Satisfaction of Loan Sample Clauses

Satisfaction of Loan. 81 14.5 Loans to Owner-Employees or Shareholder-Employees. . . . . . . . . . 81
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Satisfaction of Loan. In the event of default, foreclosure on the note and attachment of the security will not occur until a distributable event occurs under the terms of the Plan. If spousal consent (consistent with the requirements for a Qualified Election under Section 9.2) has been obtained, then, notwithstanding any other provision of the Plan, the portion of the Participant's vested interest in the Plan used as security for a loan shall be taken into account for purposes of determining the amount of the benefits payable at the time of death or distribution, but only if the reduction is used as repayment of the loan.
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Satisfaction of Loan. In the event of default, foreclosure on the note and attachment of the security will not occur until a distributable event occurs under the terms of the Plan. If spousal consent (consistent with the requirements for a Qualified Election under Section 8.2) has been obtained, then, notwithstanding any other provision of the Plan, the portion of the Participant's vested account balance used as security for a loan shall be taken into account for purposes of determining the amount of the account balance payable at the time of death or distribution, but only if the reduction is used as repayment of the loan. If less than one hundred percent (100%) of the Participant's vested account balance (determined without regard to the preceding sentence) is payable to the surviving spouse, then the account balance shall be adjusted by first reducing the vested account balance by the amount of the security used as repayment of the loan, and then determining the benefit payable to the surviving spouse.
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Satisfaction of Loan. The Mars Trust shall have paid off in full all amounts owed to the Bank of America by AmerAlia and guaranteed by Mars, individually, Loan Number 51-579258/265/TW, in the principal amount of $9,921,583.00 (plus interest). A copy of a pay off quote or other satisfactory proof of payment shall be delivered to Sentient II LP.
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Satisfaction of Loan. PATY shall use its best efforts to satisfy its obligations under the Loan and repay all amounts owed thereunder by December 31, 2005, in one or more of the following ways:
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Satisfaction of Loan. In full satisfaction of Borrower’s obligations under the Loan Agreement and subject to the conditions precedent set forth herein, including the provisions of Section 3 below, Borrower agrees to issue and deliver to Lender, on the date hereof, that number of shares of Borrower’s common stock that it believes in good faith equals $1,000,000, or Eight Hundred Thirty Three Thousand, Three Hundred and Thirty Three (833,333) shares of common stock (the “Shares”). In consideration of the Shares and subject to the conditions precedent set forth herein, including the terms and conditions set forth in Section 6(b) of this Agreement, Lender hereby acknowledges that it is entering into this Agreement in full satisfaction of all principal, interest and other monies owed under the Loan Documents and any obligations arising under Loan Documents and any documents and instruments evidencing same. Following its receipt of the legal opinion of Borrower described in Section 6(b) below, Lender shall surrender the Note marked cancelled within three (3) business days after effectiveness of the Registration Statement as set forth in Section 2 of this Agreement. So long as Borrower is not in breach of this Agreement, any and all obligations under the Loan Documents, including the payment of principal on the Maturity Date, shall be stayed until such time as the conditions set forth in Section 6(b) of this Agreement are satisfied. In the event Borrower does not fully satisfy its obligations under Section 6(b), upon written notice from Borrower to Lender which sets forth the breach and, following a thirty (30) day period to cure any such breach capable of being cured by Borrower, the provisions of this Agreement shall be of no further force and effect and the Lender shall be entitled to enforce all of the terms and provisions of the Note, the Loan Agreement and Pledge Agreement.
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Satisfaction of Loan. The Client shall notify NFR promptly in the event any loan for which NFR has provided a determination is paid off by the borrower.
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Related to Satisfaction of Loan

  • Conditions Precedent to Each Borrowing The obligation of each Lender to make an Advance on the occasion of each Borrowing shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Borrowing the following statements shall be true (and each of the giving of the applicable Borrowing Notice and the acceptance by the Borrower of the proceeds of such Borrowing shall constitute a representation and warranty by the Borrower that on the date of such Borrowing such statements are true):

  • Conditions of Loan Each loan to a Member under the Plan shall be repaid in level monthly amounts through regular payroll deductions after the effective date of the loan, and continuing thereafter with each payroll. Except as otherwise required by the Code and the IRS Regulations, each loan shall have a repayment period of not less than 12 months and not in excess of 60 months, unless the purpose of the loan is for the purchase of a primary residence, in which case the loan may be for not more than 180 months. After the first 3 monthly payments of the loan have been satisfied, the Member may pay the outstanding loan balance (including accrued interest from the due date). The rate of interest for the term of the loan will be established as of the loan date, and will be the Xxxxxx’x Prime Rate (base rate) plus 1% as published on the last Saturday of the preceding month, or such other rate as may be required by applicable law and determined by reference to the prevailing interest rate charged by commercial lenders under similar circumstances. The applicable rate would then be in effect through the last business day of the month. Repayment of all loans under the Plan shall be secured by 50% of the Member’s vested interest in his Account, determined as of the origination of such loan.

  • Conditions Precedent to All Advances and Letters of Credit The Lender’s obligation to make each Advance or to cause the issuance of a Letter of Credit shall be subject to the further conditions precedent that:

  • Conditions Precedent to Borrowing The obligation of the Liquidity Provider to make an Advance on the occasion of each Borrowing shall be subject to the conditions precedent that the Effective Date shall have occurred and, prior to the date of such Borrowing, the Borrower shall have delivered a Notice of Borrowing which conforms to the terms and conditions of this Agreement and has been completed as may be required by the relevant form of the Notice of Borrowing for the type of Advances requested.

  • Conditions Precedent to Each Loan and Letter of Credit The obligation of each Lender on any date (including the Closing Date) to make any Loan and of each Issuer on any date (including the Closing Date) to Issue any Letter of Credit is subject to the satisfaction of each of the following conditions precedent:

  • Acceleration of Loan On the service of a notice under paragraph (a)(ii) of Clause 19.2, the Loan, all accrued interest and all other amounts accrued or owing from the Borrower or any Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand.

  • CONDITIONS PRECEDENT TO EACH ADVANCE Lender’s obligation to make the initial Advance and each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender’s satisfaction of all of the conditions set forth in this Agreement and in the Related Documents.

  • Conditions Precedent to All Advances The obligation of Bank to make each Advance, including the initial Advance, is further subject to the following conditions:

  • Conditions Precedent to Each Borrowing and Issuance The obligation of each Appropriate Lender to make an Advance (other than a Letter of Credit Advance made by an Issuing Bank or a Working Capital Lender pursuant to Section 2.03(c)) on the occasion of each Borrowing (including the initial Borrowing), and the obligation of each Issuing Bank to issue a Letter of Credit (including the initial issuance), shall be subject to the further conditions precedent that on the date of such Borrowing or issuance (a) the following statements shall be true (and each of the giving of the applicable Notice of Borrowing or Notice of Issuance and the acceptance by the Borrower of the proceeds of such Borrowing or of such Letter of Credit shall constitute a representation and warranty by the Borrower that both on the date of such notice and on the date of such Borrowing or issuance such statements are true):

  • Correction of Loan Documents Bank may correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties.

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