Loans and Creditors Sample Clauses

Loans and Creditors. 1The Contributor has obtained certain financing encumbering the Property through (1) Access Point Financial, Inc. issued with a maturity of August 1, 2020 at an original loan amount of $20,200,000, and (2) Xxxxx Community Partners II LLC at a loan amount of $3,913,475.00 (individually, an “Existing Loan” and collectively, the “Existing Loans”). Such notes, deed of trusts and all other documents or instruments evidencing or securing such Existing Loans, including any financing statements, and any amendments, modifications and assignments of the foregoing, shall be referred to, collectively, as the “Existing Loan Documents.” Each Existing Loan shall be considered a Permitted Lien for purposes of this Agreement. The Operating Partnership at its election shall either (i) assume the applicable Existing Loans at the Closing (subject to obtaining any necessary consents from the holder of the mortgage or deed of trust related to the Existing Loans (the “Lender(s)”) prior to the Closing), (ii) take title to the Property subject to the lien of the Existing Loan Documents or (iii) cause the Existing Loans to be refinanced or repaid from and after the Closing. The Operating Partnership shall have the right to discuss with Access Point Financial, Inc. and Xxxxx Community Partners II LLC any of the options described in this Section 2.7.1 immediately upon the Contributor discussing the transaction contemplated by this Agreement with such entities. The Operating Partnership shall indemnify the guarantors of the Existing Loans. Any indemnification shall be executed and delivered to Lenders on behalf of the Contributor, for from and against all Losses arising with respect to the Existing Loans from and after the Closing. Notwithstanding the foregoing, the Operating Partnership’s indemnification with respect to the guarantors shall not exceed a total of $11,000,000.00, from and against all Losses arising from and in connection with the Existing Loan from Access Point Financial, Inc., from and after the closing.
Sample 1
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Loans and Creditors. 1The Contributor has obtained certain financing encumbering the Property through Kaw Valley Bank at a fixed interest rate of 5%, with a term of 12 years, at an original loan balance of $11,250,000, (the “Original Loan Balance) and collectively, the “Original Loan Balance”) (the “Existing Loan” and collectively, the “Existing Loans”). Such notes, deed of trusts and all other documents or instruments evidencing or securing such Existing Loans, including any financing statements, and any amendments, modifications and assignments of the foregoing, shall be referred to, collectively, as the “Existing Loan Documents.” Each Existing Loan shall be considered a Permitted Lien for purposes of this Agreement. The Operating Partnership at its election shall either (i) assume the applicable Existing Loans at the Closing (subject to obtaining any necessary consents from the holder of the mortgage or deed of trust related to the Existing Loans (the “Lender”) prior to the Closing), (ii) take title to the Property subject to the lien of the Existing Loan Documents or (iii) cause the Existing Loans to be refinanced or repaid in connection with the Closing. The Operating Partnership shall have the right to discuss with Kaw Valley Bank any of the options described in this Section 2.7.1 immediately upon the Contributor discussing the transaction contemplated by this Agreement with such entities.
Sample 1
Loans and Creditors. 1The Contributor has obtained certain financing encumbering the Property through EPH Development Fund LLC at an original loan balance of $8,400,000, (the “Existing Loan”). Such notes, deed of trusts and all other documents or instruments evidencing or securing such Existing Loan, including any financing statements, and any amendments, modifications and assignments of the foregoing, shall be referred to, collectively, as the “Existing Loan Documents.” The Existing Loan shall be considered a Permitted Lien for purposes of this Agreement. The Operating Partnership at its election shall either (i) assume the applicable Existing Loan at the Closing pursuant to the terms and conditions set forth in the Letter of Intent, dated November 18, 2020, between Contributor and the Operating Partnership (the “LOI”) (subject to obtaining any necessary consents from EPH Development Company LLC, the holder of the mortgage or deed of trust related to the Existing Loan (the “Lender”) prior to the Closing), or (ii) cause the Existing Loan to be refinanced or repaid in connection with the Closing. The Operating Partnership shall have the right to discuss with the Lender any of the options described in this Section 2.7.1 immediately upon the Contributor discussing the transaction contemplated by this Agreement with such entities. ​ ​
Sample 1
Loans and Creditors. 1The Contributor has obtained certain financing encumbering the Property through (1) Plains State Bank at a fixed interest rate of 5.25%, with a term of 10 years, at an original loan balance of $4,800,000.00; (2) Xxxxx Fargo SBA at a fixed rate of 4.59%, with a term of 20 years, at an original loan balance of $3,453,000.00; (3) SBA Hurricane Xxxxxx Disaster Loan at a fixed rate of 3.305%, with a term of 30 years, at an original loan balance ​ ​ of $242,600.00; (4) SBA Economic Injury Disaster Loan at a fixed rate of 3.75%, with a term of 30 years, at an original loan balance of $150,000.00; (5) Paycheck Protection Program Loan (Round 1) at a fixed rate of 1.0%, with a term of 2 years, at an original loan balance of $91,508.00, which has been forgiven; and (6) Paycheck Protection Program Loan (Round 2) at a fixed rate of 1.0%, with a term of 5 years, at an original loan balance of $98,000.00 (collectively, the “Existing Loans”) (each of the original loan balances collectively, the “Original Loan Balance”). Such notes, deed of trusts and all other documents or instruments evidencing or securing such Existing Loans, including any financing statements, and any amendments, modifications and assignments of the foregoing, shall be referred to, collectively, as the “Existing Loan Documents.” Each Existing Loan shall be considered a Permitted Lien for purposes of this Agreement. The Operating Partnership at its election shall either (i) assume the applicable Existing Loans at the Closing (subject to obtaining any necessary consents from the holder of the mortgage or deed of trust related to the Existing Loans (the “Lender”) prior to the Closing), or (ii) cause the Existing Loans to be refinanced or repaid in connection with the Closing. In the event the Operating Partnership assumes the applicable Existing Loans at the Closing, the Operating Partnership will indemnify the Contributor’s guarantors from any applicable financial guaranty obligations on such Existing Loans. The Operating Partnership shall have the right to discuss with Plains State Bank, Xxxxx Fargo, and the Small Business Administration any of the options described in this Section 2.7.1 immediately upon the Contributor discussing the transaction contemplated by this Agreement with such entities.
Sample 1

