Terms of Loans. Any Participant or Beneficiary who is a "party in --------------- interest" as to the Plan, as defined in Section 3(14) of ERISA, may borrow from the Plan as provided in this Section 6. (References to Participants in this Section shall include Beneficiaries). Loans shall not be made available to highly compensated employees (as defined in section 414(q) of the Code) in an amount greater than the amount made available to other employees. The minimum amount that may be borrowed is $1,000, and higher amounts may be borrowed in multiples of $500. The maximum amount that may be borrowed is the lesser of (i) $50,000 (reduced by the highest outstanding loan balance of that Participant for the prior 12 months) and (ii) 50 per cent of the Participant's vested Plan Benefit. The period of repayment for any loan shall be five (5) years. A Participant may prepay a loan in a lump sum on any date more than three (3) months after the loan is made. Each loan shall be secured by the Participant's Plan Benefit. For the purposes of determining the portion of a Participant's Plan Benefit that is distributable by withdrawal or otherwise, and the portion of a Participant's Accounts that are subject to the allocation of earnings, appreciation, or depreciation, the amount of a loan will be deducted from the Participant's accounts in the following order: (i) the Special Employee Contributions Account (if any), (ii) the Employee-Elected Company Contributions Account, (iii) the vested portion of the Company Contributions Account when the loan is made. A partial deduction to an account will be allocated according to the Participant's then current investment election. Each loan shall bear interest at the Fixed Income Fund rate at the time the loan is made or other reasonable rate of interest determined by UDLP at the time the loan is made. SECTION 6(b)
Terms of Loans. Each Loan made by a Lender pursuant to this Agreement shall be (a) a Base Rate Loan, (b) evidenced by the Amended and Restated Notes delivered pursuant to the First Forbearance Agreement (c) advanced and be payable in accordance with the provisions of Sections 2.9 through 2.16 (inclusive) of the Credit Agreement and (d) shall have the benefit of all Guarantees of the Loans and of all Collateral securing the Loans and the Guarantees.
Terms of Loans. Each Lender has made a Loan in the principal amount set forth in Schedule 2.1 under the Existing Credit Agreement. Such Loans shall continue to remain outstanding under the terms and conditions of this Agreement. Any amount of such Loans repaid may not be reborrowed.
Terms of Loans. 4.1 Payment of Principal and Interest on the Loan. Principal and interest due with respect to the Loan shall be due and payable quarterly in arrears, commencing on October 2, 1997, (the "First Quarterly Payment Date") and continuing on the same day of each third month thereafter (each a "Quarterly Payment Date") (excluding only the quarterly payment due April 2, 2001) until and including the Maturity Date on which date the entire outstanding principal balance and all accrued and unpaid interest shall be due and payable. The amount of the payments of principal and interest on the loan shall be in equal quarterly payments of Five Hundred Ninety-Eight Thousand Dollars ($598,000) Dollars with a final balloon payment at the Maturity Date in the sum of Twenty Million Four Hundred Twenty-
Terms of Loans. 18 (a) Limitations on Loans.......................... 19 (c) Loan Procedures............................... 19 (d)
Terms of Loans. The amount of any Member Loan shall not be deemed an increase in the Capital Contributions of the Member that makes such loan or entitle that lending Member to any increase in its share of distributions. A Member Loan shall (i) bear interest at a rate determined by the Managers to be in the best interests of the Company considering prevailing commercial lending rates, equity returns and the circumstances of the loan, (ii) be recourse to the Company but not to any Member, and (iii) have such other terms as are agreed to by the Managers and the lending Member. Each Member shall have fifteen (15) days from the date it receives a Funding Notice requesting Member Loans to make its pro rata portion (based on such Member’s relative ownership of Units at such time) of such Member Loans and, if it does so and if a Member Loan was made under this Section 3.5 prior to giving the Funding Notice, the proceeds of such advance shall be used to repay the original advance that gave rise to the need to give such notice. Failure of a Member to make its pro rata portion of the requested Member Loans within such time period shall be a waiver of its right to make any Member Loan in response to such Funding Notice and to object to the original advance that gave rise to the need to give such notice. There are no limits on the amount of Member Loans that may be made by any single Member; provided, however, Member Loans may be made only to the extent requested by the Managers, and the aggregate amount of Member Loans may not exceed the amount requested by the Managers.
Terms of Loans. 8 5. Interests................................................................9
Terms of Loans. All borrowings shall be made for an Interest Period in Euros. The terms applicable to each Drawing are as follows:
Terms of Loans. Section 2.1 Loans 27 Section 2.2 Borrowings of Loans 28 Section 2.3 Repayment of Loans; Evidence of Indebtedness 28 Section 2.4 Optional Prepayment 29 Section 2.5 Mandatory Prepayment 30 Section 2.6 Interest Rate 31 Section 2.7 Maximum Interest Rate 32 Section 2.8 Inability to Determine Interest Rate 32 Section 2.9 Fees 34 Section 2.10 Payments 34 Section 2.11 Illegality 35 Section 2.12 Break Funding Payments 35 Section 2.13 Increased Costs 35 Section 2.14 Taxes 37 Section 2.15 Scheduled Availability Period; Reduction of Committed Loan Limit 41 Section 2.16 Agent’s Clawback 42 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE BORROWER Section 3.1 Financial Condition 42 Section 3.2 No Material Adverse Effect 43 Section 3.3 Existence and Power; Investment Company 43 Section 3.4 Organizational Power; Authorization; Enforceable Obligations 44 Section 3.5 No Legal Bar 44 Section 3.6 No Material Litigation 44 Section 3.7 Compliance 45 Restricted - External
Terms of Loans. The Company shall borrow the aggregate principal amount of the Base Commitment in multiple borrowings, in each case not to exceed $200,000 (each such borrowing herein called a “Base Loan”), and, if made available, may borrow the amount of the Additional Commitment, up to the amount of the Total Commitment, each such borrowing being herein called an “Additional Loan,” and the Base Loans and the Additional Loans being herein sometimes collectively called the “Loans”), in the case of the first Base Loan, on a closing date on or as soon as practicable after execution of this Agreement, and in the case of subsequent Loans, on five (5) days prior written notice to the Lender; each Loan shall be due and payable on the date which is nine (9) months from the date the first Base Loan is advanced, shall bear interest on the unpaid principal amount thereof, payable quarterly as set forth in the Note, at a fixed rate equal to the prime rate of Bank of America as published in The Wall Street Journal as in effect on the date of the first Base Loan plus three percent (3%), shall be convertible into equity securities of the Company as provided in paragraph 2 of this Agreement, and shall have such other terms as are set forth herein or in the Notes. The Base Loans and the Additional Loans shall each be evidenced by a single promissory note of the Company dated the date of the first Base Loan or Additional Loan, as applicable, in the form of Exhibit A attached (a “Note,” and collectively, the “Notes”) and shall be secured as provided in the Notes.
