Loan to Executive Sample Clauses

Loan to Executive. Upon the execution hereof, Corporation shall make available to Executive a revolving line of credit of up to Seven Hundred Fifty Thousand Dollars ($750,000) pursuant to which Executive can borrow up to such amount from Corporation from time to time and at any time during the Term hereof (the "Line of Credit"). Any funds borrowed by Executive pursuant to the Line of Credit shall bear interest at the prime rate as quoted in The Wall Street Journal from time to time plus one-half of one percent (.5%) per annum, which interest shall be payable monthly. In the event any sums are outstanding pursuant to the Line of Credit upon the termination or expiration hereof, such sums shall be automatically converted to a ten (10) year loan which shall be fully amortized over one hundred twenty (120) consecutive monthly payments with the rate of interest fixed upon the actual date of expiration or termination. Executive agrees to execute any reasonable documents prepared by Corporation to evidence the transactions described in this Section 3.9.
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Loan to Executive. The Company agrees that, on or before April ----------------- 15, 2001 (or on such earlier date as shall be necessary to allow Executive to make any required income tax payment relating to the proceeds of the Offer (as defined in the Merger Agreement) used to purchase Common Stock pursuant to Section 6), it will loan the amount set forth in Exhibit D to Executive (the --------- "Loan"). The Loan will be evidenced by a promissory note having the terms set forth on Exhibit D. ---------
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Loan to Executive. Upon the execution and delivery of this Agreement by the Executive, MetroBanCorp shall loan to him Thirty Five Thousand Dollars ($35,000.00) in accordance with the terms and conditions of the Term Note attached hereto as Exhibit "A". It is noted that such terms and conditions include the forgiveness of the full amount of the loan, including all accrued interest thereon, if the Executive remains actively employed by MetroBank in the capacity of Executive Vice President/Commercial Lending, or such other capacity as may be specified by MetroBank throughout the period ended on the third anniversary hereof. The forgiveness of the loan by MetroBanCorp shall be made on a pro rata basis in accordance with the following schedule so long as the Employee is actively employed on each of the following anniversaries of the Effective Date: Amount of Principal And Date Accrued Interest Forgiven ---- ------------------------- First Anniversary of the Effective Date 1/3 Second Anniversary of the Effective Date 1/3 Third Anniversary of the Effective Date 1/3 Provided, however, if the Executive's employment is terminated pursuant to Section 2(c) or on account of the Executive's death or total and permanent disability (as such term is defined in MetroBank's long term disability plan in effect on the Executive's Date of Termination) before the third anniversary of the Effective Date, neither the Executive nor his estate shall be liable for repayment of any portion of the loan. The repayment required by this Section 3(c) and the Term Note shall be made by the Executive, in a single lump sum, on or before his Date of Termination.
Sample 1
Loan to Executive. Company hereby agrees to lend the sum of ----------------- Forty-Two Thousand Dollars ($42,000.00) to Executive (the "Loan"). The Loan shall be made to Executive within five (5) business days after Executive certifies in writing to the Board that he has completed his move to the Los Angeles area. Executive agrees to repay the Loan to Company in full, without interest, upon the termination of this Agreement prior to the expiration of the Employment Term. Notwithstanding the foregoing, Company agrees to forgive the sum of One Thousand Seven Hundred Fifty Dollars ($1,750.00) of the principal balance of the Loan for each full month of service provided by Executive to Company pursuant to this Agreement.
Sample 1
Loan to Executive. Executive is the owner of his primary residence located at the address set forth in the introductory paragraph of this Agreement (the "Primary Residence"). Executive shall use his best efforts to sell the Primary Residence as promptly as practicable after June 30, 1997. During the period commencing on the date hereof and ending when the Primary Residence is sold, the Corporation shall make available to Executive a loan in an amount not to exceed $100,000 (the "Relocation Loan"), the proceeds of which shall be utilized by Executive to purchase a new primary residence in the Vancouver, Washington area (the "New Primary Residence"), to pay the downpayment thereon and to pay the costs of ownership of the New Primary Residence, e.g., mortgage, insurance and maintenance costs and taxes based upon ownership of the New Primary Residence (the "New Residence Costs"). The Relocation Loan shall be disbursed from time to time as requested in writing by Executive. The Relocation Loan shall be due and payable on the third anniversary of the date hereof, provided that it shall be prepaid to the extent of the proceeds of sale of the Primary Residence and of the proceeds of sale of Common Shares acquired upon exercise of any of the options referred to in Paragraph 5 hereof. The Relocation Loan shall bear interest at the rate of 6% per annum and shall be evidenced by a promissory note substantially in the form of Exhibit A hereto made by Executive to the Corporation.
Sample 1
Loan to Executive. The Company hereby acknowledges that, during the calendar year 2000, the Executive purchased 443,774 of the Parent’s Ordinary Shares pursuant to the exercise of a portion of the Option (the “2000 Exercise”). The Company agrees to loan the Executive on or before April 15, 2001 (or any later date corresponding to a tax return filing extension obtained by the Executive) the sum of $150,000.00 which the Executive intends to use for payment of all or a portion of his Federal and State income taxes attributable to the 2000 Exercise (the “Loan”). The Loan shall be evidenced by a promissory note payable on the earlier of (a) the tenth anniversary of the date of the loan or (b) termination of the Executive’s employment with the Company for Cause. The Loan shall bear interest, payable annually, at the applicable federal rate as determined under Section 1274(d) of the Internal Revenue Code of 1986, as amended, and shall be nonrecourse to the Executive. However, the Loan shall be secured by a pledge of the Ordinary Shares received by the Executive as a result of the 2000 Exercise (the “Option Shares”). If the fair market value of the Option Shares is less than the amount due under the Loan, the Company may demand that the Executive pledge additional shares of Company stock as collateral for the Loan. Failure to provide such additional collateral shall constitute a default under the Loan. Amounts received upon any sale of the Option Shares shall be applied upon receipt in payment of any accrued interest and outstanding principal of the Loan. The Loan shall be prepayable in whole or in part without penalty.
Sample 1
Loan to Executive 
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Related to Loan to Executive

