Unsecured Loans Clause Samples
The Unsecured Loans clause defines the terms under which a lender provides funds to a borrower without requiring collateral. In practice, this means the borrower does not pledge any assets as security for the loan, and the lender relies solely on the borrower's creditworthiness and promise to repay. This clause is essential for facilitating access to credit when the borrower lacks suitable collateral, but it also allocates greater risk to the lender, often resulting in higher interest rates or stricter eligibility requirements.
Unsecured Loans. (a) Except as set forth on Exhibit E-1, no Unsecured Loan has been charged-off under Seller's normal procedures within the past year.
(b) No such Unsecured Loan has been the subject of any bankruptcy since inception.
Unsecured Loans. Except as set forth on Exhibit F or as provided in the Disclosure Schedule, no Unsecured Loan has been charged-off under Seller’s normal procedures since June 30, 2020.
Unsecured Loans. No Unsecured Loan has been charged-off since December 31, 2023, except in the Ordinary Course of Business.
Unsecured Loans. Subject to the terms and conditions of this Agreement and in reliance on the representations and warranties of Borrower set forth in this Agreement and the Subscription Agreement, each of the Lenders agrees to loan (each a "Loan" and collectively the "Loans") to Borrower on the Closing Date $2,000,000. Borrower's obligation to repay the Loans shallbe evidenced by promissory notes of Borrower to each of the Lenders in the form attached hereto as Exhibit A.
Unsecured Loans. 3 2.2 Interest...................................................................... 3 2.3 Payments...................................................................... 4
Unsecured Loans. Without limiting the provisions of Section 3.15 hereof, the following obligations of Borrower and/or Subsidiaries, as applicable, under that certain Merger and Stock Acquisition Agreement, dated as of December 15, 1998, by and among, INTER ALIA, Borrower, certain of the Subsidiaries and W. ▇▇▇▇ ▇▇▇▇▇▇ (the "▇▇▇▇▇▇ Agreement"), do not constitute liens against or interests in the Collateral and are and shall remain unsecured as to Borrower and the applicable Subsidiaries and their respective assets and properties: (a) payments totaling approximately $1,000,000 due to W. ▇▇▇▇ ▇▇▇▇▇▇ under Section 1.5 of the ▇▇▇▇▇▇ Agreement, and (b) annuity payments due to W. ▇▇▇▇ ▇▇▇▇▇▇ of $156,000 per year for 10 years under Section 1.6 of the ▇▇▇▇▇▇ Agreement.
Unsecured Loans. Obtain unsecured loans from the promoters / directors or from other within limits to be approved by the Debenture Holders and at such rate of interest and on such conditions as may be stipulated by the Debenture Holders.
Unsecured Loans. All Indebtedness of the Borrower Group Members other than the Permitted Debt (including those owing to any of (a) Greenwich Capital Financial Products, Inc., (b) Capital Company of America (other than with respect to the Bridge Loan), (c) FBR Asset Investment Corporation and (d) Mercantile-Safe Deposit & Trust Company (except with respect to the Hagerstown, Maryland loan included in the description of the Senior Loans)) shall be paid in full and the commitments to lend thereunder terminated. Lender and the respective obligor (and any guarantors) under each such Indebtedness shall have received a complete release from the relevant lender in form and substance satisfactory to Lender and (ii) after giving effect to the application of the Loan Amount, the Borrower Group Members shall not have any Indebtedness (other than Permitted Debt).
Unsecured Loans