Amount and Terms of Loan. 1.1 Subject to the terms and conditions of this Agreement, the Lenders agree to loan to the Borrower, and the Borrower agrees to borrow from Lenders, funds in an aggregated principal amount of up to Five Million Two Hundred Thousand US Dollars ($5,286,306.25) (the "Loan"), in installments of One Hundred Thousand Dollars or greater (each a "Loan Disbursement").
1.2 The Borrower acknowledges receipt of Loan Disbursements in the aggregate amount of Two Million Six Hundred Thousand Dollars ($2,600,000.00) prior to the date hereof (collectively, the “Initial Disbursement”). The Borrower may submit to Borrower written requests for additional Loan Disbursements from time after the date hereof, but in no event later than March 1, 2011 (each, a “Loan Disbursement Request”). Each such Loan Disbursement Request is subject to the Lenders' approval, and the maximum amount advanced by the Lenders shall not exceed the total amount of the Loan. The Borrower may decline to submit any further Loan Disbursement Requests for any reason, in its sole and absolute discretion. The Lenders may decline to approve any or all such Loan Disbursements Requests for any reason, in their sole and absolute discretion.
1.3 Loan Disbursements shall be made within five (5) business days following Lenders' approval of the applicable Loan Disbursement Request. Interest shall accrue on each Loan Disbursement from the date of receipt of funds (each a "Disbursement Date") by the Borrower.
1.4 The proceeds of the Loan shall be used by the Borrower to finance the general working capital requirements of the Borrower.
1.5 The obligations of Borrower with respect to the Loan shall be guaranteed by Guarantor, and shall be secured by liens and security interests on all of the assets of the Guarantor (including without limitation all intellectual property interests of Guarantor), pursuant to the terms of a Guarantee and a Debenture by and between the Lenders and Guarantor (together, the “Guaranty Documents”). Such Guarantee shall remain in effect until the earlier of such time as (i) all obligations of Borrower with respect to the Loan have been satisfied and (ii) the right to make Loan Disbursement Requests is waived or terminated, or the Guarantor first reports positive accumulated earnings and profits within the meaning of Section 956 of the Internal Revenue Code of 1986, as amended (the “Guaranty Term”).
1.6 Interest on the Loan shall be payable as set forth in the applicable Note (as defined below). ...
Amount and Terms of Loan. The Borrower agrees to borrow from IREDA and IREDA agrees to lend to the Borrower, on the terms and conditions contained herein as also in the General Conditions, the sum mentioned in Schedule-I amounting to Rs. lakhs (Rupees only) . The said sums are hereinafter referred to as "the Loan".
Amount and Terms of Loan. Subject to all the terms and conditions of this Agreement, ---- and reliance on the representations, warranties and covenants of Borrower set forth in this Agreement, Lender agrees to loan Borrower the principal amount of Three Hundred Fifty Thousand Dollars ($350,000) (the "LOAN"). Notwithstanding the foregoing, Lender will not be obligated to make the Loan to Borrower unless and until Borrower has executed and delivered to Lender the Note (as defined in Section 1.3) and the Pledge Agreement (as defined in Section 1.4).
Amount and Terms of Loan. Subject to the terms and conditions set forth in this Agreement, each Lender shall advance to Borrower, within one (1) Business Day after satisfaction of the conditions in Section 7.1, its Pro Rata Share of Advances of principal of the Loan and shall advance to Administrative Agent, within two Business Days after demand therefor by Administrative Agent, its Pro Rata Share of Administrative Agent Advances. The total amount of Advances of principal of the Loan shall not exceed $48,600,000. The principal of the Loan shall be disbursed to Borrower by the Lenders as follows:
(a) $48,300,000 will be disbursed to Borrower in a single Advance on the Closing Date; and
(b) $300,000 will be disbursed into the Replacement Reserve Account on the Closing Date. Borrower shall have the right to withdraw funds from the Replacement Reserve Account monthly, within five (5) Business Days days after delivery by Borrower to Administrative Agent of a requisition therefor, together with evidence reasonably satisfactory to Administrative Agent that Borrower has incurred costs during the previous calendar month in connection with performance of the deferred maintenance items listed on the property inspection report prepared by Xxxx Okubo Associates, Inc., and dated October 14, 2011 that are at least equal to the amount requisitioned . If all or any portion of the Loan is prepaid or repaid at any time, it may not be reborrowed. The obligation of Borrower to repay the Loan, and interest accrued thereon, shall be evidenced by the Promissory Notes of even date herewith made by Borrower to the order of each Lender (collectively, the “Notes,” and each a “Note”). The liabilities and obligations of each Lender hereunder shall be several and not joint, and neither Administrative Agent nor any Lender shall be responsible for the performance by any other Lender of its obligations hereunder.
