Partners in the remaining principal amount of $4,070,100, and to provide an additional $300,000 to the Borrower.
Term Credit. Subject to the terms and conditions set forth herein, each Term Credit Lender commits to make Loans (each such Loan made under this Section 2.1(2), a “Term Loan”) to the Borrower from time to time during the period commencing on the Effective Date and ending on the Final Term Credit Availability Date (each such commitment, a “Term Credit Commitment”) in an aggregate principal amount up to the amount set forth beside such Lender’s name in Schedule 1.1(a) under the heading “Term Credit Commitment” (as such Schedule read on the Effective Date); provided that a Term Credit Lender shall not be required to make a Term Loan under its Term Credit Commitment if the making of such Term Loan would result in (a) such Term Lender’s Exposure exceeding such Term Lender’s Commitment, or (b) the aggregate Term Credit Exposures exceeding the aggregate Term Credit Commitments. Any undrawn portion of any Term Credit Commitment shall be cancelled at the close of business in Toronto, Ontario on the Final Term Credit Availability Date. Any amount repaid on account of the Term Loans shall be permanent and may not be reborrowed. As of the Fifth Amendment Effective Date, the outstanding principal amounts under the Term Loans are as set forth under the heading “Term Loans” in Schedule 1.1(a).
Term Credit. (a) Conversion to Term Credit. Prior to the Effective Date, certain "Syndicated Loans" (the "Existing Loans") and "Letters of Credit" (as described in Schedule 2.1 to this Agreement, the "Existing Letters of Credit") were previously made to, or issued for the account of, the Borrower under, or evidenced by, the Original Credit Agreement the aggregate outstanding principal balance of which as of the Effective Date equals $117,444,995.69 (collectively, the "Existing Credit"). Subject to terms and conditions set forth in this Agreement, each of the parties hereto agrees that on the Effective Date (a) $107,000,000 of the Existing Credit (consisting of $80,402,057 of the Existing Loans and $26,597,943 of the Existing Letters of Credit) shall be reevidenced by this Agreement as the Term Credit hereunder and the terms and conditions of such Existing Credit shall be amended and restated in its entirety as set forth in this Agreement and (b) the remaining $10,444,995.69 outstanding principal balance of the Existing Credit (consisting of $9,497,943 of the Existing Loans and $947,052.69 attributable to the Initial Revolver Letter of Credit) which is outstanding as of the Effective Date shall continue in effect as Revolving Loans and Revolver Letters of Credit hereunder. The parties hereto acknowledge and agree that the "Commitment" of each Lender under the Original Credit Agreement has been terminated to the extent and in the amount of the Term Credit hereunder.
Term Credit. Subject to all of the terms and conditions hereof, each Lender agrees to make a loan to the Company in the amount of its Term Credit Commitment (the credit facility under which such loans are made being hereinafter referred to as the "TERM CREDIT") (the loans from all the Lenders under the Term Credit being hereinafter referred to collectively as the "TERM LOAN"). The Term Loan shall be
Term Credit. 1.1 Bank agrees to lend to Company on the date hereof the principal sum of One Million Five Hundred Fifty Thousand Dollars ($1,550,000). The borrowing hereunder shall be evidenced by a Term Note (herein called "Term Note").
1.2 The indebtedness represented by the Term Note shall be repaid in monthly principal installments each equal to Fifteen Thousand Dollars ($15,000), commencing on June 1, 1996 and on the first day of each month thereafter until April 1, 1999, when the entire unpaid balance of principal and interest thereon shall be due and payable. Company agrees to pay interest on the unpaid principal balance of the Term Note from time to time outstanding at a per annum rate equal to two and one half percent (2-1/2%) above Bank's Prime Rate. Upon the occurrence of any event of default hereunder, interest shall accrue on the unpaid principal balance at the per annum rate of four and one half percent (4-1/2%) above Bank's Prime Rate. Interest shall be payable monthly commencing on May 1, 1996 and on the first day of each month thereafter. Interest shall be computed on a daily basis using a year of 360 days, assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime Rate on the date of such change in the Prime Rate. "Prime Rate" shall mean the rate of interest established by Bank as its prime rate as the same may be changed from time to time, which rate may not necessarily be Bank's lowest rate for loans.
