Loan Obligation Sample Clauses
A Loan Obligation clause defines the borrower's duty to repay a specified amount of money to the lender under agreed terms. It typically outlines the principal amount, interest rate, repayment schedule, and any conditions or events that may affect repayment, such as default or prepayment options. This clause ensures both parties clearly understand the borrower's repayment responsibilities, thereby reducing the risk of disputes and providing a legal basis for enforcement if the borrower fails to meet their obligations.
Loan Obligation. If a student obtains a loan to pay for an educational program, the student will have the responsibility to repay the full amount of the loan plus interest, less the amount of any refund, and if the student has received federal student financial aid funds, the student is entitled to a refund of the monies not paid from federal student financial aid program funds. If a student defaults on a federal or state loan, both of the following may occur:
Loan Obligation. 13.1 Total anticipated loan of obligation of the Company as at the Signature Date is the sum of Nil (Nil rand).
13.2 The Company does not contemplate increasing its loan obligation in terms of Section 14(1) and Section 14(6) of the Share Blocks Control Act No. 59 of 1980 or further encumber the Company's assets/Properties.
Loan Obligation. You will be responsible for the repayment of the amounts owed, regardless of who initiated any transactions under the Account. You have the right to cancel this Agreement by notifying us in writing. Cancellation does not relieve any obligator of liability for any and all charges incurred prior to cancellation. Each obligator is at all times responsible for all amounts borrowed by any authorized user(s).
Loan Obligation. 5.1 The loan obligation of the Company as at the Signature Date is R0 (Rand nil), as stated in clause 13 of Annexure “A”.
5.2 To the extent that the Company incurs any loan obligation after the Signature Date, as contemplated in the Act and the MOI, the Purchaser shall assume liability to the Company as prescribed in the Act for that portion of the loan obligation allocated to the Purchaser as set out in the MOI.
Loan Obligation. Each of ▇▇▇, ▇▇▇▇ and ▇▇▇▇▇▇▇▇ agree that, if the Company needs working capital to operate its business at any time during the period commencing on the date hereof and ending on the "Due Date," as defined below, each of them will lend to the Company the Company's working capital requirements, up to a maximum outstanding at any one point in time of $400,000 in the following ratio: ▇▇▇ and Gene - 36.11% each ▇▇▇▇▇▇▇▇ - 27.78%. All amounts loaned will bear interest at the minimum rate to avoid imputation of interest under the Internal Revenue Code and will be due and payable, together with interest, on the earlier of November 1, 2001 or the date the Company closes an equity debt financing from unaffiliated parties (such date referenced to herein as the "Due Date"). All such loans will be secured by a first priority perfected security interest in favor of ▇▇▇, Gene and ▇▇▇▇▇▇▇▇ (on a pro rata basis) on all the Company's assets. Prior to making such loans, the Company will execute, for the benefit of ▇▇▇, Gene and ▇▇▇▇▇▇▇▇, appropriate promissory notes and security agreements.
(1) three (3) years from the date of the loan or (2) the date ▇▇▇▇▇▇▇▇ is repaid by the Company. All of the shares of Common Stock held by ▇▇▇▇▇▇▇▇ as of the date of this Agreement, plus any additional shares acquired by ▇▇▇▇▇▇▇▇, in the future, shall be pledged to the ▇▇▇ and ▇▇▇▇ as security. Prior to making such loans to ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ will execute, for the benefit of ▇▇▇ and Gene, appropriate promissory notes, and pledge and escrow agreements.
Loan Obligation. The aggregate amount of all obligations due by the Company to Silicon Valley Bank, including principal, interest and all fees and expenses is (excluding any legal fees of Silicon Valley Bank payable by the Company) $6,128,406.03 (the "BANK OBLIGATION"), assuming such facility is paid in full and extinguished on December 31, 2006.
Loan Obligation. Sellers have advised Buyer that, as of the Execution Date, the Properties are encumbered by certain liens securing indebtedness in the aggregate amount of less than $20,000,000.00 (collectively, the "Loan Obligation"). Sellers shall, at their sole cost and expense, fully prepay the Loan Obligation on the Closing Date, pursuant to the terms of Section 6.5 hereof.
Loan Obligation. 10.1 The Member acknowledges that he is aware, in terms of the Company’s Memorandum and Articles of Association, and/or the Rules and/or Use Agreement, that he and the other Members shall be bound to a loan agreement with the Company in terms of which an amount of money (the “Loan Obligation”) has been or will be loaned to the Company which amount shall be determined by the directors from time to time; provided that any increase in the Loan Obligation should not be effected without the unanimous resolution of the Members in terms of the Articles of Association of the Company. The said amount together with all other amounts which may be due by the Company to the Member on loan account, if any, shall never be repaid by the Company to the Member. Should the Company, however, at any time resolve (as set out below) to go into voluntary liquidation, any dividend which may be available for distribution will be distributed amongst Members. Any resolution of the Company referred to in this clause shall be a resolution of not less than 75% (SEVENTY-FIVE PERCENT) in number of the Members of the Company (which Members shall not include share block developers as defined in the Act) and who have the right to vote at the relevant meeting and which Members shall together hold not less than 75% (SEVENTY-FIVE PERCENT) of the total votes of all Members in the Company excluding Members who are share block developers.
10.2 As soon as the total amount due by the Member in respect of his Loan Obligation has been paid to the Company the Company shall upon the written request of the Member furnish the Member with a written certificate to that effect.
Loan Obligation. Loan Obligation" means the collective reference to all indebtedness and other liabilities and obligations of every kind and description owed by the Company to any lender under any of (i) the Construction Loan Agreement dated September 13, 2007; (ii) the First Amendment to Construction Loan Agreement dated April 29, 2008, and (iii) the Second Amendment to Construction Loan Agreement dated October 14, 2008, including any promissory notes, security documents, and other loan documents or instruments executed and delivered pursuant thereto or in connection therewith, however evidenced, created, or incurred, fixed or contingent, now or hereafter existing, due or to become due, and including any subsequent extensions of credit, additional advances, or additional charges in relation to any ofthe foregoing.
Loan Obligation. Sellers shall, at their sole cost and expense, fully prepay the Loan Obligation on the Closing Date (so that upon the Closing, Buyer will take title to the Properties free and clear of any liens relating to the Loan Obligation). Sellers shall pay all fees, charges and related costs in connection with the prepayment of the Loan Obligation (including, without limitation, any prepayment fees or penalties), which fees, charges, penalties and costs shall not result in any adjustment to the Purchase Price.