Term Loan Payments Clause Samples
The 'Term Loan Payments' clause defines the borrower's obligation to repay the principal and interest of a term loan according to a specified schedule. Typically, this clause outlines the frequency and amount of payments, such as monthly or quarterly installments, and may detail how payments are applied to interest and principal. Its core practical function is to ensure both parties have a clear understanding of the repayment structure, reducing the risk of misunderstandings or disputes regarding payment timing and amounts.
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Term Loan Payments. Payments of principal, interest and fees in respect of the Term Loans will be settled on the date of receipt if received by Term Loan Servicer on the last Business Day of a month or on the Business Day immediately following the date of receipt if received on any day other than the last Business Day of a month; provided, however, that, in the case such Lender is a Defaulted Lender, Term Loan Servicer shall be entitled to set off the funding short-fall against that Defaulted Lender’s respective share of all payments received from any Credit Party.
Term Loan Payments. Payments of principal, interest and fees in respect of the Term Loans will be settled on the date of receipt if received by Agent on the last Business Day of a month or on the Business Day immediately following the date of receipt if received on any day other than the last Business Day of a month.
Term Loan Payments. Payments of principal, interest and fees in respect of the Term Loans will be settled on the date of receipt if received by Agent on the first Business Day of a month or on the Business Day immediately following the date of receipt if received on any day other than the first Business Day of a month; provided, however, that, in the case such Lender is a Defaulted Lender, Agent shall be entitled to set off the funding short-fall against that Defaulted Lender’s respective share of all payments received from any Credit Party.
Term Loan Payments. Each payment by the Borrower on account of the principal of or interest on the Term Loans or of any fee, commission or other amounts payable to the Lenders under this Agreement shall be made not later than 1:00 p.m. on the date specified for payment under this Agreement to the Administrative Agent at the Administrative Agent’s Office for the account of the Lenders entitled to such payment in Dollars, in immediately available funds and shall be made without any set off, counterclaim or deduction whatsoever. Any payment received after such time but before 2:00 p.m. on such day shall be deemed a payment on such date for the purposes of Section 11.1, but for all other purposes shall be deemed to have been made on the next succeeding Business Day. Any payment received after 2:00 p.m. shall be deemed to have been made on the next succeeding Business Day for all purposes.
Term Loan Payments. (a) Until the Term Termination Date, interest on the Term Loan shall accrue on the principal balance of the Term Loan from time to time outstanding under the Term Note as follows:
(i) At the Prime Rate if it is a Prime Rate Term Advance.
(ii) At the applicable Term LIBOR Rate if it is a LIBOR Rate Term Advance.
(b) After the Term Termination Date, interest on the Term Loan shall accrue as follows:
(i) At the Fixed Rate if Borrower shall have elected by written notice to Lender by no later than 11:00 a.m. (Phoenix, Arizona local time) on the Term Termination Date that interest should accrue at the Fixed Rate, commencing the next day, at the Fixed Rate. Borrower's right to elect that interest accrue at the Fixed Rate shall terminate at 11:00 a.m. (Phoenix, Arizona local time) on the Term Termination Date.
(ii) Otherwise at either the Prime Rate or the Term LIBOR Rate as Borrower shall elect from time to time; provided that at any one time after the Term Termination Date interest shall accrue on the entire Term Loan at either the Prime Rate or the then applicable Term LIBOR -7- Rate based on a single Interest Period.
(c) All accrued interest shall be due and payable on the Term Payment Date.
(d) Principal payments shall be made in equal amounts on each Quarterly End Date commencing on the first Quarterly End Date after the Term Termination Date, sufficient to fully amortize the Term Loan balance outstanding on the Term Termination Date on the Term Maturity Date.
(e) The entire outstanding principal balance of the Term Note, all accrued and unpaid interest and all other sums which may have become payable thereunder shall be due and payable in full on the Term Maturity Date.
Term Loan Payments. Payments of principal, interest and fees in respect of the Term Loans will be settled on the date of receipt if received by Agent on [***] or on [***]; provided, however, that, in the case such Lender is a Defaulted Lender, Agent shall be entitled to set off the funding short-fall against that Defaulted ▇▇▇▇▇▇’s respective share of all payments received from any Credit Party.
Term Loan Payments. Beginning on first Monthly Payment Date following the Closing Date and on each Monthly Payment Date thereafter until the Maturity Date, the Borrower shall make equal monthly payments of principal and accrued interest in such amounts as will be required to fully amortize the entire outstanding principal of the Term Loan, as of the Closing Date, over a period not to exceed ten (10) years from the Closing Date. The amount of said monthly payments shall be recalculated and, if necessary, adjusted to account for changes in the effective rate of interest hereunder and to maintain said ten (10) year amortization. The entire unpaid principal balance and accrued and unpaid interest on the Term Loan is due and payable in full on the Maturity Date.
Term Loan Payments. All accrued interest shall be due and paid on the first day of each month. Each interest payment shall be accompanied by a monthly principal payment of $178,571. Except as otherwise provided herein, all outstanding principal and accrued and unpaid interest shall be due and paid in full on the Term Loan Maturity Date.
Term Loan Payments. The Borrower shall pay ------------------ monthly payments of principal and/or interest under the Term Loan in the amounts and in the manner set forth in the Term Loan Note. Payments shall be made, in the discretion of the Bank, either by payment of immediately available funds or by charge to the Borrower's operating account with the Bank.
Term Loan Payments. Section 1.1(b)(ii) of the Credit Agreement is deleted and replaced with the following: