Term Loan C. To the extent there is any Revolver Commitment, Term Loan A Principal Debt, or Term Loan B Principal Debt outstanding, any Term Loan C Lender, at its option, may elect not to accept such partial prepayment under this SECTION 2.7 (other than SECTION 2.7(d)) (such Lender being a "DECLINING C LENDER"), in which event the provisions of the next sentence shall apply. On the prepayment date, an amount equal to that portion of the prepayment amount available to prepay Term Loan C Lenders (less any amounts that would otherwise be payable to Declining C Lenders) shall be applied ratably to prepay Term Loan C Principal Debt owed to Term Loan C Lenders other than Declining C Lenders and any amounts that would otherwise have been applied to prepay Term Loan C Principal Debt owing to Declining C Lenders shall instead be applied ratably to prepay the remaining Term Loan A Principal Debt and Term Loan B Principal Debt, and reduce the Revolver Commitment as provided in SECTIONS 2.7(b) through 2.7(f); PROVIDED FURTHER, that upon prepayment in full of Term Loan C Principal Debt owing to Term Loan C Lenders other than Declining C Lenders the remainder of any prepayment amount that is to be applied to Term Loan C Principal Debt shall be applied ratably to prepay Term Loan C Principal Debt owing to Declining C Lenders. Any Term Loan C Lender may elect not to accept its ratable share of a partial prepayment by giving written notice to the Administrative Agent not later than 11:00 a.m. Dallas, Texas time on the Business Day immediately preceding the scheduled prepayment date.
Term Loan C. Subject to Section 2.3(b), the Term Loan C accrues interest at the greater of (a) six percent (6.0%) per annum, and (b) the Prime Rate in effect from time to time, plus two percent (2.0%) per annum.
Term Loan C. Subject to the terms and conditions of this Agreement, on the Second Amendment Effective Date, the Lender shall fund the Term Loan C in the amount of the Term Loan C Commitment, the proceeds of which shall be used to repay, in part, outstanding Overadvances on such date. Upon the funding of the Term Loan C hereunder, the Term Loan C Commitment shall be permanently terminated.
Term Loan C. (i) On the Effective Date the aggregate principal amount of Term Loan C (as defined in the Existing Credit Agreement) outstanding under the Existing Credit Agreement is $600,000,000 and shall be deemed outstanding under this Agreement (collectively, the "Term Loan C"). The obligations of each Term C Lender hereunder shall be several and not joint. The Term Loan C shall, upon the request of any Lender pursuant to Section 1.10, be evidenced by a Note, and, upon such request as provided in Section 1.10, Borrower shall execute and deliver each Note to the applicable Term C Lender. Each Note shall represent the obligation of Borrower to pay the amount of the applicable Term C Lender's Term Loan C, together with interest thereon as prescribed in Section 1.5.
(ii) The aggregate outstanding principal balance of the Term Loan C shall be due and payable in full in immediately available funds on the Maturity Date, if not sooner paid in full. No payment with respect to the Term Loan C may be reborrowed.
(iii) Each payment of principal with respect to the Term Loan C shall be paid to the Administrative Agent for the ratable benefit of each Term C Lender, ratably in proportion to each such Term C Lender's respective Term C Commitment.
Term Loan C. On the last Banking Day of each March, June, September and December, beginning March 31, 1999, the Borrower will pay to the Administrative Agent, for the 39 39 account of the Lenders as a prepayment of Term Loan C, the lesser of (a) $750,000, as adjusted after the date hereof in accordance with this Section 4, or (b) the amount of Term Loan C then outstanding, in each case together with accrued interest on such prepaid amount, and a final payment of the balance of Term Loan C on the Final Term Loan C Maturity Date.
Term Loan C. (a) TERM LOAN C. Bank has made a loan to Borrower in the original principal amount of Five Hundred Thousand Dollars ($500,000.00) ("Term Loan C"), on which the outstanding principal balance as of the date hereof is Two Hundred Eighty-eight Thousand One Hundred Thirty-five and 50/100 Dollars ($288,135.50). Borrower's obligation to repay Term Loan C is evidenced by a promissory note substantially in the form of Exhibit D attached hereto ("Term Note C"), all terms of which are incorporated herein by this reference. Any reference in Term Note C to any prior loan agreement between Bank and Borrower shall be deemed a reference to this Agreement. Subject to the terms and conditions of this Agreement, Bank hereby confirms that Term Loan C remains in full force and effect.
