Transition Loan Sample Clauses
A Transition Loan clause defines the terms under which a borrower may obtain interim financing to bridge the gap between two financial events, such as the sale of one property and the purchase of another. This clause typically outlines the loan amount, interest rate, repayment schedule, and the specific conditions that must be met for the loan to be granted and repaid, such as the anticipated closing dates of the related transactions. Its core practical function is to provide short-term liquidity, ensuring that the borrower can meet immediate financial obligations while awaiting the completion of a pending transaction.
Transition Loan. Great Lakes shall make a loan to the Band for the purposes and as set forth in clause (c) of Section 8.1, upon the terms set forth in the form of Transition Loan Note (the "Transition Loan"). Each advance of funds to the Band by Great Lakes as part of the Transition Loan shall be evidenced by the Transition Loan Note, duly authorized and executed by the Band. All amounts advanced under the Transition Loan shall be repayable to Great Lakes as Limited Recourse obligations of the Band; shall not accrue interest for the first two years after execution of the Management Agreement; shall, after the expiration of that two year period, bear interest at the Band Interest Rate, as defined below; and shall be payable monthly in arrears, beginning on the 15th day of the month after the Commencement Date, in 60 equal monthly payments of principal and interest. If the Bank Closing does not occur, interest shall accrue on amounts advanced under the Transition Loan at Wall Street Journal prime plus 1%, not to exceed 10%.
Transition Loan. Upon Ratification, Lakes shall make a loan to the Band for the purposes and as set forth in clause (c) of Section 8.1, upon the terms set forth in the form of Transition Loan Note (the "Transition Loan"). Each advance of funds to the Band by Lakes as part of the Transition Loan shall be evidenced by the Transition Loan Note, duly authorized and executed by the Band. All amounts advanced under the Transition Loan shall be repayable to Lakes as unsecured Limited Recourse obligations of the Band; shall not accrue interest for the first two years after execution of the Management Agreement; shall, after the expiration of that two year period, bear interest at the Band Interest Rate, as defined below; and shall be payable monthly in arrears, beginning on the 15th day of the month after the Commencement Date, in 60 equal monthly payments of principal and interest. If the Bank Closing does not occur, interest shall accrue on amounts advanced under the Transition Loan at Wall Street Journal prime plus 1%, not to exceed 10%.
Transition Loan. The Company agrees to loan to Executive, on the --------------- earlier to occur of (i) April 15, 1996 or (ii) the closing date of a Qualified IPO, the sum of One Hundred Sixty-Five Thousand and No/100 Dollars ($165,000.00) on such terms as are set out in the promissory note evidencing such loan.
Transition Loan. The Company will make a $100,000 loan to the --------------- Executive, which will be paid to the Executive at his request, and which will be evidenced by a Promissory Note in substantially the form attached hereto as Exhibit A (the "Note"). The Company shall forgive 50% of the outstanding amount of the Note, including accrued interest thereon, on the first anniversary of the date of this Agreement if the Executive is employed by the Company on that date, and shall forgive the remaining amount of the Note, including accrued interest thereon, on the second anniversary of the date of this Agreement if the Executive is employed by the
Transition Loan. In order to facilitate the Executive's early transition from the Executive's current employment, Ascent will cause a $240,000 unsecured no interest loan (the "Transition Loan") to be made to the Executive on the Effective Date by NEWCO. The Transition Loan will be due and payable by the Executive on the first anniversary of the Effective Date; provided that if the Executive is still employed by Ascent, NEWCO, OCV or any of their successors or affiliates on such first anniversary date, or if the Executive's employment is terminated by NEWCO other than for "cause" prior to such date or is terminated by the Executive other than in connection with an Executive Election Event prior to such date, then the Transition Loan will be forgiven in its entirety.
Transition Loan. The Company will loan to Executive $250,000 cash on the Effective Date (the "Start Date Loan"). At such time as the Employment Period is terminated for any reason, the Start Date Loan will be deemed to have been repaid at the rate of $4,166.67 per month (i.e., $50,000 per year) on the last day of each month. The Executive shall bear any taxes on the amount forgiven. In the event that the Employment Period is terminated for any reason prior to the fifth anniversary of the Effective Date, Executive shall be required to repay to the Company by the 60th day after the termination of the Employment Period, $250,000 less the amount which has been deemed to have been repaid.
Transition Loan. On the Effective Date, the Company will lend Executive the principal amount of Five Hundred Fifty Thousand Dollars ($550,000) pursuant to the terms of the promissory note attached hereto as Exhibit 3 (the "Note"). Such loan shall be secured by a deed of trust on Executive's residence in Scottsdale, Arizona, shall bear interest at an annual rate of 4.545% and all principal and accrued interest will be due and payable on March 1, 1999.
Transition Loan. The Company will loan to Executive $250,000 cash on the Effective Date (the "Start Date Loan"). At such time as the Employment Period is terminated for any reason, the Start Date Loan will be deemed to have been repaid at the rate of $4,166.67 per month (i.e., $50,000 per year) on the last day of each month. The Executive shall bear any taxes on the amount forgiven. In the event that the Employment Period is terminated for any reason prior to the fifth anniversary of the Effective Date, Executive shall be required to repay to the Company by the 60th day after the termination of the Employment Period, $250,000 less the amount which has been deemed to have been repaid. However, if Executive is terminated without Cause in any circumstance as described in 1.4(b) above, the $250,000 loan less the amount which has been deemed to have been repaid as calculated in this section 1.5 shall be forgiven and considered as partial payment of the Severance Compensation. The remaining Severance Compensation shall be payable at the current monthly rate of pay until paid in full.
Transition Loan. The Company will make a $200,000 loan to the --------------- Executive, which will be paid to the Executive at his request, and which will be evidenced by a Promissory Note in substantially the form attached hereto as EXHIBIT E (the "Note"). The Company shall forgive 50% of the outstanding amount of the Note, including accrued interest thereon, on the first anniversary of the date of this Agreement if the Executive is employed by the Company on that date, and shall forgive the remaining amount of the Note, including accrued interest thereon, on the second anniversary of the date of this Agreement if the Executive is employed by the Company on that date. The foregoing notwithstanding, if the Company terminates the Executive's employment without "cause" (as defined in Section 5.1 hereof), then in addition to any other rights or remedies the Executive may have, the entire amount of the Note then outstanding, including accrued interest thereon, will be forgiven by the Company. Likewise, the Loan will be forgiven in its entirety by the Company if there is a Change in Control of the Company, as that term is defined in Section 2.4.2 hereof.