The Loan and Collateral Clause Samples

The Loan and Collateral. 19 2.1 The Loan 19 2.2 Security for the Loan. 20 2.3 Interest Rate. 20 2.4 Repayment of Loan. 21 2.5 Late Charges On Overdue Installments; Default Rate; Collection Costs. 24 2.6 Expiration/Termination of Lenders’ Commitment to Lend. 24 2.7 Cross-Collateralization and Cross-Default. 25 2.8 Grant of Lien and Security Interest. 25 2.9 Maintenance of Lien. 25 2.10 Village Note Payoff Advance 26
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The Loan and Collateral. 1. The WVEDA Loan shall be made and disbursed, as set out in the loan application from the Company to WVEDA. 2. WVEDA agrees to loan to the Company the sum of $500,000 for a term of ten (10) years at an annual fixed rate of interest which is the Wall Street Journal Prime Rate less four percent (4%), provided, however, that the interest rate will be a minimum of five percent (5%), which WVEDA Loan shall represent not more than seventy-five percent (75%) of the total cost of the Equipment Project. 3. The note evidencing the WVEDA Loan and the collateral and security which shall secure the repayment of the WVEDA Loan shall be as follows: (a) The Company agrees to execute and deliver to WVEDA a negotiable Promissory Note (the "Promissory Note") payable to the order of WVEDA in the principal sum of $500,000 for a term of years and bearing interest at the rate set out above payable in 120 consecutive monthly payments of principal and interest commencing one month from the date of the Promissory Note, said Promissory Note to be substantially in the form set forth in Exhibit B attached hereto. (b) The Company shall grant to WVEDA a first lien security interest, pursuant to the Uniform Commercial Code, on the Equipment Project described in Exhibit A and all replacements thereto and proceeds therefrom, to secure WVEDA in the payment of the WVEDA Loan mentioned in paragraph A.2. above. The Company further agrees to execute and deliver to WVEDA a Security Agreement (the "Security Agreement") in a form acceptable to WVEDA and UCC-1 financing statements for filing in all jurisdictions necessary to provide WVEDA with a perfected first lien on the Equipment Project.
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The Loan and Collateral. 1. The WVEDA Loan shall be made and disbursed, as set out in the loan application to WVEDA. Loan Agreement - 2010 2. WVEDA agrees to loan to Company the sum of $900,000.00 for a term of ten (10) years at interest fixed at the rate of 3.26% per annum, being the rate as of the day of closing equal to the rate from the previous business day of a 10 year U.S. Treasury Security plus three-fourth percent (as such rate is stated in the Daily Treasury Yield Curve Rates section of the U.S. Treasury official website w▇▇.▇▇▇▇▇▇▇.▇▇▇), which WVEDA Loan shall represent not more than forty-five percent (45%) of the total cost of the Project. 3. The note evidencing the WVEDA Loan and the collateral which shall secure the repayment of the WVEDA Loan shall be as follows: (a) Company agrees to execute and deliver to WVEDA a negotiable Promissory Note payable to the order of WVEDA in the principal sum of $900,000.00 for a term of ten (10) years and bearing interest at the rate set out above, said Promissory Note to be substantially in the form set forth in Exhibit C attached hereto. (b) Company shall initially grant to WVEDA a sole first lien security interest, pursuant to the Uniform Commercial Code, on all equipment and machinery of the Company described in Exhibit A and all replacements, additions and improvements thereto and proceeds thereof, to secure WVEDA in the payment of the WVEDA Loan mentioned in paragraph (a) above, and upon the completion of the purchase, acquisition and installation of the Phase II Equipment, and the financing of a portion of the costs thereof by WVIJDC through the WVIJDC Loan, Company shall grant to WVEDA a first lien security interest, pursuant to the Uniform Commercial Code, shared on a pro rata basis with the WVIJDC Loan, on all equipment and machinery of the Company described in Exhibit A and Exhibit B and all replacements, additions and improvements thereto and proceeds thereof, to secure WVEDA in the payment of the WVEDA Loan mentioned in paragraph (a) above. Loan Agreement - 2010 (c) Company shall be in default hereunder upon failure to pay when due any amount payable hereunder or under the said Promissory Note or upon failure to observe or perform any of Company's other agreements contained herein as further provided in Section D below. (d) Company shall be in default hereunder upon failure to pay when due any amount payable under the WVIJDC Loan or upon failure to observe or perform any covenant or agreement with respect to the WVIJDC...
