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 of Loan. The obligation of each Lender to make its Loan hereunder on the Closing Date is subject to satisfaction of the following conditions precedent:
(a) The Agent’s receipt of the following, each of which shall be originals, telecopies or other electronic image scan transmission (e.g., “pdf”) (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Agent:
(i) executed counterparts of this Agreement sufficient in number for distribution to the Agent, each Lender and the Lead Borrower;
(ii) a Note executed by the Borrowers in favor of each Lender requesting a Note;
(iii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Agent may require evidencing (A) the authority of each Loan Party to enter into this Agreement and the other Loan Documents to which such Loan Party is a party or is to become a party and (B) the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to become a party;
(iv) copies of each Loan Party’s Organization Documents and such other documents and certifications as the Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to so qualify in such jurisdiction could not reasonably be expected to have a Material Adverse Effect;
(v) a favorable opinion of each of (i) Faegre & Xxxxxx LLP, counsel to the Loan Parties, and (ii) Bone McAllester Norton PLLC, special Kentucky counsel to the Loan Parties, in each case addressed to the Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as the Agent may reasonably request;
(vi) a certificate signed by a Responsible Officer of the Lead Borrower certifying (A) that there has been no event or circumstance since the date of the Audited Financial Statements that h...
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. 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 of Loan. The obligation of each Lender to make the Loan is subject to the following conditions precedent:
Conditions of Loan. The obligation of Creditor to make the Loan is subject to the condition precedent that Creditor shall have received, in form and substance satisfactory to Creditor, the following:
(a) this Agreement;
(b) a certificate of the Secretary of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Agreement;
(c) financing statements (Form UCC-1: CA);
(d) Comerica Subordination Agreement;
(e) the Comerica Consent;
(f) the Strategic Development Agreement; and
(g) such other documents, and completion of such other matters, as Creditor may reasonably deem necessary or appropriate.
Conditions of Loan. 12.1 The following covenants shall apply:
(a) each Borrower shall respect the margin requirements provided in paragraph 4 above;
(b) each Borrower shall complete and deliver to Montcap each week the Availability Calculation Certificate in the form of Schedule 1, together with supporting documents including the SKU number of the products of Finished Goods, the number of units, the costs per unit, the total costs of SKU products, the purchase orders and the number of units and the costs thereof for each purchase orders;
(c) each Borrower shall segregate in its premises all inventory of Finished Goods sold to third parties;
(d) each Borrower shall give full and unfettered access to its premises to Montcap’s representatives in order for Montcap to be able to value the Eligible Inventory and all of the Borrower’s other requirements hereunder;
(e) each Borrower shall not, without the prior written consent of Montcap:
i) declare or pay dividends on any class or kind of its shares, repurchase or redeem any of its shares or reduce its capital in any way whatsoever or repay any shareholders’ or directors’ advances;
ii) grant or allow any lien, charge, lease or other encumbrance, whether fixed or floating, to be registered against or exist on any of its assets save as specifically provided herein;
iii) become guarantor or endorser or otherwise become liable upon any note or other obligation other than in the normal course of its business;
(f) each Borrower shall during the term of this Agreement:
i) maintain an on line computer system to provide current detailed inventory, sales, markdown, cash and banking information so as to allow Montcap to continually evaluate its inventory or Montcap’s security position to the entire satisfaction of Montcap;
ii) maintain current all rent, utilities, property and business tax and all occupancy costs with respect to all rented premises;
iii) maintain current any and all claims which may give rise to creditor’s rights ranking in priority to or pari passu with the rights of Montcap including but not limited to wages, vacation pay, pension contributions, source deductions, business or municipal taxes, sales taxes and the like;
iv) provide on request by Montcap evidence that all lease obligations are being met at all times and that leases are not in default;
v) maintain current all loan payments with respect to equipment, furnishings, leasehold improvements or any other term loan commitment;
vi) provide to Montcap, within twenty (20) ...
Conditions of Loan. (A) Loans shall be made available to all Members and Beneficiaries on a reasonably equivalent basis.
(B) 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.
(C) Loans shall not be made available to Highly Compensated Employees (as defined in Plan Section 1.2(U)) in an amount greater than the amount made available to other Employees.
(D) 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 three (3) monthly payments of the loan have been satisfied, the Member may pay the outstanding loan balance (including accrued interest from the due date).
(E) Loans must be adequately secured and bear a reasonable interest rate. The rate of interest for the term of the loan will be established as of the loan date, and will be the Bxxxxx=s 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.
(F) No Member loan shall exceed the present value of the Member’s vested Account Balance.
(G) In the event of default, foreclosure on the note and attachment of security will not occur until a distributable event occurs in the Plan.
(H) Loan repayments will be suspended under the Plan as permitted under Code Section 414(u)(4).
Conditions of Loan. 5.1 The Exhibit shall not be repaired, retouched, or altered in any way except with the prior written consent of University. Cleaning of the Exhibit shall require University consent and shall be conducted according to written instructions provided by University. Borrower shall submit a condition report on the Exhibit to University upon arrival and departure from location in the form attached to this Agreement as Attachment C.
5.2 Borrower agrees to pay all transportation costs for the Exhibit to and from the University (or to the next borrower if requested to do so by University), including shipping, set up and take down expenses. The Exhibit shall be returned to University (or to the next borrower if requested to do so by University) in the same packing cases and using the same packing pads and materials in which the Exhibit was shipped to Borrower.
5.3 Borrower may photograph the Exhibit for the catalogue and to promote the Exhibit. Copies of any promotional material will be provided to University for its review and approval. Borrower may not reproduce the Exhibit in whole or in part or in any media for any other purpose, including, but not limited to, sale.
5.4 Recognition shall be given to the University of Minnesota, Xxxxx Xxxx Xxxx Museum of Natural History for loan of the Exhibit to Borrower in all Borrower’s publicity or promotional materials for the Exhibit.
5.5 Borrower must present the Exhibit in such a way as is consistent with the thematic and specific content of the Exhibit as authorized by the University. Borrower shall not augment the Exhibit without prior written approval from the University. The Exhibit must be shown intact and in its entirety. No component may be omitted from the Exhibit without prior written approval from the University.
Conditions of Loan. Lender shall not be required to advance any amounts of the Loan unless:
(a) Borrower shall have supplied to Lender the following:
(i) The executed Loan Documentation;
(ii) Original documents reasonably requested by Lender.
(b) Borrower is in compliance with all the terms and provisions set forth herein on its part to be observed or performed and no Event of Default as specified herein nor any event which upon notice or lapse of time or both or upon the further happening of any condition, event or act would constitute such an Event of Default shall have occurred and be continuing at the time of the Loan.
(c) No material, adverse change has occurred in the condition of Borrower or in the condition of the Collateral. Making of the Loan under subsection 2.1 shall constitute a representation by Borrower that the foregoing conditions (a) through (c) have been satisfied.
Conditions of Loan. 7.01 Conditions ---------- The obligation of the Lender to make available the Loan is subject to the fulfillment of the following conditions precedent on or prior to the date of the drawdown:
