TERM OUT PROVISION Sample Clauses

TERM OUT PROVISION. In the event that Borrower fails to meet or satisfy, or there is otherwise a default under, any of the financial covenants set forth in Sections 6.23(a), (b), (c), (d), or (e), and such breach is not cured to the reasonable satisfaction of Administrative Agent by Borrower within 30 days after the earlier of (a) Borrower becoming aware of such breach, or (b) Administrative Agent notifying Borrower of such breach (the “Cure Period”), the credit facility available to Borrower under this Agreement will convert at the end of such Cure Period to an 18 month term loan (the period between the end of the 30 day Cure Period specified above and 18 months following the end of such Cure Period being referred to herein as the “Term Out Period”). Upon the commencement of the Term Out Period, Borrower shall no longer have any right to request or receive Loans hereunder or the issuance of Letters of Credit hereunder, and shall otherwise have no rights to any credit accommodations or other rights to obtain any further loans, money, letters of credit, or other credit accommodations of any nature whatsoever, under this Agreement. Commencing with the first day of the first month following the commencement of the Term Out Period, and continuing on the first day of each month thereafter, Borrower shall pay to Bank an amount equal to 1/18th of the Aggregate Outstanding Credit Exposure as of the commencement of the Term Out Period. All such payments shall be applied first to the outstanding principal amount of all Loans owing hereunder and then to all due and owing LC Obligations. To the extent that any of the LC Obligations consist of undrawn amounts under any Facility LCs then outstanding, any payments to be made under this Section 2.25 remaining after the outstanding principal amount of all Loans and then due and payable LC Obligations have been paid in full, shall be remitted to the Facility LC Collateral Account with Administrative Agent, to serve as security for the payment of all future amounts drawn under all Facility LC’s and other LC Obligations as the same become due and payable, and shall also serve as security for all other Obligations owing hereunder (and Borrower hereby grants to Administrative Agent and Lenders, a security interest in all of the Borrower’s right, title and interest in and to the Facility LC Collateral Account and all funds and sums which may from time to time be on deposit therein. For purposes of clarification, if it occurs prior to the Facility T...
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TERM OUT PROVISION. (a) Within ninety (90) days of each advance hereunder such advance will be converted to a term loan ("Initial Term Loan") and Borrower shall execute and deliver to Bank a Variable Rate-Installment Note, with appropriate insertions, to evidence the Initial Term Loan, in substantially the form and substance attached hereto as Exhibit A ("Term Note"), including without limitation: (i) The Term Note shall be paid in up to thirty-six (36) equal monthly installments of principal plus interest on the unpaid Term Note balance at a per annum rate equal to the Bank's Base Rate (as defined in the Master Note) plus one quarter of one percent (0.25%); all unpaid principal, interest and other amounts owing under the Term Note shall be due and payable at its stated maturity (unless sooner accelerated in accordance with the terms of the Term Note), or (b) Effective on March 31, 2001, all amounts then outstanding under the Master Note shall be converted to a term loan. Borrower shall execute and deliver to Bank a Variable Rate-Installment Note, with appropriate insertions, to evidence the Indebtedness of Borrower to Bank under and in respect to the term loan in a form and substance similar to Exhibit A attached hereto ("Term Note"), including without limitation: (i) Term Note shall be repaid in 36 equal installments of principal each month, plus interest on the unpaid Term Note balance at a per annum rate equal to the Bank's Base Rate from time to time in effect plus one quarter of one percent (0.25%), until March 31, 2004, when all unpaid principal, interest and other amounts owing under the Term Note shall be due and payable (unless sooner accelerated in accordance with the terms of the Term Note).
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Related to TERM OUT PROVISION

  • Callout Provisions An employee who is called back to work outside her regular working hours shall be compensated for a minimum of three (3) hours at the applicable overtime rates. She shall be compensated from the time she leaves her home to report for duty until the time she arrives back upon proceeding directly to and from work.

  • Buyout Provisions The Committee may at any time (i) offer to buy out for a payment in cash or cash equivalents an Option previously granted or (ii) authorize a Participant to elect to cash out an Option previously granted, in either case at such time and based upon such terms and conditions as the Committee shall establish.

  • Put Provisions Upon a Change of Control, any Holder of Securities will have the right to cause the Company to repurchase all or any part of the Securities of such Holder at a repurchase price equal to 101% of the principal amount of the Securities to be repurchased plus accrued interest to the date of repurchase (subject to the right of holders of record on the relevant record date to receive interest due on the related interest payment date) as provided in, and subject to the terms of, the Indenture.

  • Lock-Up Provisions (a) The Subject Party hereby agrees not to, during the period commencing from the Closing and ending on the earliest of (x) six (6) months after the date of the Closing and (y) the date after the Closing on which the Purchaser consummates a liquidation, merger, capital stock exchange, reorganization, or other similar transaction with an unaffiliated third party that results in all of the Purchaser’s stockholders having the right to exchange their shares of the Purchaser Common Stock for cash, securities, or other property (the “Lock-Up Period”): (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Restricted Securities, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Restricted Securities, or (iii) publicly disclose the intention to do any of the foregoing, whether any such transaction described in clauses (i), (ii), or (iii) above is to be settled by delivery of Restricted Securities or other securities, in cash or otherwise (any of the foregoing described in clauses (i), (ii), or (iii), a “Prohibited Transfer”). (b) The foregoing shall not apply to the transfer of any or all of the Restricted Securities (I) to any Permitted Transferee or (II) pursuant to a court order or settlement agreement related to the distribution of assets in connection with the dissolution of marriage or civil union; provided, however, that in either of cases (I) or (II), it shall be a condition to such transfer that such transfer complies with the Securities Act of 1933, as amended, and other applicable law, and that the transferee executes and delivers to the Purchaser an agreement stating that the transferee is receiving and holding the Restricted Securities subject to the provisions of this Agreement applicable to the Subject Party, and there shall be no further transfer of such Restricted Securities except in accordance with this Agreement. As used in this Agreement, the term “Permitted Transferee” shall mean: (1) the members of the Subject Party’s immediate family (for purposes of this Agreement, “immediate family” shall mean with respect to any natural person, any of the following: such person’s spouse or domestic partner, the siblings of such person and his or her spouse or domestic partner, and the direct descendants and ascendants (including adopted and step children and parents) of such person and his or her spouses or domestic partners and siblings), (2) any trust for the direct or indirect benefit of the Subject Party or the immediate family of the Subject Party, (3) if the Subject Party is a trust, to the trustor or beneficiary of such trust or to the estate of a beneficiary of such trust, (4) in the case of an entity, officers, directors, general partners, limited partners, members, or stockholders of such entity that receive such transfer as a distribution, or related investment funds or vehicles controlled or managed by such persons or their respective affiliates, (5) to any affiliate of the Subject Party, and (6) any transferee whereby there is no change in beneficial ownership. The Subject Party further agrees to execute such agreements as may be reasonably requested by the Purchaser that are consistent with the foregoing or that are necessary to give further effect thereto.

  • Amendment Provision The term "Note" and all reference thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented, then as so amended or supplemented.