Iron sands New Zealand, page-17

If my understanding of the meaning "ceases to be an elligible entity,for any reason " is correct, then it seems that ALL loans for the 3 years that loans were given for shares,are repayable once he is not a director.That leaves 3 possibilities as I see it:
1) Sell shares to repay loans
2) Find half a mil of his own money to repay loans
3) refuse to pay and hope to dodge the legal system(seems the least likely of the 3).