Performance Loan definition

Performance Loan. Mortgage Loans that provide borrowers the potential of margin reduction for good payment history. If, at the time of evaluation, the related borrower has made scheduled payments in full since the origination of the loan with a maximum of one late payment (which, however, cannot be in the month of evaluation) the Mortgage Loan is eligible for a reduction (ranging from 0.50% to 1.00%) in the margin used to calculate the Mortgage Rate.
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Performance Loan has the meaning set forth in Section 6.5(c).
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Examples of Performance Loan in a sentence

  • Such common shares shall be held by the Company as secured party until full repayment of all principal and interest arising under the Performance Loan.

  • Payments in respect of any Performance Loans will be applied in the order that such Performance Loan was made, and all payments will be applied first to accrued but unpaid interest and then to reduce the outstanding principal amount of such Performance Loan.

  • The Performance Loan shall accrue interest at the greater of the Prime rate or Applicable Federal Rate ("AFR"), payable on each anniversary of the Performance Loan.

  • To the extent that you do not satisfy the withholding requirements on the Performance Loan Forgiveness, then the amount of actual Performance Loan Forgiveness shall be reduced by such unsatisfied withholding amount and the amount of such reduction shall instead be treated as a cash bonus ("Withholding Bonus").

  • A Performance Loan shall constitute a general obligation of the Company, including upon the dissolution of the Company.

  • In the event of a Change in Control of the Company, any outstanding principal on the Performance Loan shall be forgiven.

  • The Company has made a one-time loan to you of $1,500,000 (the "Performance Loan").

  • In the event that you fail to perform any term of the Amendment or fail to make any payment when due under the Performance Loan Note, the Company shall have all of the rights and remedies of a creditor and secured party at law and in equity, including (without limitation) the rights and remedies provided under the Uniform Commercial Code.

  • On August 13, 2001, the Company loaned you $1,500,000 (the "Prior Performance Loan").

  • As of February 12, 2002, the Prior Performance Loan was amended and restated in its entirety and replaced with a new performance loan (the "Performance Loan") as evidenced by this Amendment and the Amended and Restated Promissory Note that is attached hereto as Exhibit A.

Related to Performance Loan

  • Cash Award means an award denominated in cash.

  • Performance Grant means an Award subject, in part, to the terms, conditions and restrictions described in Section 9, pursuant to which the recipient may become entitled to receive cash, Class A Shares, Other Real Goods Securities or property, or other forms of payment, or any combination thereof, as determined by the Committee.

  • Performance Award means any right granted under Section 6(d) of the Plan.

  • Performance Compensation Award means any Award designated by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan.

  • Performance Share Unit or “PSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 6;