Relocation Loan Sample Clauses
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Relocation Loan. Contingent upon the Executive's execution of a Promissory note (substantially in the form attached hereto as Exhibit A), the Executive shall receive a $10,000 loan from the Company with a term of one (1) year (the "Loan"), which shall bear interest at the Applicable Federal Rate compounded annually. The principal amount of the Loan shall be disbursed to the Executive within one (1) week of the Executive's commencement of duties in the Company's Chicago, Illinois headquarters. The principal amount of the Loan and the interest thereon shall be payable in cash at the end of the 12-month term of the Loan (the "Loan Term"); provided, however, that if the Executive remains in the continual employment of the Company for the period of the Loan Term the principal balance of the Loan and the accrued interest thereon shall be forgiven by the Company, and such forgiven amount shall be treated as additional compensation to the Executive in the year of such forgiveness. Prior to the end of any calendar year in which the Company forgives the Loan, the Company shall make the Executive whole for the federal, state and local income tax consequences of such forgiveness. In the event the Executive's employment hereunder is terminated for "Cause" of the Executive voluntarily terminates his employment prior to the expiration of the Loan Term the Executive shall be obligated to repay the remaining principal balance of the Loan and interest thereon in accordance with the original terms of the Loan. In the event that the Executive's employment hereunder is terminated for any other reason by the Company without Cause, including a termination on account of death or Disability, or in the event the Executive's employment is terminated as a result of a Corporate Reorganization, as defined, below, the principal balance and any accrued interest shall be forgiven, and prior to the end of the calendar year in which such forgiveness occurs, the Company shall make the Executive whole for any tax consequences to the Executive with respect to such forgiveness.
Relocation Loan. As a condition of program participation, the TPG Program may offer or require each Educator to accept a relocation loan (“Relocation Loan”) payable to Educator at the beginning of the School Year, estimated at $1,000 - $3,500, the exact amount to be determined by the TPG program, to assist with such Educator’s relocation or similar expenses. The TPG Program will invoice the Relocation Loan amount to District for payment upon deductions from the respective educators. The District will arrange to recoup the Relocation Loan amount from each Educator through equal deductions from each Educator’s paycheck such that the loan is repaid within six months of receipt. The district will forward collected funds to TPG upon receiving one invoice per annum. In the event of the termination of this Agreement or the termination, resignation, or non-renewal of an Educator by any party, for any or no reason, the District agrees to collect any unpaid balance of the Relocation Loan through withholdings from such Educator’s final paycheck if enough funds are available in terminal pay. Educators authorize payroll deductions for loan repayment by signing the TPG Educator Agreement and Promissory Note, and Educators are required to additionally agree to execute any further authorization that may be requested by the District.
Relocation Loan. Concurrent with the execution of the original --------------- Agreement on February 1, 1997, the Company offered an unsecured loan to Ross in the principal amount of $20,000 bearing simple interest at 5.81% per annum, which amount may be taken all at once or in installments (the "Relocation Loan"). Repayment of the principal amount of the Relocation Loan and any interest payable thereon shall be forgiven, as follows:
(i) on a pro rata basis, during ▇▇▇▇'▇ employment with the Company, upon the close of business on the last business day of each month commencing with the first full month in which sums are advanced under this Agreement and ending January 31, 2000 and (ii) in its entirety under the circumstances set forth in Section 4.2 hereof. In the event that ▇▇▇▇'▇ employment under this Agreement is terminated by Ross without Good Reason (as defined herein) or for Cause as defined in Section 4.1(iii), Ross shall pay the total of unforgiven principal and interest due under the Relocation Loan within ninety (90) days of the occurrence of such event. The Relocation Loan shall be evidenced by a promissory note in form acceptable to Ross and the Company consistent with the terms of this Agreement.
Relocation Loan. As soon as practicable after the execution of this Agreement, but in no event later than thirty (30) days from the date of this Agreement, the Corporation shall lend to the Executive $600,000 upon the following terms: (i) interest at the lowest rate that will avoid imputed income; (ii) four (4) year term; (iii) interest only annually; (iv) principal only at the end of four (4) year term or earlier at option of Employee or upon termination of employment.
