THE INDEBTEDNESS Sample Clauses
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THE INDEBTEDNESS. Line of Credit
1.1 Subject to the terms of this Agreement, Bank agrees to lend to Company at any time and from time to time from the effective date hereof until April 1, 2004 sums not to exceed under the line of credit Two Million Dollars ($2,000,000) (the "Commitment Amount") in aggregate principal amount at any one time outstanding. Company shall execute and deliver to Bank a Line of Credit Note (herein called "Line Note") in form similar to that annexed hereto as Exhibit "A" to evidence advances, repayments and readvances made from time to time, subject to the terms and conditions of this Agreement. Company may from time to time request that the stated amount of the Collateral L/C (as defined herein) be reduced. Provided no event of default (or event which with the giving of notice or the passage of time would become an event of default) has occurred or is continuing, the Bank shall give notice to the issuer of the Collateral L/C that Bank agrees to the reduction. At the time of each reduction in the stated amount of the Collateral L/C, the Commitment Amount shall be reduced on a dollar for dollar basis with the amount of the reduction in the stated amount of the Collateral L/C. The aggregate reduction in the stated amount shall not exceed $1,000,000. Prior to Bank giving any notice of consent to a reduction, the Company shall prepay advances so that the aggregate amount of outstanding advances and the outstanding amount of Letters of Credit is less than or equal to the amount of the reduced Commitment Amount.
1.2 The Line Note shall mature on April 1, 2004, and the balance from time to time outstanding shall bear interest at a per annum rate equal to one percent (1%) above the Bank's Prime Rate. Upon the occurrence of any event of default hereunder, interest shall accrue on the unpaid principal balance at the per annum rate of three percent (3%) above the rate otherwise in effect. Interest shall be payable monthly commencing on August 1, 2002 and on the first business day of each month thereafter. Interest shall be computed on a daily basis using a year of 360 days, assessed for the actual number of days elapsed, and in such computation effect shall be given to any change in the interest rate resulting from a change in the Prime Rate on the date of such change in the Prime Rate. "Prime Rate" shall mean the rate of interest established by Bank and publicly announced as its prime rate for its borrowers as the same may be changed from time to time, which ...
THE INDEBTEDNESS. The Collateral secures and will secure all Indebtedness of Borrower to Bank. For the purposes of this Agreement, "Indebtedness" means all loans and advances made by Bank to Borrower and all other obligations and liabilities of Borrower to Bank, whether now existing or hereafter incurred or created, whether voluntary or involuntary, whether due or not due, whether absolute or contingent, or whether incurred directly or acquired by Bank by assignment or otherwise. Unless Borrower shall have otherwise agreed in writing, Indebtedness, for the purposes of this Agreement, shall not include "consumer credit" subject to the disclosure requirements of the Federal Truth in Lending Act or any regulations promulgated thereunder.
THE INDEBTEDNESS. The Collateral secures and will secure all Indebtedness of the Pledgor to the Bank. Each party obligated under any Indebtedness is referred to in this Agreement as a “Debtor.” “Indebtedness” means all debts, obligations or liabilities now or hereafter existing, absolute or contingent of the Debtor or any one or more of them to the Bank, whether voluntary or involuntary, whether due or not due, or whether incurred directly or indirectly or acquired by the Bank by assignment or otherwise. Indebtedness shall include, without limitation, all obligations of the Debtor arising under any Swap Contract. “Swap Contract” means any interest rate, credit, commodity or equity swap, cap, floor, collar, forward foreign exchange transaction, currency swap, cross currency rate swap, currency option, securities puts, calls, collars, options or forwards or any combination of, or option with respect to, these or similar transactions now or hereafter entered into between the Debtor and the Bank.
THE INDEBTEDNESS. The Collateral secures and will secure all Indebtedness. “Indebtedness” means all debts, obligations or liabilities now or hereafter existing, absolute or contingent of the Debtors to the Creditors, whether voluntary or involuntary, whether due or not due, or whether incurred directly or indirectly or acquired by the Creditors by assignment or otherwise.
