Modification of Payment Terms. Should Contractor provide to NYSERDA a copy of a proposed licensing or franchise agreement under subsection (g), NYSERDA agrees to negotiate, upon Contractor’s execution of such licensing or franchise agreement, a modification of the Licensing Revenue terms in subsections (a)(i) and (b)(i) such that the amount of payment due to NYSERDA by Contractor will approximate the amount that would have been due upon a Sale of the Product.
Modification of Payment Terms. The Borrower expressly acknowledges that the payment terms set out in this Clause may only be modified with the agreement of the Builder, the Agent, the Lenders and the Borrower in the case of Clause 4.1(a) and with the agreement of the Agent, the Lenders and the Borrower in the case of Clause 4.1(b); Provided that it is the intention of the Borrower, the Lenders and the Agent that prior to the Delivery Date agreement shall be reached with those financial institutions with whom the Borrower has entered into the FOREX Contracts (the “Counterparties”) in order that the Euro payments due from the Counterparties under the FOREX Contracts shall be paid to the Agent for holding in escrow and to be released by the Agent simultaneously with (i) the payment in full to the Builder of the balance of the Final Contract Price denominated in Euro at the time of delivery of the Ship and (ii) the payment to the Counterparties of the Dollars due to them under the relevant FOREX Contracts out of the Dollar amount available under Clause 4.1(a), subject only to delivery of the Ship by the Builder to the Borrower taking place as evidenced by the execution and delivery of the Protocol of Delivery and Acceptance and to the Borrower having deposited with the Agent before delivery, if and to the extent required, any Dollar and/or Euro amounts as may be needed to ensure the payment in full of both the balance of the Final Contract Price in Euro and the Dollars owed to the Counterparties under all the relevant FOREX Contracts.
Modification of Payment Terms. The payment terms of the Note are hereby modified as follows:
Modification of Payment Terms. Section 3.1 of the Agreement is hereby amended to add a new Section 3.1(a5) to follow Section 3.1(a4) and to read in full as follows:
3.1( a5) As soon as reasonably practical after execution of this Amendment No. 2 and subject to the terms and conditions of this Agreement (including the limitations set forth in Section 3.4), Radius shall declare a stock dividend of 29 shares of Series A-6 Preferred Stock for each Series A-5 Preferred Share held by NB for a total of 186,847 shares of Series A-6 Preferred Stock in full satisfaction of all stock dividends payable in 2014 under this Agreement in relation to Work Statement NB-1 and Work Statement NB-3, excluding the PIBP under Section 3.1(a4). Furthermore, in the event an IPO occurs prior to May 31, 2014, the balance owed in relation to Work Statement NB-1 and Work Statement NB-3 for all periods of time after 2014, excluding the PIBP, shall be converted into the right to receive a total cash payment of $4,300,000 payable in ten equal monthly instalments of $430,000 beginning on March 31, 2015. For purposes of clarification, from and after the consummation of an IPO, any and all consideration to be paid to Nordic pursuant to this Agreement shall be paid in cash.
Modification of Payment Terms. (a) For the purposes of this Letter Agreement, reference is made to the terms of payment contained within the Stock Purchase Agreement; namely, Sections 1.02(b) and 1.02(c) which provided that a portion of the Purchase Price shall be paid to Sellers, pro rata based on ownership of the shares, as follows:
(i) “One Million Dollars ($1,000,000) cash, payable in five (5) equal monthly installments of Two Hundred Thousand Dollars ($200,000) each, the first such installment to be paid one month following Closing on the same day of the month as the day of the month of the Closing Date, and each month thereafter until paid in full”; and
(ii) “One Million Dollars ($1,000,000) cash, payable fifteen (15) days following the initial public offering ("IPO") of Buyer's stock, or by September 30, 2013, whichever comes first.”
(b) Solely for the purposes of modifying and setting forth the agreement between the Buyer and Rxx Xxxxxxxxxx (separately, “Rxxxxxxxxx”) as to the payment of the amounts of the Purchase Price attributable to Rxxxxxxxxx set forth in Sections 1.02(b) and 1.02(c) of the Stock Purchase Agreement (which the parties agree is $298,400), the Buyer hereby agrees to make the following payments to Rxxxxxxxxx, and Rxxxxxxxxx agrees to accept the following payments in lieu of the amounts otherwise set forth in Sections 1.02(b) and 1.02(c) of the Stock Purchase Agreement: The principal balance owed under the Stock Purchase Agreement (that being $298,400), together with interest at the rate of 7.5% per annum, shall be due and owing and payable to Rxxxxxxxxx on the earlier of: (i) the completion by Buyer of an initial public offering (“IPO”); or (ii) December 31, 2014, and shall be evidenced by the form of the promissory note attached hereto as Exhibit B subject to an Effective Date of February 11, 2013.
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Modification of Payment Terms. The Plan Administrator may modify the treatment of any Allowed Claim or Equity Interest in any manner adverse only to the holder of such Claim or Equity Interest at any time after the Effective Date upon the prior written consent of the holder whose Allowed Claim or Equity Interest treatment is being adversely affected.
Modification of Payment Terms. On January 1, 2009, Borrower shall pay lender all accrued unpaid interest on the outstanding principal balance through December 31, 2008. On the first day of each calendar month thereafter, Borrower shall pay Lender all accrued unpaid interest on the outstanding principal balance as of the last day of the immediately preceding calendar month.
Modification of Payment Terms. From and after the Effective Date, the Note shall be payable as follows:
(i) Commencing on February 15, 2003 and continuing on the fifteenth (15) day of each month thereafter, through and including the fifteenth (15th) day of March, 2004, payments of principal and accrued interest in the amount of Five Hundred Twenty Thousand Dollars ($520,000) each shall be due and payable.
(ii) Commencing on March 30,2004 and continuing on the thirtieth (30th) day of each month thereafter (except that the payment due for the month of February 2005 shall be payable on the last day of such month) payments of principal and accrued interest in the amount of Five Hundred Twenty Thousand Dollars ($520,000) each shall be due and payable.
(iii) A final payment of all principal and accrued interest shall be due and payable on June 30, 2005.
Modification of Payment Terms. All accrued interest on the unpaid principal balance of the Note shall be due and payable in full upon demand by Lender.
