Transition Loan Sample Clauses

Transition Loan. Upon Ratification, Lakes shall make a loan to the Band for the purposes and as set forth in clause (c) of Section 8.1, upon the terms set forth in the form of Transition Loan Note (the "Transition Loan"). Each advance of funds to the Band by Lakes as part of the Transition Loan shall be evidenced by the Transition Loan Note, duly authorized and executed by the Band. All amounts advanced under the Transition Loan shall be repayable to Lakes as unsecured Limited Recourse obligations of the Band; shall not accrue interest for the first two years after execution of the Management Agreement; shall, after the expiration of that two year period, bear interest at the Band Interest Rate, as defined below; and shall be payable monthly in arrears, beginning on the 15th day of the month after the Commencement Date, in 60 equal monthly payments of principal and interest. If the Bank Closing does not occur, interest shall accrue on amounts advanced under the Transition Loan at Wall Street Journal prime plus 1%, not to exceed 10%.
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Transition Loan. Great Lakes shall make a loan to the Band for the purposes and as set forth in clause (c) of Section 8.1, upon the terms set forth in the form of Transition Loan Note (the "Transition Loan"). Each advance of funds to the Band by Great Lakes as part of the Transition Loan shall be evidenced by the Transition Loan Note, duly authorized and executed by the Band. All amounts advanced under the Transition Loan shall be repayable to Great Lakes as Limited Recourse obligations of the Band; shall not accrue interest for the first two years after execution of the Management Agreement; shall, after the expiration of that two year period, bear interest at the Band Interest Rate, as defined below; and shall be payable monthly in arrears, beginning on the 15th day of the month after the Commencement Date, in 60 equal monthly payments of principal and interest. If the Bank Closing does not occur, interest shall accrue on amounts advanced under the Transition Loan at Wall Street Journal prime plus 1%, not to exceed 10%.
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Transition Loan. On the Effective Date, the Company will lend Executive the principal amount of Five Hundred Fifty Thousand Dollars ($550,000) pursuant to the terms of the promissory note attached hereto as Exhibit 3 (the "Note"). Such loan shall be secured by a deed of trust on Executive's residence in Scottsdale, Arizona, shall bear interest at an annual rate of 4.545% and all principal and accrued interest will be due and payable on March 1, 1999.
Sample 1
Transition Loan. The Company will loan to Executive $250,000 cash on the Effective Date (the "Start Date Loan"). At such time as the Employment Period is terminated for any reason, the Start Date Loan will be deemed to have been repaid at the rate of $4,166.67 per month (i.e., $50,000 per year) on the last day of each month. The Executive shall bear any taxes on the amount forgiven. In the event that the Employment Period is terminated for any reason prior to the fifth anniversary of the Effective Date, Executive shall be required to repay to the Company by the 60th day after the termination of the Employment Period, $250,000 less the amount which has been deemed to have been repaid. However, if Executive is terminated without Cause in any circumstance as described in 1.4(b) above, the $250,000 loan less the amount which has been deemed to have been repaid as calculated in this section 1.5 shall be forgiven and considered as partial payment of the Severance Compensation. The remaining Severance Compensation shall be payable at the current monthly rate of pay until paid in full.
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Transition Loan. The Company will make a $200,000 loan to the --------------- Executive, which will be paid to the Executive at his request, and which will be evidenced by a Promissory Note in substantially the form attached hereto as EXHIBIT E (the "Note"). The Company shall forgive 50% of the outstanding amount of the Note, including accrued interest thereon, on the first anniversary of the date of this Agreement if the Executive is employed by the Company on that date, and shall forgive the remaining amount of the Note, including accrued interest thereon, on the second anniversary of the date of this Agreement if the Executive is employed by the Company on that date. The foregoing notwithstanding, if the Company terminates the Executive's employment without "cause" (as defined in Section 5.1 hereof), then in addition to any other rights or remedies the Executive may have, the entire amount of the Note then outstanding, including accrued interest thereon, will be forgiven by the Company. Likewise, the Loan will be forgiven in its entirety by the Company if there is a Change in Control of the Company, as that term is defined in Section 2.4.2 hereof.
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Transition Loan. The Company will loan to Executive $250,000 cash on the Effective Date (the "Start Date Loan"). At such time as the Employment Period is terminated for any reason, the Start Date Loan will be deemed to have been repaid at the rate of $4,166.67 per month (i.e., $50,000 per year) on the last day of each month. The Executive shall bear any taxes on the amount forgiven. In the event that the Employment Period is terminated for any reason prior to the fifth anniversary of the Effective Date, Executive shall be required to repay to the Company by the 60th day after the termination of the Employment Period, $250,000 less the amount which has been deemed to have been repaid.
Sample 1
Transition Loan. The Company agrees to loan to Executive, on the --------------- earlier to occur of (i) April 15, 1996 or (ii) the closing date of a Qualified IPO, the sum of One Hundred Sixty-Five Thousand and No/100 Dollars ($165,000.00) on such terms as are set out in the promissory note evidencing such loan.
Sample 1
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Transition Loan. In order to facilitate the Executive's early transition from the Executive's current employment, Ascent will cause a $240,000 unsecured no interest loan (the "Transition Loan") to be made to the Executive on the Effective Date by NEWCO. The Transition Loan will be due and payable by the Executive on the first anniversary of the Effective Date; provided that if the Executive is still employed by Ascent, NEWCO, OCV or any of their successors or affiliates on such first anniversary date, or if the Executive's employment is terminated by NEWCO other than for "cause" prior to such date or is terminated by the Executive other than in connection with an Executive Election Event prior to such date, then the Transition Loan will be forgiven in its entirety.
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Transition Loan. The Company will make a $100,000 loan to the --------------- Executive, which will be paid to the Executive at his request, and which will be evidenced by a Promissory Note in substantially the form attached hereto as Exhibit A (the "Note"). The Company shall forgive 50% of the outstanding amount of the Note, including accrued interest thereon, on the first anniversary of the date of this Agreement if the Executive is employed by the Company on that date, and shall forgive the remaining amount of the Note, including accrued interest thereon, on the second anniversary of the date of this Agreement if the Executive is employed by the
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Related to Transition Loan

  • Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.

  • Acquisition Loans The proceeds of the Acquisition Loans may be used only for the following purposes: (i) for working capital and general corporate purposes, including, without limitation, the issuance of Letters of Credit and to pay outstanding Floor Plan Loans; and (ii) to make Permitted Acquisitions.

  • Pre-Funding Account On the Closing Date, the Depositor shall deposit in the Pre-Funding Account $0.00 (the “Pre-Funding Account Initial Deposit”) from the net proceeds of the sale of the Notes. On each Subsequent Transfer Date, if any, upon satisfaction of the conditions set forth in Section 2.03(b) with respect to such transfer, the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account (i) an amount equal to [RESERVED]% of the result of the aggregate Starting Principal Balance of the Subsequent Receivables transferred to the Trust on such Subsequent Transfer Date less the Yield Supplement Overcollateralization Amount with respect to such Subsequent Receivables as of the related Cutoff Date and (ii), on behalf of the Depositor, deposit into the Reserve Account a portion of such funds equal to the Reserve Account Subsequent Transfer Deposit with respect to such Subsequent Transfer Date and distribute the remainder to or upon the order of the Depositor as payment for such Subsequent Receivables. If the Pre-Funded Amount has not been reduced to zero on the Payment Date immediately following the calendar month in which the Funding Period, if any, ends, the Servicer shall instruct the Indenture Trustee to transfer from the Pre-Funding Account on such Payment Date any amount then remaining in the Pre-Funding Account to the Note Distribution Account for distribution in accordance with Section 8.02(g) of the Indenture.

  • Termination; Advance Payments Upon termination of this Lease pursuant to Paragraph 6.2(g) or Paragraph 9, an equitable adjustment shall be made concerning advance Base Rent and any other advance payments made by Lessee to Lessor. Lessor shall, in addition, return to Lessee so much of Lessee's Security Deposit as has not been, or is not then required to be, used by Lessor.

