Examples of Fourth Term Loan in a sentence
The Borrower likewise promises to pay interest on the outstanding principal balance of the Fourth Term Loan made by the Lender to the Borrower, at such interest rates, payable at such times, and computed in such manner, as are specified in the Loan Agreement in strict accordance with the terms thereof.
On or before the one-hundredth (100th) day after the end of each of its Fiscal Years, the Borrower shall prepay the Fourth Term Loan in an amount equal to fifty percent (50%) of Excess Cash Flow for such Fiscal Year just ended, up to a maximum of $1,500,000, if the ratio of Average Borrowed Funds to EBITDA as of the last day of such Fiscal Year is greater than 2.00:1.00.
The Bank agrees on the terms and conditions hereinafter set forth, to make a loan (the "Fourth Term Loan") to Borrower, in the principal amount of Ten Million Dollars ($10,000,000.00).
Borrower agrees to pay the principal amount of the Fourth Term Loan in consecutive monthly installments each in the amount of $166,667, commencing August 1, 2004, and the entire unpaid principal amount of the Fourth Term Loan shall be due and payable on July 1, 2009.
Such mandatory prepayments shall be applied to unpaid principal of the Fourth Term Loan in inverse order of the dates on which payments are due thereunder.
After maturity of the Fourth Term Loan (whether by lapse of time, acceleration, or otherwise) accrued interest shall be due and payable upon demand.
The Fourth Term Loan Facility may be disbursed in one or more advances but the Lender's commitment under the Fourth Term Loan Facility shall be reduced by each advance thereunder and any sums advanced under the Fourth Term Loan Facility may not be repaid and then re-borrowed thereunder.
Borrower has requested and Lender has agreed to provide an additional term loan (the "Fourth Term Loan") to finance the acquisition of additional shares of common stock of Rawlings, a Delaware corporation ("Rawlings"), and Lender and Borrower desire to modify the Loan Agreement in order to provide for the Fourth Term Loan, and in certain other respects in accordance with the terms and conditions set forth herein.
Borrower's obligation to repay the Fourth Term Loan shall be evidenced by its promissory note in substantially the form of Exhibit C to this Agreement, with blanks appropriately completed.
The proceeds of the Fourth Term Loan shall be used by Borrower to fund the acquisition of Altama.