Examples of Borrowed Money in a sentence
The Borrower agrees to repay the Borrowed Money to the Lender under the following payment schedule: (check one) ☐ – Weekly Payments.
The Borrowed Money shall bear interest at a rate of [#]% compounded: (check one) ☐ – Annually ☐ – Monthly ☐ – Other: [OTHER] ☐ – NOT Bear Interest.
The total amount of the Borrowed Money, including principal and interest, shall be due and payable on [DATE] (“Due Date”).
No Obligor or Subsidiary is in default, and no event or circumstance has occurred or exists that with the passage of time or giving of notice would constitute a default, in the payment of any Borrowed Money in excess of $2,500,000.
The Borrower will not permit any Major Subsidiary which is not a Guarantor to create, incur, assume or suffer to exist any Specified Indebtedness for Borrowed Money, except: (a) Specified Indebtedness for Borrowed Money pursuant to any Loan Document.