Description of Loan. See Exhibit A-2 to Specimen Borrower Bond (Exhibit D hereto) EXHIBIT B Basis for Determination of Allowable Project Costs Middlesex Water Company 1225001-011 EXHIBIT B
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: Gross Revenues for Preceding Fiscal Year Applicable Interest Rate Per Annum Anniversary Date - December 31, 2007 Greater than or equal to $100,000,000 7% Less than $100,000,000 5% January 1, 2008-December 31,2008 Greater than or equal to $100,000,000 7% Less than $100,000,000 5% January 1, 2009-December 31,2009 Greater than or equal to $100,000,000 7% Less than $100,000,000 5% January 1, 2010-December 31,2010 Greater than or equal to $100,000,000 7% Less than $100,000,000 5% January 1, 2011-December 31, 2011 Greater than or equal to $100,000,000 7% Less than $100,000,000 5% January 1, 2012-Maturity Date Greater than or equal to $100,000,000 7% Less than $100,000,000 5% 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 ...
Description of Loan. The Loan shall be in an amount not to exceed the principal sum of U.S. $5,000,000.00 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. The Loan shall bear interest on each Advance from the date of the Advance in accordance with the terms of the Note. Borrower shall use the Loan Funds solely for the payment of (a) the costs of constructing the Improvements and of partially equipping the Project with the Personal Property Collateral in accordance with the Construction Contract and the Construction Budget; (b) other costs and expenses incurred or to be incurred in connection with the construction of the Improvements as Lender in its sole discretion shall approve; and (c) if permitted by Lender, interest due under the Note, including all expenses and all loan and commitment fees described in this Agreement. The Loan amount shall be subject at all times to all maximum limits and conditions set forth in this Agreement or in any of the Related Documents, including without limitation, any limits relating to loan to value ratios and acquisition and Project costs.
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. The Borrower shall have the right for the term of this Agreement to borrow from the Lender amounts up to 100% of the total account balance (including funds on deposit but not yet cleared). The Borrower shall have the right to borrow from the Lender $2,600,000.00 outstanding on any one day but only up to $1,000,000.00 in advance in any one business day provided, however, that any amounts borrowed must be replaced with an equal amount of a deposit of checks by the end of the business day in which the funds are borrowed. The Borrower will be allowed to make a cash deposit of up to $100,000.00 to the Lender or its agent in lieu of the checks by the end of the business day to repay any funds advanced to the Borrower. On Friday or the last business day of the week. the Borrower may receive an advance of up to $1.500,000.00 provided, however, that the amount borrowed is replaced with an equal amount of deposit of checks by the end of the business day. The Borrower will be allowed to make a deposit of up to $300,000.00 to the Lender or its agent by the end of the next business day to repay any funds advanced to the Borrower If the funds are not replaced by the aforementioned deposit, the Borrower shall pay a penalty of $10,000.00 per day until the money is replaced for a period not to exceed three (3) business day. At the end of three (3) business days, if the money is not replaced, the loan shall be in default and subject to call except for reasons beyond the control of the parties. Notwithstanding. anything contained herein to the contrary, the maximum amount that may be borrowed during the term of the Loan shall not exceed $2,600,000.00 outstanding on any one day but only up to $1,000,000.00 in advance in any one business day provided, however, that any amounts borrowed must be replaced with an equal amount of deposit of checks by the and' of the business day in which the funds are borrowed. On Friday or the last business day of the week, the Borrower may receive an advance of up to $1,300,000.00, provided, however, that the amount borrowed is replaced with an equal amount of deposit of checks by the end of the business day. The Borrower will be allowed to make a cash deposit of up to $100,000.00 to the Lender or its agent by the end of the next business day to repay any funds advanced to the Borrower. The parties hereto shall use best efforts to cause the Bank to communicate daily to the parties both the available balance and the total or account balance. I...
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. (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 Renminbi Ten Million Yuan A 2008.7.23 2009.3.18 8.217% Monthly 10.6821% 16.434% Description of Repayment Method: Repayment in one lump sum Note: The Renminbi interest rate is annual interest rate. Floating cycle must be noted for floating interest rate. Due date must be filled out for short-term loan with fixed time limit. The due date for short-term loan with borrowing and returning at any time refers to the final return date for the Client.
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.
Description of Loan. Subject to all of the terms, representations, warranties, covenants and conditions in this Agreement, Lender agrees to lend the Borrower and Borrower agrees to borrow from Lender up to the sum of $600,000.00 to be used by Borrower as working capital for the payment of expenses incurred in the production of The Project including but not limited to talent salaries and production expenses. The loan will be disbursed $300,000.00 at the time of closing and the balance on or before January 30, 1998, at 3:00 p.m., provided all conditions precedent to the second funding are satisfied.
Description of Loan. Subject to and upon the following terms and conditions, the Bank agrees to make a certain revolving line of credit loan up to the maximum principal amount of Sixteen Million Dollars ($16,000,000) to the Borrower (the "Loan" or the "Line of Credit").
