outstanding at any time under the Note does not exceed Twenty Five Million and No/100 Dollars ($25,000,000.00) provided however, the minimum Advance must be at least $500,000.00. The Borrower shall have the right to borrow, repay, and borrow again during the Revolving Credit Period. The outstanding principal balance of the Note on July 1, 2021 shall convert to a term facility and shall be payable quarterly in accordance with the terms of the Note, with all unpaid principal plus all accrued and unpaid interest being due and payable on June 30, 2026.
Conditions of Effectiveness
2.1 Effective Date. This Third Amendment shall become effective as of June 30, 2019, when, and only when, each of the following conditions shall have been met, all in form, substance, and date satisfactory to Lender:
(a) Closing Documents. Borrower shall have executed and delivered to Lender (i) a Renewal Promissory Note (the Renewal Promissory Note), payable to the order of Lender as set forth therein, duly executed on behalf of the Borrower, dated effective June 30, 2019 in the principal amount of $25,000,000.00, (ii) Arbitration and Notice of Final Agreement, (iii) Certificate of Corporate Resolutions, and (iv) this Third Amendment.
(b) Additional Loan Documents. Borrower shall have executed and delivered to Lender such other documents as shall have been requested by Lender to evidence the terms of this Third Amendment, all in form satisfactory to Lender and its counsel.
(c) Loan Origination Fee. Borrower shall have paid to Lender a loan origination fee in the amount of Two Thousand Five Hundred and no/100 Dollars ($2,500.00) plus the Lenders legal fees incurred in connection with this Third Amendment.
Representations and Warranties
3.1 Representations and Warranties. In order to induce Lender to enter into this Third Amendment, Borrower represents and warrants the following:
(a) Borrower has the corporate power to execute and deliver this Third Amendment, the Renewal Promissory Note, and other Loan Documents and to perform all of its obligations in connection herewith and therewith.
(b) The execution and delivery by Borrower of this Third Amendment, the Renewal Promissory Note, and other Loan Documents and the performance of its obligations in connection herewith and therewith: (i) have been duly authorized or will be duly ratified and affirmed by all requisite corporate action; (ii) will not violate any provision
THIRD AMENDMENT TO LOAN AGREEMENT Page 2