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Note Payable Sample Clauses

Note PayableThe Company has a note payable to a bank which is payable in full in April 1998. Interest is payable monthly at the bank's prime rate plus 1.75% (effective rate of 10.25% as of July 31, 1997). The note is collateralized by substantially all of the Company's assets. The loan agreement subjects the Company to various financial and nonfinancial covenants, the most restrictive of which require the Company maintain certain levels of tangible net worth and current ratios. As of July 31, 1997, the company was in compliance with all covenants.
Note PayableIn addition to the Cash Portion of the Purchase Price, the Seller shall deliver a Note Payable to the Seller in the amount of One Million Dollars on the terms indicated on Exhibit 2(d) attached hereto.
Note PayableThe Company shall have received a release from Adamjee, a form of which is attached hereto as Exhibit “E”.
Note Payable. That certain Promissory Note in the original principal amount of $105,000, issued in April 2002 by HYTT to Bradley Conklin, Margaret Conklin and Susan McNear (collectively, xxx "Xxxx Xxxxxrs"), xxx xxxx xxxd in xxxx xxx XXXT has no further obligations, and the Note Holders have no further rights, thereunder, payment or otherwise.
Note PayablePrior to Closing Seller shall pay off the note payable to Cendant Corporation and Buyer shall be entitled to no reduction in Purchase Price for such note to the extent that Seller pay it off.
Note PayablePromissory note, in the form of Exhibit 1.2(c)-1 hereto (“Note”), in the amount of the lesser of (i) the current balance of the note payable by Company to Seller at the time of Closing or (ii) $145,000 subject to adjustment based on the amount of Sales during the 12-months following the Closing Date as set forth below. For purposes of this Agreement, “Sales” shall mean the net sales billed and collected for temporary nurse staffing services provided by Heartline, Inc. or OptimumCare Corporation during the one (1) year following the Closing Date (i) in Los Angeles County and Orange County, California, (ii) to any current or former customer of Heartline, Inc. not in Los Angeles County or Orange County and (iii) to any new customer Not in Los Angeles County or Orange County created by a direct inquiry to Heartline, Inc. The Note will bear interest at the rate of three percent (3%) per annum, interest payable monthly. The principal will be payable, based on the sales billed and collected beginning on the thirteenth (13th) month following the Closing Date. Any amount billed but not collected until after the thirteenth (13th) month, will further adjust the Sales as collected for five (5) additional months, with any additional Adjusted Note Balance being paid monthly. The Note will be guaranteed by Company pursuant to a Guaranty in the form of Exhibit 1.2(c)-2 and secured by the assets of Company pursuant to a Security Agreement in the form of Exhibit 1.2(c)-3 hereto. Only $63,914.64 of the Note will be recourse to Buyer and the amount of the Note for which there is recourse to Buyer will be reduced proportionately by downward adjustments to the Note and offsets against the Note. $ 3,000,000 or greater $ 145,000 $ 290,000 $ 2,750,000 to $ 2,999,999 $ 125,000 $ 270,000 $ 2,500,000 to $ 2,749,999 $ 100,000 $ 245,000 $ 2,250,000 to $ 2,499,999 $ 75,000 $ 220,000 $ 2,000,000 to $ 2,249,999 $ 50,000 $ 195,000 $ 1,000,000 to $ 1,999,999 $ 0 $ 145,000 $ 875,000 to $ 999,999 $ (50,000 ) $ 95,000 $ 750,000 to $ 874,999 $ (75,000 ) $ 70,000 $ 625,000 to $ 749,999 $ (100,000 ) $ 45,000 $ 500,000 to $ 624,999 $ (125,000 ) $ 20,000 Less than $500,000 $ (145,000 ) $ 0
Note PayableThe promissory note described in Section 7.17 shall have been amended as contemplated by Section 7.17.
Note Payable. In June 1998, the Company received a $250,000 advance as part of a partnering agreement with another company. The agreement contemplated a cooperative effort to develop business opportunities for the sale of their respective products. No "qualifying sale" was ever consummated under the agreement. As a result, pursuant to the terms of a related promissory note, the Company is required to repay the advance, plus interest at an annual rate of 5.51%. Payment on the note was due in May 2000, however, no principal or interest payments have been made as of December 31, 2000 nor by the audit date.
Note Payable. After the applicable termination of this Agreement, Seller shall release CAVIT from any remaining liabilities associated with the note payable (see attached Exhibit C).
Note Payable. CDS or its Subsidiaries shall amend the terms of that certain promissory note, dated June 1, 2002, in favor of Xxxxxx Xxxxxxxx in a principal amount of $200,000 so that such promissory note and the indebtedness thereunder is not due on demand but shall be due in equal quarterly payments ending on December 31, 2005.