The Term Loan Clause Samples

The Term Loan. 24 4.1. Commitment to Lend. .................................................................24 4.2. The Term Notes. .....................................................................24 4.3. Repayments of the Term Loan. ........................................................25 4.3.1 Schedule of Installment Payments of Principal of Term Loan. ...............25 4.3.2 Proceeds. .................................................................25 4.4. Optional Prepayment of Term Loan. ...................................................25 4.5. Interest on Term Loan. ..............................................................25 4.5.1. Interest Rates. ..........................................................25 4.5.2. Notification by Borrower. ................................................26 4.5.3. Amounts, etc. ............................................................26 5.

The Term Loan. Subject to the terms and conditions set forth herein, the Lender agrees to make a single loan to the Borrower on the Closing Date in an aggregate principal amount equal to $25,000,000 (the “Term Loan”). Amounts borrowed under this Paragraph 1(a) and repaid or prepaid may not be reborrowed.

The Term Loan. 1.1 Subject to and upon the terms and conditions of this Loan Agreement and so long as no Event of Default described in Article 5 hereof (hereinafter referred to as an “Event of Default”) has occurred, Lender will continue to extend credit to Borrower in the aggregate principal amount of TEN MILLION AND NO/100THS DOLLARS ($10,000,000.00) (hereinafter referred to as the “Restated $10,000,000 Loan” or as the “Loan”). Borrower acknowledges that all of the Loan has been disbursed and is outstanding as of the Closing (defined below) hereunder and no further disbursements are possible. 1.2 All obligations of Borrower under the Loan shall be evidenced by and subject to terms of that certain Amended and Restated Promissory Note Secured by Deed of Trust of even date herewith, which shall be effective as of Closing hereunder (“Effective Date”), in the principal amount of the Loan, executed by Borrower concurrently herewith (the “Restated Note”) (this Loan Agreement and the Restated Note being hereinafter collectively referred to as the “Agreement”). 1.3 Lender shall render monthly statements of amounts owing by Borrower to Lender under this Agreement, including statements of all principal and interest owing, and such statements shall be conclusively presumed to be correct and accurate and constitute an account stated between Borrower and Lender unless, within thirty (30) days after receipt thereof by Borrower, Borrower shall deliver to Lender, by registered or certified mail, at Lender’s place of business indicated hereinabove, written objection thereto specifying the error or errors, if any, contained in any such statement. 1.4 Upon Closing, a fee shall be paid to Lender in consideration for Lender agreeing to modify, consolidate, restate and extend the Existing Loans as reduced and included in the Loan, and entering into this Agreement, which fee shall not be subject to reduction or be refundable under any circumstance, and which fee is payable upon recordation, in an amount equal to two percent (2.0%) of the initial amount of the Loan, i.e., Two Hundred Thousand and no/100 Dollars ($200,000.00) (the “Loan Fee”). Said fee is in addition to all interest and other charges provided in the Restated Note. 1.5 The Restated $10,000,000 Loan shall be secured by (i) the Existing Deeds of Trust, as amended by those certain Memoranda of Loan Modification, Consolidation and Amendment to Deed of Trust, and (ii) the Amended, Consolidated and Restated Deed of Trust, Assignment o...

The Term Loan. (i) Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, the Lenders previously made available to Borrower certain term loans, including the Restatement Effective Date Term Loan and the Third Amendment Term Loan, of which $23,750,000 remains outstanding as of the Fourth Amendment Effective Date. (ii) Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein and in the Fourth Amendment, on the Fourth Amendment Effective Date, each Lender with a Fourth Amendment Term Loan Commitment severally and not jointly agrees to lend to the Borrower on the Fourth Amendment Effective Date, the amount set forth opposite such Lender’s name in Schedule 1.1(a) under the heading “Fourth Amendment Term Loan Commitment” (such amount being referred to herein as such Lender’s “Fourth Amendment Term Loan Commitment”). Amounts borrowed under this subsection 1.1(a)(ii) are referred to as the “Fourth Amendment Term Loan” and, together with the Restatement Effective Date Term Loan and the Third Amendment Effective Date Term Loan, are sometimes referred to herein, collectively, as the “Term Loan.” No amount of the Term Loan which is repaid or prepaid may be reborrowed. Each Lender shall be deemed to have assigned and/or purchased, as necessary, any and all amounts in respect of the Term Loan in order to accurately reflect its appropriate percentage of the outstanding Term Loan as set forth on Schedule 1.1(a).

