Common use of U.S. Term Loan Clause in Contracts

U.S. Term Loan. (1) Subject to the terms and conditions hereof, each Term Lender agrees to make a term loan in Dollars (collectively, the "US TERM LOAN") on the Closing Date to US Borrower in the amount of the applicable Term Lender's US Term Loan Commitment. The obligations of each Term Lender hereunder shall be several and not joint. The US Term Loan shall be evidenced by a promissory note substantially in the form of EXHIBIT 1.1(b)(i) (each a "US TERM NOTE" and, collectively, the "US TERM NOTES"), and, except as provided in SECTION 1.12, US Borrower shall execute and deliver the US Term Note to the applicable Term Lender. Each US Term Note shall represent the obligation of US Borrower to pay its share of the applicable Term Lender's US Term Loan Commitment, together with interest thereon as prescribed in SECTION 1.5. (2) The US Borrower shall repay the US Term Loan in eleven (11) consecutive quarterly installments on the last day of January, April, July and October of each year, commencing April 30, 2003, as follows: The final installment due on November 14, 2005 shall be in the amount of $6,250,000 or, if different, the remaining principal balance of the US Term Loan. (3) Notwithstanding SECTION 1.1(b)(i)(2), the aggregate outstanding principal balance of the US Term Loan shall be due and payable in full in immediately available funds on the Commitment Termination Date, if not sooner paid in full. No payment with respect to the US Term Loan may be reborrowed. (4) Each payment of principal with respect to the US Term Loan shall be paid to Agent for the ratable benefit of each Term Lender making a US Term Loan, ratably in proportion to each such Term Lender's respective US Term Loan Commitment.

Appears in 1 contract

Samples: Credit Agreement (Inverness Medical Innovations Inc)

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U.S. Term Loan. (1i) Subject to On the terms and conditions hereofExisting Closing Date, each US Term Lender agrees to make made a term loan denominated in US Dollars (collectively, the "US TERM LOANTerm Loan") on the Closing Date to US Borrower Grand River in the original principal amount of the applicable Term Lender's its US Term Loan Commitment. The obligations Grand River acknowledges and agrees that, immediately prior to the effectiveness of each this Agreement, the aggregate outstanding principal balance of the "US Term Loan" under the Existing Credit Agreement is US $17,233,333.29, which amount shall be deemed to have been, and hereby is, on the Restatement Closing Date, converted into the outstanding principal balance of the US Term Loan hereunder, without constituting a novation. Each US Term Lender that holds a portion of the Existing US Term Loan under the Existing Credit Agreement that is converted into a portion of the US Term Loan hereunder pursuant to the preceding sentence shall be several and not jointdeemed to have satisfied all of its US Term Loan funding obligations hereunder to the extent the Existing US Term Loan held by such US Term Lender under the Existing Credit Agreement is converted to outstanding principal under the US Term Loan hereunder in accordance with the foregoing provisions of this Section 1.1(d). The US Term Loan shall be evidenced by a promissory note notes substantially in the form of EXHIBIT 1.1(b)(iExhibit 1.1(d) (each each, a "US TERM NOTETerm Note" and, collectively, the "US TERM NOTESTerm Notes"), and, except as provided in SECTION Section 1.12, US Borrower Grand River shall execute and deliver the each US Term Note to the applicable US Term Lender. Each US Term Note shall represent the obligation of US Borrower Grand River to pay its share the amount of the applicable US Term Lender's US Term Loan Commitment, together with interest thereon as prescribed in SECTION Section 1.5. All US Term Notes issued under the Existing Credit Agreement shall be deemed replaced as of the Restatement Closing Date with the notes issued pursuant to this Agreement (without effecting a novation with respect to any "Obligations" as defined in the Existing Credit Agreement). (2ii) The US Borrower Grand River shall repay the principal amount of the US Term Loan in eleven (11) consecutive equal quarterly installments of US$366,666.67 on the last first day of Januaryeach March, AprilJune, July September and October December of each year, commencing April 30, 2003, as follows: . The final installment due on November 14, 2005 the Commitment Termination Date shall be in the amount of $6,250,000 or, if different, the remaining principal balance of the US Term LoanLoan and any accrued and unpaid interest. (3iii) Notwithstanding SECTION 1.1(b)(i)(2Section 1.1(d)(ii), the aggregate outstanding principal balance of the US Term Loan shall be due and payable in full in immediately available funds on the Commitment Termination Date, if not sooner paid in full. No payment with respect to the US Term Loan may be reborrowed. (4iv) Each payment of principal with respect to the US Term Loan shall be paid to Agent for the ratable benefit of each Term Lender making a US Term LoanLender, ratably in proportion to each such US Term Lender's respective US Term Loan Commitment.

Appears in 1 contract

Samples: Credit Agreement (Rand Logistics, Inc.)

