Additional Loan. Lender shall disburse the Additional Loan as directed by Manager on the Conversion Date, in the amount (if any) by which the Re-sized Amount exceeds the then unpaid Principal of the Initial Loan; provided the following conditions precedent are satisfied:
(a) Borrower shall execute and deliver to Lender (i) the Additional Note and (ii) an amendment or supplement to, and/or consolidation and modification of, the Mortgage, in form and substance reasonably satisfactory to Lender and Manager, confirming that the Mortgage secures the Loan (as increased by the Additional Loan);
(b) Borrower shall deliver to Lender an opinion of Borrower's counsel, in form and substance satisfactory to Lender in its discretion, with respect to the due authorization, execution, delivery and enforceability of the Additional Note and such amendment or supplement to, and/or consolidation and modification of, the Mortgage and such other matters with respect thereto as are covered with respect to the Initial Note and the Mortgage in the opinion of Borrower's counsel being delivered on the date hereof;
(c) Both immediately prior to the making of the Additional Loan and also after giving effect thereto, no Default shall have occurred and be continuing;
(d) The representations and warranties made by Borrower and Manager in this Agreement and in the other Loan Documents shall be true and correct in all material respects on and as of the date of the making of the Additional Loan with the same force and effect as if made on and as of such date;
(e) Borrower and Manager shall deliver to Lender an Officer's Certificate confirming the satisfaction of the conditions set forth in the foregoing clauses (c) and (d) applicable to Borrower or Manager, as the case may be;
(f) Lender shall have received (i) a notice of title continuation showing that since the date of the then most recent title continuation provided to Lender under the BLA, there has been no change in the state of title to the Property, and no survey exceptions with respect to the Property, not theretofore approved by Lender, together with other evidence satisfactory to Lender that no mechanic's Liens or other Liens have been filed and remain filed with respect to the Property which have not been insured over to Lender's satisfaction and which will not affect the priority of the Loan, any future Advances, or the Additional Loan and (ii) an endorsement to the Title Insurance Policy, which endorsement shall have the effect of (x) updating...
Additional Loan. On the terms and subject to the conditions of this Agreement, upon a draw by the Seller under the Novartis Letter of Credit (which draw cannot be made until one year after the Closing Date pursuant to the terms of the Asset Purchase Agreement) to satisfy the remaining purchase price obligations of the Asset Purchaser under Section 9.2 of the Asset Purchase Agreement, the Lender agrees to lend to Borrower the entire amount of its Additional Commitment. The Borrower agrees that the Additional Loan shall be made on behalf of Borrower but the proceeds of the Additional Loan shall be funded directly to the Issuing Bank to reimburse the Issuing Bank for the Seller’s draw under the Novartis Letter of Credit, if any. The Additional Commitment shall immediately terminate upon the funding of the Additional Loan. If the Additional Loan is not funded on the first anniversary of the Closing Date, the Additional Commitment shall immediately terminate. The Agent shall provide written notice to the Borrower of the funding of the Additional Loan within one Business Day of such funding.
Additional Loan. Subject to the terms and conditions of this Agreement and the other Loan Documents, the Lender agrees to loan to the Borrower in lawful money of the United States the Additional Loan on the terms hereof and the Borrower hereby irrevocably authorizes the Lender to advance the Additional Loan on the terms hereof. The Additional Loan shall bear interest as set forth in Section 4.1 of this Agreement.”
2.1.3 Section 4.1 (b) is hereby amended and restated as follows:
Additional Loan i. Lender hereby agrees to make an additional loan to Borrower in the principal amount of up to DM 1,386,454.68 (the "Additional Loan"), as is necessary to enable Borrower to satisfy his tax obligations to the German tax authority as a result of Borrower's receipt of 458,334 shares of Lender common stock of the Lender that Borrower received in connection with Lender's acquisition of CATS. Lender will be obligated to make the Additional Loan only if the German tax authority issues a final tax assessment that assesses a greater tax obligation on Borrower than the preliminary tax assessment issued to Borrower by the German tax authority for fiscal year 1998 with respect to Borrower's receipt of 458,334 shares of Lender common stock in connection with Lender's acquisition of CATS.
ii. The maximum amount of the Additional Loan is equal to (i) DM 2,540,854.82, which is the tax payable by Borrower (based on a stock price per share of Lender common stock on May 15, 1998 of U.S. $11.125 and using an exchange rate of U.S. Dollars to DM of 1:1.7746 for May 1998) with respect to Borrower's receipt of 458,334 shares of Lender common stock in connection with Lender's acquisition of CATS, LESS (ii) the amount of the Initial Loan.
