Notes Payable Clause Samples
The notes-payable clause defines the terms under which a party acknowledges a debt and agrees to repay a specified amount, typically with interest, by a certain date. This clause outlines the principal amount, interest rate, repayment schedule, and any penalties for late payment, applying to promissory notes or other formal debt instruments. Its core function is to provide clear, enforceable terms for repayment, thereby reducing uncertainty and protecting both lender and borrower by ensuring mutual understanding of the debt obligations.
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Notes Payable. EXHIBIT C --------- Attached is the results of a UCC lien and judgment lien search conducted through December 5, 2000 by Charles Baclet and Associat▇▇, ▇▇▇. ▇▇ ▇▇cember 27, 2000. EXHIBIT D --------- EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES -------------------------------------------- The following are exceptions to the indicated representations and warranties of the Company contained in Section 3 of the Debenture Placement Agreement (the "Agreement"):
Notes Payable. The term "Notes Payable" shall mean any and all indebtedness of Seller (i) pursuant to a credit facility dated March 13, 1997 ("WCMA Note, Loan and Security Agreement") between Seller and ▇▇▇▇▇▇▇ ▇▇▇▇▇ Financial Business Services, Inc. in the aggregate original principal amount of $300,000 due March 1998, or (ii) to Citibank.
Notes Payable. With respect to the Borrower and all Restricted Subsidiaries, all Indebtedness for money borrowed other than promissory notes issued as earnest money for contracts, non-rec▇▇▇▇▇ promissory notes for seller financing and notes payable for insurance premiums and capitalized lease obligations.
Notes Payable. The notes payable referred to in Section ------------- 4.15
Notes Payable. The term “
Notes Payable. Agent shall have received copies of all promissory notes payable by Borrower to shareholders/officers/related parties/affiliates, if any;
Notes Payable. Any liability or obligation of Servco that arises prior to the Effective Date and relates to any long-term debt, interest-bearing debt, line of credit or note payables or other encumbrances, including any accrued interest concerning the same. The Note Payable(s) are set forth on Schedule 3.4.1.
Notes Payable. At May 31, 1985, the Company had available an unsecured revolving line of credit with a bank which provides for borrowings of up to $4,500,000. Under this agreement which is available until September 30, 1985, interest is charged at the bank's prime rate (10.0% at May 31, 1985). The agreement requires the Company to maintain specified financial ratios and an average compensating balance of $200,000. The compensating balance does not constitute a legal restriction on the Company's cash, and to the extent it is not maintained, the bank charges a fee based on an interest formula contained within the agreement. At May 31, 1985 $1,200,000 was outstanding under the line of credit.
Notes Payable. In September 2010, the Company entered into a loan agreement and obtained a line of credit with Bank of America ▇▇▇▇▇▇▇ ▇▇▇▇▇. On March 30, 2012, Bank of America renewed the line of credit through March 31, 2014. The balance on the line of credit was $0 at September 30, 2012. The loan agreement is guaranteed by Cedar Marine, a related party of the Company. The most restrictive covenants of the loan require an interest coverage ratio of at least 1.5 to 1 and a Funded Debt to EBITDA ratio not to exceed 2 to 1. This line of credit was replaced with the new agreement dated September 2012, described below.
Notes Payable. Existing & New consists of the total outstanding principal balance related to the all existing and new sources of debt, if any, less the Current Portion – Existing Debt category.