PAYMENT IN NOTES Sample Clauses

The 'Payment in Notes' clause allows a party to fulfill its payment obligations using promissory notes or similar negotiable instruments instead of cash. In practice, this means that instead of transferring funds directly, the paying party can issue a note that promises to pay the specified amount at a future date, subject to agreed terms and conditions. This clause provides flexibility in financial transactions, particularly when immediate cash payment is not feasible, and helps facilitate deals by offering alternative payment methods.
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PAYMENT IN NOTES. To the extent that any holder of any Purchaser Shares surrenders with the certificates representing such Purchaser Shares any Note then held by such holder (or by an affiliate of such holder), such holder shall be deemed to have paid that portion of the Purchase Price equal to one hundred percent (100%) of the principal of such Note which the holder thereof directs the Parent to accept as payment of the Purchase Price, which Note shall be contributed to the Company and cancelled and not reissued by the Company. To the extent that the principal amount of such tendered Note is greater than the amount of the aggregate Purchase Price paid by surrender thereof, the Parent shall cause the Company shall deliver a new Note to the tendering holder thereof, in accordance with the provisions of the Note Agreement, in the principal amount equal to the amount not so applied to payment of the aggregate Purchase Price. At the time of the issuance of the additional shares of Common Stock pursuant hereto, the Company shall pay all accrued and unpaid interest on the principal amount of any Note of such holder cancelled pursuant to this Section 4.4(b) up to but excluding the date of such issuance. For purposes of Rule 144 under the Securities Act, 17 C.F.R. ss.230.144, the Parent and you agree that a tender of the principal of any Notes in payment of the aggregate Purchase Price in respect of additional shares shall not be deemed a prepayment of the Notes, but rather a conversion of such Notes, pursuant to the terms of the Notes, the Note Agreement and this Agreement, into such additional shares of Common Stock.
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PAYMENT IN NOTES. The holder of a Warrant Certificate may use a principal amount of Notes to pay the Purchase Price of any Warrants represented by such Warrant Certificate in accordance with the following provisions. In order to use a principal amount of Notes to pay the Purchase Price of any Warrants, the holder of a Warrant Certificate shall: (i) deliver such Warrant Certificate to the Company in accordance with Section 2.1(a), and the appropriate box indicating the method of payment of the Purchase Price checked; and (ii) deliver such Note to the Registrar with a notice indicating what portion of the Note the holder thereof wishes to apply to the Purchase Price. In such event, such holder shall be deemed to have paid that portion of the Purchase Price equal to one hundred percent (100%) of the principal of such Note which the holder has directed the Registrar to accept as payment of the Purchase Price. The Company shall cause the Registrar to promptly notify the Company of the receipt of such Note in accordance with the provisions of the Note Agreement, and to cancel and not reissue such Note. To the extent that the principal amount of such tendered Note is greater than the amount of the Purchase Price paid by surrender thereof, the Registrar shall deliver a new Note to the tendering holder thereof, in accordance with the provisions of the Note Agreement, in the principal amount equal to the amount not so applied to payment of the Purchase Price. At the time of the issuance of the shares of Common Stock pursuant to the exercise of the Warrants of any holder, the Company shall pay all accrued and unpaid interest on the principal amount of any Note of such holder cancelled pursuant to this Section 2.1(c) up to but excluding the date of such issuance. For purposes of Rule 144 under the Securities Act, 17 C.F.R. '230.144, the Company and the Purchasers agree that a tender of the principal of any Notes in payment of the exercise price in respect of the Warrants shall not be deemed a prepayment of the Notes, but rather a conversion of such Notes, pursuant to the terms of the Notes, the Note Agreement, this Agreement and the Warrants, into Common Stock.
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Related to PAYMENT IN NOTES

  • Payment in Lieu If an employer makes payment in lieu for all or any of the period of notice prescribed, the period for which such payment is made must be treated as service with the employer for the purposes of computing any service related entitlement of the employee.

  • Subordinated Notes The Subordinated Notes have been duly authorized by the Company and when executed by the Company and issued, delivered to and paid for by the Purchasers in accordance with the terms of the Agreement, will have been duly executed, authenticated, issued and delivered, and will constitute legal, valid and binding obligations of the Company and enforceable in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.

  • Payment of Outstanding Indebtedness, etc The Administrative Agent shall have received evidence that immediately after the making of the Loans on the Closing Date, all Indebtedness under the Existing Credit Agreement and any other Indebtedness not permitted by Section 7.04, together with all interest, all payment premiums and all other amounts due and payable with respect thereto, shall be paid in full from the proceeds of the initial Credit Event, and the commitments in respect of such Indebtedness shall be permanently terminated, and all Liens securing payment of any such Indebtedness shall be released and the Administrative Agent shall have received all payoff and release letters, Uniform Commercial Code Form UCC-3 termination statements or other instruments or agreements as may be suitable or appropriate in connection with the release of any such Liens.

  • Payments on Notes 37 Section 14.1. Place of Payment................................................................................ 37 Section 14.2. Home Office Payment........................................................................ 37 SECTION 15.

  • Convertible Notes The Convertible Notes are subject to different conversion calculations depending on the event triggering conversion as described in the Notes (e.g., an IPO or other liquidity event). For illustration purposes, assuming the optional conversion right is exercised today, based on the current capitalization and the $50,000,000 assumed valuation specified for an optional conversion in the Notes, there would be 4,705,224 additional shares issued; provided however, that each holder of Notes is subject to a maximum 9.99% ownership of the shares of capital stock of the Company at any one time. This illustration calculation does not account for the 6% interest component.