Payment of Loan Amount. The Borrower/Grantee shall promptly pay the Loan Amount and Administrative Fee as provided in this Agreement, except when a Hardship Waiver is obtained pursuant to Section 5(a)(iii) of this Agreement. The Loan and Administrative Fee shall be payable solely from Pledged Revenues and nothing in this Agreement shall be construed as obligating the Borrower/Grantee to make the Loan Payments and to pay the Administrative Fee from any general or other fund of the Borrower/Grantee other than the Pledged Revenues; however, nothing in this Agreement shall be construed as prohibiting the Borrower/Grantee, in its sole and absolute discretion, from making such payments from any moneys which may be lawfully used, and which are legally available, for that purpose.
Payment of Loan Amount. The Company shall repay the Loan Amount to the Lender in twenty four (24) equal monthly payments of $83,333.3 each the first of which shall be due on the first business day of the 37th month following the Closing Date.
Payment of Loan Amount. The First Tranche Loan Amount shall be transferred by each Lender to the Borrower, in one installment, as soon as practical but in any event no later than three (3) business days from the execution of this Letter Agreement (the "First Closing Date") and the Second Tranche shall be transferred by each Lender to the Borrower, in one installment, as soon as practical but in any event no later than three (3) business days from the Second Tranche Request (the "Second Closing Date"; and together with the First Closing Date, each, a “Closing Date”), by wire transfer to the Borrower's bank account as advised by the Borrower.
Payment of Loan Amount. The Company shall repay the outstanding Loan Amount to the Lender in twelve (12) equal monthly installments each commencing on the first day of the 25th month following the First Closing Date.
Payment of Loan Amount. At the consummation of the transaction contemplated hereby ("thx Xxxxxxx"), Xxyer shall pay the Loan Amount to Seller by delivering to Seller, through the Title Company acting as escrow agent, the Note and the other Loan Documents, the Stock Certificates and the Attorney Opinion Letter (as such terms are hereinafter defined). Upon Seller's receipt of such documents, Seller shall be deemed to have made a loan (the "Loan") to Buyer in the amount of the Loan Amount, Buyer shall be deemed to have received the Loan Amount, and Buyer shall be deemed to have delivered the Loan Amount to Seller as payment of the Loan Amount portion of the Purchase Price. The Loan shall have an interest rate equal to 250 basis points above the two year U.S. Treasury Bill xxxe in effect on the day prior to the date of Closing (as published in the Wall Street Journal). The term of the Loan shall be two years, and the Loan shall provide for equal monthly payments in an amount sufficient to pay all interest due and payable on the outstanding principal balance of the Loan plus a sufficient portion of principal to fully amortize the loan over a period of ten years. The Loan Documents shall be comprised of (a) the Non-Negotiable Promissory Note (the "Note") by Buyer in favor of Seller, in the amount of the Loan Amount, in the exact form attached hereto at Exhibit B; (b) the Personal Guaranty (the "Guaranty") by Clinxxx X. Xxxxxx, Xxesident and CEO of Buyer ("Howaxx"), in favor of Seller, guarantying the obligations of Buyer under the Loan, in the exact form attached hereto at Exhibit B; (c) the Pledge Agreement (the "Pledge Agreement") by Howaxx xx favor of Seller with respect to the Collateral (as hereinafter defined), in the exact form attached hereto at Exhibit B; and (d) the Irrevocable Stock Power (the "Stock Power") by Howaxx, xx blank, in the exact form attached hereto at Exhibit B. The
Payment of Loan Amount. The Company shall use one hundred percent (100%) of any and all proceeds received from the issuance by the Company of all warrants, options or newly-issued shares of the Company’s capital stock to pay down the Loan Amount, including any and all interest accrued thereon, through such time the Loan Amount, including any and all interest accrued thereon, is paid off in full.
Payment of Loan Amount. The Loan shall be made available by the Lenders as of the Effective Date and must be paid (i) USD 500,000 as of the Effective Date and (ii) up to an additional USD 500,000 to be paid in multiples of USD 100,000, in one or more subsequent closings, once called by Xxxxxxx and approved by the Lenders within ten (10) Business Days.
Payment of Loan Amount. The outstanding Indebtedness (inclusive of the outstanding principal Loan Amount and accrued but unpaid interest and fees) shall be repaid by Borrowers to Lender, for the account of Lender, on or before January 5, 2017; provided however, that the entire outstanding Indebtedness shall be repaid in its entirety on the earliest to occur of: (a) payment by or on behalf of the Production Contract Receivables, (b) the date on which the obligations hereunder are accelerated and the outstanding Indebtedness declared immediately due and payable as a result of the occurrence of an Event of Default in accordance with the terms of Article 8, and (d) the date on which Borrower elects to exercise its right to prepay the Indebtedness pursuant to Section 2.3 hereof (such date being the “Maturity Date”).
Payment of Loan Amount. Loan Amount is defined as the sum of Principal Amount plus accrued but unpaid interest and/or penalty where applicable.
