Terms of Loan. (a) The General Partner may, but need not, advance monies from time to time to the Partnership to meet any necessary cash requirements of the Partnership including, but not limited to, operating expenses of the Partnership or the payment of principal and interest required under any note. The aggregate amount of such advances to the Partnership shall become an obligation of the Partnership to the General Partner and shall be payable out of the gross income of the Partnership together with simple interest on a monthly basis at a rate equal to the Xxxxxx Bank and Trust Company of Chicago’s prime rate in effect from time-to-time plus one percent (1%) per annum (the “Loan Rate”). All such loans from the General Partner, and all repayments of such loans to the General Partner, shall be in cash and not in promissory notes, other property or services. The repayment of such loan shall be at a time, in the discretion of the General Partner, that there is sufficient cash flow from the operation of the Partnership to permit such repayment without impairing the solvency of the Partnership, provided that any such unpaid advances shall become immediately due and payable upon termination and dissolution of the Partnership. Notwithstanding the foregoing, no payment of interest on any such loan from the General Partner shall be paid by the Partnership if and while payments of First Tier Distributions as defined and provided for in Section 15.2 below are not current, and no repayment of principal shall be made to the General Partner for any such loan if and while payments of First Tier Distributions or Second Tier Distributions as defined and provided for in Section 15.2 below are not current. If and to the extent that there is sufficient cash flow as required above to repay such advances, such repayment to the General Partner shall be made on or before the fifteenth day after the end of each quarter.
(b) The provisions of subparagraph (a) above shall apply only to loans and advances by the General Partner to the Partnership and shall not apply to reimbursement of certain expenses of the General Partner as described in Section 6.1(b) above.
(c) All such advances shall be deemed loans by the General Partner to the Partnership, and shall not constitute capital contributions or be deemed as such.
Terms of Loan. All loans shall bear a reasonable rate of interest as determined by the Administrator based on the prevailing interest rates charged by persons in the business of lending money for loans which would be made under similar circumstances. The determination of a reasonable rate of interest must be based on appropriate regional factors unless the Plan is administered on a national basis in which case the Administrator may establish a uniform reasonable rate of interest applicable to all regions. All loans shall by their terms require that repayment (principal and interest) be amortized in level payments, not less than quarterly, over a period not extending beyond five years from the date of the loan unless such loan is for the purchase of a Participant's primary residence, in which case the repayment period may not extend beyond ten years from the date of the loan. A Participant may prepay the outstanding loan balance prior to maturity without penalty.
Terms of Loan. NPD117 will issue a Chromebook to students upon:
Terms of Loan. 1.1 Pleckgate High School will issue an iPad to all students upon compliance with the following: • Completion of Parent iPad Intro Training Session • Completion of Acceptable Use Policy • Submission of signed Student/Parent iPad Agreement Legal title to the property (iPad) is with Pleckgate High School. The school allows the student to loan the iPad subject to full and complete compliance with the following school policies: • Acceptable Use Policy • Other Guidelines as outlined in the Student/Parent Handbook. The school reserves the right to terminate the loan period at its discretion.
1.2 Students may be subject to loss of privilege, disciplinary action, and legal action for using the iPad in violation of policies and guidelines as outlined in the Student/Parent iPad Agreement as well as Acceptable Use Policy and Parent/Student Handbook. The students’ guardian will be responsible for the cost of repair/replacement in the event of damage (to the iPad loaned to the student) due to inappropriate use, intentional, accidental or negligent damage. It is at the schools discretion to decide if a charge is to be made for such damage. See note 2.4.
Terms of Loan. In addition to repayment of all principal and interest, Borrower will give to Lender as additional consideration the following: (a) 1,000 shares of Weststar Environmental, Inc., stock subject to normal restrictions of Rule 44 under the Securities Act; (b) 1,667 warrants to purchase 1,667 share of common stock in Weststar Environmental, Inc., at a purchase price of 140% of the I.P.O. price; and (c) the payment of a $3,333.00 fee upon the closing of the I.P.O. transaction.
