Examples of New Term Loan Note in a sentence
Interest on the New Line of Credit Note and the New Term Loan Note.
Xxxxxxxx'x Alabama, Xxxxxxxx'x Florida and Bank desire to amend the Agreement, it being the intention of the parties that this Fifth Amendment set forth such amendments, to provide, among other things, for the establishment of a new line of credit facility, to be evidenced by a New Line of Credit Note, and a new term loan facility, to be evidenced by a New Term Loan Note, and each of which shall be subject to the terms and conditions set forth in the Agreement as amended by this Fifth Amendment.
The New Term Loan Note shall be issued in substitution of the New Line of Credit Note, and from and after July 15, 1997, the payment of the unpaid principal amount outstanding under the New Line shall be governed by the terms of the New Term Loan Note; provided, however, that the substitution of the New Term Loan Note for the New Line of Credit Note as aforesaid shall not be intended to repay the New Line of Credit Note or constitute an extinguishment of any debt evidenced by the New Line of Credit Note.
The provisions of the New Term Loan Note are incorporated herein by reference.
So long as no Event of Default has occurred and is continuing, on July 15, 1997, without any further action on the part of the Bank and the Borrower, the New Line shall be automatically converted into and become, and the Bank shall be deemed to have extended to the Borrower, a term loan (the "New Term Loan") in the principal amount equal to the unpaid principal amount outstanding on the New Line at July 15, 1997, to be repaid as provided in the New Term Loan Note.