Common use of Loans Payable Clause in Contracts

Loans Payable. The Miners Entities are obligated for loans payable in the approximate amount of NINE MILLION FIVE HUNDRED THOUSAND DOLLARS ($9,500,000), including chattel mortgages with respect to certain pieces of its equipment in the approximate amount of EIGHT MILLION DOLLARS ($8,000,000), as is reflected on the Financial Statements, as adjusted for increases in debt resulting from a waste hauling contract between the Waste Company and Waste Management, Inc. (WMI) to provide hauling services to WMI be performed in and around the State of Maryland.