EMS Loan definition
Examples of EMS Loan in a sentence
Contemporaneous with the execution of this Agreement, NetSat shall execute and deliver the form of promissory note attached hereto as Annex 7.2(a), to evidence its obligations of repayment of a loan (the "EMS Loan") from EMS, and EMS shall fund the initial $750,000 of the EMS Loan.
Upon any termination of this Agreement pursuant to Section 11.1, no party hereto shall have any liability or further obligation to the other party except (i) for repayment of the EMS Loan, (ii) to the extent provided in Sections 7.7 and 7.8, and (iii) to the extent that such termination is based upon a breach of any representation, warranty, covenant or agreement of a party.
Contemporaneously with the execution of this Agreement, Nation Net shall execute and deliver the form of guarantee attached hereto as Annex 7.2(b) as security for repayment of the EMS Loan.
The $750,000 balance of the EMS Loan shall be funded within five business days after NetSat shall have notified EMS that the FCC has granted all such approvals as are required under applicable law for the Recapitalization (including redemption of certain NetSat Interests) to occur.