Loan to Executive Sample Clauses

Loan to Executive. The Company agrees that, on or before April ----------------- 15, 2001 (or on such earlier date as shall be necessary to allow Executive to make any required income tax payment relating to the proceeds of the Offer (as defined in the Merger Agreement) used to purchase Common Stock pursuant to Section 6), it will loan the amount set forth in Exhibit D to Executive (the --------- "Loan"). The Loan will be evidenced by a promissory note having the terms set forth on Exhibit D. ---------
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Loan to Executive. Upon the execution hereof, Corporation shall make available to Executive a revolving line of credit of up to One Million Dollars ($1,000,000) pursuant to which Executive can borrow up to such amount from Corporation from time to time and at any time during the Term hereof (the "Line of Credit"). Any funds borrowed by Executive pursuant to the Line of Credit shall bear interest at the prime rate as quoted in The Wall Street Journal from time to time plus one-half of one percent (.5%) per annum, which interest shall be payable monthly. In the event any sums are outstanding pursuant to the Line of Credit upon the termination or expiration hereof, such sums shall be automatically converted to a ten (10) year loan which shall be fully amortized over one hundred twenty (120) consecutive monthly payments with the rate of interest fixed upon the actual date of expiration or termination. Executive agrees to execute any reasonable documents prepared by Corporation to evidence the transactions described in this Section 3.9. 2. This Amendment shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of law. 3. Except as otherwise specifically set forth herein, all of the terms and provisions of the Existing Agreement shall remain in full force and effect.
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Loan to Executive. The Company hereby acknowledges that, during the calendar year 2000, the Executive purchased 443,774 of the Parent’s Ordinary Shares pursuant to the exercise of a portion of the Option (the “2000 Exercise”). The Company agrees to loan the Executive on or before April 15, 2001 (or any later date corresponding to a tax return filing extension obtained by the Executive) the sum of $150,000.00 which the Executive intends to use for payment of all or a portion of his Federal and State income taxes attributable to the 2000 Exercise (the “Loan”). The Loan shall be evidenced by a promissory note payable on the earlier of (a) the tenth anniversary of the date of the loan or (b) termination of the Executive’s employment with the Company for Cause. The Loan shall bear interest, payable annually, at the applicable federal rate as determined under Section 1274(d) of the Internal Revenue Code of 1986, as amended, and shall be nonrecourse to the Executive. However, the Loan shall be secured by a pledge of the Ordinary Shares received by the Executive as a result of the 2000 Exercise (the “Option Shares”). If the fair market value of the Option Shares is less than the amount due under the Loan, the Company may demand that the Executive pledge additional shares of Company stock as collateral for the Loan. Failure to provide such additional collateral shall constitute a default under the Loan. Amounts received upon any sale of the Option Shares shall be applied upon receipt in payment of any accrued interest and outstanding principal of the Loan. The Loan shall be prepayable in whole or in part without penalty.
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Loan to Executive. Upon the execution hereof, Corporation shall make available to Executive a revolving line of credit of up to Five Hundred Thousand Dollars ($500,000) pursuant to which Executive can borrow up to such amount from Corporation from time to time and at any time during the Term hereof (the "Line of Credit"). Any funds borrowed by Executive pursuant to the Line of Credit shall bear interest at the prime rate as quoted in The Wall Street Journal from time to time plus one-half of one percent (.5%) per annum, which interest shall be payable monthly. In the event any sums are outstanding pursuant to the Line of Credit upon the termination or expiration hereof, such sums shall be automatically converted to a ten (10) year loan which shall be fully amortized over one hundred twenty (120) consecutive monthly payments with the rate of interest fixed upon the actual date of expiration or termination. Executive agrees to execute any reasonable documents prepared by Corporation to evidence the transactions described in this Section 3.9.
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Loan to Executive. Executive is the owner of his primary residence located at the address set forth in the introductory paragraph of this Agreement (the "Primary Residence"). Executive shall use his best efforts to sell the Primary Residence as promptly as practicable after June 30, 1997. During the period commencing on the date hereof and ending when the Primary Residence is sold, the Corporation shall make available to Executive a loan in an amount not to exceed $100,000 (the "Relocation Loan"), the proceeds of which shall be utilized by Executive to purchase a new primary residence in the Vancouver, Washington area (the "New Primary Residence"), to pay the downpayment thereon and to pay the costs of ownership of the New Primary Residence, e.g., mortgage, insurance and maintenance costs and taxes based upon ownership of the New Primary Residence (the "New Residence Costs"). The Relocation Loan shall be disbursed from time to time as requested in writing by Executive. The Relocation Loan shall be due and payable on the third anniversary of the date hereof, provided that it shall be prepaid to the extent of the proceeds of sale of the Primary Residence and of the proceeds of sale of Common Shares acquired upon exercise of any of the options referred to in Paragraph 5 hereof. The Relocation Loan shall bear interest at the rate of 6% per annum and shall be evidenced by a promissory note substantially in the form of Exhibit A hereto made by Executive to the Corporation.
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Loan to Executive. Company hereby agrees to lend the sum of ----------------- Forty-Two Thousand Dollars ($42,000.00) to Executive (the "Loan"). The Loan shall be made to Executive within five (5) business days after Executive certifies in writing to the Board that he has completed his move to the Los Angeles area. Executive agrees to repay the Loan to Company in full, without interest, upon the termination of this Agreement prior to the expiration of the Employment Term. Notwithstanding the foregoing, Company agrees to forgive the sum of One Thousand Seven Hundred Fifty Dollars ($1,750.00) of the principal balance of the Loan for each full month of service provided by Executive to Company pursuant to this Agreement.
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Loan to Executive. Upon the execution and delivery of this Agreement by the Executive, MetroBanCorp shall loan to him Thirty Five Thousand Dollars ($35,000.00) in accordance with the terms and conditions of the Term Note attached hereto as Exhibit "A". It is noted that such terms and conditions include the forgiveness of the full amount of the loan, including all accrued interest thereon, if the Executive remains actively employed by MetroBank in the capacity of Executive Vice President/Commercial Lending, or such other capacity as may be specified by MetroBank throughout the period ended on the third anniversary hereof. The forgiveness of the loan by MetroBanCorp shall be made on a pro rata basis in accordance with the following schedule so long as the Employee is actively employed on each of the following anniversaries of the Effective Date: Amount of Principal And Date Accrued Interest Forgiven ---- ------------------------- First Anniversary of the Effective Date 1/3 Second Anniversary of the Effective Date 1/3 Third Anniversary of the Effective Date 1/3 Provided, however, if the Executive's employment is terminated pursuant to Section 2(c) or on account of the Executive's death or total and permanent disability (as such term is defined in MetroBank's long term disability plan in effect on the Executive's Date of Termination) before the third anniversary of the Effective Date, neither the Executive nor his estate shall be liable for repayment of any portion of the loan. The repayment required by this Section 3(c) and the Term Note shall be made by the Executive, in a single lump sum, on or before his Date of Termination.
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Loan to Executive 
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Related to Loan to Executive

