RIGHT TO BORROW Sample Clauses
The Right to Borrow clause grants a party, typically the borrower, the legal authority to obtain funds or assets under specified terms within an agreement. This clause outlines the conditions, limits, and procedures for borrowing, such as maximum loan amounts, interest rates, or required approvals. Its core function is to clearly define the borrowing rights and obligations, thereby preventing misunderstandings and ensuring both parties are aware of the scope and limitations of borrowing under the contract.
RIGHT TO BORROW. The Insured may pledge or assign such Policy, subject to the terms and conditions of this Agreement, in order to secure a loan from the Insurer or from a third party, in an amount that shall not exceed such Policy's cash surrender value as of the most recent date on which the premiums have been paid, less the amount of the premiums on such Policy paid by the Company. Interest charges on such loan shall be the responsibility of and shall be paid by the Insured. For each Policy year in which the Insured borrows against such Policy, the Company shall be correspondingly relieved of its obligation to pay any amounts towards premiums for that particular Policy year.
RIGHT TO BORROW. The Company may without notice to or approval of the Investor from time to time exercise any borrowing power provided that:
RIGHT TO BORROW. Subject to the terms and conditions of this Agreement, at any time on or after January 31, 2017 (the "Commencement Date"), and before November 1, 2020, the Company shall have the right (the "Loan Right"), but not the obligation, to cause Lender to provide to the Company an amount equal to (i) One Million Three Hundred Fifty Thousand Dollars ($1,350,000.00), multiplied by (ii) a fraction, (y) the numerator of which is the number of shares of Common Stock acquired by Lender under the Subscription Agreement and (z) the denominator of which is the total number of shares of Common Stock sold in the offering contemplated by the Subscription Agreement (the "Loan Amount"). The Loan Amount is set forth on Schedule 1(a) attached hereto.
RIGHT TO BORROW. If the General Partner determines that funds are necessary to carry out the business of the Partnership, the General Partner may, subject to any restrictions set out in Schedule 1, borrow such funds on behalf of the Partnership from any person (the Lender) on such terms as the General Partner considers appropriate (any such arrangement, a Commitment Facility). In connection with any Commitment Facility, the General Partner may execute, deliver and perform any credit agreement, guarantee and/or related documentation on behalf of the Partnership.
RIGHT TO BORROW. (a) The Trustees may pledge or assign any Policy, subject to the terms and conditions of this Agreement, in order to secure a loan from the Insurer or from a third party, in an amount which, except as provided in subparagraph 6.2(b), shall not exceed the Policy's cash surrender value (as defined in the Policy) as of the date on which the premiums have been paid, less the amount of the Corporation's Policy Interest. Interest charges on such loan shall be the responsibility of and shall be paid by the Trustees. For each Policy year in which the Trustees borrow against the Policy, the Corporation shall be correspondingly relieved of its obligation to pay any amounts towards premiums for a Policy year.
(b) The limitation on the amount that the Trustees may borrow against the Policy hereunder shall be not apply to the extent that the amount borrowed is paid over to the Corporation to reduce its Policy Interest.
RIGHT TO BORROW. To borrow or raise monies for the purposes of --------------- the Trust Fund from anyone (other than a "party in interest" as defined in Section 3(14) of ERISA), including itself, in such amount, and upon such terms and conditions, as the Trustee in its discretion may deem advisable, and to secure the repayment thereof by pledging all, or any part of, the Trust Fund;
RIGHT TO BORROW. Except as otherwise expressly stated in this Agreement, the Company is not authorized to borrow or raise money on the Client’s behalf or enter into transactions, which will involve the Client having to borrow or raise money.
RIGHT TO BORROW. To borrow or raise monies for the purposes of the trust in such amount, and upon such terms and conditions, as the Trustees in absolute discretion may deem advisable; and, for any sums borrowed, to issue a promissory note as Trustees and to secure the repayment thereof by pledging all, or any part of, the Fund, provided, however, that if any borrowing is made against life insurance policies (other than such policies which are specifically allocated to participants in accordance with the terms of the Plan), the interests of all participants shall be adjusted to reflect such borrowing on a pro rata basis. No person lending money to the Trustees shall be bound to verify the application of the money lent or to inquire into the validity, expediency or propriety of any such borrowing.