Interest on Trust Sample Clauses

Interest on Trust. 1.6.1. All interest earned on the funds held in the Trust Account shall be added to the corpus of the Trust Account; provided, however, that, pursuant to the Trust Agreement, an aggregate of up to $1,825,000 ($1,925,000 if the Over-allotment Option is exercised in full, or a Maxim Group LLC _________________, 2007 Page 6 of 50 lesser amount if less than the full Over-allotment Option is exercised, pro rata based on the amount of the Over-allotment Option exercised) of the interest earned on the Trust Account will be released to the Company to fund working capital requirements (including, if necessary, the costs of dissolution and liquidation of the Company and the Trust Account). The Company will also be permitted to draw amounts necessary to pay taxes on earned interest, State of Delaware franchise taxes, repayment of up to $200,000 of an additional officer loan to be made on or prior to the closing of the Offering by Xxxxxx X. Xxxxxxxxx (such loan to be repaid within 90 days of the closing of the Offering).
Sample 1
AutoNDA by SimpleDocs
Interest on Trust. Prior to the Company’s consummation of a Business Combination or the Company’s liquidation, all interest earned on the Trust Account may be released (i) to the Company to pay any taxes incurred by the Company, and (ii) to the Company, from time to time, to fund its working capital and general corporate requirements and liquidation expenses, if any, as more fully described in the Prospectus.
Sample 1
Interest on Trust. All interest earned on the funds held in the Trust Account shall be added to the corpus of the Trust Account; provided, however, that, pursuant to the Trust Agreement, an aggregate of up to $1,300,000 ($1,400,000 if the over-allotment option is exercised of the interest earned on the Trust Account will be released to the Company to fund working capital requirements (including, if necessary, the costs of dissolution and liquidation of the Company and the Trust Account). The Company will also be permitted to draw amounts necessary to pay taxes on earned interest. If the Over-allotment Option is not exercised by the Underwriters, the Company is prohibited from drawing any amounts from the Trust Account until $180,000 of interest shall have been earned thereon.
Sample 1
Interest on Trust. 1.7.1. All interest earned on the funds held in the Trust Account shall be added to the corpus of the Trust Account; provided, however, that, pursuant to the Trust Agreement, an aggregate of up to $1,825,000 ($1,925,000 if the Over-allotment Option is exercised in full, or a lesser amount if less than the full Over-allotment Option is exercised, pro rata based on the amount of the Over-allotment Option exercised) of the interest earned on the Trust Account will be released to the Company to fund working capital requirements (including: (i) the repayment, of up to $200,000, of funds loaned or advanced to the Company by Xxxxxx X. Xxxxxxxxx as described in the Registration Statement and (ii) if necessary, the costs of dissolution and liquidation of the Company and the Trust Account)). The Company will also be permitted to draw amounts necessary to pay taxes on earned interest and State of Delaware franchise taxes.
Sample 1
Interest on Trust. All interest earned on the funds held in the Trust Account shall be added to the corpus of the Trust Account; provided, however, that, pursuant to the Trust Agreement: (i) an aggregate of up to $2,500,000 of the interest earned on the Trust Account will be released to the Company to fund working capital requirements (including for reimbursement to the Sponsor of fees charged by the issuing bank in connection with the issuance of the Letter of Credit and all periodic and other fees related to the Letter of Credit) and (ii) up to an additional $100,000 of interest earned on the Trust Account may be drawn by the Company, if necessary, to pay for the costs of dissolution and liquidation of the Company and the Trust Account). The Company will also be permitted to draw amounts necessary to pay taxes on earned interest. Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated Maxim Group LLC , 2006
Sample 1
Interest on Trust. All interest earned on the funds held in the Trust Account shall be added to the corpus of the Trust Account; provided, however, that, pursuant to the Trust Agreement: (i) an aggregate of up to $2,500,000 of the interest earned on the Trust Account will be released to the Company to fund working capital requirements (including for reimbursement to the Sponsor of fees charged by the issuing bank in connection with the issuance of the Letter of Credit and all periodic and other fees related to the Letter of Credit) and (ii) up to an additional $100,000 of interest earned on the Trust Account may be drawn by the Company, if necessary, to pay for the costs of dissolution and liquidation of the Company and the Trust Account). The Company will also be permitted to draw amounts necessary to pay taxes on earned interest.
Sample 1