iii. To evidence his obligation to repay the Additional Loan, and to otherwise induce Lender to make the Additional Loan, Borrower shall execute and deliver to Lender the Loan Documents with respect to the Additional Loan at such time as the Additional Loan is made.
iv. To secure Lender's obligation pursuant to this Agreement to make the Additional Loan to Borrower, Lender shall deposit U.S. $676,319.36 (DM 1,386,454.68 divided by 2.05, the exchange rate of U.S. Dollars to DM on June 9, 2000) in an escrow account (the "Escrow Account") with Firstar Bank Milwaukee, N.A. (the "Escrow Agent") pursuant to an Escrow Agreement dated on or about the date of this Agreement among Lender, Borrower, and the Escrow Agent, a copy of which is attached as EXHIBIT F to this Agreement. Any interest on the funds in the Escrow Account shall be paid to the Lender.
v. All funds shall remain in the Escrow Account until the earlier of (i) July 1, 2004 or (ii) the date that Borrower presents written evidence to Lender and the Escrow Agent that the German tax authority has requested payment of the final tax assessment with respect to the tax obligations for the 458,334 shares of Lender common stock that Borrower received in connection with Lender's acquisition of CATS. ...
Additional Loan. Subject to the terms and conditions of this Agreement and relying on the representations and warranties herein set forth, each Additional Lender severally (not jointly or jointly and severally) agrees to make a term loan (any such term loan being referred to as an ‘Additional Loan’ and such term loans being referred to collectively as the ‘Additional Loans’, and together with the Initial Loan, such term loans being referred to collectively as the ‘Loan’ or the ‘Loans’) to the Borrowers in a single drawing on the Additional Loan Funding Date, upon the satisfaction of the conditions set forth in Section 3 of the First Amendment, in an aggregate amount not to exceed such Additional Lender’s Additional Loan Commitment.
Additional Loan. Provided there is no Event of Default under this Agreement, the Company may notify the Lender in writing at any time after 30 days from the Initial Loan Closing Date that the Company wishes to borrow the Additional Loan. The Lender shall have the sole option of making the Additional Loan. The Additional Loan shall be evidenced by a Note, duly executed on behalf of the Company and dated as of the Additional Loan Closing Date.
Additional Loan. In addition to the mortgage relocation loan and the other relocation expense loan referred to Paragraph 1.4(i), the Company shall loan the Executive an additional Forty Thousand Dollars ($40,000.00) to be drawn down as requested by the Executive on or before April 16, 2001. This additional loan shall be evidenced by an appropriate promissory note providing for payment of accrued interest in ten equal payments of principal, each in the amount of Four Thousand Dollars ($4,000.00), to be deducted from Executive's net after-tax annual bonus payment as may be made by the Company to Executive in October of each year commencing in October, 2001. Should any annual bonus payment due Executive not equal the installment then due, the unpaid balance of principal only shall be added to the next year's installment with all the remaining unpaid principal balance and accrued interest due and payable on or before October 31, 2010. All accrued interest for each period preceding a installment payment date shall be paid by Executive no later than October 31 of each year either by deduction from Executive's net after tax annual bonus payment or directly by Executive if the bonus payment is not sufficient. The note evidencing this additional loan shall further provide that it shall be due and payable in full within 120 days of the termination of the Executive's employment with the Company for any reason. Furthermore, the note shall provide for interest at a rate equal to the one-year United States Treasury constant maturity rate for the month of July, 2000, as published by the Federal Reserve Board of Governors plus one percent (1%) and shall be adjusted commencing September 1, 2001 and annually each September 1 thereafter to the then most recently published one year constant maturity rate for the month of July of each succeeding year plus one percent (1%). At the option and expense of the Company, the Executive's obligations under the note may be secured by a second mortgage note on the Australian Property. Except as specifically provided herein, the Agreement is in all respects ratified and confirmed, and all the terms, conditions and provisions thereof shall be and remain in full force and effect for any and all purposes. From and after the date of this Third Amendment, any and all references to the Agreement shall refer to the Agreement as amended by the First, Second and Third Amendments.
Additional Loan. Provided there is no Event of Default under this Agreement, RMK shall make an Additional Loan to the Company of up to $200,000. RMK shall be obligated to make the Additional Loan so long as there is no Event of Default within twenty (20) calendar days of the Initial Loan Closing Date. The Additional Loan shall be evidenced by a Note, duly executed on behalf of the Company and dated as of the Additional Loan Closing Date.
Additional Loan. A new Section 2.4 is added to the Credit Agreement to read as follows:
Additional Loan. Additional Loan" shall mean the non-interest bearing loan made to the developer or a sponsor of a Development (or the general partners or other principals of the owner of the Development) in connection with a Mortgage Loan.
