Term Loan B. (a) Subject to the terms and conditions of this Agreement, each Term Loan B Lender severally agrees to make an advance of its Pro Rata Term B Share of the Term Loan B to the Borrower on the Closing Date, and from the Closing Date to the Term Loan B Maturity Date, Convert and Continue Segments from time to time in accordance with the terms hereof. The principal amount of each Segment of the Term Loan B outstanding hereunder from time to time shall bear interest and the Term Loan B shall be repayable as herein provided. No amount of the Term Loan B repaid or prepaid by the Borrower may be reborrowed hereunder, and no subsequent advance under the Term Loan B Facility shall be allowed after the initial such advance of the Term Loan B on the Closing Date. Segments of the Term Loan B may be Base Rate Segments or Eurodollar Rate Segments at the Borrower’s election, as provided herein.
(b) Not later than 1:00 P.M. New York time, on the Closing Date, each Term Loan B Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make the amount of its Pro Rata Term B Share of the Term Loan B available by wire transfer to the Administrative Agent. Such wire transfer shall be directed to the Administrative Agent at the Administrative Agent’s Office and shall be in the form of same day funds in Dollars. The amount so received by the Administrative Agent shall, subject to the terms and conditions of this Agreement, including without limitation the satisfaction of all applicable conditions in Sections 5.01 and 5.02, be made available to the Borrower by delivery of the proceeds thereof as shall be directed by the Responsible Officer of the Borrower and reasonably acceptable to the Administrative Agent. The initial Borrowing of the Term Loan B may be a Eurodollar Rate Segment, a Base Rate Segment, or both; provided that (i) nothwithstanding anything to the contrary in Section 2.03 or otherwise, any Eurodollar Rate Segment to be a portion of the initial Borrowing of the Term Loan B, and each Conversion to or Continuation of a Eurodollar Rate Segment made during the period of fourteen days after the Closing Date, may only be for a period beginning on the date such Eurodollar Rate Segment is initially advanced, or on the date any Segment is Continued as or Converted into a Eurodollar Rate Segment, and ending on the date that is one week thereafter, and (ii) if the Borrower desires that any portion of the initial Borrowing of the Term Loan B is advanced ...
Term Loan B. (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make one (1) term loan to Borrower in an aggregate principal amount not to exceed Five Million Five Hundred Thousand Dollars ($5,500,000) (the “Term Loan B”, and together with the Term Loan A, the “Term Loans”). Borrower may request the Term Loan B at any time from the Term Loan B Availability Start Date through the Term Loan B Availability End Date. The proceeds of the Term Loan B shall be used for general working capital purposes and for capital expenditures.
(ii) Interest shall accrue from the date of the Term Loan B at the rate specified in Section 2.3(a), and prior to the Term Loan B Interest Only End Date shall be payable monthly beginning on the 11th day of the month next following the Term Loan B, and continuing on the same day of each month thereafter. The Term Loan B that is outstanding on the Term Loan B Interest Only End Date shall be payable in equal monthly installments of principal, plus all accrued interest, beginning on the last day of the month immediately following the Term Loan B Interest Only End Date, and continuing on the same day of each month thereafter through the Term Loan B Maturity Date, at which time all amounts due in connection with the Term Loan B and any other amounts due under this Agreement shall be immediately due and payable. The Term Loan B, once repaid, may not be reborrowed. Borrower may prepay the Term Loan B without penalty or premium.
(iii) When Borrower desires to obtain the Term Loan B, Borrower shall notify Bank (which notice shall be irrevocable) by facsimile transmission to be received no later than 3:30 p.m. Eastern time on the day on which the Term Loan B is to be made. Such notice shall be substantially in the form of Exhibit C. The notice shall be signed by an Authorized Officer.
Term Loan B. Subject to the terms and conditions of this Agreement, and subject to the provisions of Section 1.01 with respect to the continuation of outstanding amounts of the Term Loan under (and as defined in) the Existing Agreement, each Term Loan B Lender severally agrees to make an advance of, or continue from the Existing Agreement, its Pro Rata Term B Share of the Term Loan B to the Borrower in Dollars on the Closing Date, and from the Closing Date to the Term Loan Maturity Date, convert and continue Segments from time to time in accordance with the terms hereof. The principal amount of each Segment of the Term Loan B outstanding hereunder from time to time shall bear interest and the Term Loan B shall be repayable as herein provided. No amount of the Term Loan B repaid or prepaid by the Borrower may be reborrowed hereunder, and no subsequent advance under the Term Loan B Facility shall be allowed after the initial such advance of the Term Loan B on the Closing Date. Segments of the Term Loan B may be Base Rate Segments or Eurocurrency Rate Segments at the Borrower’s election, as provided herein.
