IML Term Loan definition
Examples of IML Term Loan in a sentence
Borrowers shall request the IML Term Loan by delivering to Lender an irrevocable written notice in substantially the form of Exhibit C-7 on the Twelfth A mendment Date, appropriately completed (an “IML Term Loan Notice of Borrowing”), in accordance with the provisions of Section 8.5. 2.18 2018 Acquisition Term Loan.
On April 1, 2018, Borrowers shall pay to Lender a payment equal to the amount of all accrued, unpaid interest on the IML Term Loan.
Accrued interest on the unpaid principal amount of the IML Term Loan and the 2018 Acquisition Term Loan shall be payable on the first day of each calendar month, commencing on the first day of the calendar month following the Twelfth Amendment Date.
On the first day of each calendar month, commencing on May 1, 2018, Borrowers shall pay to Lender a payment of principal on the IML Term Loan in an amount equal to $90,740.74 plus all accrued, unpaid interest on the IML Term Loan.
Lender shall have received copies of a Notice of IML Term Loan Borrowing and a Notice of 2018 Acquisition Term Loan Borrowing, in each case in form and substance acceptable to Lender and duly executed by each of the Borrowers.
Subject to Section 2.11(c) Borrowers shall pay interest (including interest accruing after the commencement of an insolvency proceeding under applicable Bankruptcy Law) on the unpaid amount of the IML Term Loan from the Twelfth A mendment Date at a variable per annum rate equal to the sum of LIBOR plus 2.8% (the “IML Term Loan Rate”).
On the IML Term Loan Maturity Date, Borrowers shall repay to Lender an amount equal to the then remaining outstanding principal amount of the IML Term Loan, together with all unpaid interest, fees, costs and any other unpaid amounts provided for in the Financing Documents in respect thereof payable hereunder.
Lender shall have received copies of the IML Term Loan Note, the 2018 Acquisition Term Loan Note, and the Revolving Loan Note, in each case in form and substance acceptable to Lender and duly executed by each of the Borrowers.
LIBOR shall adjust monthly in accordance with the definition thereof and the IML Term Loan Rate shall adjust automatically concurrent with any change in LIBOR.
On the first day of each calendar month, commencing on May 1, 2018, Borrowers shall pay to Lender a payment of principal on the 2018 Acquisition Term Loan in an amount equal to $22,222.22 plus all accrued, unpaid interest on the IML Term Loan.