Second Borrower definition
Examples of Second Borrower in a sentence
On 27 October 2014, the Lender entered into the Second Loan Agreement with the Second Borrower, pursuant to which the Lender has agreed to provide a loan with principal amount of up to HK$53,000,000 to the Second Borrower in accordance with the terms thereunder.
Subject to the Lender’s overriding right of repayment on demand, the Second Borrower shall repay the Second Loan in full in one lump sum together with all interest accrued thereon and all other monies payable under the Second Loan Agreement on the Second Repayment Date.
Prior to 27 October 2014, the Lender entered into the Previous Loan Agreements with the Second Borrower and his associate which have been duly repaid in part as at the date of this announcement.
As at the date of this announcement, Billion International has advanced a total of RMB15,000,000 to the Second Borrower.
Within ten Business Days after Borrower gives the Second Borrower Notice, on a closing date mutually satisfactory to Lender and Borrower (unless a foreclosure sale of the Property has occurred prior to such closing date), Lender and Borrower shall (and Lender shall designate Grantee and cause Grantee to) execute and deliver the Deed-in-Lieu Agreement and pay and perform all of their obligations to be paid and performed on the closing date thereunder.
Second Borrower and Lender executed a Fourth Amendment to Loan and Security Agreement dated as of February 18, 2005 (the "Fourth Amendment"), adding Second Borrower as an additional borrower under the Revolving Loans, extending the term of the Agreement, and modifying the applicable Interest Rate, the unused line fee and certain covenants of the Agreement.
If the Second Borrower defaults in repayment on the due date of any part of the Second Loan, interest or other amounts payable under the Second Loan Agreement, the Second Borrower shall pay additional interest on such overdue sums from the due date until payment in full (before and after judgment, if applicable) at the rate which is 10% per annum.
Repayment and settlement: With effect from the date of the Second Settlement Agreement, the Second Borrower shall repay the outstanding principal amount of the Second Loan in 25 equal monthly instalments (“SB Instalments”, each a “SB Instalment”) of HK$200,000, with the last SB Instalment payable on 12 October 2022.
It is expressly understood that there shall not be more than two Borrowers hereunder at any time and, at any time that there is more than one Borrower hereunder, the Borrower that is not the Designated Borrower is referred to herein as the "Second Borrower".
The Second Borrower shall repay to Billion International all outstanding amount under the Second Loan Agreement together with accrued interest on the maturity date (or the date of early payment).