Terms of the Term Loan Sample Clauses

Terms of the Term Loan. 2.1 The Term Loan is evidenced by the promissory note shown in Exhibit "A" (hereinafter called the "Term Note"). The Term Note is payable in quarterly installments which commenced on March 31, 1996 with a final installment of the outstanding principal balance due on June 30, 1998. 2.2 The Term Note bears interest from date on the from-time-to-time unpaid principal balance at a rate per annum equal to one-half of one percent greater than the from-time-to-time publicly announced corporate base rate of interest of the Bank, and after maturity, whether by acceleration or otherwise, at a rate per annum equal to two percent (2%) in excess of said corporate base rate. Said interest rate so determined shall change simultaneously with each change in said prime interest rate. Interest shall accrue daily at a per diem rate computed on the basis of a 360-day year for the actual number of days elapsed and is payable monthly, on the last day of each calendar month, at maturity, and after maturity, on demand. 2.3 The Term Note is hereby amended to reflect that is arises out of this Agreement. 2.4 All payments shall be made in currently available funds and shall be applied first to accrued interest and the balance, if any, to principal.
Sample 1
AutoNDA by SimpleDocs
Terms of the Term Loan. FACILITY Section 2.1 Term Loan Facility.
Sample 1
Terms of the Term Loan. Bank agrees to make a loan (a “Term Loan”) to the Borrower in a single advance of principal, in an aggregate amount not to exceed the amount of $2,500,000.00. The Term Loan shall be subject to and payable as set forth below and to such other reasonable conditions precedent as Bank may determine with respect to loans of this type. The Borrower shall not have the right to reborrow any amount of the Term Loan repaid to the Bank. The Term Note shall be fully advanced on the Closing Date, and the amount of such advances shall be paid directly to the BancFirst. On the Closing Date, the Borrower will deliver to the Bank the executed Term Note, together with such other documentation evidencing compliance with the conditions precedent to the Term Loan as Bank may reasonably require.
Sample 1
Terms of the Term Loan. (1) Within twenty (20) days after delivery of the Conversion Notice, Lender shall notify Borrower in writing of the principal amount of the proposed Term Loan (the "Term Loan Amount") which shall be determined by Lender in its sole and absolute discretion; (2) The Term Loan shall be evidenced by a Term Note and secured by, among other things, a Mortgage and/or Mortgage Modification, each made by the Company that shall cross-default and cross-collateralize the Term Loan Properties; (3) No substitutions or releases of Collateral Properties shall be permitted under the Term Loan except in connection with casualty, condemnation or contamination events, in Lender's sole discretion; (4) The Term Note shall mature on a date that no less than five (5) years after the Conversion Date; (5) The Term Note shall amortize principal based upon an amortization schedule of not greater than 25 years; (6) The Term Note shall accrue interest at an interest rate which shall be set on the Conversion Date, based upon the spread over an index to be determined by Lender, in its sole discretion, at such time but based upon an index then being used by Lender for loans such as the Term Loan having similar loan to value ratios, securing assets such as the Term Loan Properties and intended to be sold by Lender into a Securitization (such interest rate being the "Term Loan Interest Rate"). Not withstanding the foregoing, Borrower shall have the option at any time prior to the Conversion Date, by payment of a non-refundable Rate Lock Fee, to lock the Term Loan Interest Rate for the balance of the period prior to the Conversion Date (such rate being the "Locked Rate"), provided such period is not greater than forty-five days (such period being the "Initial Spread Quote Period"). In the event the Conver sion Date has not occurred by the end of the Initial Spread Quote Period for whatever reason, the Locked Rate shall expire and Borrower shall have the option of either paying a new Rate Lock Fee to receive a revised Locked Rate, based on then prevailing Index and spread for an additional 30 day period or setting the Term Loan Interest Rate at the Conversion Date; (7) The Company shall be permitted to prepay the Term Loan in whole and not in part upon the payment of a yield maintenance fee to be determined by Lender prior to the Conversion Date (the "Prepayment Fee"), together with all accrued and unpaid interest through such prepayment date and individual Term Mortgage Properties may be rel...
Sample 1
Terms of the Term Loan 
Sample 1Sample 2

Related to Terms of the Term Loan

  • Terms of the Loan The Loan will bear interest for the period and at the rate or rates set forth in the Note, and be payable in accordance with the terms of the Note. The outstanding principal balance, all accrued and unpaid interest and all other sums due and payable under the Note or other Loan Documents, if not sooner paid, shall be paid in full at Loan Maturity.

  • SPECIAL TERMS AND CONDITIONS OF TRUST The following special terms and conditions are hereby agreed to: 1. The Bonds listed in the Schedule hereto have been deposited in trust under this Trust Agreement. 2. The fractional undivided interest in and ownership of a Trust represented by each Unit thereof is a fractional amount, the numerator of which is one and the denominator of which is the amount set forth under "Summary of Essential Financial Information--General Information--Number of Units" in the Prospectus Part I for such Trust. 3. The aggregate number of Units described in Section 2.03(a) for a Trust is that number of Units set forth under "Summary of Essential Financial Information--General Information--Number of Units" in the Prospectus Part I for such Trust.

  • OTHER TERMS OF THE AGREEMENT Except as specifically amended hereby, all of the terms and conditions of the Agreement shall continue to be in full force and effect and shall be binding upon the parties in accordance with their respective terms.

  • Definition of the Terms “Business Day”, “Affiliate” and “Subsidiary”. For purposes of this Agreement, (a) “business day” means each Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in New York are generally authorized or obligated by law or executive order to close, and (b) “affiliate” and “subsidiary” have the meanings set forth in Rule 405 under the Securities Act.

