Term Loan 1. The Borrowers shall repay to the Lenders the aggregate principal amount of all Term Loans 1 outstanding on the following dates in the respective amounts set forth opposite such dates (which amounts may be reduced as a result of the application of prepayments of the Loans in accordance with the order of priority set forth in Section 2.05): Date Amount June 30, 2011 $ 5,086,000.00 September 30, 2011 $ 5,086,000.00 December 31, 2011 $ 5,086,000.00 March 31, 2012 $ 3,907,000.00 provided, however, that the aggregate principal amount of all Term Loans 1 outstanding on the Maturity Date with respect to the Term 1 Facility shall be due on such date; provided further that if any such date is not a Business Day, the amount due on such date shall be due on the next preceding Business Day.
Term Loan 1. The Bank agrees, on the terms and conditions hereinafter set forth, to loan to the Borrower the principal amount of Fourteen Million and 00/100 Dollars ($14,000,000) ("Term Loan 1").
Term Loan 1. Bank agrees, on the terms and conditions hereinafter set forth, to extend credit to Borrowers on the Closing Date in a single advance in the amount of the Term Loan 1 Commitment ("Term Loan 1"); provided, however, (a) that $1,500,000 of Term Loan 1 will be deposited into the Reserve Account (the "PIP Funds") and disbursed in accordance with Section 3.02 below and (b) a portion of Loan 1 in an amount equal to the difference between the estimated $500,000 in closing costs and the actual closing costs will be deposited into the Reserve Account to make an initial deposit into the Reserve Account for Room Revenue Funds or for other uses as approved by Bank.
Term Loan 1. Subject to the terms and conditions of this Agreement, Bank hereby agrees to make a loan to Borrower in the principal amount of Seven Hundred Thousand and 00/100 Dollars ($700,000.00) (“Term Loan 1”), the proceeds of which shall be used for tenant improvements. Borrower’s obligation to repay Term Loan 1 shall be evidenced by a promissory note dated as of May 1, 2004 (“Term Note 1”), all terms of which are incorporated herein by this reference. Bank’s commitment to grant Term Loan 1 shall terminate on June 1, 2004.
Term Loan 1. Interest will accrue in respect of the unpaid principal amount of Term Loan 1 from the date of each Borrowing thereunder until the maturity date thereof (whether by acceleration or otherwise), at a fixed rate per annum equal to 4.25%.
Term Loan 1. (i) Accrued interest on the principal amount outstanding under Term Loan 1 will be payable on the first (1st) day of the first full month following the Effective Date, and on the first (1st) day of each succeeding month thereafter through and including the Term Loan 1 Maturity Date.
Term Loan 1. (a) Term Loan 1 Renewal. Bank has made a loan to Borrower in the original principal amount of Five Million Five Hundred Twelve Thousand Five Hundred Dollars ($5,512,500.00) (“Term Loan 1”), on which the outstanding principal balance as of the date hereof is $4,483,500.00. Borrower’s obligation to repay the Term Loan 1 is evidenced by a promissory note dated as of November 1, 2012 (the “Prior Term Note 1”). Borrower’s obligation to repay the Term Loan 1 shall be evidenced by a promissory note dated as of June 30, 2017, as modified from time to time (the “Term Note 1”), all terms of which are incorporated herein by this reference, which promissory note shall replace the Prior Term Note 1.
Term Loan 1. Borrower will pay 29 equal installments of principal equal to $33,333.33 plus accrued interest (the “Term Loan 1 Payment”) on the first Business Day of each month commencing on November 1, 2003, and continuing during the term of the Term Loan 1. Borrower’s final Term Loan 1 Payment, due March 1, 2006, shall include all outstanding Term Loan 1 principal and accrued interest.
Term Loan 1. 2.2.1. On the effective date of the Fourth Amendment, the Bank will renew Term Loan 1 which has an outstanding principal balance of One Million Five Hundred Eighty Six Thousand Seven Hundred Fifty Three and Seventeen/100 Dollars ($1,586,753.17) and advance to the Borrower the additional principal sum of Three Hundred Ninety Thousand And No/100 Dollars ($390,000.00) for a renewed Term Loan 1 in the amount of One Million Nine Hundred Seventy Six Thousand Seven Hundred Fifty Three And Seventeen/100 Dollars ($1,976,753.17).
Term Loan 1. (a) Borrower will continue to pay the outstanding amount under the Term Loan 1 as follows:
