Class B Stock Sample Clauses
Class B Stock. The Receiver currently controls 1,000 shares of non-voting stock of a subsidiary of WFSG, now known as Wilshire Credit Corporation, and a related liquidation bond issued by WFSG (collectively, the “Class B Stock”). As part of the consideration for this Settlement Agreement, immediately after satisfaction of the conditions set forth in Sections 5.1, 5.2 and 5.9 of this Settlement Agreement and (1) the Payment has been made pursuant to Section 4.1 or (2) the Payment has been partially made and Claimants have elected to or been deemed to have elected to waive their right to declare the Settlement Agreement null and void under Section 4.1, the Receiver, CWH and WFSG shall enter into a purchase agreement (the “Purchase Agreement”) substantially in the form attached hereto as Exhibit L, pursuant to which Receiver and CWH shall cause the sale, transfer and conveyance of all right, title, and interest in the Class B Stock to WFSG, for a purchase price to be paid or caused to be paid by WFSG of $10,500,000.00 (the “Stock Payment”), upon the terms set forth in the Purchase Agreement (the “Stock Purchase”). If, however, as a result of the hearing seeking the approval of the Purchase Agreement by the United States District Court for the District of Oregon the Stock Payment is increased or decreased, the Payment set forth in Section 4.1 shall be reduced or increased, as the case may be, by the amount of such increase or decrease to the Stock Payment. If the amount of the Stock Payment is so increased or decreased, the form of the Purchase Agreement shall be revised to reflect such increase or decrease. WFSG shall pay the Stock Payment or cause the Stock Payment to be paid to the Receiver in accordance with the Purchase Agreement. Except for Sections 5.1, 5.2 and 5.9 below, no other provision set forth under Article 5 of this Settlement Agreement shall be a condition precedent to the performance of this Section 4.3, the completion of the acquisition of the Class B Stock or the Stock Payment. Accordingly, irrespective of whether the Claims Bar Order and Injunction entered pursuant to Section 5.2 fails to become final and non-appealable, or an election is made to declare the Settlement Agreement null and void pursuant to Sections 4.1 or 5.2, the Purchase Agreement will remain valid and enforceable and WFSG’s ownership of the Class B Stock purchased thereunder shall remain unaffected. The sum of the Payment and the Stock Payment is hereinafter referred to as the “Settlemen...
Class B Stock. A. In order to facilitate your purchase of three hundred seventy-five thousand (375,000) shares of the Company's Class B Common Stock, par value $0.01 per share (the "Class B Stock"), the Company, on October 16, 2001, loaned to you six hundred seventy-five thousand ($675,000) dollars (the "Loan").The Loan was made pursuant to a Loan and Pledge Agreement dated effective as of the date of the Loan, and is evidenced by a demand promissory note dated effective as of the date of the Loan (the "Note"). The Note bears interest, payable annually, at a rate equal to five percent (5%). The Loan and Pledge Agreement provides that if your employment under this Agreement terminates for any reason other than death or for "cause," as the term "cause" is defined in Paragraph 9C hereof, the Company will not demand payment of the ▇▇▇▇▇▇▇▇▇▇▇ principal of and accrued interest on the Note for a period of six (6) months after such termination, or for a period of twelve (12) months after such termination in the case of your death. Notwithstanding anything to the contrary contained in this Paragraph 3A, at any time that you sell any of the shares of Class B Stock while any amount of the Note remains unpaid, you shall, within five (5) days of receipt of the funds from such sale, pay to the Company, in repayment of part or all, as the case may be, of the Loan, an amount equal to one dollar and eighty cents ($1.80) times the number of shares of the Class B stock so sold, but not in excess of the unpaid balance of the Loan, plus interest, as set forth in this Paragraph 3A, on the amount so repaid to the extent that such interest accrued to the date of such repayment.
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Class B Stock. The Class B Stock, when issued and purchased ------------- pursuant to the terms of this Agreement, will be duly and validly authorized, issued and outstanding, fully paid, nonassessable and free and clear of all pledges, liens, encumbrances and restrictions, except as set forth in Section 5 hereof and except for the Pledge Agreement, the other Senior Loan Documents and the Shareholder Rights Agreement.
Class B Stock. The Class B common stock, $0.01 par value per share, of United.
Class B Stock. The Secured Party hereby agrees and acknowledges with the Pledgor that S▇▇▇▇▇ RY may, from time to time after the date hereof, issue up to, in total, 15,000 shares of Class B common stock in S▇▇▇▇▇ RY (“Class B Stock”) in connection with an employee stock option plan. The Secured Party further acknowledges and agrees that, so long as the Pledgor has no right, title or interest in any such Class B Stock, such Class B Stock shall not, in whole or in part, constitute Pledged Shares, Securities or Collateral for the purposes of the liens created pursuant to this Agreement or for any other purpose.
Class B Stock. (i) In order to facilitate your purchase of three hundred fifteen thousand one hundred forty-four (315,144) shares of the Company's Class B Common Stock, par value $.01 per share (the "Class B Stock"), the Company, on November 30, 1993, loaned to you one million eight hundred seventeen thousand three hundred twenty-one dollars and sixteen cents ($1,817,321.16) (the "Loan"). The Loan was made pursuant to a Loan and Pledge Agreement dated November 30, 1993, which was amended on November 25, 1997 by an Amended and Restated Loan and Pledge Agreement (the "Amended Agreement"), and is evidenced by a demand promissory note dated November 30, 1993 (the "Note"). As of November 25, 1997 the principal balance outstanding under the Note was one million five hundred thousand dollars ($1,500,000). The Note bears interest, payable annually, at a rate equal to the Company's borrowing rate (as adjusted quarterly) on its U.S. short-term banking facilities. The Amended Agreement provides that if your employment under this
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Class B Stock. Except as expressly provided herein (including without limitation the last sentence of paragraph (c) of this Section 6), each holder of shares of Class B Stock will be entitled to one (1) vote for each share thereof held at the Record Date for the determination of the stockholders entitled to vote on any matter.
Class B Stock. Class B stock may be issued to holders of Class A stock for cash, in payment of patronage refunds or in exchange for outstanding Class A stock. Class B stock shall have no voting power and no dividends shall be paid thereon.