LOAN STRUCTURE. The Loan shall consist of a term loan in an original principal amount equal to $8,500,000.00. Any sums borrowed under this term loan facility, once repaid, may not be reborrowed.
LOAN STRUCTURE. This Commercial Loan Agreement (Agreement) contemplates a single advance term Loan a multiple advance draw Loan X a revolving multiple advance draw Loan. The principal balance will not exceed $ 2,000,000.00 . Borrower will pay down a revolving draw Loan’s outstanding Principal to $ (Pay Down Balance) (Time Period). This Loan is for agricultural X business purposes. Borrower may not voluntarily prepay the Loan in full at any time. X Borrower may prepay the Loan under the following terms and conditions (Any partial prepayment will not excuse any later scheduled payments until the Loan is paid in full.):
LOAN STRUCTURE. Each Borrower acknowledges that (i) the Loan is evidenced by and made pursuant to the Note and that the Note shall be secured by the Security Instruments; (ii) the Note provides for joint and several liability of each Borrower; (iii) any nonpayment of principal or interest, whether or not resulting from one Borrower’s failure to pay any portion of the Note or any installment of principal or interest due thereunder as may be agreed among Borrowers to be payable by another one or more of the Borrowers, may result in an Event of Default under the Loan Documents and acceleration of the Loan; (iv) in that event, all proceeds of the foreclosure sale of each Borrower’s Facility may be applied to satisfy the Note; and (v) such foreclosure sale proceeds may be applied to satisfy the Note even if the value of such Borrower’s Facility is greater than the Loan Amount allocable to such Facility as agreed among the Borrowers hereunder.
LOAN STRUCTURE. 24 ARTICLE VIII THE AGENT
LOAN STRUCTURE. On the delivery date of any Aircraft or Leveraged Lease Aircraft, this Agreement may be combined with a subordinated debt or junior debt facility or a leveraged lease facility, subject to prior approval of the tax equity provider and satisfactory intercreditor and other transaction documents approved by the Agent and the Lenders and provided the Borrower submits a written request therefor to the Agent and the Lenders 45 days prior to such delivery date. The Lenders shall not unreasonably withhold approval for any recognized junior debt provider or tax equity provider of good credit standing and with recognized experience in the financing of large commercial aircraft, subject to mutual agreement on intercreditor matters. In the event the Borrower elects that one or more of the Airbus model A319-100 aircraft contemplated to be financed under this Agreement be financed by the Agent and the Lenders on a leveraged lease basis (such aircraft to be financed by the Agent and the Lenders on a leveraged lease basis, in each case, a "Leveraged Lease Aircraft" and collectively, the "Leveraged Lease Aircraft"), the Borrower agrees that (i) any event of default or similar event under any such leveraged lease facility with respect to such Leveraged Lease Aircraft shall constitute an Event of Default under the Loan Documents and (ii) to the extent there is a single tax equity provider for two or more Leveraged Lease Aircraft, it shall use its reasonable best efforts to arrange that such Leveraged Lease Aircraft are cross-collateralized.
LOAN STRUCTURE. Borrowers acknowledge and agree that they are jointly and severally liable for the Loan and for the payment and performance of all Borrowers’ obligations under the Loan Documents and that the full amount of the Loan is secured by each of the Deeds of Trust. Any nonpayment of principal or interest on the Loan, including non-payment resulting from a Borrower’s failure to pay its Allocated Loan Amount or interest accrued thereon, may result in the entire Loan being declared in default, and all unpaid principal under the Note accelerated. In that event, all proceeds of the foreclosure sale of any one Borrower’s Property may be applied to satisfy the Note. Further, each Borrower acknowledges and understands that such foreclosure sale proceeds may be applied to satisfy the Note even if the value of such Borrower’s Property is greater than such Borrower’s Allocated Loan Amount.
