Renewable annually Clause Samples

Renewable annually. Unsecured line of credit. No guarantees. BANK OF NEW YORK- SHORT-TERM NOTE PAYABLE 1. $3,000,000 Short-Term Note, renewable every 30, 60 or 90 days, at the Bank's option. Interest rate is LIBOR plus 1.75%. Current rate is 3.1875%. Note matures on February 20, 2003. 2. $1,000,000 Short-Term Note, renewable every 30, 60 or 90 days, at the Bank's option. Interest rate is LIBOR plus 1.75%. Current rate is 3.125%. Note matures on April 16, 2003. 3. $1,000,000 Short-Term Note, renewable every 30, 60 or 90 days, at the Bank's option. Interest rate is LIBOR plus 1.75%. Current rate is 3.125%. Note matures on May 5, 2003. BANK OF NEW YORK 7.05% FIRST MORTGAGE BOND, SERIES J 1. Aggregate principal amount is $4,000,000 dated October 1, 1993 and maturing on December 1, 2003. Bonds may not be redeemed prior to the due date and interest is paid semiannually on June 1 and December 1 of each year. 2. Debt is secured with a lien on all capital and other revenue producing assets of the Company. LOAN NO. ML 0886-T1 FIRST SUPPLEMENT TO THE MASTER LOAN AGREEMENT This FIRST SUPPLEMENT TO THE MASTER LOAN AGREEMENT (this "FIRST SUPPLEMENT"), is entered into as of February 18, 2003, by and between COBANK, ACB ("CoBANK") and WARWICK VALLEY TELEPHONE COMPANY (the "BORROWER"), and supplements the Master Loan Agreement, dated as of the date hereof, by and between CoBank and the Borrower (as the same may be amended, modified, supplemented, extended or restated from time to time, the ("MLA"). Capitalized terms used and not otherwise defined in this First Supplement shall have the meanings assigned to them in the MLA.
View Source

Related to Renewable annually

  • Base Annual Salary “Base Annual Salary” means the greater of (1) the highest annual rate of base salary in effect for the Executive during the 12 month period immediately prior to a Change in Control or, (2) the annual rate of base salary in effect at the time Notice of Termination is given (or on the date employment is terminated if no Notice of Termination is required).

  • Minimum Annual Royalty Beginning in the calendar year after the first occurrence of SALEs, and in each succeeding calendar year thereafter, LICENSEE will pay to REGENTS a minimum annual royalty of [Written amount] U.S. Dollars ($ Number) for the life of this AGREEMENT. This minimum annual royalty will be paid to REGENTS by February 28 of each year and will be credited against the earned royalty due and owing for the calendar year in which the minimum payment is made.

  • Minimum Annual Royalties Company shall pay to JHU minimum annual royalties as set forth in Exhibit A. These minimum annual royalties shall be due, without invoice from JHU, within thirty (30) days of each anniversary of the EFFECTIVE DATE beginning with the first anniversary. Running royalties and sublicense consideration accrued under Paragraphs 3.3 and 3.4, respectively, and paid to JHU during the one year period preceding an anniversary of the EFFECTIVE DATE shall be credited against the minimum annual royalties due on that anniversary date.

  • Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination, including Base Salary and benefits and bonuses under any employee benefit plans of the Employers.

  • Term and Annual Renewal The term of this Agreement shall be from the date of its approval by the vote of a majority of the Board of each Issuer, and it shall continue in effect from year to year thereafter only so long as such continuance is specifically approved at least annually by the vote of a majority of its Board, and the vote of a majority of those members of the Board who are neither parties to the Agreement nor interested persons of any such party, cast at a meeting called for the purpose of voting on such approval. “Approved at least annually” shall mean approval occurring, with respect to the first continuance of the Agreement, during the 90 days prior to and including the date of its termination in the absence of such approval, and with respect to any subsequent continuance, during the 90 days prior to and including the first anniversary of the date upon which the most recent previous annual continuance of the Agreement became effective. The effective date of the Agreement with respect to each Fund is identified in the Schedule A of this Agreement.