Skechers Loan definition
Examples of Skechers Loan in a sentence
To evidence the HF Loan and the Skechers Loan, the Company shall execute unsecured promissory notes (“Notes”) in the forms attached as Exhibits “C-1” and “C-2”, respectively.
If, as a result of the institution of any arbitration between the Members, there is any increase in the cost to complete the construction of the Project, then any such increased cost shall be funded by the Member who is not the prevailing party in such arbitration (with no increase in such Member’s Capital Account, Capital Contributions, or in either the HF Loan or the Skechers Loan, as the case may be).
The Notes will be amended if the HF Loan or the Skechers Loan is increased as provided herein.
As long as there are amounts outstanding under both the HF Loan and the Skechers Loan, payments on such loans will be made on a pro rata basis (according to the total unpaid principal balances of each of such loans, except as provided in Section 5.2(c)).
The Skechers Loan shall be payable at the same times and manner, and shall bear the same rate of interest as the HF Loan.
Provided, further that to the extent that the Skechers Loan is increased as a result of the foregoing, the Base Rent under the Lease shall be increased proportionately by the ratio that the increase in the Skechers Loan bears to the total Project Costs (as such term is defined in the Development Management Agreement).
If, as a result of the institution of any arbitration among the Members, there is any increase in the cost to complete the construction of the Project, then any such increased cost shall be funded by the Member who is not the prevailing party in such arbitration (with no increase in such Member’s Capital Account, Capital Contributions, or in either the HF Loan or the Skechers Loan, as the case may be).
Provided, however, that any increased construction costs resulting from acts or omissions of Skechers (or its Affiliate) which constitute an Event of Default by Skechers under this Agreement or a default by Skechers Parent under the Lease, or which involves gross negligence, fraud or willful misconduct of Skechers or Skechers Parent (or their Affiliates) shall not be considered an increase in the Skechers Loan.
If any final judgment of a court of competent jurisdiction (or arbitration award, if arbitration is called for under this Agreement) is rendered against a Member, the other Members shall have the right to offset the amount thereof against any amounts thereafter due to be distributed to or otherwise payable to such Member, including distributions of Available Cash, the HF Loan or the Skechers Loan, as applicable, or any proceeds due to such Member under the Buy-Sell provisions in Article 8.