LOAN FUNDS. (a) If MCE notifies the Company and the Shareholders under clause 19.3 that it will advance funds to the Company in the form of a loan, it must on the date specified in the Additional Capital Notice:
(i) advance to the Company the amount notified under clause 19.3(b)(i); and
(ii) deliver to the Company the Shareholder Loan Agreement duly executed by MCE.
(b) The Company must deliver to MCE the Shareholder Loan Agreement duly executed by the Company on the date specified in the Additional Capital Notice.
LOAN FUNDS. Notwithstanding anything in this Article to the contrary, any Participant who borrows from the Trust Fund pursuant to Article XII will be treated as having directed the Trustee to allocate such portion of his Account Balance as is equal to the borrowed amount to the Participant's "loan fund." The loan fund, and the promissory note executed by the Participant held therein, remains a part of the Trust Fund, but to the extent of the loan outstanding at any time, the borrowing Participant's loan fund alone shares in any interest paid on the loan, and it alone bears any expense or loss it incurs in connection with the loan. The Trustee may retain in an interest-bearing account any interest and principal paid on the borrowing Participant's loan in the loan fund on behalf of the borrowing Participant until the Trustee deems it appropriate to add the amount paid to the Participant's loan fund under the Plan (plus interest, if any) back to the Participant's Account Balance, at the same time reducing the amount treated as having been allocated to the Participant's loan fund by the amount of principal payments made with respect to the loan.
LOAN FUNDS. (a) Lender hereby lends to the borrower the amount of funds (the “Funds”) set forth on the signature page hereof. The minimum loan is $50,000 (one hundred thousand dollars), and the maximum is $125,000.
(b) The Company shall give notice to Lender of the acceptance or rejection of Lender’s loan, in whole or in part. In the event Lender’s loan or any portion thereof is accepted, the Company shall deliver an executed counterpart of this Agreement indicating the amount of Funds accepted and the date of such acceptance by the Company. In the event Lender’s loan is rejected in full, the Company shall promptly return this Agreement to the Lender marked “CANCELLED”, and all funds, if any, previously paid by Lender shall promptly be returned to Lender.
LOAN FUNDS. (a) Lender hereby lends to the borrower the amount of funds (the “Funds”) set forth on the signature page hereof. The minimum loan is $100,000 (one hundred thousand dollars), however, the Company may, in its discretion, accept smaller loans.
(b) The Company shall give notice to Lender of the acceptance or rejection of Lender’s loan, in whole or in part. In the event Lender’s loan or any portion thereof is accepted, the Company shall deliver an executed counterpart of this Agreement indicating the amount of Funds accepted and the date of such acceptance by the Company. In the event Lender’s loan is rejected in full, the Company shall promptly return this Agreement to the Lender marked “CANCELLED”, and all funds, if any, previously paid by Lender shall promptly be returned to Lender.
LOAN FUNDS. 1.1 The Lender shall lend TWO HUNDRED THOUSAND DOLLARS AND NO/100 ($200,000.00) to Borrower on the terms and conditions set forth in the Promissory Note attached hereto as Exhibit "A" (the "Loan").
LOAN FUNDS. The Borrower shall use the Loan funds only for the specific purposes set forth in Section 2.2.
LOAN FUNDS. The words “Loan Funds” mean the undisbursed proceeds of the Loan under this Agreement together with any equity funds or other deposits required from Borrower under this Agreement.
LOAN FUNDS. Lender shall not be required to segregate the Loan ---------- funds or to earmark such funds in any manner. The sole obligation of Lender shall be to disburse the funds in accordance with this Agreement.
LOAN FUNDS. Company hereby lends to the borrower the amount of funds (the “Funds”) set forth on the signature page hereof.
LOAN FUNDS. The LENDER shall not be required to segregate the LOAN funds or to earmark such funds in any manner. The sole obligation of the LENDER shall be to disburse the funds as set forth herein, provided there exists no default under this Agreement, the LOAN, the Mortgage Note, the Acknowledgment Note(s), or the Mortgage at the time of each request for LOAN advances hereunder.
