Installment Loan Clause Samples
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Installment Loan. In addition to the Revolving Loan, contemporaneously with the execution of this Agreement, Lenders shall make an installment loan (the "Installment Loan") to Borrower in the aggregate principal amount of One Million Two Hundred Thousand Dollars ($1,200,000.00). The Installment Loan shall be secured by the Collateral Documents, is specifically included with the Obligations as defined herein, and shall bear interest at the rate of the Corporate Base Rate as changing from time to time. Borrower shall repay the Installment Loan through payments of interest only at the Corporate Base Rate commencing on the first day of October and on the first day of each month thereafter together with annual principal payments of Four Hundred Thousand Dollars ($400,000.00) commencing on December 31, 1998 and on the last day of each December thereafter with a final payment of the then full principal balance of the Installment Loan together with all remaining accrued interest on October 31, 2000. The Installment Loan may be prepaid at any time without penalty or premium. Any prepayment shall be applied to the payments due on the Installment Loan in the inverse order of their maturity.
Installment Loan. If the Borrowers are in full and complete compliance with the terms of this Agreement, upon the written election of the Borrowers to the Agent, the Banks agree to loan to the Borrowers an amount equal to the then outstanding principal balance of the Credit Enhanced Notes, plus accrued interest thereon to the date of redemption, which loan shall be used by the Borrowers for the sole purpose of redeeming the Credit Enhanced Notes in full. Such loan shall be an installment loan obligation payable over a term of four (4) years in equal quarterly payments of principal calculated on a seven (7) year amortization of such principal amount and a final principal payment in the amount of the remaining outstanding principal loan amount. Such installment loan shall bear interest payable quarterly in arrears on the same date as each principal payment is due and at a rate per annum equal to the 3-month LIBOR rate, as reported in the Wall Street Journal, plus the Applicable Margin for LIBOR Advances plus 25 basis points, adjusted each ninety (90) days. Upon receipt by the Agent of notice of any such election by the Borrowers, the Agent shall immediately notify the Banks of such election. Three
Installment Loan. Pursuant to the Existing Agreement, the Company has borrowed from the Bank an installment loan in the original principal amount of $43,275.10 (herein called the "Installment Loan").