Interim Loan Clause Samples

Interim Loan. (a) In the event that it is reasonably anticipated that the JV Closing Date will not occur by June 30, 2018 and this Agreement has not otherwise been terminated, then upon not less than five (5) Business Days’ notice given by Asanko in writing at any time after June 15, 2018, and provided that the Registration Rights Agreement shall have been entered into between Asanko and the GF Parties, GF Orogen will not later than June 29, 2018 advance a loan (the “Interim Loan”) to ▇▇ ▇▇▇▇▇ in an amount up to US$20,000,000 as set out in Asanko’s written notice. The Interim Loan will be guaranteed by Asanko and will bear interest at a rate of 5.5% per annum. The due date of the Interim Loan (the “Interim Loan Due Date”) will be the earlier of (i) the JV Closing Date, (ii) the date that is thirty (30) days after written demand for repayment is made by GF Orogen, which demand may be made at any time after six (6) months following the date of the advance of the Interim Loan to ▇▇ ▇▇▇▇▇. All or any portion of the Interim Loan may be prepaid by ▇▇ ▇▇▇▇▇, together with accrued interest on any such portion, at any time without penalty. (b) If any portion of the Interim Loan remains outstanding on the JV Closing Date, then the JV Transactions will be adjusted by replacing the step contemplated in Section 3.1(b)(v) with the following steps: (i) GF Orogen will subscribe for such number of ▇▇ ▇▇▇▇▇ Redeemable Shares as have an aggregate par value equal to US$164,939,999 less the amount of the outstanding principal and interest on the Interim Loan as of the JV Closing Date for an aggregate cash subscription price equal to such aggregate par value; (ii) ▇▇ ▇▇▇▇▇ will utilize a portion of the subscription proceeds for such ▇▇ ▇▇▇▇▇ Redeemable Shares to repay to GF Orogen the full amount of principal and interest on the Interim Loan; and (iii) GF Orogen will utilize the amount repaid on the Interim Loan to subscribe for such number of additional ▇▇ ▇▇▇▇▇ Redeemable Shares as will result in GF Orogen holding in aggregate 164,939,999 ▇▇ ▇▇▇▇▇ Redeemable Shares, for an aggregate cash subscription price equal to their aggregate par value. (c) In the event that the JV Closing Date has not occurred and demand for repayment is made, the Parties will complete the following transactions on the Interim Loan Due Date (collectively, the “Interim Loan Conversion Transactions”), which will occur and be deemed to occur consecutively in the following sequence, effective as at five minute intervals ...

Interim Loan. Upon (a) execution of this Agreement and (b) Seller's receipt of the written consents referred to in Section 8.1(d) of this Agreement in form and substance acceptable to Seller, Seller shall loan to Parent the sum of USD 1,000,000, under the terms of the Bridge Note attached as Exhibit E. Such Bridge Note provides for monthly interest only for 12 months at 6%. In addition, Parent will issue to Seller a Stock Purchase Warrant upon execution hereof in the form of Exhibit F, providing for the right to purchase 625,000 shares of Parent Common Stock for an exercise price of $1.37 per share. If the sale fails to close due to the termination of this Agreement by Seller or upon a breach by Seller of any provision of this Agreement prior to Closing, the Bridge Note will mature in 12 months. In the event that Seller terminates this Agreement pursuant to Sections 9.1(b),(c), (d) or (e) or Parent or Buyer terminate this Agreement pursuant to Sections 9.1(f),(g) or (h), the Bridge Note shall be repayable, at the option of Parent, in Parent Common Stock at the rate of $0.80 per share. If the sale closes, the Bridge Note and Warrant will be cancelled and replaced by the Buyer's receipt of the cash portion of the Assets.

Interim Loan. Within two (2) days of the date hereof and following execution and delivery by PSI of a promissory note in the form of Exhibit 6.7 (the "Promissory Note"), Spee▇ ▇▇▇ll provide PSI a line of credit of up to $3,000,000 on the terms and conditions set forth in the Promissory Note. The principal amount and the accrued interest of such loan shall become due and payable on the earlier of Closing Date and September 1, 1998; provided, however, that at Spee▇'▇ ▇▇▇e discretion the repayment of such loan may be forgiven and the amount of the cash required to be delivered by Spee▇ ▇▇ Closing shall be reduced by an amount equal to the principal balance and unpaid interest on the Promissory Note so forgiven.

