Description of Loan. The Loan shall be evidenced by a Note (the “Note”) dated as of the date hereof (the “Issue Date”) in the amount of Five Hundred Thousand and No/100 Dollars ($500,000). The Loan shall be payable over a term of one hundred and twenty (120) months. The date that one hundred and twenty (120) months from the date hereof is referred to herein as the “Maturity Date.” Except as provided in Section 4.2, the Loan shall bear no interest from the Issue Date until the date that is sixty (60) months from the Issue Date (the “Anniversary Date”). Except as provided in Section 4.2, from the Anniversary Date until the Maturity Date, the Loan shall bear interest during each fiscal year based on Borrower’s Gross Revenues during Borrower’s preceding fiscal year as follows: For example, the applicable interest rate per annum for the period beginning on the Anniversary Date and ending on December 31, 2007 shall be either 7% if Borrower’s Gross Revenues during the fiscal year ending December 31, 2006 are greater than or equal to $100,000,000, or 5% if Borrower’s Gross Revenues during the fiscal year ending December 31, 2006 are less than $100,000,000. The applicable interest rate per annum for the period beginning on January 1, 2008 and ending on December 31,2008 shall be either 7% if Borrower’s Gross Revenues for the fiscal year ending December 31, 2007 are greater than or equal to $100,000,000, or 5% if Borrower’s Gross Revenues during the fiscal year ending December 31, 2007 are less than $100,000,000. Gross Revenues shall mean total sales of Borrower before any deductions for expenses or costs. The applicable interest rate shall be determined based on an officer’s certificate delivered annually by Borrower in accordance with Section 3.2 and shall be adjusted as of the first day of the year following the fiscal year as to which the officer’s certificate relates; provided, however, that if Borrower fails to provide any officer’s certificate to Lender as required by and within the time limits set forth in Section 3.2, the applicable interest rate from January 1 of such year until an appropriate officer’s certificate is provided shall be seven percent (7%). No payment of principal or interest shall be due until the Anniversary Date. Beginning on the Anniversary Date and continuing on a monthly basis, Borrower shall pay to Lender monthly installments of principal and interest in the amount of Nine Thousand Four Hundred Thirty-Five and 63/100 Dollars ($9,435.63), with all remaining...
Description of Loan. (Where a Financing Limit Agreement signed by the customer has provisions regarding the rate and penalty rate, the related columns of this Agreement may be omitted) Types of Short-Term Loan: A. Short-Term Loan with Fixed Time Limit; B. Short-Term Loan with borrowing and return at any time Currency Amount Type Withdrawal Date Due Date (or Time Limit) Interest Rate Method of Interest Settlement Overdue Penalty Interest Rate Penalty Interest Rate for Embezzlement
Description of Loan. Subject to and upon the following terms and conditions, the Bank agrees to make (a) a certain revolving line of credit loan up to the maximum principal amount of Twelve Million Dollars ($12,000,000) to the Borrower (the "Primary Line of Credit") and (b) a certain revolving line of credit loan up to the maximum principal amount of Four Million Dollars ($4,000,000) to the Borrower (the "Secondary Line of Credit"). The Primary Line of Credit and the Secondary Line of Credit are also on occasion referred to as the "Line of Credit" or the "Loan".
Description of Loan a. Lender hereby agrees to advance to Borrower on the Closing Date, subject to the terms and conditions of this Agreement, the sum of Three Million Five Hundred Thousand Dollars ($3,500,000) ("Loan").
b. At Closing, Borrower shall execute and deliver a promissory note, in the form attached hereto as EXHIBIT C, to Lender in the original principal amount of the Loan ("Note"
Description of Loan. Subject to -all the terms and conditions hereof, Lender agrees to lend to Borrower, and Borrower agrees to borrow from Lender a loan (Loan) not to exceed the amount of Two Million Three Hundred Forty Thousand Dollars ($2,340,000.00).