Relocation Loan. Upon the Effective Date, Employee shall receive a relocation loan of $1,500,000 (the "Relocation Loan"). Interest will be assessed at a rate of 6% per year. Repayment of the loan will be made according to the following schedule: Scheduled Payment Dates Principal Payment Amount Interest Amount October 30, 2001 $375,000 $96,650 (from Oct. 5, 2000) October 30, 2002 $375,000 $67,500 October 30, 2003 $375,000 $45,000 October 30, 2004 $375,000 $22,500
Relocation Loan. The Company has previously loaned to Executive the principal amount of $37,500 relating to certain relocation expenses. The parties agree that the terms of the loan shall be changed as of the date of this Agreement such that the loan shall have a term ending October 15, 1999 and an interest rate of six percent (6%) per annum. Executive agrees to execute a Promissory Note in the form attached hereto as Exhibit A. Such principal indebtedness and all interest accrued to that date shall be forgiven ratably on each of October 15, 1997, October 15, 1998 and October 15, 1999 as long as Executive continues to provide services for the Company until the relevant date. If Executive's employment is terminated for Cause (as defined in Section 6.3 below), or as a result of death, disability, retirement or other voluntary resignation prior to
Relocation Loan. As a condition of program participation, the TPG Program may offer or require each Educator to accept a relocation loan (“Relocation Loan”) payable to Educator at the beginning of the School Year, estimated at $1,500 - $2,500, the exact amount to be determined by the TPG program, to assist with such Educator’s relocation or similar expenses. If the District’s Finance and Payroll department authorize and have the capacity to implement, and the Educator signs all requisite paperwork authorizing direct payroll deductions to repay any loans that are provided by TPG directly to the Educator, TPG Program may invoice the Relocation Loan amount to District for payment upon deductions from the respective educators. Upon approval by District Finance and Payroll, and Educator’s signing all necessary payroll deduction authorizations, District will arrange to recoup the Relocation Loan amount from each Educator pursuant to the terms on the payroll deduction authorization. TPG is solely responsible for working out the details and length of deduction with the Educator. If the Educator withdraws consent for payroll deductions at any time, payroll deductions will stop as directed by the Educator. TPG will address any issues this present directly with the Educator and not involve the School District. As long as the payroll deductions are in effect, the District will forward collected funds to TPG on a monthly basis. TPG is solely responsible for working with the Educator on how any loans between TPG and the Educator are to be repaid in the event of the termination of this Agreement or the termination, resignation, or non-renewal of an Educator by any party, for any or no reason. The District agrees to honor any agreement provided, signed by the Educator, directing the District how to distribute any final paycheck. Finance and Payroll may require additional documents to be signed by the Educator prior to withholding and distributing funds.
Relocation Loan. As a condition of program participation, the EPI Program may offer or require each Educator to accept a relocation loan (“Relocation Loan”) payable to Educator at the beginning of the School Year, estimated at $2,250, the exact amount to be determined by the EPI program, to assist with such Educator’s relocation or similar expenses. The EPI Program will invoice the Relocation Loan amount to District for payment upon receipt. The District will arrange to recoup the Relocation Loan amount from each Educator through equal deductions in monthly installments from each Educator’s paycheck such that the loan is repaid by the final paycheck of the Educator’s first School Year. In the event of the termination of this Agreement or the termination, resignation, or non-renewal of an Educator by any party, for any or no reason, the District agrees to collect any unpaid balance of the Relocation Loan through withholdings from such Educator’s final paycheck. Educators authorize payroll deductions for loan repayment by signing the EPI Educator Agreement and Promissory Note, and Educators are required to additionally agree to execute any further authorization that may be requested by the District. Should there be insufficient funds to satisfy the outstanding balance of the Relocation Loan or other monies owed by Educator after such withholdings, the District will adjust any outstanding funds due from the final invoice for that school year.
Relocation Loan. In connection with your relocation from San --------------- Francisco, California, to the Denver, Colorado area, the Company has made a loan to you (the "Relocation Loan") on the following terms and conditions: (i) the principal amount is $500,000, and you shall use the proceeds solely for the purchase or construction of your principal residence, (ii) the term of the loan is five years from April 6, 1999, with required principal payments in equal installments at the end of the third, fourth and fifth years of the term, (iii) the loan is without interest, (iv) the loan is evidenced by a Note in the form attached hereto as Exhibit A, (v) the loan is secured by a second deed of trust --------- with respect to your principal residence in the Denver area, in the form attached hereto as Exhibit B, and (vi) your outstanding option agreements with --------- respect to Common Stock of the Company have been amended, in the form attached hereto as Exhibit C, to provide that shares otherwise deliverable to you upon --------- exercise of an option will be pledged to the Company and held by the Company as additional security for the loan.
Relocation Loan. In connection with the commencement of the Executive's employment with the Company, the Executive has borrowed $300,000 (the "Loan") from the Company for the purpose of covering certain relocation- related expenses. The terms of such Loan are set forth in a promissory note issued by the Executive to the Employer. The principal amount of such Loan plus any interest accrued thereon, is due on December 31, 2003; provided, however, (i) in the case where the Executive is terminated pursuant to Section 3.01 hereto or the Executive voluntarily terminates this Agreement pursuant to Section 3.04 hereto prior to December 31, 2003, the Executive shall be required to repay, on the termination date, the principal amount due, plus any interest accrued thereon as of the date of such termination; and (ii) in the case where the Executive terminates his employment pursuant to Section 3.05(a) prior to December 31, 2003, but only in the case where the Company offers the Executive an alternative executive position having equivalent salary and benefits, the Executive shall be required to repay a pro rata portion of the principal, plus any interest accrued as of the date of such termination, based upon the ratio of the number of full months prior to December 31, 2003 that the Executive's employment is terminated to the total amount of months of the initial term of this Agreement. In the case where the Executive's employment continues past December 31, 2003 or is otherwise terminated pursuant to Sections 3.02, 3.03 or 3.05 (except in the case where the Executive is offered an alternative executive position with equal pay and benefits) prior to such date, the Executive shall be fully and finally released, without further action, from the obligation to repay any principal and interest due on such Loan.