Basic Loan Terms. The principal amount of the Loan shall not exceed $400,000.00. The Loan shall bear interest at a rate of zero percent (0.0%) per annum. The Loan terms may not be modified without prior written approval from the State. The Loan shall be used exclusively for the purchase of equipment, automation tooling, molds, manufacturing cells and fixtures. The term of the Loan is set forth in Section 5.4 of this Agreement.
Basic Loan Terms. The principal amount of the Loan shall not exceed $250,000. The Loan terms may not be modified without prior written approval from the Grantor Agency. The Loan shall be used exclusively for the purposes stated in Section 2.3. The detailed Loan terms are set forth in Article 5 of this Agreement.
Basic Loan Terms. Microloans will (i) not exceed $50,000 (unless revised by amendment), (ii) do not require an equity injection (iii) maintain a fixed interest rate for the full term of the loan of no lower than 2.5% or the market interest rate at the time of the loan to small business, except in cases of default by the loan recipient (hereinafter, the “Borrower”), (iv) extend for a five-year term, (v) require Borrowers to pay for eligible expenses in an amount no less than the loan and submit documentation of such expenditures and proof of payments, as requested.
Basic Loan Terms. The principal amount of the Loan shall not exceed $ . $750,000. The Loan shall bear interest at a rate of zero percent ( 0%) per annum. The
Basic Loan Terms. The principal amount of the Loan shall not exceed $1,000,000. The Loan shall be forgiven by the Authority upon satisfaction by the Borrower of the terms of the Business Subsidy Agreement. The Loan terms may not be modified without prior written approval from the Grantor Agency. The Loan shall be used exclusively for the purchase of Equipment. In the event that all or a portion of the Loan is not forgiven, the Loan shall be payable based on the terms and interest rate set forth in Section 5.4 hereof.
Basic Loan Terms. The terms of the Loan shall be as set forth in this Agreement and in the Note. As more fully described below and in the Note, Lender shall advance to Borrower ______________ ($___________) pursuant to the Note at the Closing and Borrower shall repay that amount, together with interest from the date hereof until fully paid.
Basic Loan Terms. The terms of the Loan shall be as set forth in this Agreement and in the Note. As more fully described below and in the Note, Lender advanced to Borrower Two Hundred Fifty Thousand Dollars ($250,000) on August 19, 1997 pursuant to the Note (the "Initial Advance") and shall advance to Borrower an additional Two Hundred Fifty Thousand Dollars ($250,000) at the Closing (the "Final Advance") and Borrower shall repay that aggregate amount, together with interest from the date of each such advance until fully paid.
Basic Loan Terms. The principal amount of the Loan shall not exceed $103,000. The Loan terms may not be modified without prior written approval from the EDA. The Loan shall be used exclusively for the purposes stated in Section 2.3. The detailed Loan terms are set forth in Article 5 of this Agreement.
Basic Loan Terms. The principle amount of the loan of MIF funds by the City to the Developer shall not exceed $150,000. The loan shall bear interest at a rate of six (6%) percent per annum for ten (10) years. The loan terms may not be modified without prior written approval from the Grantor Agency.
Basic Loan Terms. The principal amount of the Loan shall not exceed $250,000. The Forgivable Loan terms may not be modified without prior written approval from the State. The Forgivable Loan shall be used exclusively for purchase of machinery and equipment. The term of the Loan is set forth in Section 5.4 of this Agreement. The Loan shall bear interest at a rate of three percent (3.00%) per annum if the goals are not met by the end of the Compliance Date.
