Permitted Borrowings Clause Samples
The Permitted Borrowings clause defines the types and limits of debt or financial obligations that a borrower is allowed to incur under an agreement. It typically outlines specific categories of acceptable borrowings, such as loans from approved lenders, short-term credit facilities, or other financial arrangements that do not exceed a set threshold. By clearly specifying what borrowings are allowed, this clause helps prevent the borrower from taking on excessive or unauthorized debt, thereby protecting the lender’s interests and maintaining financial discipline.
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Permitted Borrowings. Borrower shall have the right to enter into secured or unsecured borrowings from commercial banks and comparable commercial credit institutions for the purpose of financing inventory and fixed assets, upon approval of the Board of Directors of the Borrower (“Permitted Borrowings”). Permitted Borrowings shall not require the prior approval of the Lender. All other borrowings by the Borrower shall be subject to the prior written approval of the Lender.
Permitted Borrowings. Borrowings of more than one Type may be outstanding at the same time; provided that there shall not at any time be more than a total of five (5) Eurodollar Borrowings outstanding. Each Eurodollar Borrowing shall be in an amount not less than $500,000.00. No Interest Period may be elected that would end after the Maturity Date.
Permitted Borrowings. The uses for which the Borrowing Availability may be used by Borrower, which shall be limited to (a) payment of interest and fees due and payable under this Agreement, (b) such other items as approved by the Required Lenders and set forth in the Approved Budget, (c) payment of items set forth in the Approved Budget for which there is insufficient cash due to unanticipated revenue shortfalls not covered by cost savings, (d) new items not included in the Approved Budget and approved by the Required Lenders, and (e) to the extent not included in the Approved Budget, payment of up to $500,000.00 of the Make Whole Fee (less any amount paid from funds of the Borrower or the REIT). Permitted Borrowings shall be further subject to the terms of §7.23.
Permitted Borrowings. The Borrower would be allowed to raise Additional Debt (provided financial covenants as per clause 20 is complied with after such indebtedness) Execution Version 181210 - 97 - Execution Version 181210 - 98 - To: IDBI Trusteeship Services Limited (as Agent)
Permitted Borrowings. The Borrower may request, and the Lenders shall be obligated to provide, additional loans under this Agreement up to a total amount of $100,000.
Permitted Borrowings. Notwithstanding the provisions of subparagraph 10(q) of the Agreement, Borrower may finance or refinance the acquisition of Equipment, whether by purchase money financing, lease or otherwise.
Permitted Borrowings. Notwithstanding the provisions of Paragraph 10(q) of the Agreement, Borrower may (a) finance or refinance the acquisition of Equipment and/or real estate in an aggregate amount not to exceed One Hundred Thousand and No/100 Dollars ($100,000.00), whether by purchase money financing, lease or otherwise; (b) borrow money from a Person other than Bank, provided that any such borrowing is on an unsecured and subordinated basis, and further provided that a Subordination Agreement in favor of Bank and in form and substance satisfactory to Bank shall have been executed and delivered relative thereto; (c) maintain the present indebtedness to W▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇. as evidenced by that certain License Agreement dated April 30, 1996 between Borrower and W▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇. (the "License Agreement"); (d) maintain existing indebtedness of Six Hundred Seventy-Seven and no/100 Canadian Dollars (CDN $677,000.00) owing to P▇▇▇▇ ▇▇; (e) maintain existing indebtedness of approximately Three Hundred Forty- Four Thousand and no/100 Dollars ($344,000.00) owing to W▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇., R▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, R▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ and the Three R Profit Sharing Retirement Plan; and (f) incur unsecured indebtedness to trade creditors of Borrower in the ordinary course of Borrower's business. Borrower: USA Skate Co., Inc. Initialed for Borrower by: MC Date: April 30, 1996 ---- Initialed for Bank by: JF ---- 9207_1
Permitted Borrowings. Notwithstanding the provisions of subparagraph 10(q) of the Agreement, Borrower may finance or refinance the acquisition of Equipment, whether by purchase money financing, lease or otherwise. ADDITIONS AND CHANGES TO DEFAULT PROVISIONS (9)ADDITIONAL CROSS DEFAULTS: In addition to the Events of Default specified in Paragraph 12 of the Agreement, it shall be an Event of Default hereunder if Plymouth , subject to any applicable cure period, shall fail to perform, keep or observe any of the covenants, conditions promises, agreements or other obligations or Plymouth to Bank under any agreement now ir hereafter existing between plymouth and Bank, including, without limitation, that certain Plymouth Agreement or in the event of termination of said plymouth Agreement.