Employee Notes. The Company shall have made arrangements reasonably acceptable to Parent with those employees of the Company who have purchased capital stock of the Company through the issuance of notes to the Company (the "EMPLOYEE NOTES") to have such Employee Notes paid in full on or prior to the Closing Date.
Employee Notes. All notes or other evidences of Indebtedness owed by any of the Company’s employees or affiliates to the Company shall have been repaid or otherwise satisfied in full on terms satisfactory to Parent.
Employee Notes. As of March 31, 1999, Xxxxxxx is indebted to the Company under three (3) separate promissory notes dated May 2, 1997, June 2, 1997 and June 11, 1997 (the "Notes"). Each of the Notes is due and payable in full on the second anniversary of its issuance. As of March 31, 1999, the aggregate principal and accrued interest due on the Notes is Eighty Thousand One Hundred Forty-nine Dollars and Twenty-six Cents ($80,149.
Employee Notes. Schedule 3.34 sets forth the (a) name of the payor, (b) the outstanding principal amount and accrued interest owing thereon as of June 30, 2000, and (c) the maturity date, in each case of the several promissory notes (the "Employee Notes") payable to UICI by employees of the Company or either of the Subsidiaries, the proceeds of which were used to purchase UICI common stock pursuant to UICI's 1999 common stock purchase program. The Employee Notes are secured by a pledge of UICI common stock purchased with the proceeds thereof (the "Collateral"). To the knowledge of the Company, no default or event which, with notice of lapse of time or both, would constitute a default under the Employee Notes, has occurred and is as of the date hereof continuing. Within not more than 30 days following the Closing, UICI shall take all steps reasonably required to (a) release and discharge the payors of each Employee Note from 50% of the principal amount thereof and pay to such payor in cash a "gross-up payment" designed to cover the payor's tax liability associated with such release and discharge, and (b) assign and transfer to Purchaser or to the Purchaser's designee, without warranty or recourse, the Employee Notes and UICI's rights to all Collateral, against delivery to UICI of cash in the amount of the principal amount thereof (giving effect to the release and discharge contemplated by the foregoing clause (a)) and accrued and unpaid interest thereon as of the date of transfer.
Employee Notes. Each of the Employee Loans shall be evidenced by a promissory note (together with all amendments, extensions, renewals, or replacements thereof, an "Employee Note" and, collectively, all such notes, "Employee Notes") issued to NationsBank by the Qualified Employee to whom the Employee Loan is made substantially in the form of Exhibit B. Each Employee Note shall mature on the earliest of (i) the seventh September 30 following the funding of the corresponding Employee Loan, (ii) one calendar year after the Qualified Employee to or for the benefit of whom the Employee Loan is made ceases to be a Qualified Employee and (iii) the date upon which any of the common stock purchased with the Employee Loan is sold. The Revolving Credit Notes and the Employee Notes are sometimes herein referred to collectively as the "Notes".
Employee Notes. The aggregate outstanding principal balance under the Employee Notes will, at no time, exceed an amount equal to $25,000,000 (except only as such amount may be increased to a maximum of $37,500,000, with a corresponding decrease in the Aggregate Revolving Credit Commitment, pursuant to Section 2.8(d) or decreased pursuant to Section 2.8(e)); and
Employee Notes. Each of the Employee Loans is evidenced by a promissory note (together with all amendments, extensions, renewals, or replacements thereof, an "EMPLOYEE NOTE" and, collectively, all such notes, "EMPLOYEE NOTES") issued to Bank of America by the Qualified Employee to whom the Employee Loan was made substantially in the form of EXHIBIT B to the Existing Credit Agreement. Each existing Employee Note shall be amended, restated and replaced in its entirety by a new Employee Note substantially in the form of EXHIBIT B hereto and each such new Employee Note shall evidence the Employee Loans made to the Qualified Employee that issued the new Employee Note. Each Employee Loan shall mature on the seventh September 30 following the original funding of the corresponding Employee Loan.
Employee Notes. 20 (f) Xxxxxx Credit Agreement.....................................................................20 ARTICLE V
Employee Notes. In compliance with appropriate law, rule and/or regulation:
(a) Employees may put any statement on record in response to information they consider unfavorable to themselves, which is filed in the eOPF.
(b) Employees may update their personnel files with relevant information regarding experience, education, training, etc., which might enhance their careers.
Employee Notes. The Borrower will not permit Xxxxxxxxxx & Co. to sell, assign or otherwise encumber the Employee Notes.
