Description of the Loan. 4 Section 2.1. Acknowledgment of Guarantor................................................... 4 Section 2.2. Term of This Agreement........................................................ 5 Section 2.3. Interest...................................................................... 5 Section 2.4. Repayment..................................................................... 5 Section 2.5. Prepayment.................................................................... 5 Section 2.6. Obligations of Guarantor Hereunder Unconditional.............................. 6 Section 2.7. General Terms of Payment...................................................... 6
Description of the Loan. The Loan ("Loan") is evidenced by the Note. The Borrower intends to use the proceeds of the Loan to repurchase certain of the outstanding common stock and/or the 7% subordinated Convertible Notes of the Borrower. Subject to the terms and conditions hereof, Borrower shall, with respect to the Loan:
Description of the Loan. Section 2.1. Acknowledgment of Guarantor. Guarantor hereby acknowledges --------------------------- and agrees that:
Description of the Loan. Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties made by the Borrower and the Guarantor, the Lender agrees to (a) make available to the Borrower a $10,000,000.00 term loan, as evidenced by the Promissory Note (the "Note") in substantially the form attached hereto as Exhibit "A". The Loan is secured, in part, by the Borrower's Accounts, Equipment, Inventory and General Intangibles, and the Borrower's real property located in Xxxxxx County, Texas, together with all improvements, fixtures, equipment and other appurtenances attached thereto.
Description of the Loan. 1. The loan Amount is RMB15, 000, 000.00 Yuan; in words: RMB Fifteen Million Yuan.
Description of the Loan. The loan is evidenced by the Note in the principal sum of $3,000,000.00, a copy of which is attached hereto as Exhibit A, and principal and interest shall be payable on the Loan as set forth in the Note. Subject to the terms and conditions hereof, Borrower shall, with respect to the Loan:
Description of the Loan. Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties made by the Borrower, the Lender agrees to make available to the Borrower a $3,000,000.00 revolving line of credit, as evidenced by the Revolving Promissory Note (the "Note") in substantially the form attached hereto as Exhibit "A". The Loan is unsecured.
Description of the Loan. The City agrees to provide the Loan to the Applicant. The Loan principal (the “Principal”) up to but not exceeding $500,000 shall be disbursed to the Applicant according to each “Draw Request” (as defined below) made by the Applicant under paragraph 3 below. The Loan shall be represented by a promissory note (the “Note”) to be signed at Closing in the form of “Exhibit A.” All Principal paid in each Draw Request shall not accrue interest until July 1, 2020 (the “Term Date”). On the Term Date: (i) all Principal shall then be amortized over three (3) annual payments, the first being due on June 1, 2021, accruing interest at the applicable federal mid-term rate in effect on the Term Date (the “Interest Rate”). Job Credits (as defined below) may be earned during the term of the Loan, retroactive to January 1, 2020 (the “Job Credit Effective Date”). Each annual amortized payment shall receive Job Credits earned, if any, from the previous Year before payment is made. A sample amortization schedule, anticipating Job Credits that may be earned each Year as set forth in the Application, a sample interest rate of 2.25%, and Draw Request up to $500,000, is attached to the Exhibit “A” Note for reference. A more accurate and working amortization schedule shall be created by the City on the Term Date.
Description of the Loan. Section 1.1 Name and Address of Local Borrower 1
