LOAN PAYABLE Sample Clauses

LOAN PAYABLE. On August 16, 2000, the Company entered into a Loan and Security Agreement with Lee Xxterprises Incorporated (Lee). Under this agreement, the Company received $290,000 in funding in the form of promissory notes that bear interest at the Wall Street Journal rate, as detailed below: Current DATE AMOUNT MATURITY DATE INTEREST RATE ------------------------------------------------------------------- $ % ------------------------------------------------------------------- AUGUST 17, 2000 125,000 NOVEMBER 17, 2000 9.5 ------------------------------------------------------------------- AUGUST 28, 2000 125,000 NOVEMBER 28, 2000 9.5 SEPTEMBER 19, 2000 40,000 DECEMBER 19, 2000 9.5 ------------------------------------------------------------------- 290,000 ------------------------------------------------------------------- In conjunction with these agreements, the Company entered into a Collateral License Agreement covering the licensing of the Company's software to Lee xx the event of a default pursuant to the loan and security agreement. As part of the loan and security agreement, the Company agreed to grant the note holder an option to acquire 2,223,285 common shares of the Company. The terms and exercise price had not been negotiated. Subsequent to the period end the Loan and Security Agreement was amended as described in note 8 and the Company is no long required to grant the option. Interest to September 30, 2000 on this loan amounted to $2,695.
Sample 1
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LOAN PAYABLE. On August 16, 2000, the Company entered into a Loan and Security Agreement with Lee Xxterprises Incorporated (Lee). Under this agreement, the Company received $290,000 in funding in the form of promissory notes that bear interest at the monthly Wall Street Journal rate, as detailed below: WEIGHTED AVERAGE LOAN DATE AMOUNT $ MATURITY DATE EFFECTIVE INTEREST RATE (%) -------------------------------------------------------------------------- August 17, 2000 125,000 October 31, 2002 9.00 August 28, 2000 125,000 October 31, 2002 9.00 September 19, 2000 40,000 October 31, 2002 9.00 -------------------------------------------------------------------------- 290,000 ========================================================================== Pursuant to the Investment Agreement, the maturity dates were changed from November 17, 2000, November 28, 2000 and December 19, 2000 respectively, to October 31, 2002. In conjunction with these agreements, the Company entered into a Collateral License Agreement covering the licensing of the Company's software to Lee xx the event of a default pursuant to the loan and security agreement. Interest for the year ended June 30, 2001 on this loan amounted to $20,838 [2000 - $0].
Sample 1
LOAN PAYABLE. The outstanding loan made by the Company Shareholders to the Companies, the current outstanding principal balance of which is $587,400 and on which there is unpaid interest accrued from January 1, 1998 at interest rates ranging from 9% per annum to 9.5% per annum, and all other outstanding loans, if any, from the Company Shareholders to the Companies, shall have been fully repaid in accordance with their terms (other than with respect to the date of maturity).
Sample 1

Related to LOAN PAYABLE

  • Loan Payments The Loan and interest thereon shall be payable pursuant to the terms of the Note.

  • Loan Payment Payments of principal, interest, and Late Charges (as defined in the Note) shall be made as provided in the Note.

  • Amount Payable The Subscriber will provide the funds required to purchase the Purchased Units (the “Purchase Price”) by no later than 10:00 a.m. on each Closing Date (as defined below) by certified cheque payable to the Partnership to be held in trust by the General Partner, and released in order to be applied to the purchase hereof. The Subscriber hereby instructs the General Partner to deal with the Purchase Price on the terms set forth herein.

  • Repayment and Amortization of Loans; Evidence of Debt (a) The Borrowers hereby unconditionally promise to pay (i) to the Administrative Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date, (ii) to the Administrative Agent the then unpaid amount of each Protective Advance on the earlier of the Maturity Date and demand by the Administrative Agent, and (iii) to the Administrative Agent the then unpaid principal amount of each Overadvance on the earlier of the Maturity Date and demand by the Administrative Agent.

  • Permitted Prepayment Borrower shall have the option to prepay all, but not less than all, of the Term Loan Advances, provided Borrower (i) delivers written notice to Bank of its election to prepay the Term Loan Advances at least ten (10) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) the outstanding principal plus accrued and unpaid interest with respect to the Term Loan Advances, (B) the Final Payment, (C) the Prepayment Fee, and (D) all other sums, if any, that shall have become due and payable with respect to the Term Loan Advances, including interest at the Default Rate with respect to any past due amounts.

  • Repayments Prepayments Interest and Fees SECTION 3.1.

  • Maximum Amount Payable The maximum amount payable under this contract without modification is shown in Attachment E, Fee Schedule. Payment under this contract beyond the end of the current fiscal biennium is subject to availability of appropriated funds. If funds are not appropriated, this contract shall be terminated immediately with no liability to either party.

  • Term Loan Prepayments (i) On each occasion that a Prepayment Event occurs, the Borrower shall, within three Business Days after receipt of the Net Cash Proceeds of a Debt Incurrence Prepayment Event (other than one covered by clause (iii) below) and within ten Business Days after the occurrence of any other Prepayment Event (or, in the case of Deferred Net Cash Proceeds, within ten Business Days after the Deferred Net Cash Proceeds Payment Date), prepay, in accordance with clause (c) below, Term Loans with an equivalent principal amount equal to 100% of the Net Cash Proceeds from such Prepayment Event; provided that, with respect to the Net Cash Proceeds of an Asset Sale Prepayment Event, Casualty Event or Permitted Sale Leaseback, in each case solely to the extent with respect to any Collateral, the Borrower may use a portion of such Net Cash Proceeds to prepay or repurchase Permitted Other Indebtedness (and with such prepaid or repurchased Permitted Other Indebtedness permanently extinguished) with a Lien on the Collateral ranking equal with the Liens securing the Obligations to the extent any applicable Permitted Other Indebtedness Document requires the issuer of such Permitted Other Indebtedness to prepay or make an offer to purchase such Permitted Other Indebtedness with the proceeds of such Prepayment Event, in each case in an amount not to exceed the product of (x) the amount of such Net Cash Proceeds multiplied by (y) a fraction, the numerator of which is the outstanding principal amount of the Permitted Other Indebtedness with a Lien on the Collateral ranking equal with the Liens securing the Obligations and with respect to which such a requirement to prepay or make an offer to purchase exists and the denominator of which is the sum of the outstanding principal amount of such Permitted Other Indebtedness and the outstanding principal amount of Term Loans.

  • Payments and Prepayments 1.1 Payments and prepayments of principal and interest on this Note shall be made to Payee at 000 Xxxxxxxxx Xxxx Xxxxx, Xxxxx 000, Xxxxx Xxxxxx, X.X. 10604.

  • Evidence of Debt; Repayment of Loans (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the principal amount of each Loan of such Lender as provided in Section 2.11.

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