Term Loan B. (i) Subject to the terms and conditions hereof, the Term Lender agrees to continue to provide a term loan (the "Term Loan B") which was previously made under the Prior Loan Agreement to Borrower in the original principal amount of the Term Loan B Commitment. The Term Loan B shall be evidenced by a promissory note substantially in the form of Exhibit 1.1(b)(i) (the "Term B Note") and Borrower shall execute and deliver the Term B Note to the Term Lender on the Closing Date, and thereupon all Term B Notes outstanding under the Prior Credit Agreement shall deemed to be replaced by such new notes. The Term B Note shall represent the obligation of Borrower to pay the amount of the Term Loan B, together with interest thereon as prescribed in Section 1.5.
(ii) The aggregate outstanding principal balance of the Term Loan B shall be due and payable in full in immediately available funds on the Commitment Termination Date, if not sooner paid in full. No payment with respect to the Term Loan B may be reborrowed.
(iii) Each payment of principal and each payment of interest with respect to the Term Loan B shall be paid to Agent for the benefit of the Term Lender.
Term Loan B. On the Closing Date, a portion of the Existing Term Loan in the amount of the Maximum Term Loan B Amount shall be continued hereunder as the Term Loan B.
Term Loan B. (i) Subject to the terms and conditions hereof, each Term Lender agrees to make a term loan on the Term Loan B Funding Date to Borrower (the "Term Loan B") in the original principal amount of its Term Loan B Commitment. The obligations of each Term Lender hereunder shall be several and not joint. Each Term Loan B shall be evidenced by promissory notes substantially in the form of Exhibit 1.1
Term Loan B. Subject to Section 2.3(b), the principal amount outstanding under the Term Loan B shall accrue interest at a per annum rate equal to 0.75 percentage points above the Prime Rate, which interest shall be payable monthly.
Term Loan B. Section 3.3(a) of the Credit Agreement is hereby amended in its entirety to read as follows:
Term Loan B. (i) Subject to the terms and conditions hereof, each Term B Lender agrees to make a term loan (collectively, the “Term Loan B”) on the Closing Date to Borrower in the amount of such Term B Lender’s Term Loan B Commitment. The obligations of each Term B Lender hereunder shall be several and not joint. Each such Term Loan B shall be evidenced by a promissory note substantially in the form of Exhibit 1.1(c) (each a “Term B Note” and collectively the “Term B Notes”), and, except as provided in Section 1.12, Borrower shall execute and deliver a Term B Note to each applicable Term B Lender. Each Term B Note shall represent the obligation of Borrower to pay the amount loaned by each Term B Lender pursuant to such Term B Lender’s Term Loan B Commitment, together with interest thereon as prescribed in Section 1.5. Amounts repaid on Term Loan B may not be reborrowed.
(ii) Borrower shall repay the Term Loan B in twenty four (24) consecutive quarterly installments on the first day of each Fiscal Quarter set forth below: Payment Installment Dates Amounts July 1, 2005 $ 1,250,000 October 1, 2005 $ 1,250,000 January 1, 2006 $ 1,250,000 April 1, 2006 $ 1,250,000 July 1, 2006 $ 1,250,000 October 1, 2006 $ 1,250,000 January 1, 2007 $ 1,250,000 April 1, 2007 $ 1,250,000 July 1, 2007 $ 1,250,000 October 1, 2007 $ 1,250,000 January 1, 2008 $ 1,250,000 April 1, 2008 $ 1,250,000 July 1, 2008 $ 1,250,000 October 1, 2008 $ 1,250,000 January 1, 2009 $ 1,250,000 April 1, 2009 $ 1,250,000 July 1, 2009 $ 1,250,000 October 1, 2009 $ 1,250,000 January 1, 2010 $ 1,250,000 April 1, 2010 $ 1,250,000 July 1, 2010 $ 1,250,000 October 1, 2010 $ 1,250,000 January 1, 2011 $ 1,250,000 April 1, 2011 $ 1,250,000 The then remaining unpaid principal balance of Term Loan B shall be due on May11, 2011.
(iii) Notwithstanding Section 1.1(c)(ii), the aggregate outstanding principal balance of the Term Loan B shall be due and payable in full in immediately available funds on the Commitment Termination Date, if not sooner paid in full.
(iv) Each payment of principal with respect to the Term Loan B shall be paid to Agent for the ratable benefit of each Term B Lender making a Term Loan B, ratably in proportion to each such Term B Lender’s respective Term Loan B Commitment.
Term Loan B. (a) TERM LOAN B. Bank has made a loan to Borrower in the original principal amount of One Million Three Hundred Thirty Thousand Dollars ($1,330,000.00) ("Term Loan B"), on which the outstanding principal balance as of the date hereof is $1,141,583.22. Borrower's obligation to repay Term Loan B is evidenced by a promissory note in the form of Exhibit D attached hereto ("Term B Note"), all terms of which are incorporated herein by this reference. Subject to the terms and conditions of this Agreement, Bank hereby confirms that Term Loan B remains in full force and effect. Any reference in the Term B Note to any prior loan agreement between Bank and Borrower shall be deemed a reference to this Agreement.
