Co-Owner Loans Sample Clauses

Co-Owner Loans. (a) If a delinquent Co-Owner becomes a Defaulting Co-Owner by failing to pay its share of Project Expenses when due and not curing such failure within the applicable notice and cure period, the Co-Owner Manager shall give written notice of such failure to the other Co-Owners (each a “Non-Defaulting Co-Owner”) within two (2) days following the expiration of the five (5) business day period described in Section 5.03. Within seven (7) days following such notice, any one or more of the Non-Defaulting Co-Owner may elect to pay all or any part of the Defaulting Co-Owner’s proportionate share of the delinquent Project Expenses (each such paying Co-Owner a “Lending Co-Owner”). Such amount shall be treated as a loan by the respective Lending Co-Owner to the Defaulting Co-Owner whether one or more (a “Co-Owner Loan”). All Co-Owner Loans shall be payable in full within thirty-one (31) days from the date such loan was made, together with interest at the rate per annum equal to the lesser of (i) the maximum legal rate, or (ii) sum of the prime rate of interest as published from time to time in The Wall Street Journal plus six percent (6.0%) (the “Default Rate”). All Co-Owner Loans shall be with recourse to the Defaulting Co-Owner. Notwithstanding any provision herein to the contrary, in the event either Hilltop Owner or Ford Owner becomes a Defaulting Co-Owner, then Hilltop Owner or Ford Owner, whichever is then a Non-Defaulting Co-Owner, shall have the first and pre-eminent right to exercise the Non-Defaulting Co-Owner rights described above relative to SPC Owner’s rights to cure such default, provided such first and pre-eminent rights are exercised within the period set forth above for a Lending Co-Owner to advance its share of delinquent Project Expenses; thereafter, if either Hilltop Owner or Ford Owner fail to advance such delinquent Project Expenses, then SPC Owner shall have the period of time set forth in this Section 5.05(a) to elect to advance such delinquent Project Expenses.
Sample 1
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Related to Co-Owner Loans

  • Member Loans The Member may make loans (“Member Loans”) to the Company, which shall bear interest and be repaid on such reasonable terms and conditions as may be approved by the Member.

  • Intercompany Loans Notwithstanding any provision to the contrary set forth in the Transaction Documents (including, without limitation, clause (s) of the definition of “Eligible Loan” in Annex X), the Guarantor (i) shall not permit any Seller to sell, transfer, assign or otherwise convey any Intercompany Loan to Bunge Funding under the Sale Agreement that has a maturity in excess of six (6) years and (ii) shall either cause a Seller, Bunge Funding or the Trustee to demand repayment of all outstanding principal and accrued interest under each Intercompany Loan or cause a Seller to refinance such amounts by making a new Intercompany Loan to the applicable Obligor within six (6) years from the date of such Intercompany Loan.

  • Existing Loans Schedule 3.14(a) attached hereto lists, as of the date of this Agreement, (i) all secured Indebtedness presently encumbering the Property or any direct or indirect interest in the Company, and (ii) all unsecured Indebtedness of the Company or any Company Subsidiary (collectively, the “Existing Company Loans”), and the outstanding aggregate principal balance of each such Existing Company Loan as of April 30, 2019. Except as set forth on Schedule 3.14(b) attached hereto, the Existing Company Loans and the documents entered into in connection therewith (such notes, deeds of trust and all other documents or instruments evidencing or securing such Existing Company Loans including any financing statements, and any amendments, modifications, and assignments of the foregoing shall be referred to collectively as the “Existing Company Loan Documents”) are in full force and effect as of the Closing Date. True, correct and complete copies of the Existing Company Loan Documents (other than financing statements, ancillary certificates and other similar ancillary documents) have been made available to MAMP. No material breach or material default by the Company or any Company Subsidiary has occurred under any Existing Company Loans. Except as set forth on Schedule 3.14(c) attached hereto, no event has occurred and is continuing which with the passage of time or the giving of notice (or both) would constitute a material breach or default under any of such Existing Company Loan Documents, nor has the Company received or given written notice of a default under any Existing Company Loan Documents, which remains uncured.

  • Acquisition Loans The proceeds of the Acquisition Loans may be used only for the following purposes: (i) for working capital and general corporate purposes, including, without limitation, the issuance of Letters of Credit and to pay outstanding Floor Plan Loans; and (ii) to make Permitted Acquisitions.

  • Equipment Loans Section 2.3(b) of the Loan Agreement shall be amended and restated in its entirety as follows:

  • Loans The Sponsor has agreed to make loans to the Company in the aggregate amount of up to $300,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form annexed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of December 31, 2021 or the consummation of the Offering.

  • Shareholder Loans (a) Each Obligor will procure that prior to any Restricted Person making any Financial Indebtedness (other than Permitted Payments) available to any member of the Borrower Group, such Restricted Person shall enter into a Pledge of Subordinated Shareholder Loans on terms and conditions satisfactory to the Facility Agent and a Security Provider’s Deed of Accession and provides (i) the Facility Agent with such documents and evidence as it may reasonably require as to the power and authority of the Restricted Person to enter into such Pledge of Subordinated Shareholder Loans and Security Provider’s Deed of Accession and that the same constitute valid and legally binding obligations of such Restricted Person enforceable in accordance with their terms subject (to the extent applicable) to substantially similar qualifications to those made in the legal opinions referred to in Schedule 2 (Conditions Precedent Documents); and (ii) notification of such pledge to the relevant member of the Borrower Group.

  • NOTES EVIDENCING LOANS The loans described above in Section 2 shall be evidenced by promissory notes of Borrower as follows:

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Other Loans In the event the Partnership is in need of additional funds other than an FF&E Loan or a Capital Improvement Loan, the Company may, but shall not be obligated to, make loans to the Partnership in such amounts as are necessary. Any such loan shall bear interest at a rate, and shall have repayment terms, as the General Partner shall reasonably determine.

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