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

  • Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls In the event that any Mortgage Loan is the subject of a Prepayment Interest Shortfall, the Servicer shall, from amounts in respect of the Servicing Fee for such Distribution Date, deposit into the Collection Account, as a reduction of the Servicing Fee for such Distribution Date, no later than the Servicer Remittance Date immediately preceding such Distribution Date, an amount up to the Prepayment Interest Shortfall; provided that the amount so deposited shall not exceed the Compensating Interest for such Distribution Date. In case of such deposit, the Servicer shall not be entitled to any recovery or reimbursement from the Depositor, the Trustee, the Issuing Entity or the Certificateholders. With respect to any Distribution Date, to the extent that the Prepayment Interest Shortfall exceeds Compensating Interest (such excess, a "Non-Supported Interest Shortfall"), such Non-Supported Interest Shortfall shall reduce the Current Interest with respect to each Class of Certificates, pro rata based upon the amount of interest each such Class would otherwise be entitled to receive on such Distribution Date. Notwithstanding the foregoing, there shall be no reduction of the Servicing Fee in connection with Prepayment Interest Shortfalls related to the Relief Act or bankruptcy proceedings and the Servicer shall not be obligated to pay Compensating Interest with respect to Prepayment Interest Shortfalls related to the Relief Act or bankruptcy proceedings.

  • Employee Loans Borrower has no outstanding loans to any employee, officer or director of the Borrower nor has Borrower guaranteed the payment of any loan made to an employee, officer or director of the Borrower by a third party.

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account.

  • Participant Loans This Section 10.03[E] specifically authorizes the Trustee to make loans on a nondiscriminatory basis to a Participant or to a Beneficiary in accordance with the loan policy established by the Advisory Committee, provided: (1) the loan policy satisfies the requirements of Section 9.04; (2) loans are available to all Participants and Beneficiaries on a reasonably equivalent basis and are not available in a greater amount for Highly Compensated Employees than for other Employees; (3) any loan is adequately secured and bears a reasonable rate of interest; (4) the loan provides for repayment within a specified time; (5) the default provisions of the note prohibit offset of the Participant's Nonforfeitable Accrued Benefit prior to the time the Trustee otherwise would distribute the Participant's Nonforfeitable Accrued Benefit; (6) the amount of the loan does not exceed (at the time the Plan extends the loan) the present value of the Participant's Nonforfeitable Accrued Benefit; and (7) the loan otherwise conforms to the exemption provided by Code Section 4975(d)(1). If the joint and survivor requirements of Article VI apply to the Participant, the Participant may not pledge any portion of his Accrued Benefit as security for a loan made after August 18, 1985, unless, within the 90 day period ending on the date the pledge becomes effective, the Participant's spouse, if any, consents (in a manner described in Section 6.05 other than the requirement relating to the consent of a subsequent spouse) to the security or, by separate consent, to an increase in the amount of security. If the Employer is an unincorporated trade or business, a Participant who is an Owner-Employee may not receive a loan from the Plan, unless he has obtained a prohibited transaction exemption from the Department of Labor. If the Employer is an "S Corporation," a Participant who is a shareholder-employee (an employee or an officer) who, at any time during the Employer's taxable year, owns more than 5%, either directly or by attribution under Code Section 318(a)(1), of the Employer's outstanding stock may not receive a loan from the Plan, unless he has obtained a prohibited transaction exemption from the Department of Labor. If the Employer is not an unincorporated trade or business nor an "S Corporation," this Section 10.03[E] does not impose any restrictions on the class of Participants eligible for a loan from the Plan. [F] INVESTMENT IN QUALIFYING EMPLOYER SECURITIES AND QUALIFYING EMPLOYER REAL PROPERTY. The investment options in this Section 10.03[F] include the ability to invest in qualifying Employer securities or qualifying Employer real property, as defined in and as limited by ERISA. If the Employer's Plan is a Nonstandardized profit sharing plan, it may elect in its Adoption Agreement to permit the aggregate investments in qualifying Employer securities and in qualifying Employer real property to exceed 10% of the value of Plan assets.

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