Term Loan B Facility. (a) Upon and subject to the terms and conditions hereof, each Lender agrees to make available, from time to time, until the applicable Term Loan Commitment Termination Date, for Borrower's use and upon the request of Borrower therefor to Agent, its Pro Rata Share of advances (each, a "Term Loan B ----------- Advance") to finance Eligible Acquisitions. The amount of Term Loan B Advances made to finance any Eligible Acquisition shall equal fifty percent (50%) of the amount of the purchase price financed hereunder; provided, however, that if the -------- ------- full amount of Term Loan A has been advanced hereunder or there is at such time no further availability for funding under the Term Loan A Commitment, the amount of Term Loan B Advances made to finance any Eligible Acquisition may equal up to one hundred percent (100%) of the purchase price being financed hereunder. The aggregate amount of each Lender's Term Loan B Advances shall not at any time exceed its separate Term Loan B Commitment. The obligations of each Lender hereunder shall be several and not joint. Each Term Loan B Advance shall be secured by all of the Collateral. Each Lender's Term Loan B Commitment shall be permanently reduced by the amount of each Term Loan B Advance made by it hereunder, and Borrower may not reborrow any amount repaid with respect to any Term Loan B Advance.
(b) Borrower shall give Agent notice of each borrowing, which notice shall be in the form of the Notice of Term Loan Borrowing. On the dates specified for such borrowing, pursuant to Section 10.8, each Lender shall make ------------ available to Agent such Lender's Pro Rata Share of the Term Loan B Advance or Advances to be made on such date to the Borrower, in immediately available funds. Agent shall notify each other Lender of the consummation of each Eligible Acquisition financed hereby.
(c) Borrower shall execute and deliver to each Lender a note in the principal amount of the Term Loan B Commitment of such Lender, dated the Closing Date and substantially in the form of Exhibit A-2 (each, a "Note B" and, ----------- ------ collectively, the "Note B"). Each Note B shall represent the obligation of ------ Borrower to pay the amount of each Lender's Term Loan B Commitment or, if less, the aggregate amount of the Term Loan B Advances made by such Lender, together with interest thereon as prescribed in Section 1.6. The date, amount and ----------- interest rate of each Term Loan B Advance made by each Lender and eac...
Term Loan B Facility. The final maturity of the Term Loan B Facility will occur on the 42-month anniversary of the Closing Date (the “Term Loan B Maturity Date”).
Term Loan B Facility. Subject to and in reliance upon the terms, conditions, representations, and warranties in the Loan Documents, each Term Loan B Lender severally, but not jointly, agrees to lend to Borrower in a single Borrowing on the Closing Date an amount up to such Lender's Commitment Percentage of the Term Loan B Commitment. If all or a portion of the Term Loan B Principal Debt is paid or prepaid, then the amount so paid or prepaid may not be reborrowed.
Term Loan B Facility. Each Lender, severally and not jointly, agrees to lend to Borrower, in a single advance on the Initial Funding Date, its Pro Rata Share of the Term Loan B Commitment; provided all conditions precedent set forth in Subsections 7.1, 7.2 and 7.3 are satisfied or waived as provided herein. Amounts borrowed under this Subsection 1.1(B)(ii) that are repaid or prepaid may not be reborrowed.
Term Loan B Facility. Each Term Loan B Lender severally, but not jointly, agrees to lend to Borrower in a single Borrowing on the Initial Borrowing Date such Term Loan B Lender's Commitment Percentage of the Term Loan B Commitment. If all or any portion of the Term Loan B Principal Debt is paid or prepaid, then the amount so repaid may not be reborrowed.