  • Loan to Value The maximum principal amount of the Note does not exceed one hundred twenty-five percent (125%) of the fair market value of the Property as set forth on the appraisal of the Property delivered to Lender.

  • Loan-to-Value Ratio The fraction, expressed as a percentage, the numerator of which is the original principal balance of the related Mortgage Loan and the denominator of which is the Appraised Value of the related Mortgaged Property.

  • Loan Commitment Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Company herein set forth, the Lender hereby agrees to lend to the Company on the Closing Date and thereafter up to $16,000,000 in the aggregate (the "Loan") consisting of $8,000,000 of 7-year Tranche advances and $8,000,000 of 10-year Tranche advances. The Lender's commitment to make the Loan to the Company pursuant to this Section 2.1 is herein called the "Loan Commitment."

  • The Loan Section 2.01. (a) ADB agrees to lend to the Borrower from ADB's ordinary capital resources an amount of one hundred million Dollars ($100,000,000), as such amount may be converted from time to time through a Currency Conversion in accordance with the provisions of Section 2.06 of this Loan Agreement.

  • Loan Term The loan term is one year from July 1, 2020 (calculated from the date when Party A actually lends the loan, and Party B shall issue a receipt separately) to July 1, 2021.

  • Term Loan Commitment As to each Term Loan Lender, the amount equal to such Term Loan Lender’s Term Loan Commitment Percentage of the aggregate principal amount of the Term Loans from time to time outstanding to the Borrower.

