Personal Loan Sample Clauses

Personal Loan. All full-time and regular part-time employees who work more than sixty (60) hours per month, with one
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Personal Loan. Notwithstanding any other provisions in this Agreement, in the event the Company determines in its good faith judgment, that any provision of this Agreement is likely to be interpreted as a personal loan prohibited by the Xxxxxxxx-Xxxxx Act of 2002 and the rules and regulations promulgated thereunder (the “Act”), then such provision shall be modified as necessary or appropriate so as to not violate the Act; and if this cannot be accomplished, then the Company shall use its reasonable efforts to provide the Executive with similar, but lawful, substitute benefits at a cost to the Company not to significantly exceed the amount the Company would have otherwise paid to provide such benefits to the Executive.
Personal Loan. The Company agrees to loan Executive an aggregate amount of $2.5 million within 15 days of the Effective Date (the "Personal Loan"). Executive shall execute a recourse promissory note providing for all principal and accrued interest thereunder to be due and payable on the earlier of the fourth anniversary of the promissory note or six months after termination of Executive's employment hereunder ("Maturity Date"), subject to the forgiveness, if applicable, as described below or in Section 6.4. Interest under the promissory note will accrue at 5.37% per annum. Executive may prepay the Personal Loan without premium or penalty. If on the Maturity Date of the Personal Loan (a) Executive is still employed by the Company, (b) the Company has had a "Liquidity Event" and (c) the "Fair Market Value" of the Executive's Purchased Stock (defined in Section 4) (including all proceeds received by the Executive from prior sales) is at least $40 million, then the Personal Loan will be due and payable in full on the Maturity Date. If Executive is not able on the Maturity Date to liquidate or otherwise receive payment on part or all of his Purchased Stock, then the Maturity Date shall be postponed until the first date that he is able to so liquidate or receive payment ("Liquidity Date"). If on the Maturity Date of the Personal Loan, the Executive is still employed by the Company but conditions (b) or (c) above have not been met, the Personal Loan will be forgiven at the rate of $100,000 per month beginning on the Maturity Date of the Personal Loan and continuing until all principal and accrued interest are forgiven, and Executive shall not be considered in default during this period. For purposes hereof, a "Liquidity Event" shall mean an initial public offering or any follow-on public offering; a sale of in excess of 50% of the capital stock of the Company held by its shareholders to an unaffiliated third party; any reorganization, consolidation or merger of
Personal Loan. Within three days of the effective date of this -------------- Agreement, as defined above, Employer will lend Employee $75,000 the proceeds of which shall be applied to the exercise of Employee's options as provided below. This loan will be secured by 18,750 shares of the stock Employee receives as a result of exercising vested stock options as provided in Paragraph 2(b)(i).(the "Pledged Shares"). The terms of this loan will be as provided in the Note attached to this Agreement as Exhibit C. Employer and Employee acknowledge and agree that $70,000 of the loan proceeds shall be applied toward the exercise of vested options effective September 29, 1999, and in lieu of the tender made by Employee on that date as follows: (i) $20,000.00 toward exercise of 250,000 options having an exercise price of $0.10 per share; and (ii) $50,000.00 toward exercise of 100,000 options having an exercise price of $0.50 per share. Employer and Employee acknowledge and agree that the remaining $5,000 of the loan proceeds shall be applied toward the exercise of 50,000 options having an exercise price of $0.10 per share, that vested on October 1, 1999. In addition, Employer agrees that, so long as the Pledged Shares are held by Employer, and provided that Employee is not in default under the Note, Employee shall have the right to (a) receive all dividends and other amounts payable to the holder of record of the Pledged Shares; and (b) vote the Pledged Shares on all Employer matters such Shares are entitled to vote, and Employer shall execute due and timely proxies in favor of Employee to such end, whenever such proxies are deemed necessary by Employee.
Personal Loan. The Company has loaned Executive $100,000. In ------------- order to evidence this loan, Executive will execute the Promissory Note attached as Exhibit A. As long as Executive remains employed through August 9, 2000, the Company will fully forgive the loan at that time. If Executive's employment were terminated by the Company Without Cause, or due to death or Disability, prior to August 9, 2000, then the full amount of the loan will be forgiven. Executive, or her estate, will deliver to the Company a check made payable to the Company to pay for all withholding taxes due in connection with any forgiveness of this loan.
Personal Loan 

