Loans to Affiliates. Except for the advancement of funds pursuant to Section 17.3, no loans, credit facilities, credit agreements or otherwise shall be made by the Company to the Advisor or any Affiliate thereof.
Loans to Affiliates. Except for the advancement of funds pursuant to Section 16.3, no loans shall be made by the Company to the Sponsor.
Loans to Affiliates. Except for advances for travel and expenses to Borrower’s officers, directors, managers, general partners or employees in the ordinary course of Borrower’s business, Borrower shall not make any loans to any Affiliates or Owners of Borrower.
Loans to Affiliates. Refrain from making, changing, or forgiving any loan in excess of $5,000 between ACS or PATI and any of their Affiliates, directors, employees, officers, related parties, or stockholders.
Loans to Affiliates. The Borrower shall not, directly or indirectly, make any loan or advance to any Affiliate, except in the ordinary course of business and as permitted in Section 6.7.
Loans to Affiliates. Borrower shall not make any loans to any officers, directors, Affiliates or shareholders of Borrower, except for (a) advances for travel and expenses to Borrower’s officers, directors or employees in the ordinary course of Borrower’s business; (b) loans (including obligations under existing split-dollar life insurance contracts) to Borrower’s officers, directors or employees not exceeding $2,500,000 in the aggregate at any one time outstanding; and (c) payments made under the lease of the Selma facility.
Loans to Affiliates. Except for advances for travel and expenses to their officers, directors, managers, general partners or employees in the ordinary course of their business, Borrower and its consolidated subsidiaries shall not make deposits, investments, advances or loans in or to any Affiliates that have not executed and delivered a Guaranty as described in Section 5, in excess of $15,000,000 in the aggregate in each fiscal year of Borrower. All transactions with Affiliates shall be bona fide arms length transactions that are no less favorable to Borrower and its consolidated subsidiaries than would be a similar transaction with a non-affiliated third person. Notwithstanding the forgoing, Borrower shall be allowed to make the Top Cat Investment, which shall count against the $15,000,000 amount referred to in the first sentence of this Section 8.7.
Loans to Affiliates. $ 597,058 $ 597,058
Loans to Affiliates. ...... The amounts reported as cash flows in the above table for held-to-maturity fixed income securities represent par values at maturity date or call date, if applicable. The fair values of fixed income securities as disclosed in the above table are based upon quoted market prices or dealer quotes for comparable securities. The fair values of the fixed rate short-term investments, as well as the loans to affiliates, are based upon the amount of total cash flows discounted over the applicable term at interest rates that approximate market yields on similar investments at December 31, 2001. The cash flows for the loans to affiliates represent the principal amounts outstanding at December 31, 2001 at respective due dates. FACTORS TO CONSIDER FORWARD-LOOKING Going forward, management will consider underwriting, acquisition and investment opportunities which fit our strategy of penetrating specialized insurance markets within the financial services industry. These decisions will be in areas where management feels we have an understanding of the underwriting and inherent risks. Management intends to add independent agents to expand our market presence. We will further concentrate on penetrating larger financial institutions for collateral protection insurance, expanding financial institution programs and auto dealer service contract programs. We will also consider opportunities for underwriting additional non-profit organizations as they continue to consolidate into national trusts and seek to retain and transfer their unemployment claim exposure. TRENDS During 2001, we experienced a material increase in loss and loss adjustment expenses. We attribute this increase primarily to the condition of the national economy. Specifically, we believe that rising unemployment levels and increased loan defaults and automobile repossessions caused such increase. To the extent that unemployment levels continue to rise, loan defaults and automobile repossessions continue to increase in frequency and the national economy continues to weaken, we anticipate that this trend will continue during our first quarter of 2002.
Loans to Affiliates. 25 -------------------
