Payment of Promissory Notes. Xxxxxxx Xxxxxxx has issued promissory notes to the Company as listed on Schedule 6.13. Orlando’s notes will be paid in equal quarterly payments (“Note Payments”) payable on October 1, January 1, April 1 and July 1 of each year for a period of four (4) years. The initial payment will be a double payment due on January 1, 2018 (comprised of the January 1, 2018 payment and the deferred October 1, 2017 payment) on which date Orlando will receive two (2) quarterly payments. All Note Payments after the initial payment will be single payments payable.
Payment of Promissory Notes. The parties hereto acknowledge that on May 7, 2003 the Corporation delivered to each of Lincolnshire and Nooya a promissory note of the Corporation in the principal amount of $2,467,333, payable on demand, without interest (each a "Promissory Note" and collectively the "Promissory Notes"). Each of the parties agrees that it will not demand payment of its Promissory Note unless, simultaneously therewith, demand for payment of the other Promissory Note is made by the other party and, in each case, such demands result in full payment of the Promissory Notes to the parties hereto. The Corporation hereby agrees that it will repay both of the Promissory Notes out of the proceeds received from tax refunds of Part IV Tax as and when received and that, after complete repayment of the Bank Loan, if the Promissory Notes have not theretofore been paid, they will be so paid by the Corporation as soon as feasible, subject to prior payment of cumulative dividends on the Class A preferred shares and the Class N preferred shares of the Corporation.
Payment of Promissory Notes. Buyer shall have paid the principal balance and all of the accrued and unpaid interest under those certain promissory notes of the Company referred to below (the "Promissory Notes Payment"), which amount shall be payable to the holders of those promissory notes in part in cash and in part by the issuance of IHS Stock, based upon the valuation and otherwise issuable in accordance with and subject to Section 2.2 hereof. The amounts of cash and IHS Stock payable under this Section 10.10, and the holders to whom these amounts shall be payable, are as follows: Note Holder Note Cash Payable IHS Stock Lifeway Partners, LLC 1) Promissory Note dated 11/17/95 in the Original Principal Amount of $750,000.00 $ 0 $ 750,000.00 accrued interest $ 74,836.00 $ 0
Payment of Promissory Notes. SubCorp shall have paid to (a) James K. Noble, Jr. the then outstanding principal balance, pxxx xxxxxxx xxx xxxaid interest, owed by NATN to Mr. Noble pursuant to the Noble Promissory Note, and (b) Chrixxxxxxx X. Hodges the then outstanding principal balance, xxxx xxxxxxx xxx xxxaid interest, owed by NATN to Mr. Hodges pursuant to the Hodges Promissory Note.
Payment of Promissory Notes. At the Closing, Action shall pay to the Estate, as holder of that certain Promissory Note dated August __, 1996, and that certain Revolving Credit Promissory Note dated August __, 1996, each between the Company, as maker, and Vincxxx X. Xxxxxxxx, xx payee and each as modified by that certain Note Modification Letter Agreement dated November 19, 1998 between the Company and the Estate (collectively and as modified, the "Notes"), the outstanding principal amount of $600,000.00 together with accrued and unpaid interest in the amount of $60,000.00.
Payment of Promissory Notes. At or prior to the Closing, --------------------------- Lalit Kapoor and Xxxxxx Xxxxx shall have paid in full, with interest, all amounts owing to the Company pursuant to promissory notes held by the Company in the principal amounts listed on Schedule 2.17(b) and the promissory note ---------------- described in Schedule 2.9(m). ---------------
Payment of Promissory Notes. As soon as possible after the Closing (defined below), the Buyer upon repayment of the Promissory Notes shall issue to each holder of a Promissory Note 87,500 shares (after giving effect to the reverse stock split described above) of the Company’s common stock. ARTILCE IV
Payment of Promissory Notes. Transferors hereby covenant to Transferee that they shall satisfy their payment obligations under their respective Promissory Notes (as such term is defined in the Purchase Agreement) on or before July 1, 2007.