Related to Personal Loan

  • Additional Loans Agent shall not make any Revolving Loans or provide any Letter of Credit Accommodations to any Borrower on behalf of Lenders intentionally and with actual knowledge that such Revolving Loans or Letter of Credit Accommodations would cause the aggregate amount of the total outstanding Revolving Loans and Letter of Credit Accommodations to such Borrower to exceed the Borrowing Base of such Borrower, without the prior consent of all Lenders, except, that, Agent may make such additional Revolving Loans or provide such additional Letter of Credit Accommodations on behalf of Lenders, intentionally and with actual knowledge that such Revolving Loans or Letter of Credit Accommodations will cause the total outstanding Revolving Loans and Letter of Credit Accommodations to such Borrower to exceed the Borrowing Base of such Borrower, as Agent may deem necessary or advisable in its discretion, provided, that: (a) the total principal amount of the additional Revolving Loans or additional Letter of Credit Accommodations to any Borrower which Agent may make or provide after obtaining such actual knowledge that the aggregate principal amount of the Revolving Loans equal or exceed the Borrowing Bases of Borrowers, plus the amount of Special Agent Advances made pursuant to Section 12.11(a)(i) or (ii) hereof then outstanding, shall not exceed the aggregate amount equal to ten (10%) percent of the Maximum Credit, (b) no such additional Revolving Loan or Letter of Credit Accommodation shall be outstanding more than ninety (90) days after the date such additional Revolving Loan or Letter of Credit Accommodation is made or issued (as the case may be), except as the Required Lenders may otherwise agree and (c) the total outstanding principal amount of Loans, Letter of Credit Accommodations and Special Agent Advances made pursuant to Section 12.11(a)(i) and (ii) hereof shall not exceed the Maximum Credit. Each Lender shall be obligated to pay Agent the amount of its Pro Rata Share of any such additional Revolving Loans or Letter of Credit Accommodations.

  • Additional Loan Documents Borrower shall have executed and delivered to Lender such other documents as shall have been requested by Lender to renew, and extend, the Loan Documents to secure payment of the Obligations of Borrower, all in form satisfactory to Lender and its counsel.

  • Additional Loan Parties (a) Notify the Agent promptly after any Person becomes a Subsidiary (other than any Excluded Subsidiary but including any Unrestricted Subsidiary being reclassified as a Restricted Subsidiary, and promptly thereafter (and in any event within fifteen (15) Business Days) if requested by the Agent, (i) cause any such Person to become a Co-Borrower or Guarantor, as applicable, by executing and delivering to the Agent a joinder agreement to this Agreement or a counterpart of the Guaranty or such other document as the Agent shall deem reasonably appropriate for such purpose, (ii) grant a perfected Lien to the Agent on such Person’s assets on the same types of assets which constitute Collateral under the Collateral Documents to secure the Obligations, and (iii) deliver to the Agent documents of the types referred to in clauses (ii) and (iii) of Section 4.3(a) and if requested by the Agent, favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (a)), and (b) if any Equity Interests or Indebtedness of such Person are owned by or on behalf of any Loan Party, to pledge such Equity Interests and promissory notes evidencing such Indebtedness, in each case in form, content and scope reasonably satisfactory to the Agent. In no event shall compliance with this Section 9.9 waive or be deemed a waiver or consent to any transaction giving rise to the need to comply with this Section 9.9 if such transaction was not otherwise expressly permitted by this Agreement or constitute or be deemed to constitute, with respect to any Subsidiary, an approval of such Person as a Borrower or Guarantor.

  • Existing Loan Seller represents and warrants that the Existing Loan is the only indebtedness secured by the Property and that the information contained on Exhibit H is true, correct and complete. Neither Seller nor any guarantor is in default or breach of any provisions of the documents evidencing the Existing Loan and no event or circumstance has occurred or exists which but for the passage of time would be a default under the Existing Loan. At Closing, Buyer shall assume the Existing Loan and Buyer shall pay all administrative fees, assumption fees and underwriting costs, if any, charged by the Existing Lender in connection with said assumption. Seller shall cooperate with Buyer in Buyer’s efforts related to the assumption of the Existing Loan including executing such applications, certificates and other documents required by the Lender and providing any information required by the Lender in connection with the assumption of the Existing Loan. Seller shall be responsible for the costs of its attorneys, and Buyer shall be responsible for the costs of its attorneys. In addition, Buyer shall be responsible for the cost, if any, of Existing Lender’s attorneys, related to the assumption of the Existing Loan.