Related to Interest on Trust

  • Interest on Term Loan The Credit Agreement is hereby further amended by deleting ss.4.5.1. thereto in its entirety and substituting in lieu thereof the following new ss.4.5.1.:

  • Interest on the Loan Interest on the Loan shall accrue as set forth in the Note.

  • Interest on Term Loans The outstanding principal amount of each Term Loan made by each Lender shall bear interest at a fluctuating rate per annum that shall at all times be equal to (i) during such periods as such Term Loan is a Base Rate Loan, the Base Rate plus the Applicable Margin in effect from time to time, and (ii) during such periods as such Term Loan is a Eurodollar Loan, the relevant Adjusted Eurodollar Rate for such Eurodollar Loan for the applicable Interest Period plus the Applicable Margin in effect from time to time.

  • Interest on the Loans A. RATE OF INTEREST. Subject to the provisions of subsections 2.6 and 2.7, each Term Loan and each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate or the Adjusted Eurodollar Rate. Subject to the provisions of subsection 2.7, each Swing Line Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a rate determined by reference to the Base Rate. The applicable basis for determining the rate of interest with respect to any Term Loan or any Revolving Loan shall be selected by Company initially at the time a Notice of Borrowing is given (or telephonic notice followed by a Notice of Borrowing) with respect to such Loan pursuant to subsection 2.1B, and the basis for determining the interest rate with respect to any Term Loan or any Revolving Loan may be changed from time to time pursuant to subsection 2.2D. If on any day a Term Loan or Revolving Loan is outstanding with respect to which notice has not been delivered to Administrative Agent in accordance with the terms of this Agreement specifying the applicable basis for determining the rate of interest, then for that day that Loan shall bear interest determined by reference to the Base Rate.

  • Interest on Arrears 5.19.1 If the Tenant shall fail to pay the Rents or any other sum due under this Lease within 14 days of the date due whether formally demanded or not (save for Rent or any other sum the amount of which was tote notified by the Landlord who has failed to do so) the Tenant shall pay to the Landlord Interest (compounded on each quarter day) on the Rents or other sum from the date when they were due to the date on which they are paid and such Interest shall be deemed to be rents due to the Landlord

  • Interest on Loans (a) Subject to the provisions of Section 2.08, each ABR Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 days or 366 days in a leap year) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.

  • Interest on the Term Loan Subject to the provisions of Section 2.8, the Term Loan shall bear interest as follows:

  • Interest on Overdue Payments Without limiting the rights of Executive at law or in equity, if the Company fails to make the Lump-Sum Payment or any Gross-Up Payment on a timely basis, the Company shall pay interest on the amount thereof at an annualized rate equal to the rate in effect, at the time such payment should have been made, under the 401(k) Plan for loans to participants in such plan.

  • Interest on Late Payments With respect to any payment between the Parties pursuant to this Agreement not made by the due date set forth in this Agreement for such payment, the outstanding amount will accrue interest at a rate per annum equal to the rate in effect for underpayments under Section 6621 of the Code from such due date to and including the payment date.

  • Interest on Late Payment 20.1 Where a sum is required to be paid under this agreement (other than under the Tax Covenant) but is not paid before or on the date the parties agreed, the party due to pay the sum shall also pay an amount equal to interest on that sum for the period beginning with that date and ending with the date the sum is paid (and the period shall continue after as well as before judgment).

Time is Money Join Law Insider Premium to draft better contracts faster.