Performance Loan Sample Clauses

Performance Loan. Adjustable-rate Mortgage Loans that provide borrowers the potential of margin reduction for good payment history. If, at the time of evaluation, the related borrower has made scheduled payments in full since the origination of the loan with a maximum of one late payment (which, however, cannot be in the month of evaluation), the Mortgage Loan is eligible for a reduction (ranging from 0.50% to 1.00%) in the margin used to calculate the Mortgage Rate.
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Performance Loan. The Company has made a one-time loan to you of $1,500,000 (the "Performance Loan"). The Performance Loan shall accrue interest at the greater of the Prime rate or Applicable Federal Rate ("AFR"), payable on each anniversary of the Performance Loan. The loan, however, will not be defaulted for any failure to pay interest annually or before the expiration of the loan term. The Performance Loan is a full recourse loan with a three (3) year term and is evidenced by the Performance Loan Agreement and Promissory Note that are attached as Exhibits A and B, respectively.
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Performance Loan. On August 13, 2001, the Company loaned you $1,500,000 (the "Prior Performance Loan"). Interest on the Prior Performance Loan has accrued at the rate of 6.75% per annum through February 11, 2002 and such interest is due and payable on August 13, 2002 (the "Accrued Interest"). As of February 12, 2002, the Prior Performance Loan was amended and restated in its entirety and replaced with a new performance loan (the "Performance Loan") as evidenced by this Amendment and the Amended and Restated Promissory Note that is attached hereto as Exhibit A. The Performance Loan has an increased total loan principal amount of $1,950,000, plus Accrued Interest, and is a full recourse loan with a stated term that ends on August 13, 2004 except as otherwise provided in the Amended and Restated Promissory Note. Beginning on February 12, 2002, the date that the additional loan amount of $450,000 from the Company was provided to you, the Performance Loan will accrue at the rate of 6.75% per year and interest is due and payable on August 13th of each year commencing on August 13, 2002. As security for the timely performance of your obligations under this Amendment and the Amended and Restated Promissory Note, you hereby pledge and grant to the Company a first priority perfected security interest in all of your right, title and interest, whether now owned or hereafter acquired, in and to (i) your stock options to purchase Company shares, (ii) the shares of the Company's common stock acquired pursuant to such option exercises and (iii) the proceeds thereof. Such common shares shall be held by the Company as secured party until full repayment of all principal and interest arising under the Performance Loan. You further acknowledge and agree that the common shares underlying such stock options are subject to the security interest granted under this paragraph. The Company shall have the right at any time to either (a) effectuate a cashless exercise/same day sale of such options (provided that the then-fair market value of a Company common share is greater than the per share exercise price of your options) with the sales proceeds of such shares being first applied to satisfy required tax withholding and to repay the Performance Loan or (b) cancel your stock options and apply the difference between the then-fair market value of the underlying shares and the aggregate option exercise price to satisfy required tax withholding and to repay the Performance Loan. You hereby grant the Compan...
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Related to Performance Loan

  • Performance Pay In accordance with Section 8 of the General Appropriations Act for Fiscal Year 2020-2021, contingent upon the availability of funds and at the Agency Head’s discretion, each agency is authorized to grant merit pay increases based on the employee’s exemplary performance, as evidenced by a performance evaluation conducted pursuant to Rule 60L-35, Florida Administrative Code.

  • Performance Award You are hereby awarded, on the Grant Date, a Performance Award with a target value of [AMOUNT].

  • Performance Deposit Upon execution of this Agreement, Purchaser shall pay to Seller by wire transfer a deposit in the amount of sixteen million two hundred fifty thousand Dollars ($16,250,000.00) (“Performance Deposit”) to be held by Seller in accordance with this Agreement. In the event that the transactions contemplated by this Agreement are consummated, the Performance Deposit shall be applied to the Preliminary Purchase Price as set forth in Section 2.5(b) below. In the event this Agreement is terminated, the Performance Deposit plus any interest earned thereon shall be applied in accordance with the provisions of Article X.

  • Performance Share Award If your Award includes a Performance Share Award, and you voluntarily terminate your employment prior to the end of the Performance Period, you will forfeit your entire Performance Share Award. 

  • PERFORMANCE / BID BOND The Commissioner reserves the right to require a Bidder or Contractor to furnish, without additional cost, a performance, payment or Bid bond, negotiable irrevocable letter of credit, or other form of security for the faithful performance of the Contract. Where required, such bond or other security shall be in the form prescribed by the Commissioner.