Installment Payments of Purchase Note Sample Clauses

Installment Payments of Purchase Note. Each of the Parties hereto do hereby agree as follows: (a) The pro-rata portions of the $1,500,000 principal installment due August 28, 2017 of all $30,000,000 of Purchase Notes together with accrued interest thereon (a total of $2,700,000) that are payable to the Purchase Noteholder who is a Party to this Agreement shall be paid, by wire transfer of immediately available funds pursuant to written wire instructions to be provided by the Purchase Noteholder to Holdings, on or before October 31, 2017, and is set forth below: Name of Purchase Noteholder Amount of Principal and Interest Payable on August 28, 2017 Installment In addition to the above installment payment, Holdings shall pay default interest on such installment payment at the rate of 12% per annum, calculated from September 1, 2017 to the date of payment. (b) In the absence of a Conversion Event, the Purchase Noteholder who is a Party to this Agreement hereby agree, if requested by Holding prior thereto, to defer the next installment payment of their Purchase Notes (due November 28, 2017) to February 28, 2018. For the avoidance of doubt the installment payment currently scheduled to be paid on February 28, 2018 shall be paid on February 28, 2018 as well. (c) Notwithstanding the foregoing provisions of Section 4(b), if Holdings elects to extend the second installment to February 28, 2018, the Parties hereto agree that (i) the Purchase Notes shall accrue interest at 10% per annum until all installments are paid on a current quarterly basis or the Purchase Note are converted into Voting Common Stock, and (ii) if, prior to the Closing of the OAC Merger, Holdings consummates a Holding Public Offering or obtains additional new debt or equity financing (unrelated to a contemplated maximum $4,000,000 increase in the $7,500,000 Senior Loan granted to the High Times Group by ExWorks Capital Fund I, L.P., as the Senior Lender, or the refinancing of the Indebtedness to such Senior Lender), it will pay the second installment of the Purchase Notes payable to of the Purchase Noteholder who is a Party to this Agreement out of the net proceeds of such Public Offering or debt or equity financing. Subject at all times to the foregoing sentence, the terms of the Intercreditor and Subordination Agreement with the Senior Lender and the available of adequate cash reserves, unless a Conversion Event shall occur prior thereto, Holdings shall undertake in good faith to pay the February 28, 2018 installment payments on suc...
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Related to Installment Payments of Purchase Note

  • Installment Payments For purposes of Code Section 409A, Employee’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

  • Payment of Purchase Price The Purchase Price shall be paid as follows:

  • Purchase Price Payment The total Purchase Price for the Property is the amount of the successful bid for the parcel at public auction.

  • Redemption Payments Upon receipt of monies paid to it by the Custodian with respect to any redemption of Series shares, pay or cause such monies to be paid pursuant to instructions by the appropriate Account or Institution.

  • Purchase Price Payments (a) On each Payment Date, on the terms and subject to the conditions of this Agreement, the Initial Purchaser shall pay to KBK the Purchase Price for the Receivables and Related Assets to be purchased on such day by (i) making a cash payment to or at the direction of KBK to the extent that the Initial Purchaser has cash available to make such payment pursuant to SECTION 3.3, and (ii) automatically increasing the principal amount outstanding under the Purchaser Note issued to KBK by the amount of the excess, if any, of the Purchase Price to be paid to KBK for such Receivables and Related Assets OVER the amount of any payment made on such day pursuant to CLAUSE (I) next above. (b) On each Payment Date, the Initial Purchaser shall reduce the Purchase Price payable to KBK for the Receivables and Related Assets that the Initial Purchaser is to purchase on such day by an amount (the "PURCHASE PRICE ADJUSTMENTS") equal to the difference between (i) the sum of (A) the Dilution Adjustment (as defined in SECTION 3.5(B)), if any, for the immediately preceding Business Day, PLUS (B) the Noncomplying Receivables Adjustment (as defined in SECTION 3.5(A)), if any, for the immediately preceding Business Day, MINUS (ii) the amount of any payments that the Initial Purchaser shall have received on the immediately preceding Business Day on account of Collections due with respect to Noncomplying Receivables that have been included in an Purchase Price Adjustment previously deducted or paid in accordance with this SECTION 3.1. (c) If the Purchase Price Adjustments on any Payment Date exceed the Purchase Price payable by the Initial Purchaser to KBK on such day, then the principal amount of the Purchaser Note shall be automatically reduced by the amount of such excess; PROVIDED, that if the Purchaser Note has been reduced to zero, then KBK shall pay to the Initial Purchaser in cash the amount of such Purchase Price Adjustments on the next succeeding Business Day; and PROVIDED FURTHER, HOWEVER, that at any time (y) when a Liquidation Event or Unmatured Liquidation Event exists or (z) on or after the Purchase Termination Date, the amount of any such credit shall be paid by KBK to the Initial Purchaser by deposit in immediately available funds into the Collection Account for application by Servicer to the same extent as if Collections of the applicable Receivable in such amount had actually been received on such date.

  • Payment of Purchase Price Upon Exercise At the time of any exercise, the Exercise Price of the Shares as to which this Option is exercised shall be paid in cash to the Company, unless, in accordance with the provisions of Section 4.2(c) of the Plan, the Board shall permit or require payment of the purchase price in another manner set forth in the Plan.

  • Initial Payment Interconnection Customer shall elect (and provide its election to the Transmission Provider within five days of the commencement of negotiation of the GIA pursuant to Section 11.2 of the GIP) to make either 1) an initial payment equal to twenty

  • Treatment of Installment Payments Each payment of termination benefits under this Agreement shall be considered a separate payment, as described in Treas. Reg. Section 1.409A‑2(b)(2), for purposes of Section 409A of the Code.

  • Cash Purchase Price The term "Cash Purchase Price" shall have the meaning set forth in Section 2.3(a).

  • Payment of Settlement Amount (1) Within thirty (30) days of the Execution Date, the Settling Defendants shall pay the Settlement Amount to Siskinds LLP for deposit into the Trust Account. The Settlement Amount shall be converted into Canadian currency upon deposit into the Trust Account. (2) The Settling Defendants shall deposit the Settlement Amount into the Trust Account by wire transfer. Siskinds LLP shall provide the necessary wire transfer information to Counsel for the Settling Defendants with reasonable advance notice so that the Settling Defendants have a reasonable period of time to comply with section 3.1(1) of this Settlement Agreement. (3) The Settlement Amount and other consideration to be provided in accordance with the terms of this Settlement Agreement shall be provided in full satisfaction of the Released Claims against the Releasees. (4) The Settlement Amount shall be all-inclusive of all amounts, including without limitation, interest, costs, Class Counsel Fees and Class Counsel Disbursements. (5) The Releasees shall have no obligation to pay any amount in addition to the Settlement Amount, for any reason, pursuant to or in furtherance of this Settlement Agreement or the Proceedings or any Other Actions. (6) Once a Claims Administrator has been appointed, Siskinds LLP shall transfer control of the Trust Account to the Claims Administrator. (7) Siskinds LLP and the Claims Administrator shall maintain the Trust Account as provided for in this Settlement Agreement. While in control of the Trust Account, Siskinds LLP and the Claims Administrator shall not pay out all or part of the monies in the Trust Account, except in accordance with this Settlement Agreement, or in accordance with an order of the Courts obtained after notice to the Parties.

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