Related to Loans and Creditors

  • First Loans and Letters of Credit On the Closing Date:

  • Loans and Letters of Credit On the Closing Date:

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

  • The Commitments and Credit Extensions 2.01 The Loans.

  • Extensions of Credit The Extensions of Credit made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Extensions of Credit made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Revolving Credit Note and/or Swingline Note, as applicable, which shall evidence such Lender’s Revolving Credit Loans and/or Swingline Loans, as applicable, in addition to such accounts or records. Each Lender may attach schedules to its Notes and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto.

  • Loans 3.1. On each Loan Subscription Date, not later than the time specified by Xxxxxx (such time to be posted to the TALF Website in advance of such Loan Subscription Date), each TALF Agent may submit to Lender, in the manner specified by Xxxxxx from time to time, a request for Loans on behalf of each Applicable Borrower proposing to borrow Loans on the next scheduled Loan Closing Date (each such request, a “Loan Request”). Each TALF Agent shall complete the Loan Request in accordance with instructions provided by Custodian from time to time, in the form attached hereto as Appendix 3A or, in the case of a Loan to be secured by CMBS Collateral, Appendix 3B. Lender shall promptly provide Custodian with the information contained in each such Loan Request. Notwithstanding the foregoing, a TALF Agent shall not be permitted to submit a Loan Request unless (x) it has previously delivered to Custodian a copy of the Letter of Agreement pursuant to which it became a party hereto and (y) in the case of a Loan to be secured by Newly Issued CMBS Collateral and with respect to each such Item of Newly Issued CMBS Collateral, the following documents shall have been delivered to Lender and Custodian at or before the stated times: (1) not later than 5:00 p.m. on the eighth Business Day before the applicable Loan Subscription Date, the Offering Materials (as defined below) (which may be in preliminary form to the extent Offering Materials in final form are not then available), (2) not later than 5:00 p.m. on the sixth Business Day prior to the applicable Loan Subscription Date, an AUP Report (TALF) and an AUP Report (Industry) relating to such Offering Materials and (3) not later than the Business Day after any supplement to such Offering Materials is furnished to prospective investors, each such supplement, together with an AUP Report (TALF) and an update to the earlier AUP Report (Industry); provided, that each such supplement and related AUP Report (TALF) and update to AUP Report (Industry) shall be delivered not later than 5:00

  • Use of Loans and Letters of Credit The proceeds of the Loans and the Letters of Credit shall be used for working capital, for lease acquisitions, for exploration and production operations, for development (including the drilling and completion of producing xxxxx), for the payment of fees and expenses incurred in connection with this Agreement and for any other general business purposes. The Credit Parties are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan or Letter of Credit will be used for any purpose which violates the provisions of Regulations T, U or X of the Board.

  • Loans and Advances The Company does not have any outstanding loans or advances to any person and is not obligated to make any such loans or advances, except, in each case, for advances to employees of the Company in respect of reimbursable business expenses anticipated to be incurred by them in connection with their performance of services for the Company.

  • 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.

  • Investments, Loans and Advances Purchase, hold or acquire any Equity Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other Person, except: (a) (i) investments by the Borrower and the Subsidiaries existing on the date hereof in the Equity Interests of the Subsidiaries, and (ii) additional investments by the Borrower and the Subsidiaries in the Equity Interests of the Subsidiaries; provided that (A) any such Equity Interests held by a Loan Party shall be pledged pursuant to the Guarantee and Pledge Agreement (subject to the limitations and exceptions referred to therein) and (B) investments made after the Closing Date by Loan Parties in, and loans and advances made after the Closing Date by Loan Parties to, Subsidiaries that are not Loan Parties (determined without regard to any write-downs or write-offs of such investments, loans and advances) shall only be permitted (x) pursuant to funding commitments in effect on, and disclosed to the Lender on or prior to, the Closing Date or (y) with the prior written consent of the Lender; (b) investments in cash and Permitted Investments; (c) loans or advances made by the Borrower to any Subsidiary and made by any Subsidiary to the Borrower or any other Subsidiary; provided that (i) any such loans and advances made to a Loan Party shall be unsecured, (ii) any such loans and advances made to any Loan Party shall be subordinated to the Obligations pursuant to an Affiliate Subordination Agreement and (iii) the amount of such loans and advances made by Loan Parties to Subsidiaries that are not Loan Parties shall be subject to the limitation set forth in paragraph (a) above; (d) investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business; and (e) other loans, advances and investments made in the ordinary course of business of the Borrower and its Subsidiaries. Notwithstanding the foregoing, the Borrower and its Subsidiaries shall not be permitted to make any material investment in illiquid, complex structured products for which no external market price, liquid market quotes or price based on common agreed modeling is available except (i) pursuant to Investment Commitments in effect on the Closing Date and entered into in the ordinary course of business or (ii) with the prior written consent of the Lender.

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