Loan Procedures. The Borrower may receive Loans in one or more series or classes hereunder by issuing a Promissory Note to the Lender. (a) Each such Loan (herein called a “Promissory Note”) shall be in the form of Exhibit A and shall specify the Lender, initial Loan Term, Interest Period, therefore and shall include the date and Principal Amount of Loan. There shall be an initial series of Loans entitled Secured Loans, Series 1. The Loans (Series I) shall be issued as various classes of Loans substantially in the form set forth in Exhibit A hereto. The Loans (Series I) shall be issued in initial minimum denominations of $25,000 (unless the Borrower otherwise approves a smaller denomination). Each Loan (Series I) shall be payable as provided in the form of Loan and in this Agreement. The Loans (Series I) shall be issued in the maturities and class denominations with interest rates upon the unpaid principal amounts thereof based on the table set forth in Exhibit X- 0. as such table may be amended and updated from time to time by the Borrower based on the interest rates then in effect for each class denomination. (b) The Loans may be issued by the Borrower with different maturity dates based on the class or series designation for the Loans, but in no event may a Loan have a different rank in security to that of other Lenders under this Agreement. Interest rates may vary as among the series and classes of Loans and upon the date of issuance of such Loan. Following execution and delivery of this Agreement, a Promissory Note shall be executed by the Borrower, and delivered to Lender only after the receipt of the Loan issuance proceeds equal to the aggregate issue price of the Loan. Unless stated on Exhibit A-1 the Loans bear simple interest at their respective stated rates of interest per annum.
Appears in 2 contracts
Samples: Note Issuance and Security Agreement, Note Issuance and Security Agreement (GWG Holdings, Inc.)
Loan Procedures. The Borrower may receive Loans in one or more series or classes hereunder by issuing a Promissory Note to the Lender.
(a) Each such Loan (herein called a “Promissory Note”) shall be in the form of Exhibit A and shall specify the Lender, initial Loan Term, Interest Period, therefore and shall include the date and Principal Amount of Loan. There shall be an initial series of Loans entitled Secured Loans, Series 1. I. The Loans (Series I) shall be issued as various classes of Loans substantially in the form set forth in Exhibit A hereto. The Loans (Series I) shall be issued in initial minimum denominations of $25,000 (unless the Borrower otherwise approves a smaller denomination). Each Loan (Series I) shall be payable as provided in the form of Loan and in this Agreement. The Loans (Series I) shall be issued in the maturities and class denominations with interest rates upon the unpaid principal amounts thereof based on the table set forth in Exhibit X- 0. A-1, as such table may be amended and updated from time to time by the Borrower based on the interest rates then in effect for each class denomination.
(b) The Loans may be issued by the Borrower with different maturity dates based on the class or series designation for the Loans, but in no event may a Loan have a different rank in security to that of other Lenders under this Agreement. Interest rates may vary as among the series and classes of Loans and upon the date of issuance of such Loan. Following execution and delivery of this Agreement, a Promissory Note shall be executed by the Borrower, and delivered to Lender only after the receipt of the Loan issuance proceeds equal to the aggregate issue price of the Loan. Unless stated on Exhibit A-1 A-1, the Loans bear simple interest at their respective stated rates of interest per annum.
Appears in 2 contracts
Samples: Note Issuance and Security Agreement (GWG Holdings, Inc.), Note Issuance and Security Agreement (GWG Life Settlements, LLC)
Loan Procedures. The Borrower may receive Loans in one or more series or classes hereunder by issuing a Promissory Note to the Lender.
(a) Each such Loan (herein called a “Promissory Note”) shall be in the form of Exhibit A and shall specify the Lender, initial Loan Term, Interest Period, therefore and shall include the date and Principal Amount of Loan. There shall be an initial series of Loans entitled Secured Loans, Series 1. I. The Loans (Series I) shall be issued as various classes of Loans substantially in the form set forth in Exhibit A hereto. The Loans (Series I) shall be issued in initial minimum denominations of $25,000 (unless the Borrower otherwise approves a smaller denomination). Each Loan (Series I) shall be payable as provided in the form of Loan and in this Agreement. The Loans (Series I) shall be issued in the maturities and class denominations with interest rates upon the unpaid principal amounts thereof based on the table set forth in Exhibit X- 0. A-1, as such table may be amended and updated from time to time by the Borrower based on the interest rates then in effect for each class denomination.. 16
(b) The Loans may be issued by the Borrower with different maturity dates based on the class or series designation for the Loans, but in no event may a Loan have a different rank in security to that of other Lenders under this Agreement. Interest rates may vary as among the series and classes of Loans and upon the date of issuance of such Loan. Following execution and delivery of this Agreement, a Promissory Note shall be executed by the Borrower, and delivered to Lender only after the receipt of the Loan issuance proceeds equal to the aggregate issue price of the Loan. Unless stated on Exhibit A-1 A-1, the Loans bear simple interest at their respective stated rates of interest per annum.
Appears in 1 contract
Samples: Note Issuance and Security Agreement