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The Loan and Collateral. 2.1 The Loan The Lenders severally and not jointly agree, subject to the terms of this Agreement and the other Loan Documents, to make Advances of the Loan to the Borrower during the Commitment Period as provided herein. Borrower, Holdings and Borrower Subsidiaries have made the covenants, representations and warranties herein and in the other Loan Documents as a material inducement to the Lenders to make the Loan and enter this Agreement. The maximum aggregate principal amount of the Loan to be made by the Lenders hereunder shall be the sum of (i) the Tranche 1 Committed Amount; (ii) the Tranche 2 Committed Amount and (iii) the Tranche 3 Committed Amount and of such amount, TRS agrees to make Advances to the Borrower in an aggregate principal amount not to exceed the TRS Percentage and ERS agrees to make Advances to the Borrower in an aggregate principal amount not to exceed the ERS Percentage. On each occasion when Advances are to be made hereunder, each Lender shall concurrently make an Advance in an amount in proportion to such Lender’s percentage. Advances of the Loan by ERS shall be evidenced by the ERS Note and Advances of the Loan by TRS shall be evidenced by the TRS Note; provided, however, that Advances of the Loan relating to the Pasadena Project shall be evidenced by the Pasadena Note and Advances of the Loan relating to the Westwood Project shall be evidenced by the Westwood Note. Such Advances will bear interest and will be payable in accordance with the terms and conditions set forth in this Agreement and in the ERS Note as to Advances by ERS and the TRS Note as to Advances by TRS, except in the case of the Pasadena Project and the Westwood Project, where the terms and conditions of this Agreement and in the Pasadena Note or the Westwood Note shall apply. The forms of all documents to be executed to evidence and/or secure the Loan shall be subject to the Agent Lender’s approval. Unless otherwise expressly set forth herein, any references to “Note” shall mean the ERS Note and the TRS Note, collectively, as well as, to the extent applicable and relating to the Pasadena Project, the Pasadena Note and, to the extent applicable and as relating to the Westwood Project, the Westwood Note. Notwithstanding the execution by Borrower of the Pasadena Note, the Westwood Note or any Future Project-specific promissory notes as may be required by Lender, in no event shall Lender be obligated to make Advances collectively exceeding the Committed Amount. In c...
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The Loan and Collateral. 1. The WVEDA Loan shall be made and disbursed, as set out in the loan application to WVEDA. 2. WVEDA agrees to loan to Company the sum of $242,631.00 for a term of ten (10) years at an annual rate of interest equal to four percent (4%) per annum, which WVEDA Loan shall represent not more than forty-five percent (45%) of the total cost of the Project. 3. The note evidencing the WVEDA Loan and the collateral and guaranties which shall secure and guarantee the repayment of the WVEDA Loan shall be as follows: (a) Company agrees to execute and deliver to WVEDA a negotiable Promissory Note payable to the order of WVEDA in the principal sum of $242,631.00 for a term of ten (10) years and bearing interest at the rate set out above, said Promissory Note to be substantially in the form set forth in Exhibit B attached hereto. (b) Company shall grant to WVEDA a first lien security interest, pursuant to the Uniform Commercial Code, shared on a pro rata basis with the WVIJDC Loan, on all equipment, machinery and fixtures of the Company described in Exhibit A and all replacements, additions and improvements thereto and proceeds thereof, to secure WVEDA in the payment of the WVEDA Loan mentioned in paragraph (a) above. 2549011.2 Loan Agreement (c) Company shall be in default hereunder upon failure to pay when due any amount payable hereunder or under the said Promissory Note or upon failure to observe or perform any of Company’s other agreements contained herein as further provided in Section D below. (d) Company shall be in default hereunder upon failure to pay when due any amount payable under the WVIJDC Loan or upon failure to observe or perform any covenant or agreement with respect to the WVIJDC Loan. 4. The Project shall be completed for a cost not to exceed $569,811.82. Should at any time said costs exceed $569,811.82, then WVEDA shall not be obligated to close and disburse the WVEDA Loan, until the Company shall have expended or escrowed with WVEDA from funds separate from the proceeds of the WVEDA Loan, such additional amounts as shall be equal to the difference between such increased cost and $569,811.82. 5. If the overall cost of the completed Project is less than $569,811.82, WVEDA participation shall be in the same proportion to total cost as the original commitment.
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The Loan and Collateral 
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Related to The Loan and Collateral

