Term Loan B. Subject to the terms and conditions of this Agreement, each Term Loan B Lender, severally and not jointly, will make a term loan to Borrowers in the amount equal to such Term Loan B Lender’s Term Loan B Commitment Percentage of $21,500,000 (the “Term Loan B”). The Term Loan B shall be advanced on the Closing Date and shall be, with respect to principal, payable as follows, subject to acceleration upon the occurrence of an Event of Default under this Agreement or termination of this Agreement: on or before the date that is forty-five (45) days after the last day of each fiscal quarter (each a “True-Up Date”), commencing with the fiscal quarter ending March 31, 2017 and continuing thereafter through and including the last such date occurring immediately prior to the end of the Term, Borrowers shall repay the Term Loan B in an amount equal to the greater of (x) $537,500 and (y) the Term Loan B Lenders Pro Rata Share of the lesser of (I) 50% of Excess Cash Flow for the most recently ended prior fiscal quarter for which financial statements were delivered to Agents and (II) 50% of the Maximum True Up Amount (provided that Borrowers shall pay the amount set forth in the foregoing clause (x) no later than the first Business Day following the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 2017 and continuing thereafter through and including the last such date occurring immediately prior to the end of the Term (it being understood and agreed that if the amount calculated pursuant to the foregoing clause (y) for each such period exceeds the amount set forth in the foregoing clause (x), the difference thereof (if any) shall be paid by Borrowers no later than the applicable True-Up Date)), followed by a final payment of all unpaid principal, accrued and unpaid interest and all unpaid fees and expenses upon expiration of the Term. The Term Loan B shall be evidenced by one or more Term Notes. Term Loan B shall consist of LIBOR Rate Index Loans only.
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 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.
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. 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. (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.
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.
Term Loan B. Section 2.1.3(b) of the Credit Agreement is amended in its entirety as follows:
Term Loan B. Subject to the terms and conditions of this Agreement, on the Closing Date each Lender with a Term Loan B Commitment agrees (severally, not jointly or jointly and severally) to make term loans (collectively, “Term Loan B”) to Borrower in an amount equal to such Lender’s Pro Rata Share of the Term Loan B Amount. The outstanding unpaid principal balance and all accrued and unpaid interest on Term Loan B shall be due and payable on the earlier of (i) the Maturity Date, and (ii) the date of the acceleration of Term Loan B in accordance with the terms hereof. Any principal amount of Term Loan B that is repaid or prepaid may not be reborrowed. All principal of, interest on, and other amounts payable in respect of Term Loan B shall constitute Obligations.
Term Loan B. Borrower may, upon at least 5 Business Days prior written notice to Agent and so long as the Revolver and Term Loan A have been paid in full and the Revolver Commitment has been terminated, prepay the principal of Term Loan B, in whole or in part. Each prepayment made pursuant to this Section 2.4(d)(iii) shall be in an amount not less than $100,000 and increments of $100,000 in excess thereof, and shall be accompanied by the payment of accrued interest to the date of such payment on the amount prepaid. Each such prepayment shall be applied against the remaining installments of principal due on Term Loan B in the inverse order of maturity (for the avoidance of doubt, any amount that is due and payable on the Maturity Date shall constitute an installment).
