Commitment of Bank Sample Clauses
The Commitment of Bank clause defines the bank's obligation to provide financing or credit under specified terms and conditions. Typically, this clause outlines the maximum amount the bank is willing to lend, the period during which the commitment is valid, and any conditions precedent that must be satisfied before funds are advanced. By clearly stating the bank's responsibilities and the borrower's entitlements, this clause ensures both parties understand the scope and limitations of the bank's financial commitment, thereby reducing uncertainty and facilitating reliable financial planning.
Commitment of Bank. (a) Bank agrees to make Borrower a term loan in the original principal amount of Fourteen Million Two Hundred Fifty Thousand Dollars ($14,250,000.00) ("Term Loan A"), a multi-advance term loan of up to One Million Two Hundred Fifty Thousand Dollars ($1,250,000.00) ("Term Loan B") and a term loan in the original principal amount of Eleven Million ($11,000,000.00) ("Term Loan C" and collectively with Term Loan A and Term Loan B referred to herein as the "Term Loans").
Commitment of Bank. Subject to the terms and conditions hereof, during the Term of this Agreement, Bank hereby agrees to make such loans (individually, a "Loan" and collectively, the "Loans") to Borrower as Borrower may from time to time request pursuant to Section 3.2. The maximum aggregate principal amount which Bank, cumulatively, may be required to have outstanding under this Agreement at any one time shall not exceed the lesser of (i) One Million Eight Hundred Thousand Dollars ($1,800,000.00) ("Bank's Commitment"), or (ii) the Borrowing Base (as hereinafter defined). Subject to the terms and conditions hereof, Borrower may borrow, repay and reborrow such sums from Bank, provided, however, that the aggregate principal amount of all Loans outstanding hereunder at any one time shall not exceed the lesser of Bank's Commitment or the then available Borrowing Base.
Commitment of Bank. The first two lines of Section 1 of the Loan Agreement are hereby amended by restating them in their entirety as follows: "The Bank agrees to extend the loan (the "Loan") to the Borrower in the principal amount of TWENTY FIVE MILLION and 00/100 DOLLARS ($25,000,000.00) evidenced by a promissory note (the Note')."
Commitment of Bank. Bank agrees to make Borrower a term loan in the original principal amount of Two Million Six Hundred Thousand Dollars ($2,600,000.00) (the "Term Loan"), which Term Loan is being funded on the date hereof. The Term Loan shall be evidenced by a Promissory Note of Borrower dated the date hereof and payable to the order of Bank in the original principal amount of $2,600,000.00 (as the same may from time to time be amended, modified, extended or renewed, the "Term Loan Note"), an unexecuted copy of which is attached hereto as Exhibit A. The Term Loan Note shall mature on July 15, 1999 (on which date all unpaid principal and all accrued and unpaid interest shall become due and payable). Principal on the Term Loan Note shall be payable in thirty-five (35) consecutive monthly installments as follows: two (2) equal consecutive monthly installments in the amount of Fifty Thousand Dollars ($50,000.00) each, due and payable on September 15, 1996 and October 15, 1996; two (2) equal consecutive monthly installments in the amount of One Hundred Twenty-Five Thousand Dollars ($125,000.00) each, due and payable on November 15, 1996 and December 15, 1996; one (1) monthly installment in the amount of Seven Hundred Fifty Thousand Dollars ($750,000.00) due and payable on January 15, 1997; twenty-nine (29) equal consecutive monthly installments in the amount of Fifty Thousand Dollars ($50,000.00) each, due and payable commencing February 15, 1997 through June 15, 1999; and a final installment in the amount of the then outstanding and unpaid principal balance of the Term Loan Note due and payable on July 15, 1999. Interest on the outstanding principal balance of the Term Loan Note shall be payable monthly, on the date each installment of principal is due thereunder and at the maturity of the Term Loan Note, whether by reason of acceleration or otherwise. Interest on the Term Loan Note shall be calculated as provided for under Section 4.02.
Commitment of Bank. Bank has heretofore made Borrower a term loan in the original principal amount of $2,600,000.00 (the "Original Term Loan"). As of November 1, 1997, the outstanding principal balance of the Original Term Loan is $1,000,000.00. Bank agrees to make Borrower an additional term loan in the principal amount of $2,500,000.00, which loan shall be consolidated with the Original Term Loan and, as consolidated, shall be referred to as the "Term Loan". The Term Loan shall be evidenced by the Second Amended and Restated Promissory Note of Borrower dated November 1, 1997 and payable to the order of Bank in the principal amount of $3,500,000.00 (as the same may from time to time be amended, modified, extended or renewed, the "Term Loan Note"). Interest on the Term Loan Note shall be calculated as provided in Section 4.02. Principal and interest on the Term Loan Note shall be payable in thirty-six (36) consecutive monthly installments as follows: thirty-five (35) equal consecutive monthly installments of principal and interest in the amount of $44,585.52 each, due and payable on the first day of each month commencing December 1, 1997 through October 1, 2000; and a thirty-sixth (36th) and final installment in the amount of the then outstanding and unpaid principal balance of the Term Loan Note plus accrued and unpaid interest thereon due and payable on November 1, 2000.
Commitment of Bank