Term Note B Clause Samples
Term Note B. Subject to the provisions of SECTION 2.5 below, Term Note B shall bear interest on the outstanding principal balance from and after May 1, 2000 and from time to time outstanding, under Term Note B at a rate equal to the lesser of (a) the Maximum Legal Rate, or (b) the Prime Rate plus one and one-half percent (1 1/2%) per annum until the Term Note B Maturity Date, and after the Term Note B Maturity Date, at the Past Due rate. Term Note B shall continue to be payable in monthly installments of $7,000.00 each, beginning March 1, 2000 and payable on the first day of each succeeding calendar month beginning March 1, 2000 until Term Note B (including all accrued interest thereon) has been fully paid and satisfied; provided, that on the Term Note B Maturity Date, all principal of Term Note B and all accrued unpaid interest thereon shall be finally due and payable. Accrued interest on Term Note B shall be due and payable concurrently with and in addition to the principal installments provided for herein above. Without notice to the Borrower, or any other Person, the rate of interest applicable to Term Note B shall change as and when the Prime Rate changes.
Term Note B. Coincident with the execution of this Amendment, Borrowers shall execute and deliver to Bank a new promissory note of even date herewith, evidencing the indebtedness of Borrowers to Bank under Term Loan B in the original principal amount of $2,400,000. All references to the Term Note B in the Loan Agreement and the other Loan Documents shall be deemed to be references to such new Note.
Term Note B. At closing, Borrower shall execute and deliver to Bank Term Note B in the principal amount of Term Loan B, and in a form satisfactory to Bank. Term Loan B shall be subject to all of the terms and conditions of Term Note B and this Agreement.
Term Note B. The term “Term Note B” shall mean, individually and collectively, any promissory note of Houston Auto issued to Initial Lender (or subsequently re-issued by the Borrowers to an assignee of Initial Lender pursuant to Section 10.3 hereof) in respect of the Term Loan B hereunder, as such promissory note may be amended, modified, supplemented or restated from time to time, and any substitutions for or renewals of such promissory note.
Term Note B. Term Loan B shall be evidenced by Term Note B. At the time of the initial disbursement of Term Loan B, at each time any additional disbursement is made under Term Loan B or a repayment made in whole or in part thereon, a notation thereof shall be made on the books and records of Lender. All amounts recorded shall be, absent demonstrable error, conclusive and binding evidence of (i) the principal amount of Term Loan B advanced hereunder, (ii) any accrued and unpaid interest owing on Term Loan B and (iii) all amounts repaid on Term Loan B. The failure to record any such amount or any error in recording such amounts shall not, however, limit or otherwise affect the obligations of Borrowers under Term Note B to repay the principal amount of Term Loan B, together with all interest accruing thereon.
Term Note B. Term Note B Advances may only be used for the purchase of new machinery or equipment and will only be made available to the Borrower through the Termination Date. Each requested Advance must be accompanied by the invoice for the machinery or equipment to be purchased or financed with the proceeds of such Advance. The Lender may refuse to advance for taxes, freight or discounts not taken with regard to such purchases. Each promissory note executed as a Term Note B note shall be due and payable in 60 equal monthly installments, commencing on the first day of the month next following the month of Advance for funding that respective note, and continuing on the same day of each successive month thereafter for 59 additional months;
Term Note B. Borrower shall execute and deliver to Agent on behalf of each Lender, on March 14, 2003, a promissory note substantially in the form of Exhibit B-2 attached hereto and made a part hereof (such promissory note together with any new notes issued pursuant to Section 13.3.2 upon the assignment of any portion of any Lender's Term Loan B Advance, being hereinafter referred to collectively as the "Term Notes B" and each of such promissory notes being hereinafter referred to individually as a "Term Note B"), to evidence such Lender's Term Loan B Advance to Borrower, in original principal amounts equal to the amount of such Lender's Term Loan B Commitment. Each Term Note B shall be dated March 14, 2003, and shall provide for payment of the Term Loan B Advance evidenced thereby as specified in Section 4.3 hereof.
Term Note B. Term Loan B shall continue to be evidenced by Term Note B.
Term Note B. A Replacement Term Note B duly executed by Borrower, in the form prepared by and acceptable to the Bank.