Draw Note. Pursuant to the Loan Agreement and the First Amendment, Lender and Borrower entered into a certain draw note in the original principal amount of $500,000.00 (the “Facility No. 2 Loan”), with a final stated maturity date of October 27, 2012 (as extended to October 31, 2013 pursuant to the Second Amendment). The security for payment of the Facility No. 2 Loan includes, without limitation, the (i) Security Agreement and the General Security Agreement, as they may have been renewed, extended, amended or supplemented by one or more documents, if any, dated before the Forbearance Date, are referred to herein as the “Facility No. 2 Collateral Documents”, and reference is made to the Facility No. 2 Collateral Documents for all purposes. The Facility No. 2 Collateral Documents cover the personal property therein described.
Draw Note. The $6,000,000 available to the Company under the Draw Note shall be hereinafter called the "Draw Commitment." The Draw Commitment shall not become effective until each of the parties hereto shall have executed this Agreement or a counterpart hereof. The Company shall be permitted to borrow (individually a "Draw Loan" and collectively the "Draw Loans") an amount not to exceed the Draw Commitment. Prior to requesting a Draw Loan, the Company must fulfill the Draw Loan Conditions Precedent described below. After the receipt of a Draw Loan, the Company must fulfill the Draw Loan Conditions Subsequent described below.
Draw Note. With respect to each disbursement under the Draw Loan, a Draw Note in the principal face amount of such disbursement duly executed by the Borrowers, in the form attached hereto as Exhibit A.
Draw Note. The Draw Loan shall be evidenced by Draw Notes (together with any and all renewal, extension, modification or replacement notes executed by Borrowers and delivered to the Bank and given in substitution therefor, each a “Draw Note”) in the form of Exhibit A attached hereto, duly executed by the Borrowers and payable to the order of the Bank in the amount of each disbursement of the Draw Loan. At the time of the initial disbursement of the Draw Loan and at each time an additional disbursement shall be requested hereunder or a repayment made in whole or in part thereon, an appropriate notation thereof shall be made on the books and records of the Bank. All amounts recorded shall be, absent demonstrable error, conclusive and binding evidence of (i) the principal amount of the Draw Loans advanced hereunder, (ii) any unpaid interest owing on the Draw Loan, and (iii) all amounts repaid on the Draw Loan. The failure to record any such amount or any error in recording such amounts shall not, however, limit or otherwise affect the obligations of the Borrowers under the Draw Note to repay the principal amount of the Draw Loans, together with all interest accruing thereon.
Draw Note. The Draw Note duly executed by the Borrower.
Draw Note. The Draw Loan shall be evidenced by the Draw Note. At the time of the initial disbursement of a Draw Loan and at each time any additional Draw Loan shall be requested hereunder or a repayment made in whole or in part thereon, a notation thereof shall be made on the books and records of the Bank. All amounts recorded shall be, absent manifest error, conclusive and binding evidence of (i) the principal amount of the Draw Loans advanced hereunder, (ii) any accrued and unpaid interest owing on the Draw Loans, and (iii) all amounts repaid on the Draw Loans. The failure to record any such amount or any error in recording such amounts shall not, however, limit or otherwise affect the obligations of the Borrower under the Draw Note to repay the principal amount of the Draw Loans, together with all interest accruing thereon.
Draw Note. Subject to the terms and conditions of this Amendment, the Bank agrees to lend to the Borrower from time to time during the term of this Amendment, for the purchase and installation of new tire shredding equipment, amounts at any one time outstanding not to exceed Eight Hundred Sixty-Four Thousand Two Hundred Dollars ($864,200.00) ("Maximum Draw Credit"). Borrower may from time to time draw under this Loan during the term of this Amendment, but may not re-borrow any amounts. Interest and principal payments shall be payable on the date and in the manner set forth in the Variable Rate Draw Note ("Draw Note"). Upon maturity of the Draw Note, any unpaid balance shall be added to the unpaid principal and interest balance of the $1,185,000 Term Note to create a new term note with a fully amortized term of five years.
Draw Note. The $6,000,000 available to the Company under the Draw Note shall be hereinafter called the "Draw Commitment." The Company has borrowed (individually a "Draw Loan" and collectively the "Draw Loans") an amount not to exceed the Draw Commitment. After the receipt of a Draw Loan, the Company must fulfill the Draw Loan Conditions Subsequent described below.
