Purchaser Loans Sample Clauses
The Purchaser Loans clause defines the terms under which the buyer provides loans to the seller, typically as part of a larger transaction or acquisition. This clause outlines the amount, interest rate, repayment schedule, and any security interests associated with the loan, ensuring both parties understand their financial obligations. Its core function is to formalize the lending arrangement between purchaser and seller, providing clear terms to prevent disputes and facilitate smooth financial transactions.
Purchaser Loans. (a) On the Closing Date, and pursuant to the terms and conditions of the loan agreement to be mutually agreed upon (the "Seminole Loan Agreement"), Purchaser will cause to have advanced to Seminole a commercial loan (the "Seminole Loan") in an amount equal to the lesser of (i) the outstanding principal balance of the Consumer Paper, or (ii) $1,000,000. The Seminole Loan shall be secured by the Consumer Paper and will be personally guaranteed by MK pursuant to a payment guaranty in the form to be mutually agreed upon (the "Payment Guaranty"). The Seminole Loan will accrue interest at the Prime Rate, as published in The Wall Street Journal from time to time, plus two percent, and will be payable in full on the Maturity Date. If requested by Seminole, Purchaser will service the Consumer Paper in accordance with its ordinary and customary practices regarding the servicing of consumer installment contracts utilizing a single employee approved by Seminole. During the period between the Closing Date and the Maturity Date, all payments on the Consumer Paper collected by Seminole (or by Purchaser if Purchaser services the Consumer Paper) shall be applied to the Seminole Loan. Upon payment of the Seminole Loan in full on the date which is two years following the Closing Date (the "Maturity Date"), all Consumer Paper then serviced by
Purchaser Loans. 36 --------------- SECTION 10.2 Notices Relating to Loans..................................... 36 ------------------------- SECTION 10.3 Disbursement of Loan Proceeds................................. 36 ----------------------------- SECTION
Purchaser Loans. 37 7.4 Directors and Stockholders Authorization; Change of Seller Name. . . . 37 7.5 Non-Competition Agreement. . . . . . . . . . . . . . . . . . . . . . . 37 7.6 Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 7.7 Pay Increases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 7.8 Restrictions on New Contracts. . . . . . . . . . . . . . . . . . . . . 38 7.9
Purchaser Loans. 21 5.6 Confidentiality................................................. 22 5.7
Purchaser Loans. The Purchaser hereby agrees, on the ---------------- terms and subject to the conditions of this Agreement, upon request of the Seller, to make advances (each, a "the Purchaser Loan") to the Seller during the term of this Agreement in an aggregate principal amount at any one time outstanding up to, but not exceeding, the Borrowing Limit; provided that no such -------- the Purchaser Loans may be made if an Event of Termination or an Event of Default (as defined in the Holland Loan Agreement), or an event which, upon the giving of notice or the passage of time, or both, would become an Event of Termination or an Event of Default has occurred and is continuing.
Purchaser Loans. Seller acknowledges and agrees that Purchaser may, at its sole option, advance funds to Seller to facilitate payment of Seller trade accounts payable that are negotiated and compromised to Purchaser's satisfaction prior to or on the date of Closing. In the event such advances are remitted to Seller by Purchaser, Seller shall execute a secured promissory note payable to Purchaser, Uniform Commercial Code financing statements, a pledge agreement and such other documents and instruments deemed reasonable, customary and necessary by Purchaser to secure the advance. Any and all advances remitted by Purchaser shall be used solely for the payment of trade accounts payable approved in advance in writing by Purchaser. The promissory note given by Seller in exchange for Purchaser's advance(s) shall (i) not be subordinated to any other debt of Seller, (ii) bear interest at 8% per annum with a due date of May 31, 1999, (iii) be secured by a blanket lien on Seller's assets and (iv) be guaranteed by Seller's Shareholders and the Parent. In the event the transaction does not close on or before May 31, 1999, or this Agreement is terminated for any reason pursuant to Article XI hereof, the promissory note shall become immediately due and payable as of such date, along with a service charge equal to 5% of the savings on the difference between the trade account payable at the gross amount and the amount actually paid, and Seller shall immediately remit the entire unpaid principal balance of the promissory note, the service charge and accrued interest on the promissory note to Purchaser by wire transfer of immediately available funds.
Purchaser Loans. Purchaser shall provide to the Company the loans specified in Section 2.6 on the terms set out in the Purchaser Loan Agreement ("Purchaser Loan") for the express purpose of enabling the Company to prepay the Existing IFC Loans and to fund Purchaser's obligation to pay the Net Working Capital Reimbursement.
Purchaser Loans. From and after the Closing Date until the date which is three (3) years thereafter, the Purchaser agrees to loan to Company (on terms no less favorable than that which would be otherwise available to Company), or guaranty Company debt for, up to $300,000 for oil and gas property acquisitions. Any such loans or guaranties shall be secured by such amount of Common Stock of Company as will cause the Purchaser, after the foreclosure thereof, to own 77.5% of the total issued and outstanding Common Stock of Company.