Interest Free Loan. For the 2016 calendar year, the District will also make an interest-free loan available to each employee at the beginning of the calendar year in order to enable the employee to make an immediate HSA contribution so that they have sufficient funds in the employee’s HSA at the beginning of the plan year to satisfy the deductible. The loan shall be interest-free and shall be documented by an election form/loan agreement. In order to obtain the loan, each employee will be required to sign an election form and loan agreement under which the employee will agree to repay the loan amount by payroll deduction, and if there is an interruption in pay due to an unpaid leave or termination of employment, the employee shall further agree to otherwise timely repay the loan.
Interest Free Loan. With respect to any taxable year ending prior to the second (2nd) anniversary of the Class C Common Measuring Date, if a Common Member is allocated any taxable income arising from a sale or other disposition (other than in the ordinary course of business) of the Property contributed by such Member pursuant to Code Section 704(c) other than taxable income arising from a fully taxable sale or disposition for which such Member has elected to receive an interest-bearing Tax Loan under Section 4.8.3, then (i) the Tax Loan for such tax liability shall be due and payable to the Company no later than ninety (90) days after the second (2nd) anniversary of the Class C Common Measuring Date (or if a Common Member exercises its put option pursuant to the Bresnan Put Agreement, then the date of closing thereunder) and shall be interest-free, and (ii) the Tax Loan Amount due shall be reduced by the amount of income taxes paid by the Member attributable to its recognition of imputed income under the interest-free Tax Loan.
Interest Free Loan. Where the Subscription Proceeds are paid to the Issuer, the Issuer is entitled to treat such Subscription Proceeds as an interest free loan to the Issuer until such time as the Subscription is accepted and the certificates representing the Shares have been issued to the Subscriber.
Interest Free Loan. In March 1998, the Company loaned Executive the principal amount of $500,000, free of interest (the “Interest-Free Loan”). This loan is intended to qualify as a relocation loan under Section 7872 of the Internal Revenue Code and has been fully repaid as of the effective date of this Agreement.
Interest Free Loan the Borrower acknowledges that the Borrower is not required to pay interest on the Loan Amount and is not entitled to any rebate on the Loan Amount if it is repaid early.
Interest Free Loan. On the Effective Date, Company will make and fund an interest free loan to Brewery of US$100,000. The loan will be repaid to Company by Brewery by the Company reducing each invoice payment to Brewery by US$.37.5 per case invoiced until the loan is repaid in full. After eight months, Company will consider other terms if necessary at the request of Brewery. If Company defaults in the -11- performance of any of Company's obligations under this agreement, then Brewery shall be relieved of any obligations to repay the loan. If this Agreement is terminated by Brewery for any reason, the unpaid balance of the loan becomes immediately due and payable and if Brewery then fails to repay the loan balance within thirty (30) days, the unpaid balance shall bear interest at the rate of 1.5% per month until paid. Additionally, if Company is required to refer the loan to attorneys for collection, Brewery shall be responsible for all attorney's fees but no less than twenty percent (20%) of the amount sought to be collected.
Interest Free Loan. The City agrees to provide VRC, on the Effective Date of this Agreement, with an interest free loan of One Hundred Thousand and No/100 Dollars ($100,000) due payable on the Effective Date. Repayment by VRC shall be for a term of 10 years with equal quarterly payments in the amount of $2,500.00 each quarter due payable on the first day of every quarter beginning January 1, 2017 and until the $100,000,00 has been repaid to the City. The loan shall be collateralized by VRC pledging a CD in the amount of $100,000.00 at First Financial Bank, Xxxx Xxxx, payable to the City of Xxxx Xxxx Texas, on or before the Effective Date, and to remain in holding until the termination of this agreement.
Interest Free Loan. The Company and the Employee agree that, so long as Employee is not in default under the Note, the Loan shall not bear interest.
Interest Free Loan. Employee shall be entitled to an interest-free loan of up to $200,000 to be applied to a new home purchase, with the principal of such loan subject to repayment to be reduced by 50% on the second anniversary of the Effective Date, and the balance to be forgiven on the third anniversary of employment. Employee will execute a promissory note evidencing the loan substantially in the form of Exhibit B attached hereto.
Interest Free Loan. The Tax Payment Loan shall be interest-free. Participant understands that, depending on the amount of the Tax Payment Loan, current federal income tax law may require that the Company report to Participant "imputed" compensation income equal to a minimum amount of interest on the Tax Payment Loan. Participant may wish to consult with a tax advisor regarding the federal income tax consequences associated with obtaining the Tax Payment Loan.
