Examples of Stockholder Loans in a sentence
To the extent one of the conditions of the extension of the Third Party Loan so approved by the Board is the subordination of any Stockholder Loans to such Third Party Loan, then the Stockholders agree to take such action as necessary to subordinate such Stockholder Loan.
Except as otherwise determined by the Board, the Company shall covenant to repay all of the outstanding principal and interest on all Stockholder Loans pursuant to the terms of the loan agreement before the Company is permitted under the terms of such loan agreement to make distributions of any dividends to the Stockholders.
The Company shall cause the proceeds of the Offering, the proceeds from the Initial Stockholder Loans and certain proceeds from the sale of the Private Placement Warrants to be held in the Trust Account to be invested only in United States government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act as set forth in the Trust Agreement and disclosed in the Pricing Disclosure Package and the Prospectus.
Section 2.4 of the Company Disclosure Schedule lists each outstanding loan from the Company held by any stockholder or employee of the Company as of the Effective Time (the "Stockholder Loans").
Buyer shall have delivered to Seller ------------------------- (i) Fifteen Million, Two Hundred Fifty Thousand Dollars ($15,250,000) in cash, (ii) the Note, in a principal amount of Five Million Dollars ($5,000,000), and (iii) Buyer shall have discharged all liabilities of the Seller in respect of the Stockholder Loans (provided that such liabilities shall not exceed One Million Dollars ($1,000,000) in the aggregate), all in accordance with Section 1.5 hereof.