Terms of Loan. Upon and after the Effective Date, the Lender shall extend to the Borrower a credit line for a maximum amount equal to an amount not exceeding the Credit Line Amount. From time to time during the term of this Agreement, the Borrower may request an advance on the Credit Line in accordance with the instructions set forth Exhibit A hereto (each being an “Advance Request”) from the Lender. The Lender will advise the Borrower within three (3) Business Days after receipt of an Advance Request if the Lender will make an Advance to the Borrower and the amount of the Advance. The Lender may refuse any Advance Request made by the Borrower without cause and without explanation or offer to fund an amount less than requested by the Borrower. Neither this Agreement nor any provision herein will obligate the Lender to approve any Advance Request. If the Lender approves any Advance Request, the advance of money under that Advance Request will be made within ten (10) days after approval of the Advance Request by the Lender, as the case may be, by wire transfer to the Borrower’s bank account listed in Exhibit A hereto. Each Advance shall bear a simple interest rate of eight percent (8%) per annum (based upon a 365- day year. Each Advance and all accrued but unpaid interest thereon shall, at the discretion of the Lender, either (i) be repaid in cash and/or (ii) convert into shares of common stock of the Borrower (the “Common Stock”) as provided in Section 2 below on and shall be due and payable on the third (3rd) anniversary of the date that the Advance is received by the Borrower in good funds on deposit (the “Advance Maturity Date”). An Advance Maturity Date may be extended by the Lender who made the Advance for a one-time extension not to exceed the thirty (30) consecutive days immediately following the Advance Maturity Date. Each Advance shall not be secured by a lien or other encumbrance on any Borrower assets (including, without limitation, ownership interests in the Borrower’s subsidiaries or assets of any of Borrower’s subsidiaries) but shall be solely a general unsecured debt obligation of the Borrower.
Terms of Loan. Littleton Public Schools will issue a Device to students upon compliance with the following:
1. Submission of signed Student and Parent/Guardian Responsible Use Agreement.
2. Submission of signed Opt In/ Opt Out Form.
3. Review of the Student Code of Conduct, especially JICDA and JS (Found under Board Policy on xxx.xxxxxxxxxxxxxxxxxxxxxx.xxx),
4. Students may be subject to loss of privilege, disciplinary action, legal action and/or be financially responsible for the replacement cost of the Device in the event of intentional damage and/or violation of policies and guidelines as outlined in the Student and Parent/Guardian Device Responsible Use Agreement as well as Student Code of Conduct (JIDCA).
5. A student’s possession of the Device terminates no later than the last day of school or when deemed appropriate by the school, unless there is a reason for earlier termination determined by the Principal and technology support team.
6. Devices must be returned when a student withdraws from their current school.
Terms of Loan. The Loan shall not accrue interest and shall be repaid upon the closing of the De-SPAC.
Terms of Loan. 1.1 Upon request of Borrower, Lender's Agent may, from time to time, in its discretion and on behalf of the Lenders, lend Securities to Borrower against the receipt of Collateral delivered by Borrower. Lender's Agent and Borrower shall agree on the terms of each Loan, including the identity and amount of the securities to be loaned, the basis of compensation, and the type and amount of Collateral to be delivered by Borrower (subject to the terms and conditions of this Agreement), which terms may be amended during the period of the Loan only by mutual agreement of the parties hereto.
1.2 Loans, all applicable terms and conditions thereof, and amendments and activity, if any, with respect thereto, shall be evidenced by Lender's Agent's records pertaining to such Loans maintained by Lender's Agent in the regular course of its business and such records shall represent conclusive evidence thereof except for manifest error or willful misconduct. Lender's Agent will send Borrower monthly statements of outstanding Loans showing Loan activity which Borrower agrees to examine promptly and to advise Lender's Agent of any error or exceptions. Borrower's failure to so advise Lender's Agent within twenty (20) days after delivery of any such statement shall be deemed to be such party's admission of the accuracy and correctness of the contents thereof and such party shall be fully bound thereby.
1.3 Notwithstanding any other provisions in this Agreement with respect to when a Loan occurs, a Loan hereunder shall not occur until the Borrowed Securities and the Collateral therefor are delivered. If, on any Business Day, Borrower delivers Collateral, as provided in Section 3.1 hereunder, and Lender's Agent does not deliver the Borrowed Securities, Borrower shall have the absolute right to the prompt return of the Collateral; and if, on any Business Day, Lender's Agent delivers Borrowed Securities and Borrower does not deliver Collateral as provided in Section 3.1 hereunder, Lender's Agent shall have the absolute right to the prompt return of the Borrowed Securities.
1.4 Lender's Agent shall maintain records in accordance with its usual practice showing the allocation among the participating Lenders of the Loans, the compensation therefor, the collateral with respect thereto and other relevant information. Lender's Agent shall implement appropriate procedures and policies to restrict lending of Securities hereunder on behalf of the respective Lenders beyond the maximum credit ...
Terms of Loan. All loans shall bear a reasonable rate of interest as determined by the Administrator based on the prevailing interest rates charged by persons in the business of lending money for loans which would be made under similar circumstances. The determination of a reasonable rate of interest must be based on appropriate regional factors unless the Plan is administered on a national basis in which case the Administrator may establish a uniform reasonable rate of interest applicable to all regions.
