Pay Off Loan Sample Clauses

Pay Off Loan. If Manager does not release the capital expenditure reserve held by Manager on behalf of Contributor with respect to this Hotel at Closing, Acquiror agrees to finance Contributor's payoff of all items creating liens or encumbrances on any of the Personal Property or Inventory, capital leases and for the termination of any Operating Agreements for which Acquiror has requested Contributor to terminate, up to an amount equal to the lesser of (i) the unreleased balance of such capital expenditure reserve or (ii) $150,000 (the "Pay Off Loan"). Acquiror's receipt of evidence reasonably satisfactory to it that Manager has not released reserves of a specified amount is a condition precedent to Acquiror's obligation to advance the Pay Off Loan. The proceeds of the Pay Off Loan, if any, will be applied directly by Acquiror to pay off all items creating liens or encumbrances on any of the Personal Property and Inventory, capital leases, and to terminate any Operating Agreements. Contributor will repay the Pay Off Loan, with accrued interest, by the application of (i) 33.33% of all distributions paid on the Preferred Partnership Units (or Common Partnership Units into which the Preferred Partnership Units are convertible) and (ii) any amounts received by the Contributor from the Manager as a result of the release of the capital expenditure reserve held by Manager. All amounts applied to the Pay Off Loan shall be applied first to accrued interest and then to repayment of principal. Contributor may repay the Pay-Off Loan and accrued interest in whole or part at any time by making supplemental cash payment(s). The interest rate on the Pay Off Loan will be 9% per annum.
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Pay Off Loan. If Manager does not release the capital expenditure reserve held by Manager on behalf of Contributor with respect to this Hotel at Closing, Acquiror agrees to finance Contributor's payoff of all items creating liens or encumbrances on any of the Personal Property or Inventory, capital leases and for the termination of any Operating Agreements for which Acquiror has requested Contributor to terminate, up to an amount equal to the lesser of (i) the unreleased balance of such capital expenditure reserve or (ii) $150,000 (the "Pay Off Loan"). Acquiror's receipt of evidence reasonably satisfactory to it that Manager has not released reserves of a specified amount is a condition precedent to Acquiror's obligation to advance the Pay Off Loan. The proceeds of
Sample 1

Related to Pay Off Loan

  • Funding of Loans Upon receipt of the Notice of Borrowing, the Administrative Agent shall promptly inform the Lenders as to the terms thereof. Each Lender shall make its Commitment Percentage of the requested Loans available to the Administrative Agent by 1:00 p.m. on the date specified in the Notice of Borrowing by deposit, in Dollars, of immediately available funds to the Administrative Agent at its principal office in New York City, New York or at such other address as the Administrative Agent may designate in writing. The amount of the requested Loans will then be made available to the Borrowers by the Administrative Agent by crediting the account of the Borrowers on the books of such office of the Administrative Agent, to the extent the amount of such requested Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make Loans hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any Loan that such Lender does not intend to make available to the Administrative Agent its portion of the Loans to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of such Loans, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the Borrowers a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent will promptly notify the Borrowers, and the Borrowers shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from such Lender or the Borrowers, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrowers to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (i) from the Borrowers at the applicable rate for such Loan pursuant to the Notice of Borrowing and (ii) from such Lender at the Federal Funds Rate.

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Amount of Loan The Loan shall comprise the aggregate amount of Tranches disbursed by the Bank under the Credit, as confirmed by the Bank pursuant to Article 2.03.

  • Base Rate Loan The appropriate Borrower or Borrowers shall pay interest on the unpaid principal amount of a Base Rate Loan outstanding from time to time from the date thereof until paid at the Derived Base Rate from time to time in effect. Interest on such Base Rate Loan shall be payable, commencing June 30, 2013, and continuing on each Regularly Scheduled Payment Date thereafter and at the maturity thereof.

  • PPP Loan On or about January 24, 2022, the PPP Loan was forgiven in full by the PPP Lender and the U.S. Small Business Administration in accordance with the terms of the PPP Loan, CARES Act, and all other applicable Laws.

  • Revolving Loan Prepayments (i) In the event of the termination of all the Revolving Commitments, Borrower shall, on the date of such termination, repay or prepay all its outstanding Revolving Borrowings and all outstanding Swingline Loans and replace all outstanding Letters of Credit or cash collateralize all outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i).

  • Payment of Loan 1. The Loan Issuing Account The borrower shall open the following loan account with the lender through which the loan issuance and payment shall be handled. Account Name: Shengfeng Logistics Group Co., Ltd Account Number: **********

  • Disbursement of Loan Subject to the provisions of this Agreement, the Agent shall on the Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5; and that payment to the Borrower shall be made:

  • Revolving Loan The Borrower shall repay to the Lenders in full on the date specified in clause (a) of the definition of “Revolving Termination Date” the aggregate principal amount of the Revolving Loans and Swing Loans outstanding on the Revolving Termination Date.

  • Servicing of Loans The servicing, administering and collection of the Loans shall be conducted by the Servicer then authorized to act as such under the Sale and Servicing Agreement.

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