Guidance Loan definition
Examples of Guidance Loan in a sentence
Lender hereby agrees to cancel the Guidance Loan Note (as that term is defined in the Existing Loan Agreement) as of the date hereof and return it to the Borrower, and hereby releases Guarantor and each Personal Guarantor of all obligations under the Guaranty with respect to the Guidance Loan.
As of the date of this Loan Agreement, no amounts are due and owing to Lender under the Second Guidance Loan (as that term is defined in the Existing Loan Agreement).
As of the date of this Loan Agreement, no amounts are due and owing to Lender under the Guidance Loan (as that term is defined in the Existing Loan Agreement).
Borrower and Lender hereby agree to terminate the Second Guidance Loan, and Borrower hereby acknowledges that no further borrowing shall be available thereunder.
Lender hereby agrees to cancel the Second Guidance Loan Note (as that term is defined in the Existing Loan Agreement) as of the date hereof and return it to the Borrower, and releases Guarantor and each Personal Guarantor of all obligations under the Guaranty with respect to the Second Guidance Loan.
Borrower and Lender hereby agree to terminate the Guidance Loan, and Borrower hereby acknowledges that no further borrowing shall be available thereunder.
From and after the Guidance Loan Conversion Date, the then outstanding principal amount of each Guidance Note evidencing each such Converted Guidance Amount shall be due and payable in twelve (12) equal, quarterly installments, commencing on the last day of the first full calendar quarter following the Guidance Loan Conversion Date.
All Guidance Loans shall bear interest at a per annum rate (the “Guidance Loan Interest Rate”) equal to the One Month LIBOR plus the Applicable Margin (set forth below), unless Borrower elects a fixed rate of interest which shall be determined by the Bank in reference to its standard internal cost of funds for the proposed Guidance Loan at the time it receives Borrower’s Guidance Loan Takedown Request plus the Applicable Margin.
Upon expiration of the Guidance Advance Period, the Guidance Loan Commitment shall automatically terminate.
The obligation of the Borrower to pay the Guidance Loan, with interest, shall be evidenced by a promissory note (as from time to time extended, amended, restated, supplemented or otherwise modified, the “Guidance Line Note”), in form and substance satisfactory to the Lender.