  • Loan to Value The maximum principal amount of the Loan does not exceed one hundred twenty-five percent (125%) of the aggregate fair market value of the Properties.

  • Loan-to-Value Ratio The fraction, expressed as a percentage, the numerator of which is the original principal balance of the related Mortgage Loan and the denominator of which is the Appraised Value of the related Mortgaged Property.

  • Loan Commitment Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Company herein set forth, the Lender hereby agrees to lend to the Company on the Closing Date and thereafter up to $16,000,000 in the aggregate (the "Loan") consisting of $8,000,000 of 7-year Tranche advances and $8,000,000 of 10-year Tranche advances. The Lender's commitment to make the Loan to the Company pursuant to this Section 2.1 is herein called the "Loan Commitment."

  • Term A Loan The Borrower shall repay the outstanding principal amount of the Term A Loan in equal quarterly installments of $8,437,500 on the last Business Day of each March, June, September and December, beginning with March 31, 2017 (as such installments may hereafter be adjusted as a result of prepayments made pursuant to Section 2.05), with the outstanding principal balance of the Term A Loan due on the Term A Maturity Date, unless accelerated sooner pursuant to Section 9.02.

  • Term Loan Advance Subject to Section 2.4(b), the principal amount outstanding under the Term Loan Advance shall accrue interest at a floating per annum rate equal to the greater of (A) six and one half of one percent (6.50%) and (B) one and one-half of one percent (1.50%) above the Prime Rate, which interest, in each case, shall be payable monthly in accordance with Section 2.4(e) below.

  • The Loan Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date.

  • Loan Term The loan term is one year from July 1, 2020 (calculated from the date when Party A actually lends the loan, and Party B shall issue a receipt separately) to July 1, 2021.

  • Term Loan Commitment As to each Term Loan Lender, the amount equal to such Term Loan Lender’s Term Loan Commitment Percentage of the aggregate principal amount of the Term Loans from time to time outstanding to the Borrower.

  • 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.

  • Term Loan The Borrower may, upon notice from the Borrower to the Administrative Agent, at any time or from time to time voluntarily prepay the Term Loan in whole or in part together with the applicable Prepayment Premium; provided that (A) such notice must be received by the Administrative Agent not later than 11:00 a.m. (1) three Business Days prior to any date of prepayment of LIBOR Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any such prepayment of LIBOR Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (C) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); and (D) any prepayment of the Term Loan shall be applied in the inverse order of maturity with respect to the remaining amortization payments. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a LIBOR Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. On the date of any voluntary prepayment of any Term Loan pursuant to this Section 2.05(a)(ii), the Borrower shall pay to the Administrative Agent, for the benefit of the Lenders, whether before or after an Event of Default, the applicable Prepayment Premium. Subject to Section 2.15, each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages.

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