Loan and Terms of Payment Clause Samples
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Loan and Terms of Payment. For value received, Borrower promises to pay to the order of Bank such amount, as provided below, together with interest, as provided for below.
2.1 Upon the request of Borrower, made at any time and from time to time during the term hereof, and so long as no Event of Default has occurred, Bank shall lend to Borrower an amount equal to the Borrowing Base; provided, however, that in no event shall Bank be obligated to make advances to Borrower under this Section 2.1 whenever the Daily Balance exceeds, at any time, either the Borrowing Base or the sum of ONE MILLION AND NO/100 ---------------------- ($1,000,000.00), such amount being referred to herein as an "Overadvance". ---------------
2.2 Except as hereinbelow provided, the Credit shall bear interest, on the Daily Balance owing, at a rate of ONE AND NO/1000 (1.000) percentage points --------------- ------- per annum above the Base Rate (the "Rate"). The Credit shall bear interest, from and after the occurrence of an Event of Default and without constituting a waiver of any such Event of Default, on the Daily Balance owing, at a rate three (3) percentage points per annum above the Rate. All Interest chargeable under this Agreement that is based upon a per annum calculation shall be computed on the basis of a three hundred sixty (360) day year for actual days elapsed. The Base Rate as of the date of this Agreement is EIGHT AND 250/1000 ------------------ (8.250%) per annum. In the event that the Base Rate announced is, from time -------- to time hereafter changed, adjustment in the Rate shall be made and based on the Base Rate in effect on the date of such change. The Rate, as adjusted, shall apply to the Credit until the Base Rate is adjusted again. The minimum interest payable by the Borrower under this Agreement shall in no event be less than N/A per month. All interest payable by Borrower under the Credit, --- shall be due and payable on the first day of each calendar month during the term of this Agreement and Bank may, at its option, elect to treat such interest and any and all Bank Expenses as advances under the Credit, which amounts shall thereupon constitute Obligations and shall thereafter accrue interest at the rate applicable to the Credit under the terms of the Agreement.
2.3 Without affecting Borrower's obligation to repay immediately any Overadvance in accordance with Section 2.1 hereof, all Overadvances shall bear additional interest on the amount thereof at a rate equal to N/A --- (N/A%) p...
Loan and Terms of Payment. 17 2.1 Revolving Advances................................................17 2.2
Loan and Terms of Payment. 6 2.1 Credit Extensions.................................................. 6 2.2 Overadvances....................................................... 7 2.3 Interest Rates, Payments, and Calculations......................... 7 2.4
Loan and Terms of Payment. 4 2.1 Advances.......................................................... 4 2.2 Interest Rate, Payments........................................... 4 2.3 Fees.............................................................. 5
Loan and Terms of Payment. 2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement.
Loan and Terms of Payment. For value received, Borrower promises to pay to the order of Bank such amount as provided for below, together with interest, as provided for below.
2.1 Upon the request of Borrower, made at any time and from time to time during the term hereof, and so long as no Event of Default has occurred, Bank shall lend to Borrower an amount equal to the Borrowing Base (each a "Revolving Loan," and collectively, the "Revolving Loans"); provided, however, that the Daily Balance shall not exceed the lesser of either the Credit Limit or the Borrowing Base, minus all Letter of Credit Obligations. If at any time for any reason, the amount of indebtedness owed by Borrower to Bank pursuant to this Section 2.1 and Section 2.2 of this Agreement is greater than the aggregate amount available to be drawn under this Section 2.1, Borrower shall immediately pay to Bank, in cash, the amount of such excess. Any commitment of Bank, pursuant to the terms of this Agreement, to make Revolving Loans to Borrower shall expire on the Maturity Date, subject to Bank's right to renew said commitment in its sole and absolute discretion at Borrower's request. Any such renewal of said commitment shall not be binding upon Bank unless it is in writing and signed by an officer of Bank. Provided that no Event of Default has occurred and is continuing, all or any portion of the Revolving Loans which are repaid by Borrower shall be available for reborrowing in accordance with the LIBOR Addendum (as hereinafter defined) and the terms hereof. Borrower promises to pay to Bank the entire outstanding unpaid principal balance (and all accrued unpaid interest thereon) of the Revolving Loans on the Maturity Date.
2.2 Subject to the terms and conditions of this Agreement, and so long as no Event of Default has occurred, Bank agrees to issue or cause to be issued letters of credit for the account of Borrower during the term of this Agreement in the aggregate outstanding face amount not to exceed (i) the lesser of the Credit Limit or the Borrowing Base, minus (ii) the then outstanding Daily Balance, provided that the Letter of Credit Obligations shall not in any case exceed Three Million and No/100 Dollars ($3,000,000.00). All letters of credit shall be in form and substance, acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank's form of standard Letter of Credit Application and Agreement. All Letter of Credit Obligations issued under this Agreement shall expire on or ...
Loan and Terms of Payment. 4 2.1 Promise to Pay...................................................4 2.2 Overadvances.....................................................4 2.3 Interest Rate, Payments..........................................4 2.4 Fees.............................................................5
Loan and Terms of Payment. 2.1 [INTENTIONALLY OMITTED]
Loan and Terms of Payment. 2.1 PROMISE TO PAY. Borrower promises to pay Bank the unpaid principal amount of all Credit Extensions and interest on the unpaid principal amount of the Credit Extensions.
Loan and Terms of Payment. 18 2.1. Revolving Advances................................. 18 2.2. Letters of Credit................................. 19 2.3.