U.S. Term Loan. (1i) The US BC Term Lenders previously made term loans denominated in US Dollars to Black Creek, and Black Creek acknowledges and agrees that, immediately prior to the effectiveness of this Agreement, the aggregate outstanding principal balance of the "BC Term Loan" under the Existing Credit Agreement is US $27,848,332.02, all of which amount shall be deemed to have been, and hereby is, on the Restatement Closing Date, converted into the outstanding principal balance of the US Term Loan hereunder, without constituting a novation. The US GR Term Lenders previously made term loans denominated in US Dollars (collectively, the "Existing US GR Term Loan") to Grand River, and Grand River acknowledges and agrees that, immediately prior to the effectiveness of this Agreement, the aggregate outstanding principal balance of the "Existing US GR Term Loan" under the Existing Credit Agreement is US $61,722,164.29 (less US $34,324,949.58, which amount is concurrently being repaid by a portion of the Second Lien Debt), which amount shall be deemed to have been, and hereby is, on the Restatement Closing Date, converted into the outstanding principal balance of the US Term Loan hereunder as a joint and several obligation of the US Term Borrowers, without constituting a novation. Each US GR Term Lender that holds a portion of the Existing US GR Term Loan under the Existing Credit Agreement that is converted into a portion of the US Term Loan hereunder pursuant to the preceding sentence shall be deemed to have satisfied all of its US Term Loan funding obligations hereunder to the extent the Existing US GR Term Loan held by such US GR Term Lender under the Existing Credit Agreement is converted to outstanding principal under the US Term Loan hereunder in accordance with the foregoing provisions of this Section 1.1(d). Subject to the terms and conditions hereof, each US Term Lender increasing its respective US Term Loan Commitment agrees to make a an additional term loan denominated in US Dollars (collectivelycollectively with the Existing US GR Term Loan, the "US TERM LOANTerm Loan") on the Restatement Closing Date to the US Borrower Term Borrowers in its Pro Rata Share of the amount of US $7,675,000.00. The principal balance of the applicable Term Lender's US Term Loan Commitment. The obligations as of each Term Lender hereunder shall be several and not jointthe Restatement Closing Date is US $55,245,546.73. The US Term Loan shall be evidenced by a promissory note notes substantially in the form of EXHIBIT 1.1(b)(iExhibit 1.1(d) (each each, a "US TERM NOTETerm Note" and, collectively, the "US TERM NOTESTerm Notes"), and, except as provided in SECTION Section 1.12, US Borrower LLTC shall execute and deliver the each US Term Note to the applicable US Term Lender. Each US Term Note shall represent the obligation of the US Borrower Term Borrowers to pay its share the amount of the applicable US Term Lender's US Term Loan Commitment, together with interest thereon as prescribed in SECTION Section 1.5. All US Term Notes issued under the Existing Credit Agreement shall be deemed replaced as of the Restatement Closing Date with the notes issued pursuant to this Agreement (without effecting a novation with respect to any "Obligations" as defined in the Existing Credit Agreement). (2ii) The US Borrower Term Borrowers shall repay the principal amount of the US Term Loan in eleven (11) consecutive an annual amount equal to 1% of the initial principal amount thereof in equal quarterly installments on the last first day of Januaryeach March, AprilJune, July September and October December of each year, commencing April 30September 1, 2003, as follows: 2014. The final installment due on November 14, 2005 the Commitment Termination Date shall be in the amount of $6,250,000 or, if different, the remaining principal balance of the US Term LoanLoan and any accrued and unpaid interest. (3iii) Notwithstanding SECTION 1.1(b)(i)(2Section 1.1(d)(ii), the aggregate outstanding principal balance of the US Term Loan Loans shall be due and payable in full in immediately available funds on the Commitment Termination Date, if not sooner paid in full. No payment with respect to the US Term Loan Loans may be reborrowed. (4iv) Each payment of principal with respect to the US Term Loan shall be paid to Agent for the ratable benefit of each Term Lender making a US Term LoanLender, ratably in proportion to each such US Term Lender's respective US Term Loan Commitment.

Appears in 1 contract

Samples: Credit Agreement (Rand Logistics, Inc.)

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U.S. Term Loan. (1i) Subject to the terms and conditions hereof, each of the US Term Lender Lenders agrees to make a term loan in Dollars (collectively, the "US TERM LOAN"Term Loan”) on the Closing Date to US Borrower in the amount of the applicable such US Term Lender's ’s US Term Loan Commitment. The obligations of each such US Term Lender hereunder shall be several and not joint. The Each such US Term Loan shall be evidenced by a promissory note substantially in the form of EXHIBIT 1.1(b)(iExhibit 1.1(c)(i) (each a "US TERM NOTE" and, collectively, Term Note” and collectively the "US TERM NOTES"Term Notes”), and, except as provided in SECTION Section 1.12, the US Borrower shall execute and deliver the US Term Note to the applicable US Term Lender. Each US Term Note shall represent the obligation of the US Borrower to pay its share of the applicable US Term Lender's ’s US Term Loan Commitment, together with interest thereon as prescribed in SECTION Section 1.5. (2ii) The To the extent outstanding, the US Borrower shall repay the US Term Loan in eleven (11) consecutive quarterly installments on the last day of JanuaryDecember, AprilMarch, July June and October September of each year, commencing April September 30, 20032005, in an amount equal to .25% of the US Term Loan Commitment, as follows: in effect on the Conversion Date after, if applicable, giving effect to the conversion of the US Revolving Loan Commitment contemplated by Section 1.1(i). The final installment shall be due on November 14March 31, 2005 2008 and shall be in the amount of $6,250,000 or, if different, the remaining principal balance of the US Term Loan. (3iii) Notwithstanding SECTION 1.1(b)(i)(2Section 1.1(c)(ii), the aggregate outstanding principal balance of the US Term Loan and all other non-contingent Obligations shall be due and payable in full in immediately available funds on the Commitment Termination Date, if not sooner paid in full. No payment with respect to the US Term Loan may be reborrowed. (4iv) Each payment of principal with respect to the US Term Loan shall be paid to Agent for the ratable benefit of each US Term Lender making a US Term Loan, ratably in proportion to each such US Term Lender's ’s respective US Term Loan Commitment.

Appears in 1 contract

Samples: Credit Agreement (Inverness Medical Innovations Inc)

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