Executive Loan definition
Examples of Executive Loan in a sentence
All amounts of Executive Loan Forgiveness and EBITDA Bonus shall be calculated based on the Corporation's financial statements at the end of each fiscal year during the Three-Year Fiscal Period.
Subject to Section 6, all amounts outstanding with respect to each Executive Loan under this Loan Agreement, including all accrued and unpaid interest, shall be due and payable in full on the Executive Loan Maturity Date.
Subject to Section 6, accrued interest on each Executive Loan shall be payable in arrears in cash on the Executive Loan Maturity Date.
No Executive Loan may be prepaid in whole or in part prior to the Loan Discharge Date.
Following the Loan Discharge Date, all payments by Borrower under this Loan Agreement shall be applied first to any fees and expenses due and payable hereunder, then to the accrued interest due and payable with respect to the Executive Loan hereunder and the remainder, if any, to the outstanding principal of the Executive Loan.
Notwithstanding the terms of the Executive Loans, until the Loan Discharge Date, (a) all payments in respect of the Executive Loans are subordinated in right and time of payment to all payments in respect of the Loans, and (b) none of the Executive Lenders will demand or receive from any Loan Party (and no Loan Party will pay) any part of any Executive Loan, whether by payment, prepayment, or otherwise, or accelerate the Executive Loan, except as permitted pursuant to this Loan Agreement.
All earned portions of the Executive Loan Forgiveness and the EBITDA Bonus must be received by the Executive (i) within forty-five (45) days of the end of each fiscal quarter and (ii) within sixty (60) days of the end of each fiscal year.
All earned portions of the Executive Loan Forgiveness and the EBITDA Bonus must be received by the Executive (A) within forty-five (45) days of the end of each fiscal quarter and (B) within sixty (60) days of the end of each fiscal year.
In the event that the conditions to forgiveness of interest described in the foregoing sentence have been achieved, all interest previously paid by the Executive to the Company prior to March 16, 2003 shall, as of such date, be applied to reduce the then outstanding principal balance of the Executive Loan.
For interest accrued with respect to periods beginning on or after January 1, 2002, provided you remain employed by the Company, unless your employment with the Company has terminated in a Qualifying Event, any interest payment amounts owed by you under the Executive Loan (the "Interest Payments") shall be reimbursed by the Company to you within five (5) business days after you furnish adequate proof of such Interest Payment to the Company.