Loans and Credit Extensions Sample Clauses

Loans and Credit Extensions. (a) EQUIPMENT LOAN. Bank hereby promises and agrees to make an "equipment loan" to Borrower on the terms and conditions stated in this agreement in an amount equal to the lesser of (i) $300,000, or (ii) 85 percent of the liquidating value of the equipment owned by Borrower on the date of this agreement (as estimated by Bank's Equipment Appraisal Department) net of all debts and liabilities secured by senior liens or security interests covering the equipment or any item thereof or interest therein. Bank's commitment to make the equipment loan will expire on July 31, 1992, unless the conditions precedent are satisfied (or waived by Bank) and the loan is funded on or before that date. If made, Borrower promises and agrees to repay the equipment loan and to pay interest, fees and costs without offset, defense or counterclaim to Bank's order or assigns at the above address (or such other address as Bank may hereafter specify) as follows: (i) Principal will be repaid in 60 equal monthly installments starting on the 10 day of the first calendar month immediately following the calendar month in which the loan is made, and continuing on the same day of each and every calendar month thereafter until the loan is paid in full. (ii) Interest will accrue on the outstanding principal balance of the equipment loan from the date the loan is made until repaid at a fully fluctuating rate of interest equal to Bank's publicly announced prime rate of interest plus a margin of 1.25 percent per annum. Interest will be paid monthly in arrears at the same time and in the same manner as principal is paid. (iii) Borrower will pay a fee to Bank at the time the equipment loan is made which will be in an amount determined by multiplying the principal of the equipment loan by 1 percent. (iv) Borrower will execute and deliver to Bank a note in a form prescribed by Bank to further evidence Borrower's obligation to repay the equipment loan and to pay interest, fees and costs in accordance with the terms of this agreement; provided, however, that the terms and conditions of this agreement shall control over any inconsistent term or condition in that note. The note also will provide for reasonable attorney fees and other collection costs as specified below.
Sample 1
AutoNDA by SimpleDocs
Loans and Credit Extensions 
Sample 1

Related to Loans and Credit Extensions

  • Commitments and Credit Extensions 33 Loans ......................................................................................................................33 Borrowings, Conversions and Continuations of Loans .........................................33

  • The Commitments and Credit Extensions 2.01 The Loans.

  • All Credit Extensions The obligation of each Lender and each Issuer to make any Credit Extension shall be subject to the satisfaction of each of the conditions precedent set forth below.

  • Incremental Credit Extensions (a) At any time and subject to the terms and conditions of this Section 2.19, the Company may request (i) one or more new tranches of term facilities (any such new term facilities, an “Incremental Term Facility” and any loans made pursuant to an Incremental Term Facility, “Incremental Term Loans”) and/or (ii) one or more increases in the Aggregate Revolving Credit Commitments and/or add up to two new Foreign Borrower Tranches (it being agreed such new Foreign Borrower Tranche may only be borrowed by a Foreign Subsidiary) (each such increase or additional Foreign Borrower Tranche, a “Revolving Credit Commitment Increase” and the loans thereunder the “Incremental Revolving Loans”, together with the Incremental Term Loans, the “Incremental Loans”) with the consent of the Administrative Agent (not to be unreasonably withheld, conditioned or delayed) but without the consent of any Lender not providing such Incremental Term Loans or Revolving Credit Commitment Increases, as the case may be; provided that (A) (i) the aggregate amount of all Incremental Term Loans and Revolving Credit Commitment Increases made during the term of this Agreement after the Execution Date shall not exceed the Dollar Equivalent Amount of the Incremental Amount and (ii) any Incremental Facility shall rank pari passu in right of payment and security with the other Credit Facilities; (B) the maturity date and weighted average life to maturity of any Incremental Facility that is a “term A facility” (which shall mean a term loan facility with amortization greater than 1% per year prior to maturity) (an “Incremental Term A Facility” and the loans thereunder, the “Incremental Term A Loans”) shall be no shorter than the maturity date and remaining weighted average life to maturity of the then-existing (or committed) Term A Loans (including any previously made Incremental Term A Loans), in each case calculated as of the date of making such Incremental Term A Loan;

  • Credit Extensions Borrower promises to pay to the order of Bank, in lawful money of the United States of America, the aggregate unpaid principal amount of all Credit Extensions made by Bank to Borrower hereunder. Borrower shall also pay interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms hereof.

  • Each Credit Extension After the Closing Date, the obligation of each Revolving Lender or Issuing Bank to make any Credit Extension is subject to the satisfaction of the following conditions: (i) In the case of any Borrowing, the Administrative Agent shall have received a Borrowing Request as required by Section 2.03 or (ii) in the case of the issuance of any Letter of Credit, the applicable Issuing Bank and the Administrative Agent shall have received a Letter of Credit Request as required by Section 2.05(b). (b) The representations and warranties of the Loan Parties set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the date of any such Credit Extension with the same effect as though such representations and warranties had been made on and as of the date of such Credit Extension; provided, that to the extent that any representation and warranty specifically refers to a given date or period, it shall be true and correct in all material respects as of such date or for such period. (c) At the time of and immediately after giving effect to the applicable Credit Extension, no Default or Event of Default has occurred and is continuing. Each Credit Extension after the Closing Date shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (b) and (c) of this Section 4.02; provided, however, that the conditions set forth in this Section 4.02 shall not apply to (A) any Incremental Loan and/or (B) any Credit Extension under any Refinancing Amendment and/or Extension Amendment unless in each case the lenders in respect thereof have required satisfaction of the same in the applicable Incremental Facility Agreement, Refinancing Amendment or Extension Amendment, as applicable; it being understood and agreed that no Event of Default then exists or would exist after giving effect thereto (except in the case of the incurrence or provision of any Incremental Facility in connection with a Permitted Acquisition, Investment or similar transaction not prohibited by the terms of this Agreement, in which case, no Specified Event of Default then exists or would exist after giving effect thereto at the time of the borrowing of any Incremental Facility).

  • Initial Credit Extension The obligations of the Lenders and, if applicable, the Issuer to fund the initial Credit Extension shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in this Section 5.1.

  • All Extensions of Credit The obligation of Lenders to make any Credit Extension hereunder (including the initial Credit Extension) is subject to the following additional conditions precedent:

  • Loans and Letters of Credit On the Closing Date:

  • New Swingline Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!