Demand Loan. At such times, and in such amounts as requested by the Company, Holder shall loan the Company up to $300,000.00 with a 15% original issuance discount solely for its expenses related to the Company’s initial public offering and listing of its common stock (the “Common Stock”) on the NASDAQ Global Market or other national exchange (the “Uplisting”). Each such loan by the Holder to the Company shall be referred to as a “Loan Advance”. The date and amount of each Loan Advance, and the total of all Loan Advances, will be recorded and updated on Exhibit A, which is attached hereto and incorporated herein. Any loans or other advances made by Holder to the Company which are not recorded in Exhibit A will not be considered a part of this Note. The outstanding principal amount of all Loan Advances (the “Principal Amount”), together with accrued interest thereon, shall be due nine months from the Effective Date (“Maturity Date”). The Company shall have three (3) days after the Maturity Date to deliver payments to the Holder. Notwithstanding the foregoing, the Company agrees to apply all proceeds from its intended initial public offering under the Securities Act of 1933 to repayment of this Note until it has been paid in full, and further agrees to use commercially reasonable efforts to file and have qualified such initial public offering in a timely manner.
Demand Loan. On demand by the Bank, the entire outstanding principal balance of the Loan and all accrued interest shall immediately become due and payable.
Demand Loan. A Demand Loan is a loan with a maximum term of one (1) year and a variable rate (“Demand Loan Rate”). The maximum Demand Loan Rate fluctuation is announced from time to time by Xxxxxx and applies to each Demand Loan and corresponding advances. With each change in such fluctuating interest rate, the applicable Demand Loan Rate will correspondingly change without notice to Member. Any change in the Demand Loan Rate shall be effective as of the opening of business on the day on which such change in the Demand Loan Rate becomes effective.
Demand Loan. The Employee will be eligible to borrow from Arctic an aggregate maximum amount of US $90,000.00 interest free for the purpose of financing a home. Repayment of such loan in the amount of US $15,000.00 per year shall be guaranteed by the Employee and security, in the form of a second mortgage on the said home, shall be provided by the Employee to secure repayment of the loan to Arctic. The terms of the loan shall be stipulated by Arctic in a separate written Loan Agreement to be executed by the Employee and Arctic prior to any advances being made thereunder and shall include a requirement for repayment of any amount then outstanding within 120 days of cessation of the Employee's employment hereunder for any reason whatsoever.
Demand Loan. ON DEMAND BY THE BANK, THE ENTIRE OUTSTANDING PRINCIPAL BALANCE OF THE LOAN AND ALL ACCRUED INTEREST SHALL IMMEDIATELY BECOME DUE AND PAYABLE
Demand Loan. The Lender hereby loans to the Borrower the amount of Two Hundred and twenty five thousand dollars ($225,000) (the “Loan”). The Borrower acknowledges receipt of the full amount of the Loan.
Demand Loan. See Section 1.1 -----------
Demand Loan. Any loan which is payable in full at any time on the demand of the lender (or within a reasonable time after the lender's demand), is a "demand loan."
Demand Loan. The Demand Loan shall have been repaid in full by the Borrower and all obligations of the Borrower thereunder shall have been terminated.
Demand Loan. Borrowers expressly acknowledge and agree that the Loan is and shall at all times be payable ON DEMAND by Lender, and that if Lender shall so demand repayment, payment will be due on the date that is 30 days following the date on which Lender demands repayment. Borrowers further acknowledge that it is a necessary inducement to Lender to make any advance hereunder that Borrowers grant Lender the unconditional right in Lender’s sole discretion to demand payment in whole or in part of the principal of and accrued interest on the Loan or of any other demand obligations, which right Borrowers expressly grant whether or not Borrowers are then in compliance with the provisions hereof. If any of the Events of Default set forth in Section Seven below shall occur and be continuing, Lender may, but shall not be obligated to, make such demand; such events are set forth only for purposes of illustrating certain circumstances in which Lender may, but shall not be obligated to, make such demand. Such circumstances are not exclusive and shall not limit Lender’s right of demand in any other circumstances in which Lender may exercise Lender’s right of demand including, without limitation, when Lender deems that Lender is insecure or that the prospects for timely or full payment or performance of any of Borrowers’ obligations have been impaired. SECTION THREE. CONDITIONS PRECEDENT TO CLOSING AND LOAN ADVANCES.