  • Amounts and Terms of the Advances and Letters of Credit SECTION 2.01. The Advances and Letters of Credit.

  • STANDARD TERMS AND CONDITIONS OF TRUST Subject to the provisions of Part II hereof, all the provisions contained in the Standard Terms and Conditions of Trust are herein incorporated by reference in their entirety and shall be deemed to be a part of this instrument as fully and to the same extent as though said provisions had been set forth in full in this instrument.

  • Amendments of the Agreement This Agreement may be amended by a writing signed by both parties hereto, provided that no material amendment to this Agreement shall be effective until approved (i) by the vote of a majority of those Trustees of the Trust who are not interested persons of Xxxxx Xxxxx or the Trust cast in person at a meeting called for the purpose of voting on such approval, and (ii) if required by the Investment Company Act of 1940, by vote of a majority of the outstanding voting securities of the Fund.

  • CONDITIONS OF BORROWING The obligation of each Lender to make its Loan hereunder on the Closing Date is subject to satisfaction of the following conditions precedent: (a) The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Administrative Agent: (i) executed counterparts of this Agreement sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower; (ii) a Note executed by the Borrower in favor of each Lender requesting a Note; (iii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing (A) the authority of each Loan Party to enter into this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party and (B) the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party; (iv) copies of each Loan Party’s Organization Documents and such other documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; (v) a favorable opinion of Xxxxxx, Xxxx & Xxxxxxxx LLP, counsel to the Loan Parties, addressed to the Administrative Agent and each Lender and as to such matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request (including, without limitation, with respect to enforceability, due authorization, perfection of the Liens in favor the Collateral Agent and “no conflicts” with the First Lien Loan Documents); (vi) a certificate signed by a Responsible Officer of the Borrower certifying (a) that (1) the representations and warranties of the Loan Parties contained in Article V or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, (A) which are qualified by materiality are true and correct, and (B) which are not qualified by materiality are true and correct in all material respects, in each case, on and as of the Closing Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct, or true and correct in all material respects, as the case may be, as of such earlier date and (2) no Default exists or would result from the borrowing of the Loans or from the application of the proceeds thereof, (b) that there has been no event or circumstance since May 1, 2021, that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect, and (c) either that (1) no consents, licenses or approvals are required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, or (2) that all such consents, licenses and approvals have been obtained and are in full force and effect; (vii) a certificate from the chief financial officer of the Borrower, satisfactory in form and substance to the Administrative Agent, attesting to the Solvency of the Borrower and its Subsidiaries on a consolidated basis as of the Closing Date after giving effect to the transactions contemplated hereby; (viii) the Perfection Certificate; (ix) the Security Documents, each duly executed by the applicable Loan Parties; (x) all other Loan Documents, each duly executed by the applicable Loan Parties; and (xi) all documents and instruments, including Uniform Commercial Code financing statements, required by law or reasonably requested by the Collateral Agent to be filed, registered or recorded to create or perfect the first priority Liens intended to be created under the Loan Documents and all such documents and instruments shall have been so filed, registered or recorded, in each case, to the reasonable satisfaction of the Collateral Agent. (b) The Administrative Agent and each Lender shall have received all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”). (c) The Administrative Agent and each Lender shall have received all fees and other amounts due and payable to them by the Borrower on or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment of all reasonable and documented out-of-pocket fees and expenses (including the legal fees and expenses of King & Spalding LLP, Xxxxxxxx & Xxxxx LLP and Xxxxx Xxxxxxx Xxxxxx & Ashton LLP, counsel to the Agents and the Lenders, as applicable); provided that, in the case of costs and expenses, an invoice for all such fees and expenses shall be received by the Borrower at least one (1) Business Day prior to the Closing Date for payment to be required as a condition to the Closing Date. Without limiting the generality of the provisions of Section 9.04, for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have Consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be Consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

  • Amount and Terms of the Loan The Loan. Subject to the terms of this Agreement, each Purchaser agrees to lend to the Company at the Closing (as hereinafter defined) the amount set forth opposite such Purchaser’s name on the Schedule of Purchasers attached to this Agreement (each, a “Loan Amount”) against the issuance and delivery by the Company of a convertible promissory note for such amount, in substantially the form attached hereto as Exhibit A (each, a “Note” and collectively, the “Notes”).

  • ACCEPTANCE OF THE TERMS AND CONDITIONS 3.1 Before applying to PCUL’s products on our system, you should first carefully read and understand these Terms and Conditions which will govern the use and operation of our system and the products and services accessible thereof; 3.2 Thereafter, you will be required to register on our system. 3.3 By proceeding with registration, you are agreeing that you have accepted our Terms and Conditions on our official website. 3.3.1 Furthermore, you will be deemed to have read, understood and accepted these Terms and Conditions by following through all the prompts and completing a request transaction; 3.4 By accessing our system and completing a request, you agree to comply with and be bound by these Terms and Conditions and you affirm that these Terms and Conditions herein are without prejudice to any right that PCUL may have with respect to the services or products offered in Law or otherwise. 3.5 The Borrower acknowledges that he or she fully understands the provisions of this Agreement and has entered into it voluntarily for his or her own benefit. 3.6 By accepting these Terms and Conditions, you authorize PCUL to access your credit history from a registered Credit Reference Bureau. 3.7 These Terms and Conditions may be amended or varied by PCUL from time to time and the completion of requests and continued use of this service constitutes your agreement to be bound by the terms of any such amendment or variation.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!