Term Loan C. Subject to Section 2.3(b), the principal amount outstanding under the Term Loan C shall accrue interest at a per annum rate equal to 9.00%, which interest shall be payable monthly.”
2.4 Revised Section 2.4(a). Section 2.4(a) of the Loan Agreement is hereby amended to read as follows:
Term Loan C. Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of Borrower and the other Credit Parties contained herein, the Term Lenders made a term loan to the Borrower on the Closing Date, in the aggregate principal amount of $135,000,000. Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of Borrower and the other Credit Parties contained herein, each Term Lender agrees, severally and not jointly, to lend to Borrower in one draw, on the Amendment No. 5 Closing Date an amount such that, after giving effect to such loan, the amount of each Term Loan C (as defined below) held by each Term Lender shall be as set forth opposite such Lender's name in ANNEX B. Amounts borrowed under this Section 1.1 are collectively referred to as the "INITIAL TERM LOAN C" and together with any Incremental Term Loan (as defined below), the "TERM LOAN C". The outstanding principal balance of the Term Loan C shall be due and payable in full on the Term Loan C Maturity Date. Amounts borrowed under this SECTION 1.1(a) and repaid may not be reborrowed.
(a) (as amended, modified, extended, substituted or replaced from time to time, each a "TERM NOTE C" and, collectively, the "TERM NOTES C"), and, except as provided in SECTION 1.7, Borrower shall execute and deliver each Term Note C to the applicable Lender. Each Term Note C shall represent the obligation of Borrower to pay the amount of the applicable Lender's Term Loan C Commitment, together with interest thereon."
Term Loan C. On the terms and subject to the conditions set forth in this Agreement, each Lender hereby severally agrees, on a pro rata basis in accordance with Schedule 1 attached hereto, to grant Term Loan C to Borrower on the Closing Date in the principal amount of Three Million Two Hundred Thousand Dollars ($3,200,000.00), the proceeds of which shall be used to finance the construction of improvements and additions to the El Monte Property. Borrower's obligation to repay Term Loan C shall be evidenced by the Term Notes for Term Loan C, all terms of which are incorporated herein by this reference.
Term Loan C. Subject to and upon the terms and conditions of this Agreement, Silicon shall make a term loan to Borrower in the amount of $5,000,000.00 ("Term Loan C") to be used to satisfy amounts owing by Borrower in connection with the Ray Forgit Debt and the Deferred Compensation Arrangements relaxxx xx Xxxical Systems Management, Inc. Beginning on February 28, 2005 and continuing on last day of each month thereafter, Borrower shall pay to Silicon (a) monthly installments of principal each in the amount of $138,888,88, plus (b) interest on the outstanding amount of Term Loan C at the rate applicable to Term Loan C as set forth on the Schedule. The entire outstanding principal balance, plus all accrued and unpaid interest and other charges under Term Loan C shall be due and payable upon the Maturity Date applicable to Term Loan C."
B. Section 1.4 of the Loan Agreement is hereby amended by deleting the following text appearing therein: "All Revolving Loans, the Term Loan, the Equipment Loan and all other monetary Obligations shall bear interest at the rate shown on the Schedule, except where expressly set forth to the contrary in this Agreement." and substituting the following text therefor: "All Revolving Loans, Tern Loan A, the Equipment Loan, Term Loan C and all other monetary obligations shall boar interest at the rate shown on the Schedule, except where expressly set forth to the contrary in this Agreement."
C. Section 3 of the Loan Agreement is hereby amended by deleting the following text appearing therein: "In order to induce Silicon to enter into this Agreement and to make the Term Loan, the Equipment Loan and the Revolving Loans, Borrower represents and warrants to Silicon as follows, and Borrower covenants that the following representations will continue to be true, and that Borrower will at all times comply with all of the following covenants, throughout the term of this Agreement and until all Obligations have been paid and performed in full:" and substituting the following text therefor: "in order to induce Silicon to enter into this Agreement and to make Term Loan A, the Equipment Loan, Term Loan C and the Revolving Loans, Borrower represents and warrants to Silicon as follows, and Borrower covenants that the following representations will continue to be true, and that Borrower will at all times comply with all of the following covenants, throughout the term of this Agreement and until all Obligations have been paid and performed in full:"
D. Section 6....
