Xxxxx Loan. All principal and interest outstanding and payable by the Company to the Principal Shareholder under that certain promissory note for up to US$1,000,000 dated as of May 1, 2003 shall have been cancelled and forever waived and discharged by the Principal Shareholder, immediately prior to the Closing.
Xxxxx Loan. The Transferors and Gerszberg and their respective Affiliates shall make or cause to be made to the Company all royalty payments required to be made under the Contracts with Wear Me Apparel set forth in Section 3.1(w)(i) of the Disclosure Schedule if such royalty payments are diverted for the repayment of the Xxxxx Note in accordance with the terms of the Direction Letter as defined therein.
Xxxxx Loan. As of the date hereof, the Original Borrower has requested an advance in the original principal amount of Eight Million Seven Hundred Fifty Thousand and No/100 Dollars ($8,750,000) (the “Xxxxx Loan”), which Xxxxx Loan will be used by the Original Borrower (and/or the Xxxxx Borrower) to fund a portion of the costs and expenses related to the acquisition of the Xxxxx Property. In connection with the Xxxxx Loan, the Xxxxx Borrower has agreed to (x) assume, on a joint and several basis, the obligations of the Original Borrower under the Loan Documents, all upon the terms and conditions set forth in this Amendment and (y) to provide certain additional documentation to secure the obligations of the Original Borrower, the Xxxxx Borrower and the Obligors under the Loan Documents. For the avoidance of doubt, and for all other purposes of the Loan Documents, (a) the Xxxxx Loan shall constitute an “Obligation” and a “Loan” under the terms and provisions of the Credit Agreement and the Loan Documents, and shall be secured by, and be entitled to the benefits of, the Security Documents (as such term is supplemented in this Amendment), the Loan Documents and any other document and agreement executed in connection with any of the foregoing, and (b) the Xxxxx Property shall be deemed a “Mortgaged Property”, an “Approved Property” and a “Funded Approved Property” for purposes of the Credit Agreement and the Loan Documents.
Xxxxx Loan. Agent shall have received evidence that Xxxxxxx Xxxxx shall have made an additional subordinated loan to Borrower in the amount of not less than $250,000 and Agent shall have received true and complete copies of all documents, instruments, and agreements evidencing or otherwise related to the additional subordinated loan from Xxxxxxx Xxxxx to Borrower.
Xxxxx Loan. The Corporation hereby acknowledges receipt in full of a loan funding by Xxxxx. The funding is pursuant to a Loan Agreement and Promissory Note, each dated as of July 9, 2004, and providing for a loan of $600,000 (the "Xxxxx Loan"), funded in tranches of $200,000 each on June 8, 2004, August 11, 2004 and October 8,
