Amount and Terms of Loan Sample Clauses
Amount and Terms of Loan. 1.1 Subject to the terms and conditions of this Agreement, the Lenders agree to loan to the Borrower, and the Borrower agrees to borrow from Lenders, funds in an aggregated principal amount of up to Five Million Two Hundred Thousand US Dollars ($5,286,306.25) (the "Loan"), in installments of One Hundred Thousand Dollars or greater (each a "Loan Disbursement").
1.2 The Borrower acknowledges receipt of Loan Disbursements in the aggregate amount of Two Million Six Hundred Thousand Dollars ($2,600,000.00) prior to the date hereof (collectively, the “Initial Disbursement”). The Borrower may submit to Borrower written requests for additional Loan Disbursements from time after the date hereof, but in no event later than March 1, 2011 (each, a “Loan Disbursement Request”). Each such Loan Disbursement Request is subject to the Lenders' approval, and the maximum amount advanced by the Lenders shall not exceed the total amount of the Loan. The Borrower may decline to submit any further Loan Disbursement Requests for any reason, in its sole and absolute discretion. The Lenders may decline to approve any or all such Loan Disbursements Requests for any reason, in their sole and absolute discretion.
1.3 Loan Disbursements shall be made within five (5) business days following Lenders' approval of the applicable Loan Disbursement Request. Interest shall accrue on each Loan Disbursement from the date of receipt of funds (each a "Disbursement Date") by the Borrower.
1.4 The proceeds of the Loan shall be used by the Borrower to finance the general working capital requirements of the Borrower.
1.5 The obligations of Borrower with respect to the Loan shall be guaranteed by Guarantor, and shall be secured by liens and security interests on all of the assets of the Guarantor (including without limitation all intellectual property interests of Guarantor), pursuant to the terms of a Guarantee and a Debenture by and between the Lenders and Guarantor (together, the “Guaranty Documents”). Such Guarantee shall remain in effect until the earlier of such time as (i) all obligations of Borrower with respect to the Loan have been satisfied and (ii) the right to make Loan Disbursement Requests is waived or terminated, or the Guarantor first reports positive accumulated earnings and profits within the meaning of Section 956 of the Internal Revenue Code of 1986, as amended (the “Guaranty Term”).
1.6 Interest on the Loan shall be payable as set forth in the applicable Note (as defined below). ...
Amount and Terms of Loan. The Borrower agrees to borrow from IREDA and IREDA agrees to lend to the Borrower, on the terms and conditions contained herein as also in the General Conditions, the sum mentioned in Schedule-I amounting to Rs. lakhs (Rupees only). The said sum is hereinafter referred to as "the Loan".
Amount and Terms of Loan. Subject to all the terms and conditions of this Agreement, ---- and in reliance on the representations, warranties and covenants of Borrower set forth in this Agreement, Lender agrees to loan Borrower the principal amount of One Hundred and Twenty-Five Thousand Dollars ($125,000) (the "LOAN"). Notwithstanding the foregoing, Lender will not be obligated to make the Loan to Borrower unless and until Borrower has executed and delivered to Lender the Note (as defined in Section 1.3) and the Pledge Agreement (as defined in Section 1.4).
Amount and Terms of Loan. 3 Section 2.02 Interest Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Section 2.03 Repayment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Section 2.04 Prepayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Section 2.05
Amount and Terms of Loan. 2.1 Loan Amount. 11 2.2 Note. 11
2.3 Interest Rate and Payment Dates. 12 2.4 Calculation of Interest. 12 2.5 Repayment. 12
2.6 Amounts Due in Respect of Capital Transactions. 12
2.7 Borrower’s Right to Prepay. 13 2.8 Payments Generally. 13 2.9 Withholding Tax Indemnity. 14 ARTICLE 3
Amount and Terms of Loan. 1.1 Subject to the conditions set forth in the Agreement, the Lender shall lend to the Borrower the aggregate sum of $630,000 (the "Principal Sum") upon full execution of this Agreement.
1.2 The Loan will be evidenced by a promissory note (the "Note") made to the order of the Lender and substantially in the Form attached to this Agreement as Schedule "A". The Note shall be dated the date of this Agreement, be duly executed by the Borrower and shall be delivered to the Lender after receipt of the proceeds of the Loan. The Note issued under this Agreement shall be due on November 30, 2008 or such later date upon which the parties may agree (the "Maturity Date").
1.3 The Note shall bear interest from the date of its execution to the Maturity Date on the unpaid principal amount at the one year LIBOR (London Interbank Offered Rate) rate plus 5.98% per annum. Interest shall be paid monthly before as well as after maturity and both before and after default or judgement or both at the rate set out in this paragraph. The Borrower shall also pay interest at the aforesaid rate on any amounts including, without limitation, overdue interest which are past due until they are paid.
1.4 The Borrower shall have the privilege when not in default of any of its obligations contained in this Agreement at any time of prepaying all or any part of the Loan, without premium or penalty.
Amount and Terms of Loan. Setion 2.01 Intentionally Deleted.
Amount and Terms of Loan. Revolving Line of Credit Loan - From the date of this letter agreement (the ----------------------------- "Agreement") to April 12, 2003, the Bank agrees to make loans to the Borrower -------------- from time to time on any date the Bank is officially open for business in such amounts as the Borrower may request up to the maximum amount hereinafter stated, and the Borrower may make borrowings and re-borrowing; provided however, that the sum of the aggregate principal amount of all such loans at any one time outstanding shall never exceed the lesser of $5,000,000.00 or, the Bank's legal lending limit, or the Borrowing Base ("Borrowing Base"). The Line is subject to the Borrowing Base Agreement attached hereto as Exhibit "A" and by reference made a part hereof. The proceeds of the Line of Credit loans shall be used to support working capital needs of the Borrower's business. To evidence such loans the Borrower will execute and deliver to the Bank a promissory note, substantially in the form of Exhibit "B" (together with any renewals, modifications or substitutions thereof, the "Line of Credit Note") dated April 12, 2002 in the amount of $5,000,000.00 and payable to the order of the -------------- Bank on or before April 12, 2003. Each advance extended under the Line of Credit -------------- shall bear interest at the Prime Rate plus 1/2 %. The "
Amount and Terms of Loan. 2.1 Principal Amount of the Loan. The maximum principal amount of the Loan shall be FIVE HUNDRED THOUSAND DOLLARS ($500,000.00) which Borrower represents and warrants will be used for a Permitted Use under the Loans.