Term Loan B Facility. Prior to the Closing Date, Existing Lenders have made loans to the Company which are outstanding as a "Term B Loan" pursuant to the Existing Credit Agreement, which loans are outstanding in the amount set forth on Annex I-B hereto under the heading "Existing Term B Loans". Loans under the Term B Facility (each a "Term B Loan" and, collectively, the "Term B Loans"): (i) with respect to additional Term B Loans, can only be incurred by the Company on the Closing Date in the entire amount of the Unutilized Total Term B Commitment, if any; (ii) except as otherwise provided, may, at the option of the Company, be incurred and maintained as, or Converted into, Term B Loans which are Prime Rate Loans or Eurocurrency Loans, in each case denominated in Dollars, provided that all Term B Loans made as part of the same Term Borrowing shall, unless otherwise specifically provided herein, consist of Term B Loans of the same Type; and (iii) shall not exceed for any Lender at the time of incurrence thereof the aggregate principal amount of the Term B Commitment, if any, of such Lender at such time. Once prepaid or repaid, Term B Loans may not be reborrowed.
Term Loan B Facility. Each Lender, severally and not jointly, previously has lent to Borrower such Lender’s Pro Rata Share of the Term Loan B Commitment (as such Commitment has been reduced and repaid prior to the Amendment Date). Amounts borrowed under this Subsection 1.1(B) that are repaid or prepaid may not be reborrowed.
Term Loan B Facility. The Term Loan B under the Term Loan B Facility will be made to Borrower in the amount of One Million Dollars ($1,000,000) on the Effective Date. The principal of Term Loan B shall be payable in seventeen (17) consecutive equal monthly installments of Fifty-Five Thousand Five Hundred Fifty-Five Dollars ($55,555) each, commencing on the first day of July, 1997, and thereafter on the first day of each calendar month, with the last payment of principal being in the amount of Fifty-Five Thousand Five Hundred Sixty-Five Dollars ($55,565); PROVIDED, HOWEVER, that notwithstanding the foregoing amortization schedule for Term Loan B, upon the effective date of any termination of this Agreement pursuant to SECTION 11 and/or SECTION 13 hereof, all amounts outstanding under Term Loan B shall become immediately due and payable without notice or demand. No repayment or prepayment of Term Loan B shall be any reason for any relending or additional lending of Term Loan B proceeds to Borrower. At Bank's option, the principal of Term Loan B shall be payable in accordance with the payment terms set forth in this SECTION 2.5 by charging or increasing the Revolving Loan balance of Borrower. The Term Loan B may be prepaid at any time by Borrower to Bank without penalty.
Term Loan B Facility. Upon the Effective Date in accordance with section 2.1 as amended, the aggregate sum of $20,000,000 of the Revolving Loans then outstanding shall be restructured and become Term Loan B with respect to each Lender based upon their respective Term Loan B Commitment, for which respective Notes shall be executed and delivered by Borrower to each Lender. Term Loan B shall be excluded from the calculation of the Leverage Ratio (Senior Debt) set forth in Section 6.27.4, but it shall be included in the calculation of the Leverage Ratio (Total Debt) set forth in Section 6.27.2. Further, the principal of Term Loan B shall be excluded from the calculation of the Fixed Charge Coverage Ratio set forth in Section 6.27.1 through August 31, 2005, but shall be included thereafter to the extent it has not been fully paid. The Term Loan B shall be payable as follows: accrued and unpaid interest shall be payable on each Payment Date, commencing August 31, 2004; and principal shall be payable in full on August 31, 2005. Interest shall accrue at a rate equal to the Eurodollar Base Rate plus three hundred twenty-five (325) basis points until November 30, 2004; whereupon, the interest rate shall increase to eighteen percent (18%) per annum fixed, and further increase by three hundred (300) basis points on the last day of each fiscal quarter thereafter, commencing February 28, 2005, until the Term Loan B has been fully paid.”
Term Loan B Facility. On the Closing Date each Term Loan-B Lender severally agrees, on the terms and conditions set forth in this Agreement, to make a Term Loan-B to the Borrower in a principal amount not to exceed the amount of its Term Loan-B Commitment. The Term Loan-B Commitments are not revolving in nature, and amounts repaid or prepaid pursuant to Section 2.04 or Section 2.09 shall not be reborrowed.