  • Term Loan Prepayments (A) On each occasion that a Prepayment Event occurs, the Borrower shall, within three Business Days after its receipt of the Net Cash Proceeds of a Debt Incurrence Prepayment Event and within seven Business Days after the occurrence of any other Prepayment Event (or, in the case of Deferred Net Cash Proceeds, within seven Business Days after the Deferred Net Cash Proceeds Payment Date), prepay, in accordance with clause (c) below and subject to clause (B) of this Section 5.2(a)(i), Term Loans with a Dollar Equivalent principal amount equal to 100% of the Net Cash Proceeds from such Prepayment Event; provided that, with respect to the Net Cash Proceeds of an Asset Sale Prepayment Event, Casualty Event or Permitted Sale Leaseback, in each case solely to the extent with respect to any Collateral, the Borrower may use a portion of such Net Cash Proceeds to prepay or repurchase Permitted Other Indebtedness (and with such prepaid or repurchased Permitted Other Indebtedness permanently extinguished) with a Lien on the Collateral ranking pari passu with the Liens securing the Obligations to the extent any applicable Permitted Other Indebtedness Document requires the issuer of such Permitted Other Indebtedness to prepay or make an offer to purchase such Permitted Other Indebtedness with the proceeds of such Prepayment Event, in each case in an amount not to exceed the product of (x) the amount of such Net Cash Proceeds multiplied by (y) a fraction, the numerator of which is the outstanding principal amount of the Permitted Other Indebtedness with a Lien on the Collateral ranking pari passu with the Liens securing the Obligations and with respect to which such a requirement to prepay or make an offer to purchase exists and the denominator of which is the sum of the outstanding principal amount of such Permitted Other Indebtedness and the outstanding principal amount of Term Loans. (B) In the event that any Tranche B-2 Term Loans are repaid (the “Repaid Tranche B-2 Loans”) prior to the third anniversary of the Original Closing Date pursuant to this Section 5.2(a)(i), the Borrower shall pay to the Lenders having such Repaid Tranche B-2 Loans, a prepayment premium as follows: (x) 3.00% of such amount so repaid if such prepayment occurs on or after the Original Closing Date but prior to the first anniversary of the Original Closing Date, (y) 2.00% of such amount so repaid if such prepayment occurs on or after the first anniversary of the Original Closing Date but prior to the second anniversary of the Original Closing Date and (z) 1.00% of such amount so repaid if such prepayment occurs on or after the second anniversary of the Original Closing Date but on or prior to the third anniversary of the Original Closing Date. (ii) Not later than the date that is ninety days after the last day of any fiscal year (commencing with and including the fiscal year ending December 31, 2008), the Borrower shall prepay, in accordance with clause (c) below, Term Loans with a Dollar Equivalent principal amount equal to (x) 50% of Excess Cash Flow for such fiscal year, provided that (A) the percentage in this Section 5.2(a)(ii) shall be reduced to 25% if the ratio of Consolidated Total Debt on the date of prepayment (prior to giving effect thereto and as certified by an Authorized Officer of the Borrower) to Consolidated EBITDA for the most recent Test Period ended prior to such prepayment date is less than or equal to 7.0 to 1.0 but greater than 6.0 to 1.0 and (B) no payment of any Term Loans shall be required under this Section 5.2(a)(ii) if the ratio of Consolidated Total Debt on the date of prepayment (prior to giving effect thereto and as certified by an Authorized Officer of the Borrower) to Consolidated EBITDA for the most recent Test Period ended prior to such prepayment date is less than or equal to 6.0 to 1.00, minus (y) the Dollar Equivalent principal amount of Term Loans voluntarily prepaid pursuant to Section 5.1 during such fiscal year. (iii) On each occasion that Permitted Other Indebtedness is issued or incurred pursuant to Section 10.1(aa), Borrower shall within three Business Days of receipt of the Net Cash Proceeds of such Permitted Other Indebtedness prepay, in accordance with clause (c) below, Term Loans with a Dollar Equivalent principal amount equal to 100% of the Net Cash Proceeds from such issuance or incurrence of Permitted Other Indebtedness.

  • Term Loan (a) Subject to the terms and conditions of this Agreement, each Term Loan Lender severally agrees to make an advance of its Pro Rata Term Share of the Term Loan to the Borrower on the Closing Date, and from the Closing Date to the Term Loan Maturity Date, convert and continue Segments from time to time in accordance with the terms hereof. The principal amount of each Segment of the Term Loan outstanding hereunder from time to time shall bear interest and the Term Loan shall be repayable as herein provided. No amount of the Term Loan repaid or prepaid by the Borrower may be reborrowed hereunder, and no subsequent advance under the Term Loan Facility shall be allowed after the initial such advance of the Term Loan on the Closing Date. Segments of the Term Loan may be Base Rate Segments or Eurodollar Rate Segments at the Borrower’s election, as provided herein. (b) Not later than 1:00 P.M. New York time, on the Closing Date, each Term Loan Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make the amount of its Pro Rata Term Share of the Term Loan available by wire transfer to the Administrative Agent. Such wire transfer shall be directed to the Administrative Agent at the Administrative Agent’s Office and shall be in the form of same day funds in Dollars. The amount so received by the Administrative Agent shall, subject to the terms and conditions of this Agreement, including without limitation the satisfaction of all applicable conditions in Sections 5.01 and 5.02, be made available to the Borrower by delivery of the proceeds thereof as shall be directed by the Responsible Officer of the Borrower and reasonably acceptable to the Administrative Agent. The initial Borrowing of the Term Loan may be a Eurodollar Rate Segment, a Base Rate Segment, or both; provided that if the Borrower desires that any portion of the initial Borrowing of the Term Loan is advanced as a Eurodollar Rate Segment, the Administrative Agent shall make such Borrowing as a Eurodollar Rate Segment only if, not later than three Business Days prior to the date that is then anticipated to be the Closing Date, the Administrative Agent has received from the Borrower a Term Loan Interest Rate Selection Notice with respect thereto, together with the Borrower’s written acknowledgement in form and substance satisfactory to the Administrative Agent that the provisions of Section 4.05 hereof shall apply to any failure by the Borrower to borrow on the date set forth in such Term Loan Interest Rate Selection notice any or all of the amounts specified in such Term Loan Interest Rate Selection Notice.

