Note Payable. The 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 Payable. In 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 Payable. The 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 Payable. Prior 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 Payable. Amount is due to an individual at 0% and is due upon demand.
Note Payable. As of December 31, 2003, the Note Payable was outstanding in the amount of $714,257. As of the Closing Date, the Company is not a party to any other notes payable to or receivable from a related party and has no other notes outstanding with those parties. All such notes have been fully discharged.
Note Payable. Related Party
Note Payable. Ten (10) years from date of Note, with interest at the initial rate of eleven and one quarter percent (11.25%) and initial installments, including principal and interest, each in the amount of Four Thousand Eight Hundred Seventy-one Dollars ($4,871.00), payable monthly, beginning on the first day of the second month from the date of the Note, and the balance of principal and interest payable at maturity. With the further provision that each said monthly installment shall be applied first to interest accrued to the date of receipt of said installment, and the balance, if any, to principal. Upon each interest rate adjustment the monthly installment of principal and interest shall be adjusted to amortize the loan over the originally stated maturity.
Note Payable. In November, 1995, the Company entered into a new $32,000,000 loan agreement with a single bank that extends to September 30, 2000. This agreement replaced an existing loan agreement, which was to mature on December 15, 2000. Under the new loan agreement, the Company has an unsecured reducing line of credit of $20,000,000 (Facility A Commitment), and an unsecured term loan of $12,000,000 (Facility B Commitment). The Company had aggregate advances under the Facility A Commitment of $6,200,000 outstanding at December 31, 1995. There were no aggregate advances under the Facility B Commitment outstanding at December 31, 1995. On each quarterly date commencing December 30, 1997, the Facility A Commitment shall be reduced by $1,000,000. On each quarterly date commencing June 30, 1996, the Facility B Commitment shall be reduced by $600,000. No net repayments are due as long as the amounts outstanding are below the current Facility A and Facility B Commitments. Advances under both the Facility A and Facility B Commitments bear interest at varying rates based (at the Company's Kwik Wash Laundries, Inc. and KWL, Inc. Notes to Combined Financial Statements (Continued)