Amount and Terms of Loan. 2.1 The Loans and Commitments.
Amount and Terms of Loan. The Borrower agrees to borrow from IREDA and IREDA agrees to lend to the Borrower, on the terms and conditions contained herein as also in the General Conditions, the sum mentioned in
Amount and Terms of Loan. Revolving Line of Credit Loan - From the date of this letter agreement (the ----------------------------- "Agreement") to April 12, 2003, the Bank agrees to make loans to the Borrower -------------- from time to time on any date the Bank is officially open for business in such amounts as the Borrower may request up to the maximum amount hereinafter stated, and the Borrower may make borrowings and re-borrowing; provided however, that the sum of the aggregate principal amount of all such loans at any one time outstanding shall never exceed the lesser of $5,000,000.00 or, the Bank's legal lending limit, or the Borrowing Base ("Borrowing Base"). The Line is subject to the Borrowing Base Agreement attached hereto as Exhibit "A" and by reference made a part hereof. The proceeds of the Line of Credit loans shall be used to support working capital needs of the Borrower's business. To evidence such loans the Borrower will execute and deliver to the Bank a promissory note, substantially in the form of Exhibit "B" (together with any renewals, modifications or substitutions thereof, the "Line of Credit Note") dated April 12, 2002 in the amount of $5,000,000.00 and payable to the order of the -------------- Bank on or before April 12, 2003. Each advance extended under the Line of Credit -------------- shall bear interest at the Prime Rate plus 1/2 %. The "
Amount and Terms of Loan. Lender shall loan to Borrowers the sum of up to $1,000,000.00 in connection with the Loan as follows: ------------------------------------------------------------ FUNDING DATE PRINCIPAL AMOUNT OF DRAWDOWN ------------------------------------------------------------ Upon signing this agreement $150,000.00 ------------------------------------------------------------ August 20, 2002 $200,000.00 ------------------------------------------------------------ September 15, 2002 $200,000.00 ------------------------------------------------------------ October 15, 2002 $200,000.00 ------------------------------------------------------------ November 15, 2002 $250,000.00 ------------------------------------------------------------ for the benefit of the Borrowers. It is the intent of the Borrowers and Lender hereunder to create a line of credit agreement between Borrowers and Lender whereby Borrowers may borrow up to $1,000,000.00 from Lender; provided, however, that Lender has no obligation to lend to Borrowers any amounts hereunder in the case of an Event of Default, or the discovery of an incorrect representation and warranty as defined in Section 6 or a breach of Negative Covenants as defined in Section 7. In the absence of such events the Lender shall lend on the funding dates. If the lender is late on a funding, interest shall be waived from the funding date to the actual funding date on the outstanding balance of the loan. Any disbursements shall to be applied upon the following terms and conditions:
(a) Upon each Loan drawdown, the Borrowers shall execute and deliver to Lender a promissory note in the amount of such drawdown as per the schedule in Section 2$1,000,000.00 and in the form of EXHIBIT A annexed hereto and made a part hereof (the "Notes").
(b) The Notes shall bear interest on the unpaid principal amount at the rate of six percent (6.0%) per year, payable on January 15th of each year, through the Maturity Date. To the extent that any Obligations, in all or in part, is outstanding at any time after the Maturity Date, the interest rate shall be twelve percent (12.0%) per year. For the purposes of calculating interest for any period for which the interest shall be payable, such interest shall be calculated on the basis of a thirty (30) day month and a three hundred sixty (360) day
(c) The Loan shall be used for the purposes specified in Exhibit B hereto.
(d) The Loan shall mature and be paid in full on or before January 4, 2004.
(e) The Company will pro...
Amount and Terms of Loan. 18 SECTION 2.1 AMOUNT AND NATURE OF LOAN........................................................... 18 SECTION 2.2
