|
|
|
|
Document Preview Line of Credit Agreement for the Acquisition of Equipment |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Line of Credit Agreement for the Acquisition of Equipment |
|||
|
Entities: |
||||
|
Date: |
2005 |
|||
|
Size: |
Preview shows 6KB of 25KB total |
|||
|
Price: |
$38 |
|||
|
ID: |
#1029709 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
LINE OF CREDIT AGREEMENT
FOR THE ACQUISITION OF EQUIPMENT
AND LEASEHOLD IMPROVEMENTS
($2,250,000.00 Line)
September 23, 2004
Curis, Inc.
61 Moulton Street
Cambridge, MA 02138
| Attn: | Michael P. Gray, Vice President Finance and Chief Financial Officer |
Gentlemen:
We, Boston Private Bank & Trust Company (hereinafter Lender) are pleased to advise Curis, Inc. (the Borrower) that Lender has established a line of credit of up to Two Million Two Hundred Fifty Thousand ($2,250,000.00) Dollars (subject to limitations contained herein) (hereinafter the Credit Limit) for Borrower to be used exclusively for the purchase of equipment, leasehold improvements, soft costs and to refinance the Borrowers outstanding obligations to Lender; subject to Lenders periodic review. This line of credit will be subject to the following terms and conditions:
1. Any advances, extensions of credit, or loan of funds pursuant to this line of credit (hereinafter collectively and separately referred to as the Loan) will be made only if in the reasonable opinion of Lender there has been no material adverse change in the financial condition of Borrower and if there exists no Event(s) of Default (as hereinafter defined). No advances, extensions of credit, or loan of funds will be made after the first to occur of (a) the date on which the outstanding principal balance of the Loan equals the Credit Limit; or (b) February 28, 2005. Any sums prepaid may not be readvanced absent consent of the Lender.
2. Borrower agrees that each monthly or other statement of account mailed or delivered by Lender to Borrower pertaining to the outstanding balance of the Loan, the amount of interest due thereon, fees, and costs and expenses shall be final, conclusive and binding on Borrower absent manifest error and shall constitute an account stated with respect to the matters contained therein unless within thirty (30) calendar days from when such statement is mailed or if not mailed, delivered to Borrower, Borrower shall deliver to Lender written notice of any objections which it may have as to such statement of account and in such event, only the terms to which objection is expressly made in such notice shall be considered to be disputed by Borrower.
3. Except as set forth in Paragraph 10 hereof, interest will be charged to Borrower at a rate which is the daily equivalent to the Base Rate in effect from time to time, plus one (1.0%) percent per annum upon any balance owing to Lender at the close of each day. The rate of interest payable by Borrower shall be changed effective as of that date in which a change in the Base Rate becomes effective. Interest shall be computed on the basis of the actual number of days elapsed over a year of three hundred sixty (360) days. Such interest shall be payable monthly in arrears on the first (1st) day of each month, commencing on the first month following the first advance made hereunder. Upon the occurrence of an Event of Default hereunder, interest on unpaid balances shall thereafter be payable at a fluctuating interest rate per annum equal to four percent (4%) greater than the applicable rate of interest in effect from time to time.
The term Base Rate as used herein shall mean the rate of interest announced by Lender from time to time in Boston as its Base Rate, it being understood that such rate is a reference rate and not necessarily the lowest rate of interest charged by Lender to its customers.
|
End of Preview |
Home Intelligence Services Subscriptions News About Us