THE INDEBTEDNESS. The obligations secured by this Agreement are the payment and performance of (a) all present and future Indebtedness of the Pledgor to the Bank; (b) all obligations of the Pledgor and rights of the Bank under this Agreement; and (c) all present and future obligations of the Pledgor to the Bank of other kinds. Each party obligated under any Indebtedness is referred to in this Agreement as a “Debtor.” "Indebtedness" is used in its most comprehensive sense and includes any and all advances, debts, obligations and liabilities of the Debtor, now or hereafter existing, absolute or contingent, liquidated or unliquidated, determined or undetermined, voluntary or involuntary, including under any swap, derivative, foreign exchange, hedge, or other arrangement (“Swap”), deposit, treasury management or other similar transaction or arrangement, and whether the Debtor may be liable individually or jointly with others, or whether recovery upon such Indebtedness may be or hereafter becomes unenforceable. "Indebtedness" secured by the Collateral of such Pledgor shall not include obligations arising under any Swap to which it is not party if, and to the extent that, all or a portion of the guaranty by such Pledgor to the Bank of, or the grant by such Pledgor of a security interest to the Bank to secure, such Swap, would violate the Commodity Exchange Act (7 U.S.C., Sec. 1. et. seq.) by virtue of such Pledgor’s failure to constitute an “eligible contract participant” as defined in the Commodity Exchange Act at the time such guaranty or grant of such security interest becomes effective with respect to such Swap.
THE INDEBTEDNESS. In consideration of one or more loans, advances, or other financial accommodations at any time before, at or after the date hereof made or extended by the Banks to or for the account of Borrower, directly or indirectly, as principal, guarantor or otherwise (the "Indebtedness") Borrower hereby grants to the Banks a continuing security interest in and a right of set-off against, and Borrower hereby assigns to the Banks, the Collateral described in Paragraph 3, to secure the payment, performance and observance of (i) all indebtedness, obligations, liabilities and agreements of any kind of Borrower to the Banks, now existing or hereafter arising, direct or indirect, absolute or contingent, secured or unsecured, due or not, arising out of or relating to the Indebtedness and (ii) all agreements, documents and instruments evidencing any of the foregoing or under which any of the foregoing may have been issued, created, assumed or guaranteed (all of the foregoing being herein referred to as the "Obligations").
THE INDEBTEDNESS. As used in this Guaranty Agreement, the “Indebtedness” means all indebtedness now or hereafter owing by Borrower to Lender under the Note, all principal advanced under the Note and all interest and default rate interest on the Note, together with any modifications, extensions, renewals, and/or rearrangements of the Note, together with all amounts that Borrower may from time to time become obligated to pay or reimburse to Lender under the Security Documents, including, without limitation, amounts paid by Lender for ad valorem taxes or insurance premiums or repair costs that are obligations arising under or in connection with the Security Documents, and including all reasonable attorney’s fees and costs of court incurred by Lender in enforcing Lender’s rights under the Security Documents. Without limiting the generality of the foregoing, the Indebtedness guaranteed under this Guaranty Agreement includes all post-petition interest, expenses and other liabilities of Borrower that would be owed by any Borrower to Lender but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization, or similar proceeding involving Borrower.
THE INDEBTEDNESS. Mortgagor will pay the indebtedness as provided in the Note or in any modification, renewal or extension of the Note.
THE INDEBTEDNESS. The Collateral secures and will secure all Indebtedness of Borrower to Bank. For the purpose of this Agreement, "Indebtedness" means all of the Borrower's obligations under the Loan Agreement with respect to the Term Loan (as such term is defined in the Loan Agreement).
THE INDEBTEDNESS. 1.1 The Creditor hereby represents and warrants that (i) it has full right, power an authority to enter into this Agreement, (ii) it is the current holder and legal and beneficial owner of the Outstanding Amount; (iii) there are no collateral agreements, undertakings, declarations, or representations, written or oral, in respect of the Outstanding Amount; and (iv) it has not assigned all or any part of its interest in the Outstanding Amount nor has it done or permitted any further act, matter or thing to be done whereby the Outstanding Amount has been released or discharged either partly or in its entirely.