2.1 Interest and principal shall be payable on the Loan as set forth in the Note.
2.2 The loan will consist of a Note representing funds to be used for the following purposes only: o disbursement in the sum of Two Million Two Hundred Ninety three Thousand Two Hundred Dollars ($2,293,200.00) at closing to be used for the purchase of the Property. o the Loan Fee in the amount of $46,0W00. o Lender's expenses in connection with the Loan.
Description of Loan. Artist: Title/Description: Medium or materials: Date of work: Size H: W: D: Frame/Overall H: W: Condition of work: Note: Unless specified it is understood that the Museum has permission to photograph the work for educational and publicity purposes. Please indicate all others that apply. No Photography Visitor Photography Allowed To be carried by NAM? Yes No Value To be carried by lender? Yes No If yes, what is the estimate of the insurance premium? Via: To arrive on or before: To be returned on: Special instructions for packing, handling, installation, display: Lender’s Signature: Date: Newport Art Museum Signature: Date: Release of object(s) in good condition acknowledged: Date: Receipt of object(s) in good condition acknowledged: Date: Return of object(s) in good condition acknowledged: Date: Receipt of object(s) in good condition acknowledged: Date: The Newport Art Museum will accept works of art/objects related to a temporary exhibition or special event and/or other purposes sponsored by the Museum, on loan for specified periods, as stated on the Incoming Loan Agreement Form.
Description of Loan. All Loans sold to Buyer pursuant to this ------------------- Agreement shall conform to the following terms and conditions as to the Borrower on the Loan, the document evidencing and securing the Loan and the Property for the Loan:
Description of Loan. (If the client and the financing bank have agreed on the loan interest rate and the penalty rate in the previous Financing Facility Agreement, it is not necessary required to fill out the following corresponding blanks) RMB Thirty Million Yuan Only February 02, 2010 February 02, 2011 Prime rate of 12 month loan (¨ Up x Down) [10]%, i.e. the interest rate comes to 5.841% when this Agreement is signed 8.7615% 11.682% Foreign Currency ¨_month Libor+____ x Others Use of Loan Working capitals for Production Interest Rate Adjustment Method RMB If the prime rate is adjusted by the People’s Bank of China prior to the granting of the loan under this Agreement, the prime rate at the time of the granting of the loan shall be applied to the prime rate of the People’s Bank of China on the day when the loan is granted; if the prime rate is adjusted by the People’s Bank of China during the loan period after the loan has been granted, x Adjust on a monthly basis with the 21st day of each month as the interest rate adjustment date; x Adjust on a quarterly basis with the 21st day of the final month of each quarter as the interest rate adjustment date; ¨ Interest rate not adjusted; x Others_______________ Foreign Currency Since the date on which the loan is granted, the interest rate shall be adjusted every ___ months based on the latest foreign currency interest rate of the corresponding date. Mode of Interests Settlement þ Settle the interest accruals on a monthly basis with the 20th day of each month as the interests settlement date; x Settle the interest accruals on a quarterly basis with the 20th day of the final month of each quarter as the interests settlement date; x To collect the interest accruals in a lump sum when the loan becomes mature, together with the collection of the principals. Liquidated damages for earlier repayment of loan Equivalent to / % of the total amount that has been repaid in advance. SHANGHAI PUDONG DEVELOPMENT BANK Short-term Loan Agreement Description:
1) Where the interest accruals are settled on a monthly or quarterly basis, the final interest accruals shall be paid together with the principals.
2) The actual drawing date and the mature date shall be subject to the dates as recorded on the IOUs (borrowing vouchers). If the mature date is not recorded on the IOUs, the mature date shall be deemed to be the actual drawing date plus the loan duration. The IOUs (borrowing vouchers) shall be integral to this Agreement.
Description of Loan. The Loan shall be in an amount not to exceed the principal sum of Five Million Four Hundred Fifty Thousand Dollars ($5,450,000.00) and shall bear interest on so much of the principal sum as shall be advanced pursuant to the terms of this Agreement and the Related Documents.