  • Collateral Each of the Banks represents to the Agent and each of the other Banks that it in good faith is not relying upon any "margin stock" (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement.

  • Security Interest and Collateral To secure the payment and performance of the Obligations, Borrower hereby grants Lender a security interest (herein called the "Security Interest") in the following Collateral, whether now owned or hereafter acquired by Borrower and wherever located, and all products and proceeds thereof: (a) Crops, whether annual or perennial, whether grown, growing or to be grown, and whether harvested or unharvested, the products and proceeds thereof and stored grain (including all of the foregoing designated as inventory) and any negotiable or nonnegotiable documents, scale tickets and the like resulting from the storage thereof; also seed, fertilizer, chemicals, and other supplies used or produced by Borrower in farming operations; also accounts, contract rights (including proceeds from insurance policies covering the other Collateral), instruments, documents and general intangibles, whether now owned or hereafter acquired and wherever located; hedging and commodity accounts or agreements, now or hereafter or in effect, together with all rights in and to such accounts or agreements and all payments due or to become due thereunder. (b) Livestock (including livestock in gestation) and their young, products and proceeds and progeny thereof and produce thereof, including all livestock designated as inventory; also feed, medicines and other supplies used or produced by Borrower in farming operations; also accounts, contract rights (including proceeds from insurance policies covering the other Collateral), instruments, documents and general intangibles, whether now owned or hereafter acquired and wherever located; hedging and commodity accounts or agreements, now or hereafter or in effect, together with all rights in and to such accounts or agreements and all payments due or to become due thereunder. (c) All of Borrower’s equipment and machinery, and all accessions and attachments thereto and replacements and substitutions therefore (the Equipment). Borrower shall not remove any of the Collateral from locations disclosed in this Agreement, nor sell, convey or encumber said Collateral, provided, however, that Borrower may sell said Collateral or any part thereof if, and only if: (i) the proceeds of such sale are made payable jointly to Lender and Borrower if requested by ▇▇▇▇▇▇, it being specifically understood and agreed that all Obligations secured by the Collateral to the extent of the sale price shall be due and payable at the time of such sale; and (ii) Borrower sells the Collateral only to buyers listed on the Credit Application if required pursuant to the terms of Subsection 2(c) below.

  • The Collateral (a) The payment of the principal of and interest, and premium, if any, on the Notes when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise and whether by the Issuer pursuant to the Notes or by any Secured Guarantor pursuant to its Guarantee and the payment of all other First Lien Obligations of the Issuer and the Guarantors under this Indenture, the Notes, the Guarantees and the Collateral Documents relating to the Notes are secured by First Liens on the Collateral, subject to Permitted Liens, as provided in the Collateral Documents relating to the Notes which the Issuer and the Guarantors have entered into simultaneously with the execution of this Indenture, or in certain circumstances, subsequent to the Issue Date or the Merger Date, and will be secured as provided in the Collateral Document relating to the Notes hereafter delivered as required or permitted by this Indenture. (b) Each Holder of Notes, by its acceptance of the Notes and the Guarantees of the Notes, will be deemed to have consented and agreed to the terms of each Collateral Document relating to the Notes, as originally in effect and as amended, supplemented or replaced from time to time in accordance with its terms or the terms of this Indenture, to have authorized and directed the Trustee and the Collateral Agent, as applicable, to enter into the Collateral Documents relating to the Notes to which it is a party, and to have authorized and empowered the Trustee and the Collateral Agent, as applicable, and (through the Intercreditor Agreement) the Directing Agent to bind the Holders of Notes and other holders of First Lien Obligations as set forth in the Collateral Documents to which they are a party and to perform its respective obligations and exercise its respective rights and powers thereunder. Notwithstanding the foregoing, no such consent or deemed consent shall be deemed or construed to represent an amendment or waiver, in whole or in part, of any provision of this Indenture or the Notes. The foregoing will not limit the right of the Issuer to amend, waive or otherwise modify the Collateral Documents relating to the Notes in accordance with their terms. (c) The Trustee and each Holder, by accepting the Notes and the Guarantees of the Notes, acknowledges that, as more fully set forth in the Collateral Documents relating to the Notes, the Collateral as now or hereafter constituted shall be held by the Collateral Agent for the benefit of all the Holders, the Collateral Agent and the Trustee, and that the Lien granted by the Collateral Documents relating to the Notes in respect of the Trustee and the Holders is subject to and qualified and limited in all respects by the Collateral Documents relating to the Notes and actions that may be taken thereunder. In the event of conflict between the Intercreditor Agreement, any of the other Collateral Documents and this Indenture, the Intercreditor Agreement shall control.

  • Possessory Collateral Immediately upon Borrower's receipt of any portion of the Collateral evidenced by an agreement, Instrument or Document, including, without limitation, any Tangible Chattel Paper and any Investment Property consisting of certificated securities, Borrower shall deliver the original thereof to Lender together with an appropriate endorsement or other specific evidence of assignment thereof to Lender (in form and substance acceptable to Lender). If an endorsement or assignment of any such items shall not be made for any reason, Lender is hereby irrevocably authorized, as Borrower's attorney and agent-in-fact, to endorse or assign the same on Borrower's behalf.

  • CREDIT AND COLLATERAL REQUIREMENTS The applicable credit and collateral requirements are specified on the Cover Sheet.