Terms of Loan and Repayment. The Loan shall bear interest and be repaid in accordance with the terms and conditions set forth in the Note.
Terms of Loan and Repayment
Terms of Loan and Repayment Sample Clauses
Related to Terms of Loan and Repayment
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.
Conditions of Loan Each loan to a Member under the Plan shall be repaid in level monthly amounts through regular payroll deductions after the effective date of the loan, and continuing thereafter with each payroll. Except as otherwise required by the Code and the IRS Regulations, each loan shall have a repayment period of not less than 12 months and not in excess of 60 months, unless the purpose of the loan is for the purchase of a primary residence, in which case the loan may be for not more than 180 months. After the first 3 monthly payments of the loan have been satisfied, the Member may pay the outstanding loan balance (including accrued interest from the due date). The rate of interest for the term of the loan will be established as of the loan date, and will be the Xxxxxx’x Prime Rate (base rate) plus 1% as published on the last Saturday of the preceding month, or such other rate as may be required by applicable law and determined by reference to the prevailing interest rate charged by commercial lenders under similar circumstances. The applicable rate would then be in effect through the last business day of the month. Repayment of all loans under the Plan shall be secured by 50% of the Member’s vested interest in his Account, determined as of the origination of such loan.
Conditions of Loans 6 3.1 Conditions Precedent to Initial Credit Extension.................... 6 3.2 Conditions Precedent to all Credit Extensions....................... 6
Amounts and Terms of Loans 2 1.1 Loans...........................................................................................2 1.2
Term Loan Agreement An Event of Default (as defined in the Term Loan Agreement) shall occur.
Amounts and Terms of the Advances and Letters of Credit Section 2.01 The Revolving Advances and Letters of Credit.
AMOUNTS AND TERMS OF THE ADVANCES AND THE LETTERS OF CREDIT SECTION 2.01. The Advances and the Letters of Credit. (a)
Amount and Terms of Loans 32 2.1 Loans..........................................................................................32 2.2
Amendment of Loan Agreement The Loan Agreement is hereby amended as follows:
Terms of the Loan 2.1 The Lender will lend to the Company, and the Company will borrow from the Lender by way of one advance to be evidenced by a promissory note in the form attached hereto as Schedule “A”, the Principal sum of fifty thousand dollars (USD) subject to the terms and conditions of this Agreement and the Securities.
