New Loan. Buyer may apply for mortgage loan financing (the “Loan”) on terms acceptable to Buyer: If an FHA/VA loan applies, see attached FHA/VA Loan Addendum. $ (d) Seller Financing (see attached Seller Financing Addendum) $ (e) Balance of Purchase Price in Cash at Settlement $ PURCHASE PRICE. Total of lines (a) through (e)
New Loan. (a) The Credit Enhancement Provider hereby makes the New Loan to the Trust, for the benefit of the Investor Certificateholders of the Series, on the date of this Agreement in an amount equal to $21,052,640, receipt of which is hereby acknowledged by the Trustee.
(b) On the date hereof, an amount equal to the proceeds of the New Loan made by the Credit Enhancement Provider pursuant to Section 2(a) hereof shall be withdrawn from the Credit Enhancement Account and paid by the Trustee to Greenwood on behalf of the Holder of the Seller Certificate.
New Loan. The Borrower has requested that the Lender make a short-term loan in the original principal amount of $450,000.00 (the “New Loan”) to fund ongoing business operations. Upon the satisfaction of all of the conditions precedent set forth in Paragraph 4 of this Agreement, as determined by the Lender in the Lender’s sole and exclusive discretion, and subject to the terms and conditions of the New Debenture and the Related Documents, the New Loan shall (a) be made by the Lender in accordance with the terms and conditions of the New Debenture and the other Financing Documents, (b) constitute a portion of the Obligations, and (c) be secured by all of the collateral granted to the Lender by the Obligors. The Borrower hereby acknowledges and agrees that (x) the New Loan is a single, one time loan, (y) by making the New Loan the Lender is not agreeing to make any further loans in the future, and (z) will be repaid in full on or before July 29, 2012.
New Loan. Buyer agrees to apply for a new loan as ------------------------ provided in Section 2~3. Buyer will apply for one or more of the following loans: [ ] CONVENTIONAL [ ] FHA [ ] VA [ ] OTHER (specify) ____________________________ If an FHAWA loan applies, see attached FHANA Loan Addendum If the loan is to include any particular terms, then check below and give details: [ ] SPECIFIC LOAN TERMS ________________________
New Loan. (a) The Credit Enhancement Provider hereby makes the New Loan to the Trust, for the benefit of the Investor Certificateholders of the Series, on the date of this Agreement in an amount equal to $47,426,758, receipt of which is hereby acknowledged by the Trustee.
(b) On the date hereof, an amount equal to the proceeds of the New Loan made by the Credit Enhancement Provider pursuant to Section 2(a) hereof shall be withdrawn from the Credit Enhancement Account and paid by the Trustee to Greenwood on behalf of the Holder of the Seller Certificate.
New Loan. Buyer shall be responsible for all costs with respect to any new loan obtained by Xxxxx. Seller shall have no obligation to pay any charge in connection therewith unless specifically set forth in this contract.
New Loan. This agreement is contingent upon buyer's ability to obtain a new loan in the amount of $ . Buyer is not required to accept any loan w ith interest rate exceeding % amortized over years or pay any closing costs or points exceeding $ . Buyer shall provide seller w ith w xxxxxx proof of a loan commitment on or before , 20 .
New Loan. Buyer may apply for mortgage loan financing (the “Loan”) on terms acceptable to Buyer: If an FHA/VA loan applies, see attached FHA/VA Loan Addendum.
New Loan. Buyer agrees to apply for a new loan as ------------------------ provided in Section 2~3. Buyer will apply for one or more of the following loans: [ ] CONVENTIONAL [ ] FHA [ ] VA [ ] OTHER (specify)______________________________ If an FHAWA loan applies, see attached FHANA Loan Addendum If the loan is to include any particular terms, then check below and give details: [ ] SPECIFIC LOAN TERMS ________________________ $ 0 (c) Loan Assumption (see attached Assumption Addendum ------------------------ if applicable) $ 480,000 (d) Seller Financing (see attached Seller Financing ------------------------ Addendum if applicable) $ 520,000 (e) Other (specify) See Addendum #1 ------------------------ ----------------------- $ 0
New Loan. (a) Provided that the conditions described in this Section 11.2 are satisfied by January 31, 2004, the parties agree that a $4 million dollar senior secured loan (or such lesser amount as agreed to by the parties consistent with Section 11.2(a)(ii)) shall be made by the Purchasers or an affiliate of the Purchasers (or at Purchasers sole discretion, by a bank or other lender, with a guarantee provided by the Purchasers or an affiliate of Purchasers) and the loan will be accepted by the Company (the “Senior Secured Loan”) by February 28, 2004. The terms of the Senior Secured Loan shall be as follows:
(i) The Senior Secured Loan shall be secured by a first priority lien on all of the assets of the Company.
(ii) The proceeds from the Senior Secured Loan may only be used for the transactions described in Schedule 11.2 hereof.
(iii) The interest on the Senior Secured Loan shall be payable at an interest equal to the prime rate, as published from time to time by the Federal Reserve Bank in Statistical Release H.15., as it may change from time to time, and interest shall be payable quarterly by the first day of each calendar quarter.
(iv) The principal shall be due and payable one year after the closing of the funding of the Senior Secured Loan.
(v) If the Purchasers are not the lender, the Company shall have provided to the Purchasers an unconditional agreement to reimburse the Purchasers for any payments made by the Purchasers pursuant to the guarantee. Such reimbursement obligation shall be secured by a lien on all the assets of the Company, subordinated only to the lien of the lender of the Senior Secured Loan.
(vi) The Company will sign all documents and take all actions requested by the lender in order to complete the funding of the Senior Secured Loan.
(b) At the time of the funding of the Senior Secured Loan, the Company shall issue to Purchasers five-year Warrants in the form of Exhibit G, exercisable for shares of Series C Preferred Stock at $2 per share (as appropriately adjusted for any stock splits, stock dividends, recapitalizations and the like), exercisable into an aggregate amount of 250,000 shares of Series C Preferred Stock for each one million dollars advanced to the Company under the Senior Secured Loan.
(c) The right of the Company to receive proceeds from the Senior Secured Loan are subject to the following contingencies for the benefit of the Purchasers (which may be waived by the Purchasers in their sole discretion):
(i) The stockholders o...