The Term Loan. (a) Subject to the terms and conditions set forth in this Agreement and so long as no Default or Event of Default shall have occurred and be continuing, Lender agrees to make Term Loan Advances to Borrower, at any time and from time to time during the Term Loan Draw Availability Period, in an aggregate amount not to exceed the Term Loan Commitment. To the extent that, on the last day of the Term Loan Draw Availability Period, there remains any Term Loan Commitment amount that has not been the subject of a Term Loan Advance, then the Term Loan Commitment shall terminate on such date and Lender shall no longer be obligated to make Term Loan Advances to Borrower thereafter. The Term Loan is not a revolving credit facility, and any repayments of principal shall be applied to permanently reduce the Term Loan Commitment and may not be reborrowed. (b) Subject to the terms and conditions set forth in this Agreement and so long as no Default or Event of Default shall have occurred and be continuing, Borrower may give Lender irrevocable written notice requesting a Term Loan Advance of not less than Ten Thousand Dollars ($10,000) under the Term Loan Commitment by delivering to Lender not later than 11:00 a.m. (Eastern Time) at least three (3) but not more than five (5) Business Days before the proposed Borrowing Date of such requested Term Loan Advance. Each time a request for a Term Loan Advance is made, Borrower shall deliver to Lender a Term Loan Borrowing Certificate and such other supporting documentation with respect to the figures and information in the Term Loan Borrowing Certificate as Lender shall reasonably request. On each Borrowing Date, Borrower irrevocably authorizes Lender to disburse the proceeds of the requested Term Loan Advance to Borrower’s account(s) as set forth on Schedule 2.3, in all cases for credit to Borrower via Federal funds wire transfer no later than 4:00 p.m. (Eastern Time).

The Term Loan. (i) Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties contained herein, each Lender with a Term Loan Commitment severally and not jointly agrees to lend, on the Closing Date, to the Borrower the amount set forth opposite such Lender’s name in Schedule 1.1(a) under the heading “Term Loan Commitments” (such amount being referred to herein as such Lender’s “Term Loan Commitment”). Amounts borrowed under this subsection 1.1(a)(i) are referred to as the “Term Loan.” (ii) Amounts borrowed as a Term Loan which are repaid or prepaid may not be reborrowed.

The Term Loan. The Term Loan shall be repayable as set forth in Section 2.4. If prepaid or repaid, the principal of the Term Loan may not be re-borrowed. Each Lender and Agent may, and are hereby authorized by Borrower to, endorse in Lender’s and Agent’s books and records appropriate notations regarding such L▇▇▇▇▇’s interest in the Term Loan; provided, however, that the failure to make, or an error in making, any such notation shall not limit or otherwise affect the Obligations.

The Term Loan. (i) Subject to the terms and conditions of this Agreement and relying on the representations and warranties set forth herein, each Lender, severally and not jointly, agrees to provide its share of the Term Loan to Borrower on the Closing Date in Dollars in a principal amount equal to such Lender’s Commitment. No Lender shall have an obligation to make a Term Loan in excess of such Lender’s Commitment. (ii) Borrower may make one borrowing under the Commitments which shall be on the Closing Date. Subject to Section 3.03, all amounts owed hereunder with respect to the Term Loan shall be paid in full no later than the Maturity Date. Each Lender’s Commitment shall terminate immediately and without further action on the Closing Date after giving effect to the funding of such Lender’s Commitment on such date. (iii) Upon satisfaction or waiver of the conditions precedent set forth in this Agreement, the Lenders shall make the proceeds of the Term Loan available to Borrower on the Closing Date.

The Term Loan. The Bank will make a term loan (the "Term Loan") to the Company contemporaneously with the execution of this Agreement on the following terms and subject to the following conditions: