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. 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. 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 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. 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.
10.2 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 Shareholders of the Company present (whether in person or by proxy) and actually voting at any meeting of the Shareholders (which Shareholders shall not include share block developers as defined in the Act) and who have the right to vote at the relevant meeting and which Shareholders shall together hold not less than 75% (seventy-five percent) of the total votes cast by all Shareholders present at the relevant meeting of the Shareholders excluding Shareholders who are share block developers.
10.3 As soon as the total amount due by the Shareholder in respect of his Loan Obligation has been paid to the Company the Company shall upon the written request of the Shareholder furnish the Shareholder with a written certificate to that effect.
10.4 The Parties record that, as at the Signature Date, the Company's Loan Obligation is R0 (Rand nil).
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.
10.2. After the member has advanced the full amount of his loan obligation as allocated to him, the company shall, upon the member’s request, be obliged to furnish to the member a certificate or other evidence of the fact that the full amount has been advanced by the member.
10.3. The member shall at the company’s option either advance the full amount of the loan to the company in one lump sum or advance the loan to the company in such installments as may be agreed between the member and the company.
10.4. If the company agrees to a member advancing his loan to the company by way of periodic installments, the member shall then be liable for and shall pay interest to the company on the balance of the loan to be advanced by him, which interest shall be paid together with and in addition to the periodic installments aforesaid, the calculation and rate of interest to be determined by the company’s directors from time to time. Any costs or charges incurred or raised by the company from time to time in the collection of such installments shall be charged to and paid by the member. Likewise, any costs and fees incurred by the company in renewing and existing bond or procuring funds to repay any portion of the company’s loan obligation shall be recoverable by the company and paid by the members of the company pro rata to each member’s then indebtedness to the company in terms of this clause.
Loan Obligation. 5.1 The loan obligation of the Company is stated in clause 8 of Annexure “A”.
5.2 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 clause 3.2 of Schedule 1.
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.
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.
(1) three (3) years from the date of the loan or (2) the date Xxxxxxxx is repaid by the Company. All of the shares of Common Stock held by Xxxxxxxx as of the date of this Agreement, plus any additional shares acquired by Xxxxxxxx, in the future, shall be pledged to the Xxx and Xxxx as security. Prior to making such loans to Xxxxxxxx, Xxxxxxxx will execute, for the benefit of Xxx and Gene, appropriate promissory notes, and pledge and escrow agreements.
