TERM LOAN COMPONENT Clause Samples
The Term Loan Component clause defines the portion of a credit agreement that relates to a fixed-sum loan provided to the borrower, typically with a set repayment schedule and maturity date. This clause outlines the amount of the term loan, the interest rate, repayment terms, and any conditions precedent to disbursement. By clearly specifying the terms under which the loan is advanced and repaid, the clause ensures both parties understand their obligations and helps prevent disputes regarding the structure and repayment of the loan.
TERM LOAN COMPONENT. Borrower shall pay to Agent on or before the tenth day of each month an amount equal to: (i) all interest accrued at the applicable Default Rate on the Term Loan Component; plus (ii) all interest due and payable as of the last day of the immediately preceding month; plus (iii) a principal payment sufficient to amortize the Term Loan Component in full on the basis of a twenty (20) year amortization schedule. In the event that Borrower fails to make the payment in question, Agent may, at its option, on or before the tenth day of each month, make an Advance with respect to the Revolving Loan Component and apply such Advance to the payment of amounts due in respect of the Term Loan Component as provided immediately above.
TERM LOAN COMPONENT. Section 1.1 (rrrr) is hereby deleted in its entirety and in its place instead is substituted the following:
TERM LOAN COMPONENT. Borrower shall pay to TFC on or before the tenth day of each month an amount equal to: (i) all interest accrued at the applicable Default Rate on the Term Loan Component; plus (ii) all interest due and payable as of the last day of the immediately preceding month; plus
TERM LOAN COMPONENT. Borrower acknowledges, agrees and confirms that as of the date hereof the outstanding principal balance of the Term Loan Component is $15,105,600.00, which amount shall be repaid as provided in Section 2.4. Borrower further acknowledges, agrees and confirms that Borrower shall have no right to re-borrow or borrow, nor shall Lenders have any obligation to make any additional loan or loans to Borrower with respect to the Term Loan Component. Borrower's obligation to repay the principal of and interest on the Loan or Loans comprising the Term Loan Component shall be evidenced by a Term Loan Component Note to Agent, as agent for each Lender, which Note shall be dated as of the date hereof and be in the stated principal amount of the Term Loan Component, increased by the Facility Fee. The Term Loan Component Note will mature on the Final Maturity Date, bear interest as provided in Section 2.3 and be otherwise entitled to the benefits of this Agreement. At the election of any Lender, Borrower shall execute and deliver to such Lender a Term Loan Component Note in a stated principal amount equal to such Lender's Pro Rata Percentage of the Loan, which Note or Notes shall be on the same terms and conditions as provided above and which Note or Notes shall be included within the definition of "Term Loan Component Note" as such term is used herein.
TERM LOAN COMPONENT. Section 2.2, Term Loan Component, is hereby deleted in its entirety and in its place instead is substituted the following:
TERM LOAN COMPONENT. Borrower shall pay to Lender on or before the tenth day of each month an amount equal to: (i) all interest accrued at the applicable Default Rate on the Term Loan Component; plus (ii) all interest due and payable as of the last day of the immediately preceding month; plus
TERM LOAN COMPONENT. Borrower acknowledges, agrees and confirms that as of the First Amendment Effective Date and giving effect to the December 2003 Loan Paydown the outstanding principal balance of the Term Loan Component is $11,040,000.00, which amount shall be repaid as provided in Section 2.4. Borrower further acknowledges, agrees and confirms that Borrower shall have no right to re-borrow or borrow, nor shall Lenders have any obligation to make any additional loan or loans to Borrower with respect to the Term Loan Component. Borrower's obligation to repay the principal of and interest on the Loan or Loans comprising the Term Loan Component shall be evidenced by an AMENDED AND RESTATED TERM LOAN COMPONENT NOTE TO TFC, which Note shall be dated as of December 19, 2003 and be in the stated principal amount of the Term Loan Component. The Term Loan Component Note will mature on the Final Maturity Date, bear interest as provided in Section 2.3 and be otherwise entitled to the benefits of this Agreement."