Common use of NATURE OF THE CREDIT FACILITY Clause in Contracts

NATURE OF THE CREDIT FACILITY. 2.1 This credit facility shall be in the nature of a demand loan, payable by the Debtor to the Lender thirty (30) days after the Lender demands payment of the amounts advanced pursuant to this agreement; 2.2 The said demand shall be in writing and addressed to the Debtor at its address I indicated in this agreement; 2.3 This credit facility shall have no security issued or taken against the amounts advanced; 2.4 This credit facility shall bear interest at the rate of 8% per annum on the principal amount drawn down and remaining unpaid, after as well as before demand or maturity or default, calculated on an annual basis (on the basis of a year of 365 days for the actual number of days elapsed);

Appears in 3 contracts

Samples: Loan Agreement (Bangla Property Management Inc), Loan Facility Agreement (Branson Jewelry Iusa Inc), Loan Agreement (Bangla Property Management Inc)

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NATURE OF THE CREDIT FACILITY. 2.1 This credit facility shall be in the nature of a demand loan, payable by the Debtor to the Lender thirty (30) days after the Lender demands payment of the amounts advanced pursuant to this agreement; 2.2 The said demand shall be in writing and addressed to the Debtor at its address I indicated in this agreement; 2.3 This credit facility shall have no security issued or taken against the amounts advanced; 2.4 This credit facility shall bear interest at the rate of 8% per annum on the principal amount drawn down and remaining unpaid, after as well as before demand or maturity or default, calculated on an annual basis (on the basis of a year of 365 days for the actual number of days elapsed);

Appears in 1 contract

Samples: Loan Facility Agreement (Barola Oil & Gas Co Inc)

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