Interim Loan. The Defaulting Member shall (unless the Nondefaulting Member elects the alternative remedy of Percentage Interest adjustment described in Section 3.3.4 below) be indebted to the Nondefaulting Member contributing or loaning on his behalf for the full amount of such contribution or loan plus interest thereon at the lesser of (i) the Prime Rate plus 4%, or (ii) the maximum rate allowed by California law at the time of the contribution or loan, from the date the advance is made until paid. By this Agreement, the Defaulting Member grants to the Nondefaulting Member a security interest in and a lien on the interest in the Company of the Defaulting Member securing such indebtedness, which shall be due and payable upon demand by the Nondefaulting Member upon the expiration of 30 days from the date such advance is made or such longer period as the Nondefaulting Member may specify at the time the contribution or loan is made on behalf of the Defaulting Member. At the time the contribution or loan is made on behalf of the Defaulting Member by the Nondefaulting Member, the Defaulting Member shall execute and deliver to the Nondefaulting Member a promissory note, security agreement, UCC-1 financing statement and such other documents as may reasonably be required by the Nondefaulting Member to evidence such indebtedness and security interest. In the event such indebtedness is not paid upon demand upon expiration of such 30-day period (or such longer period as may have been specified by the Nondefaulting Member), the interest of the Defaulting Member may, at the option of the Nondefaulting Member, be retained by the Nondefaulting Member in satisfaction of such indebtedness or sold pursuant to the provisions of Division 9 of the California Uniform Commercial Code, reserving to all Members the rights and remedies contained therein. Without limiting the rights or remedies of the Nondefaulting Member, the Members agree and acknowledge that any such loan shall be repaid by the Defaulting Member from his share of Cash from Operations or Cash from Sales or Refinancing and the Manager is hereby authorized and directed to withhold amounts distributable to the Defaulting Member and pay them over to the Nondefaulting Member until all such loans are paid in full.

Interim Loan. The Borrower shall repay, on the StepDown Date, the entire principal amount of the Interim Loan, provided, that, if the Step-Down Date (and the repayment) shall occur on a Banking Day other than the last day of any applicable Interest Period for such Loan, the Borrower shall compensate the Banks for any losses, costs, expenses, or reduction in return as provided in Section 3.5 incurred by the Banks and the Administrative Agent in connection with such repayment. The Borrower's failure to repay the Interim Loan in full by the Step-Down Date shall result in (i) the permanent increase in the Margin as provided in Section 6.10, and (ii) the application of the Interim Margin to the Interim Loan until paid in full, but shall not result in a Payment Default or an Event of Default so long as the Borrower is in compliance with all other terms and conditions of this Agreement and the other Facility Documents on the Step-Down Date."

Interim Loan. The terms and provisions of this Agreement shall have no effect on the Interim Loan which shall remain in full force and effect.

Interim Loan. Each remittance of funds in respect of a Member’s [***] of an Additional Capital Contribution pursuant to this Section 2.3 shall, upon receipt by the Joint Venture Company of such funds, be deemed to be a loan (which shall bear no interest) to the Joint Venture Company of the entire amount so delivered until the other Member remits funds in respect of its [***] of such Additional Capital Contribution. At such time: (1) if both Members have remitted amounts equal to their respective [***]s of the Additional Capital Contribution in full, all such amounts shall be deemed Additional Capital Contributions (whereupon the respective amounts remitted by the Members shall no longer be deemed loans and shall be added to the Members’ respective Capital Contribution Balances); (2) if there is a Shortfall Amount, the amount actually remitted by the Non-Funding Member shall be deemed an Additional Capital Contribution by such Member (and such amount shall no longer be deemed a loan and shall be added to the Non-Funding Member’s Capital Contribution Balance), and a portion of the amount actually remitted by the Funding Member equal to the product of (a) the Funding Member’s [***] of such Additional Capital Contribution (whether or not contributed in full) multiplied by (b) a fraction, the numerator of which is the amount actually remitted by the Non-Funding Member and the denominator of which is the Non-Funding Member’s [***] of the Additional Capital Contribution shall be deemed an Additional Capital Contribution (and such amount shall be added to the Funding Member’s Capital Contribution Balance). In such event, the remainder of the amount remitted by the Funding Member shall continue to be a loan to the Joint Venture Company until: (i) the return of all or a portion of such remaining funds upon the receipt by the Joint Venture Company of instructions from such Member to return all or a portion of such funds to the Member pursuant to Sections 2.3(F), 2.4(A)(1), 2.4(C) or 3.1(A); (ii) the Funding Member instructs the Joint Venture Company to deem all or a portion of such remaining funds an Additional Capital Contribution (whereupon all or such portion of such funds shall be added to the Member’s Capital Contribution Balance); or (iii) the Funding Member instructs the Joint Venture Company to deem all or a portion of such funds to be Member Debt Financing; provided that if the Joint Venture Company has not received instructions pursuant to subparagraphs (i), (ii) or (iii...

Interim Loan. Within ten days of the date of execution of this Agreement, CDXX will have acquired the promissory note issued by PENSAT and dated December 1, 2000, in the principal amount of $1 million. Subsequently, prior to the Effective Time, as additional investments or loans into CDXX are obtained, CDXX, at its sole option, may, but is not obligated to, extend further loans to PENSAT.

Interim Loan. On the Effective Date, Stonepath Logistics International Services, Inc. will provide a non-interest bearing loan to Executive in the amount of $350,000 (the "▇▇▇▇▇ Loan"). The ▇▇▇▇▇ Loan will be repaid by offset against any Earn-Out Payments due to ▇▇. ▇▇▇▇▇ under the Stock Purchase Agreement to the extent of 25% of the outstanding balance of the ▇▇▇▇▇ Loan per year during each of the four Earn-Out Payment Dates commencing on the second Earn-Out Payment Date. To the extent that the ▇▇▇▇▇ Loan has not been discharged by such offsets on or before the last Earn-Out Payment Date, it shall be repaid in cash in full on the last Earn-Out Payment Date. The ▇▇▇▇▇ Loan shall be evidenced by a promissory note executed by ▇▇. ▇▇▇▇▇ at the Closing, the form of which shall be attached as an exhibit to this Agreement.