  • Loan Repayment Upon the terms and conditions of this Agreement, the Issuer agrees to make the Loan to the Company. The proceeds of the Loan shall be deposited with the Trustee pursuant to Section 3.3 hereof. In consideration of and in repayment of the Loan, the Company shall make, as Loan Payments, to the Trustee for the account of the Issuer, payments which correspond, as to time, and are equal in amount as of the Loan Payment Date, to the corresponding Bond Service Charges payable on the Bonds. All Loan Payments received by the Trustee shall be held and disbursed in accordance with the provisions of the Indenture and this Agreement for application to the payment of Bond Service Charges. The Company shall be entitled to a credit against the Loan Payments required to be made on any Loan Payment Date to the extent that the balance of the Bond Fund is then in excess of amounts required (a) for the payment of Bonds theretofore matured or theretofore called for redemption, or to be called for redemption pursuant to Section 6.1 hereof (b) for the payment of interest for which checks or drafts have been drawn and mailed by the Trustee or Paying Agent, and (c) to be deposited in the Bond Fund by the Indenture for use other than for the payment of Bond Service Charges due on that Loan Payment Date. Except for such interest of the Company as may hereafter arise pursuant to Section 8.2 hereof or Sections 5.06 or 5.07 of the Indenture, the Company and the Issuer each acknowledge that neither the Company, the State nor the Issuer has any interest in the Bond Fund or the Bond Purchase Fund, and any moneys deposited therein shall be in the custody of and held by the Trustee in trust for the benefit of the Holders.

  • Term Loan A Subject to the terms and conditions of this Agreement, each Term Loan A Lender, severally and not jointly, will make a term loan to Borrowers in the amount equal to such Term Loan A Lender’s Term Loan A Commitment Percentage of $8,500,000 (the “Term Loan A”). The Term Loan A shall be advanced on the Closing Date and shall be, with respect to principal, payable as follows, subject to acceleration upon the occurrence of an Event of Default under this Agreement or termination of this Agreement: on or before the date that is forty-five (45) days after the last day of each fiscal quarter (each a “True-Up Date”), commencing with the fiscal quarter ending March 31, 2017 and continuing thereafter through and including the last such date occurring immediately prior to the end of the Term, Borrowers shall repay the Term Loan A in an amount equal to the greater of (x) $212,500 and (y) the Term Loan A Lenders Pro Rata Share of the lesser of (I) 50% of Excess Cash Flow for the most recently ended prior fiscal quarter for which financial statements were delivered to Agents and (II) 50% of the Maximum True Up Amount (provided that Borrowers shall pay the amount set forth in the foregoing clause (x) no later than the first Business Day following the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 2017 and continuing thereafter through and including the last such date occurring immediately prior to the end of the Term (it being understood and agreed that if the amount calculated pursuant to the foregoing clause (y) for each such period exceeds the amount set forth in the foregoing clause (x), the difference thereof (if any) shall be paid by Borrowers no later than the applicable True-Up Date)) followed by a final payment of all unpaid principal, accrued and unpaid interest and all unpaid fees and expenses upon expiration of the Term. The Term Loan A shall be evidenced by one or more secured promissory notes (collectively, the “Term Note”) in substantially the form attached hereto as Exhibit 2.3. Term Loan A may consist of Domestic Rate Loans or LIBOR Rate Loans, or a combination thereof, as Borrowing Agent may request; and in the event that Borrowers desire to obtain or extend any portion of the Term Loan A as a LIBOR Rate Loan or to convert any portion of the Term Loan A from a Domestic Rate Loan to a LIBOR Rate Loan, Borrowing Agent shall comply with the notification requirements set forth in Sections 2.2(b) and/or (e) and the provisions of Sections 2.2(b) through (h) shall apply.

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