Loan and Interest Clause Samples
The 'Loan and Interest' clause defines the terms under which a loan is provided and the interest that will accrue on the borrowed amount. It typically specifies the principal sum, the applicable interest rate, and the method and frequency of interest calculation, such as whether interest is simple or compounded and how often payments are due. This clause ensures both parties clearly understand the financial obligations involved, helping to prevent disputes over repayment amounts and schedules.
Loan and Interest. (a) Holders hereby make Loans to the Company for a term of one (1) year at an annual interest rate of 8%, as more particularly defined in the Notes, each Holder’s Loan, as evidenced by the Note, is reflected on Schedule A attached hereto.
(b) All payment of the Obligations shall be made by the Company in United States currency and in immediately available funds at the respective offices or residences of the Holders listed on Schedule A attached hereto or as otherwise noticed by Holders to the Company in accordance with Section 17 of this Loan Agreement.
(c) The Company promises to use the proceeds of the Loans solely for (i) the payment of indebtedness and claims as provided for on Schedule A to the Notes, and (ii) working capital, the later up to a maximum of $300,000 of the Loans.
Loan and Interest. 2.1 The Lender at the request of the Borrowers, agrees to lend to the Borrowers, and the Borrowers agree to borrow from the Lender, an amount mentioned in the Schedule (hereinafter referred to as the “Loan”) on the basis of, and subject to the covenants and terms and conditions herein set forth.
2.2 The Loan shall be disbursed in lumpsum or in suitable in stallments as per sole discretion of the Lender (which decision shall be final and binding on the Borrowers) and in any case disbursement will be always subject to payment of margin money in respect of the Vehicle(s) by the Borrowers as per Schedule. The Borrowers shall acknowledge the receipt of the Loan disbursed in writing. In case of purchase of a new Vehicle(s) the Lender shall disburse the Loan directly to the dealer for and on behalf of the Borrowers and every such disbursement to the dealer shall be deemed to be disbursement to the Borrowers under this Agreement. In case of refinance of used Vehicle(s)/purchase of used Vehicle(s), the amount of Loan may be disbursed by the Lender to the owner/seller of the Vehicle(s) or to the dealer and such disbursement shall be deemed to be disbursement to the Borrowers. The Borrowers shall on or before the date of the first disbursal of the Loan, pay to the Lender annual charges, processing charges, one time upfront fees and such other fees and charges at the rate as may be prescribed in the Schedule along-with applicable service tax.
2.3 All payment to be made by the Lender to the Borrowers under or in terms of this Agreement shall be made by Cheque / Demand Drafts / Bankers Cheque duly crossed and marked“A/cPayee Only” and the collection charges, if any, in respect of all such instruments will begin to accrue in favour of the Lender as and from the date of issuance of the above instruments irrespective of the time for transit/collection/realization/of the cheque by the Borrowers.
2.4 The Borrowers shall pay interest on the Loan at the Interest Rate mentioned in the Schedule of this Agreement. The Lender, in its sole discretion, shall be entitled to modify and vary the Interest Rate from time to time including on account of changes in interest rates made by RBI and/or Lender's bankers. Such variation(s) shall be binding upon the Borrowers.
2.5 Interest on the Loan shall begin to accrue in favour of Lender as and from the date of disbursement of the Loan. Interest and any other charges shall be computed on the basis of year of three hundred and sixty five (365...
Loan and Interest. 1.1 The Lender hereby undertakes to lend to the Borrower which hereby agrees to borrow the sum of CAD10,000,000 (Ten Million Canadian Dollars) ("Loan") on and subject to the terms and conditions hereinafter set out.
1.2 The Loan shall be advanced to the Borrower over a period of two years commencing on 01 July 2020 ("Effective Date"). As at any relevant moment, the aggregate indebtedness, actual and contingent, of the Borrower to the Lender in terms of and arising from this Agreement shall be referred to as the "Outstanding Balance".
1.3 The Loan will bear interest at a rate equal to the prime interest rate as published by the Bank of Canada.
1.4 Interest will be calculated from the day following the Effective Date to the date of actual payment. Interest will be calculated on a daily basis and compounded yearly in arrears.
Loan and Interest. 2.1 Term Loan. Bank proposes to make a term loan (the "Term Loan") to Borrower in an aggregate amount not to exceed $15,000,000. The entire Term Loan, together with all interest and other charges thereon or due hereunder, shall be due and payable in full on or before the earlier of (as the case may be, the "Maturity Date")
(a) the thirty nine (39) month anniversary of the Closing Date or (b) ninety (90) days following the exercise of the Put or the Call pursuant to the Securityholders Agreement, or the earlier date upon which the proceeds of the Put or Call transaction are received by Borrower.
Loan and Interest