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. 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”.
Loan Obligation. 13.1 Total anticipated loan of obligation of the Company as at the Signature Date is the sum of Nil (Nil rand).
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. 10.1. The member shall lend to the company free of interest the amount allocated to the share block by the company, which amount, together with any other amount or amounts that may be owing by the company to the member on loan account, if any, shall only be repayable by the company at the option of the company as the company may from time to time elect, save that any such loans shall be repaid if the company is wound up. The decision of the company as contemplated herein shall be determined by a resolution of at least 75% (SEVENTY FIVE PERCENT) in number of the members of the company, excluding from such members the share block developer, having the right to vote at the relevant meeting and holding in the aggregate at least 75% (SEVENTY FIVE PERCENT) of the total number of votes of all those members, but excluding from such number of votes the votes held by the share block developer.
Loan Obligation. 10.1 The Shareholder acknowledges that he is aware, in terms of the Company’s MOI, and/or the Rules and/or Use Agreement, that he and the other Shareholders 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 required resolution being passed by the Shareholders in terms of clause 10.2 and the MOI of the Company.
Loan Obligation. Subject to Section 3.2 below, the Plan Sponsor agrees that if the Test Condition is not met by the Company on the Testing Date, it shall make available to the Company a Loan in an aggregate principal amount equal to the lesser of (i) the Cash Shortfall and (ii) the Maximum Amount (such lesser amount, the “Loan Amount”).
Loan Obligation. Each of Xxx, Xxxx and Xxxxxxxx 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: Xxx and Gene - 36.11% each Xxxxxxxx - 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 Xxx, Gene and Xxxxxxxx (on a pro rata basis) on all the Company's assets. Prior to making such loans, the Company will execute, for the benefit of Xxx, Gene and Xxxxxxxx, appropriate promissory notes and security 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) $6,128,406.03 (the "BANK OBLIGATION"), assuming such facility is paid in full and extinguished on December 31, 2006.
Loan Obligation. All installments of interest and principal and all other sums required to be paid under the terms of the loan documents for the Loan Obligation (collectively, the “Loan Documents”) have been paid and, as of the date hereof, the aggregate outstanding principal amount of the Loan Obligation is _____________________ Dollars ($_______________) The Loan Obligation is in good standing and the Loan Documents are in full force and effect, and the Company is not in default thereunder nor do the Members have any knowledge of any event or circumstance which, with or without the giving of notice, the passage of time or both, may constitute a default under the Loan Documents. No proceeding has ever been filed to foreclose any deed of trust or mortgage securing the Loan Obligation and, to the Member’s knowledge, no such proceeding is pending or threatened. The Company has not received any notice of any claimed default under, or violation of, the terms of the Loan Documents. The copies of the Loan Documents which are being furnished by the Company to Advance America in accordance with the terms of this Agreement (and which are each identified on Exhibit D attached hereto and hereby made a part hereof) are true, complete and correct copies of the same and have not been amended, modified or supplemented other than as set forth on Exhibit D.