  • Initial Loan The obligation of the Lender to make its initial Loan hereunder is subject to the satisfaction, immediately prior to or concurrently with the making of such Loan, of the condition precedent that the Lender shall have received all of the following items, each of which shall be satisfactory to the Lender and its counsel in form and substance:

  • Loan Purpose of Mortgage Pool by Aggregate Aggregate Weighted Weighted Weighted Number Cut-off Cut-off Average Average Average of Date Date Gross Remaining Comb Mortgage Principal Principal Interest Term Original Loan Purpose Loans Balance ($) Balance Rate (%) (months) LTV ------------------------------------------------------------------------------------------------------------------------- Purchase 1,622 109,692,260 48.11 9.587 214 95.76 Refinance - Cashout 606 83,435,587 36.59 7.537 311 79.79 Refinance - Rate Term 234 34,882,825 15.30 7.359 324 79.41 ------------------------------------------------------------------------------------------------------------------------- Total: 2,462 228,010,672 100.00 8.496 266 87.41

  • Delayed Draw Term Loan The Borrower shall give the Administrative Agent an irrevocable Notice of Borrowing prior to 11:00 a.m. (i) on the same Business Day as each Base Rate Loan and (ii) at least three (3) Business Days before each LIBOR Rate Loan (provided that the Borrower has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in Section 5.9 of this Agreement), of its intention to borrow, specifying (A) the date of such borrowing (the “Delayed Draw Funding Date”), which shall be a Business Day, (B) the amount of such borrowing, which shall be, (x) with respect to Base Rate Loans in an aggregate principal amount of $3,000,000 or a whole multiple of $1,000,000 in excess thereof, (y) with respect to LIBOR Rate Loans in an aggregate principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof, (C) whether the Loans are to be LIBOR Rate Loans or Base Rate Loans, and (D) in the case of a LIBOR Rate Loan, the duration of the Interest Period applicable thereto; provided, that the Delayed Draw Term Loan shall be made in one drawing on the Delayed Draw Funding Date. Upon receipt of such Notice of Borrowing from the Borrower, the Administrative Agent shall promptly notify each Term Loan Lender thereof. Not later than 1:00 p.m. on the proposed Delayed Draw Funding Date, each Term Loan Lender will make available to the Administrative Agent for the account of the Borrower, at the Administrative Agent’s Office in immediately available funds, the amount of such Delayed Draw Term Loan to be made by such Term Loan Lender on the Delayed Draw Funding Date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of the Delayed Draw Term Loan in immediately available funds by wire transfer to such Person or Persons as may be designated by the Borrower in writing; provided that to the extent the proceeds of the Delayed Draw Term Loan funded on the Delayed Draw Funding Date, together with the Cash Contribution, exceed an amount equal to the Cash Percentage of the total Acquisition Consideration payable in accordance with the Tender Offer Document in respect of the Company Shares accepted in the Tender Offer on the Delayed Draw Funding Date plus Transaction Costs then due and payable (the “Excess Term Loan Proceeds”), such Excess Term Loan Proceeds shall be funded directly into the Escrow Account in accordance with the Escrow Agreement; it being agreed that the principal amount of each Delayed Draw Term Loan owing hereunder shall be an amount equal to 100% of the applicable Lender’s Term Loan Commitment with respect to the Delayed Draw Term Loan.

  • Commercial Loan Mortgagor represents and warrants that the loans or other financial accommodations included as Liabilities secured by this Mortgage were obtained solely for the purpose of carrying on or acquiring a business or commercial investment and not for residential, consumer or household purposes.

  • Repayment of the Loan The Borrower agrees to repay the EMIs/Monthly Instalments and the other Outstanding Dues to BHFL on or before the respective Due Dates by any of the repayment modes as set out in the Loan Agreement or the Top-Up Loan Addendum, or in such manner and at such place, as may be agreed between the Borrower and BHFL. • BHFL may, at the request of the Borrower in writing, agree to change the repayment mode. BHFL may, at any time, in its discretion revise the repayment schedule in its sole and absolute discretion and notify the Borrower in advance accordingly. • The EMI/Monthly Instalment amount shall be arrived at so as to comprise the repayment of the Loan Amount and payment of Interest calculated on the basis of the Interest Rate within the Loan Tenure. The Borrower agrees to continue paying EMIs/Monthly Instalments until all Outstanding Dues under the Loan have been repaid in full to BHFL.

  • Term Loan Advance Subject to Section 2.3(b), the principal amount outstanding under the Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate plus three percent (3.00%), which interest shall be payable monthly.

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