Purposes and Terms of the LC Agreement Sample Clauses

Purposes and Terms of the LC Agreement. ‌ 1. The LC Agreement is thus made with the following purposes: 1. to allow QDLSA to issue a new type of Certificate that can be marketed at a lower price without affecting the value of the Certificates in their original and currently existing form; 2. to allow CGQL to increase the number of active members by at least 65 new Members within the next three years. 3. to allow SGQL to obtain an increased income in so far as the said income depends on the annual payments due by the Members. 4. to reduce the financial loss of the Members who may wish to surrender their Certificates. 1. QDLSA shall issue an initial tranche of 65 LC. 2. The price for the sale of an LC by QDLSA is EUR 20,000.00 (plus VAT); an amount up to EUR 10,000.00 (plus VAT) can further be charged by QDLSA for the inclusion of a Spouse or Family Member as a member of CGQL under the same LC. 3. The LC differs from the OC as follows: 1. It will expire 20 full calendar years after the day when the first annual subscription is paid by the new member to CGQL, and the corresponding membership to CGQL will end forthwith; 2. It cannot be transferred, except between Spouses on the wish of the ‘holder’. This right of transfer extends to a Family Member who is has already been registered as a playing member on this certificate for the year prior to transfer. 3. It will allow a spouse or a direct family member to apply for membership for the remaining duration of the LC against payment of an added fee as set out in the LC Agreement. 4. CGQL shall accept the application for membership of the holder and any other subsidiary membership if relevant of an LC, provided that: 1. CGQL receives from QDLSA confirmation of the the sale of an LC together, when due, with the amount required to make available one Compensation. 2. Membership of CGQL is applied for by the XX xxxxxx within 30 days of this confirmation, together with a pro rata payment of the annual subscription due for the relevant year between the month when the application is received and the end of the year. 5. Other than for the differences resulting from the limitations set out above for the LC, membership of CGQL through an LC carries identical rights and obligations as membership through an OC.
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Related to Purposes and Terms of the LC Agreement

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  • Amount and Terms of the Loan The Loan. Subject to the terms of this Agreement, each Purchaser agrees to lend to the Company at the Closing (as hereinafter defined) the amount set forth opposite such Purchaser’s name on the Schedule of Purchasers attached to this Agreement (each, a “Loan Amount”) against the issuance and delivery by the Company of a convertible promissory note for such amount, in substantially the form attached hereto as Exhibit A (each, a “Note” and collectively, the “Notes”).

  • Amounts and Terms of Commitments (a) The Term Credit. Each Bank severally agrees, on the terms and conditions set forth herein, to make a single loan to the Company (each such loan, a "Term Loan") on the Closing Date in a principal amount not to exceed such Bank's Pro Rata Share of the Term Commitment. Amounts borrowed as Term Loans which are repaid or prepaid by the Company may not be reborrowed. Term Loans shall be denominated in Dollars and shall not be available in, or convertible into, Offshore Currencies. (b) The Revolving Credit. Each Bank severally agrees, on the terms and conditions set forth herein, to make loans to the Borrowers (each such loan, a "Revolving Loan") from time to time on any Business Day during the period from the Closing Date to the Revolving Termination Date, in an aggregate principal Dollar Equivalent amount not to exceed at any time outstanding, together with the principal amount of Term Loans outstanding in favor of such Bank at such time, the amount set forth on Schedule 2.01 under the heading "Commitment" (such amount, together with such Bank's Pro Rata Share of the Term Commitment, as the same may be reduced under Section 2.08 or as a result of one or more assignments under Section 11.08, the Bank's "Commitment"); provided, however, that, after giving effect to any Committed Borrowing of Revolving Loans, the Effective Amount of all outstanding Revolving Loans, Term Loans, Bid Loans and L/C Obligations shall not at any time exceed the combined Commitments; and provided further that, (i) after giving effect to any Borrowing of Offshore Currency Loans, the aggregate principal Dollar Equivalent amount of all Offshore Currency Loans shall not exceed the Offshore Currency Loan Sublimit, and (ii) the Effective Amount of the Revolving Loans and Term Loans of any Bank plus the participation of such Bank in the Effective Amount of all L/C Obligations shall not exceed such Bank's Commitment. Within the limits of each Bank's Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this subsection 2.01(b), prepay under Section 2.09 and reborrow under this subsection 2.01(b).

  • Amendment and Termination of Agreement (a) We may amend any provision of this Agreement by giving you written notice of the amendment. Either party to this Agreement may terminate the Agreement without cause by giving the other party at least thirty (30) days' written notice of its intention to terminate. This Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act). (b) In the event that (i) an application for a protective decree under the provisions of the Securities Investor Protection Act of 1970 is filed against you; (ii) you file a petition in bankruptcy or a petition seeking similar relief under any bankruptcy, insolvency, or similar law, or a proceeding is commenced against you seeking such relief; or (iii) you are found by the SEC, the NASD, or any other federal or state regulatory agency or authority to have violated any applicable federal or state law, rule or regulation arising out of your activities as a broker/dealer or in connection with this Agreement, this Agreement will terminate effective immediately upon our giving notice of termination to you. You agree to notify us promptly and to immediately suspend sales of Portfolio shares in the event of any such filing or violation, or in the event that you cease to be a member in good standing of the NASD. (c) Your or our failure to terminate this Agreement for a particular cause will not constitute a waiver of the right to terminate this Agreement at a later date for the same or another cause. The termination of this Agreement with respect to any one Portfolio will not cause its termination with respect to any other Portfolio. 11.

  • Amount and Terms of the Commitment Section 2.01 The Advances.............................................7 Section 2.02 Making the Advances......................................7 Section 2.03 Fees.....................................................9 Section 2.04 Reduction or Termination of the Maximum Commitment....

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  • Definitions and Terms Term Definition

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