Special Loans. The General Partners each expect to borrow $4,000,000.00 from the GDB (the "GDB Loans") for a total of $8,000,000.00 The General Partners agree to utilize the proceeds from the GDB Loans to make a loan to the Partnership of $4,000,000.00 each (the "Special Loans"). The terms and conditions of the Special Loans shall be the same as the terms and conditions of the GDB Loans in all material respects and shall be in accordance with the form of Partnership loan agreement annexed hereto as Exhibit A. Special Loans shall not be deemed to be Deficiency Loans or Additional Loans for purposes of this Agreement, including Section 6.04 hereof."
Special Loans. If the credit xxxx applied to the Special Loans (as defined below) using the reserves related to the Special Loans as of December 31, 2011, and excluding any charge-offs related to the Special Loans after December 31, 2011, as determined by ONB, in a manner consistent with the methodology and using the assumptions ONB used to determine such credit xxxx as of the date of this Agreement as shared with ICB, as of the Computation Date (the “Credit Xxxx”) is (i) less than $31.982 million or (ii) greater than $33.982 million, the Exchange Ratio shall be adjusted as set forth on Exhibit 2.02(c). The adjustment to the Exchange Ratio under this Section 2.02(c) shall be made following any adjustments to the Exchange Ratio pursuant to Sections 2.02(a), 2.02(b) and 2.05 hereof. “Special Loans” shall mean the loans that are set forth on the ONB Disclosure Schedule (as defined in Article IV of this Agreement).
Special Loans. As of the Computation Date, the Credit Xxxx shall not be greater than $43.982 million.
Special Loans. Aggregate Special Loans Outstanding: 25% of the aggregate Commitments:
Special Loans. (a) As soon as practicable following the execution of this Agreement, as to any Closed Special Loan originated prior to such date, Fremont shall enter into a participation agreement granting the Purchaser 100% of all of the economic rights (including, without limitation, commitment fees) of Fremont in such Closed Special Loan and requiring the Purchaser to assume all of the obligations of Fremont pursuant to such Closed Special Loan, including, without limitation, the obligation to fund any advances required to be made by Fremont pursuant to such Closed Special Loan. Within 5 Business Days of the earlier of (i) the Closing Date and (ii) the date on which all required consents and approvals from the borrower or any other party thereto have been obtained, in exchange for any such participations, Fremont shall convey to the Purchaser any Closed Special Loans, including, without limitation, all rights and obligations thereunder. The definitive terms and conditions with respect to the foregoing transactions shall be set forth in definitive transaction documents to be entered into after the date hereof.
(b) As soon as practicable following the execution of this Agreement, the Purchaser and the Seller shall send a joint written notice to each borrower under the Class 1 Loans and the Class 2 Loans listed on Schedule 2.10(b) informing them that all interests of Fremont with respect thereto have been assigned to iStar and containing such other matters as are agreed upon. Such notices shall require that the borrower confirm in writing the receipt and acceptance of the terms thereof and indicate that for all purposes iStar is the prospective lender thereunder. From and after the date of this Agreement, the Class 1 Loans and the Class 2 Loans shall be subject to the terms of Section 5.01 hereof and if closed with iStar’s approval and direction, shall be closed in iStar’s name.
Special Loans. Aggregate Special Loans Outstanding: _________
Special Loans. An employee with three (3) years or more service may be granted a special loan to meet urgent needs. The size and frequency of such loan shall depend on the circumstances of each case. Until the amount is repaid within twelve (12) months, no additional loan shall be granted.
Special Loans. It is the intent of the Members that the Company obtain a commercial line of credit for funding its business operations. If the Managing Member believes that the Company needs additional funding to carry out its business operations in accordance with the approved annual business plan of the Company and the Members Committee does not approve of the Members making Additional Capital Contributions to provide such additional funding and financing is not available from third parties on commercially reasonable terms, then the Managing Member may, but shall not be obligated to, make a loan (a "Special Loan") to the Company to provide such funding. A Special Loan shall not be considered a Capital Contribution of the Managing Member or entitle it to any increase in its share of the distributions of the Company. Each Special Loan made by the Managing Member to the Company shall be an obligation of the Company, provided that (i) no Member shall be personally obligated to repay the Special Loan and (ii) the Special Loan shall be payable or collectible only out of the assets of the Company. All Special Loans shall bear interest at the rate of 1% per annum above the prime rate published in THE WALL STREET JOURNAL (the "Prime Rate") from time to time, compounded monthly, while such Special Loans are outstanding. If THE WALL STREET JOURNAL ceases to publish the Prime Rate, the Members Committee shall reasonably determine a substitute method for determining the Prime Rate. In no event shall the rate of interest on a Special Loan exceed the highest rate permitted by law for the lender which, if exceeded, could subject the Managing Member to penalties or forfeiture of all or any part of the interest or principal; such rate of interest on a Special Loan shall automatically be reduced to the highest level permitted without violating any such law. All Distributable Cash and Net Cash From Sales or Refinancings (but without deduction for payment of interest or principal on Special Loans) shall, to the extent of available cash, be applied and paid monthly, first to the payment of accrued interest on any Special Loans, then to the payment of principal of any Special Loans, before any distribution is made to a Member as stipulated in Section 5.6 or Section 5.6A.
Special Loans. 14 O. RECORDS/MICROFILM .........................................................15 P. POST TRANSFER DATE PROCEDURES .............................................15
Special Loans. Upon Plan Effectiveness, a portion of each Special Lender's Existing Secured Lender Claims shall be automatically converted to a term loan hereunder payable by the Company to such Lender (each such loan, a "Special Loan") in an amount equal to the amount of Special Loan set forth opposite such Lender's name on Schedule 2.1.