LOAN STRUCTURE a. Subject to the terms and conditions hereinafter set forth, the LENDER agrees to advance two million United states dollars ($2,000,000.00 USD) on four million (4,000,000) shares of Restricted 14 Class A common stock of Adatom, Inc., CUSIP #00650Q-10-5, with symbol ADTM (the "STOCK").
b. LENDER will advance funds under the Loan to the BORROWER in two payments: 1) The first loan advance for fifty percent (50%) of the Loan amount will be made within five (5) business days of the later of the delivery of the STOCK and the corollary documents, or execution of this Agreement; and 2) The second and final loan advance for the other fifty percent (50%) of the Loan amount will be made within five (5) business days of the date of the first payment.
c. The BORROWER's obligation to repay the advance shall be evidenced by a promissory note(s) in the form of Exhibit A attached hereto (the "Note"). The Note(s) shall be executed by BORROWER and delivered to the LENDER via courier upon notification by the LENDER that good funds are available to advance the Loan d. To secure its obligations under the Loan, Xxxx Xxxxxx hereby grants LENDER a Security Interest in the STOCK. The STOCK shall be held by the LENDER for the duration of the Loan.
e. LENDER will issue a safekeeping receipt guaranteeing the return of the STOCK upon repayment of the credit line without any liens or encumbrances.
f. The credit line may be used to arbitrage cash, but, if so, an amount will be invested to insure the availability of funds to repay the credit line at all times.
g. Return of the STOCK is subject to repayment of the Loan Principal and accrued interest and is forfeited if there is a Default as specified in the Note. h. In addition to the share certificate(s), the BORROWER will deliver a "blank" stock power, one for each certificate, with medallion signature guarantee, a corporate resolution, and requisite corollary documents to complete the transaction.
i. All parties understand and agree that the STOCK is subject to a Rule 145 restriction and legend as well as a "hold back" restriction under a subscription agreement which is also legended on the share certificate(s). However, it has been represented that there are no other restrictions, whether legended or not, that apply to the STOCK. LENDER_______ BORROWER______
j. This Agreement, the Promissory Notes, and the other documents specified in this section constitute the "LOAN DOCUMENTS."
LOAN STRUCTURE. In Lender’s sole discretion, either before or after closing, the Loan may be bifurcated into a mortgage loan and one or more levels of mezzanine debt secured by direct and/or indirect equity interests in the mortgage borrower; Borrower acknowledges and agrees that the time necessary to complete a mezzanine foreclosure may be shorter than the time necessary to complete a mortgage foreclosure (provided that, in the event the holder of the Loan and the holder of any mezzanine loan shall be the same person, with no unaffiliated person holding any portion of the Loan or the mezzanine loan, the applicable pledge agreement shall provide that the mezzanine lender shall refrain from commencing a UCC foreclosure until the date that is 90 days following the occurrence of an Event of Default) and each mezzanine loan shall have its own consent and approval rights independent of the Loan. In addition, the Loan or any portion thereof may be further bifurcated into senior and subordinate components, which may be represented by separate notes. The resulting loans, notes and/or components may be assigned different interest rates, but their initial weighted average shall equal the Interest Rate specified herein. Prepayments and defeasances will be applied sequentially, starting with the most senior tranche of the Loan. Any such restructuring following the initial loan closing shall be at Lender’s sole cost and expense, provided that Borrower shall pay its own legal expenses.
LOAN STRUCTURE. 1.1 The Notes, the Warrant and the Initial Draw Down
1.1.1 Subject to the terms and conditions of this Agreement, CTL agrees to loan the Company up to US$70,000 (the “Full Loan Amount”) at the Closing (as defined below. CTL irrevocably undertakes in consideration for the Warrant to make funds immediately available to the Company no later than the end of the Notice Period (as defined) and upon receipt of a Note for and in the amount of the Draw Down (as defined) being made.
1.1.2 The Company will be able to draw down the Loan in US$10,000 increments (each a “Draw Down”) by making one or more Notes to CTL. The first Draw Down will be for a total of US$20,000 and one or more Notes totaling this amount will be made by the Company at the Closing, and no Notice Period shall apply. For all other Draw Downs the Company will provide notice of at least seventy-two (72) hours (the “Notice Period”) and deliver the Note or Notes to be effective at the time of CTL funding the applicable Draw Down.
LOAN STRUCTURE. Borrower understands and agrees that each of the Loans represents a separate and independent financial obligation of Borrower, and that the Security is mortgaged to Lender for the repayment of each and every one of the Loans. Borrower acknowledges that a failure to repay all or part of any one or more of the Loans will result in a foreclosure or other loss of the Security, even if all of the other Loans have been repaid in full.
