Promissory Note Payments Sample Clauses

Promissory Note Payments. (a) The Loan shall be evidenced by, be repayable, and accrue interest in accordance with, this Agreement and the Promissory Note. Subject to the terms and conditions in this Agreement (including Section 2.1(c) and Section 3.2), the Promissory Note, and the other Loan Documents, Borrower may borrow, repay, and re-borrow under the Promissory Note in whole or in part, without premium or penalty. (b) The Promissory Note shall be payable as follows: (i) Beginning with the first (1st) Monthly Settlement Date and continuing on each Monthly Settlement Date thereafter, all accrued but unpaid interest on the unpaid principal balance of the Promissory Note shall be due and payable in full. (ii) With respect to each Advance: (1) on the day that is 211 days from the date of such Advance, Borrower shall pay to Lender an amount equal to ten percent (10%) of the unpaid principal balance of such Advance plus all accrued but unpaid interest thereon; and (2) on the day that is 240 days from the date of such Advance, Borrower shall pay to Lender an amount equal to the unpaid principal balance of such Advance plus all accrued but unpaid interest thereon. (iii) On the Maturity Date, the unpaid principal balance of the Note, all accrued but unpaid interest thereon and all other amounts due and owing under the Loan Documents shall be due and payable in full.

Promissory Note Payments. The Note must be paid in 60 consecutive monthly payments of principal and interest. The Note will bear interest from its execution date.

Promissory Note Payments. Company shall continue to make payments required under that certain Promissory Note dated July 6, 2016, of which the Company is the Maker and Executive is Holder, in the gross amount of $14,000 per month, and otherwise to honor the terms of such Note until paid in full.

Promissory Note Payments. Borrower shall promptly pay when due the principal and interest on the debt evidenced by the Promissory Note and any late charges due under the Promissory Note. Unless applicable law provides otherwise, all payments received by Lender shall be applied first to interest due on the indebtedness, second to the principal due on the indebtedness, and third to any late charges outstanding under the Promissory Note.

Promissory Note Payments. The Promissory Note shall be paid as follows: (a) Royalties or other continuing fees, however characterized, paid to Buyer for use of the Marks, commencing as of February 1, 1999 (e.g., royalties paid pursuant to the Franchise Agreements other than the Excluded Agreements) ("Proceeds") excluding, however, any form of income generated by any and all ▇▇▇▇'▇ Deli restaurants currently wholly owned by Buyer and existing as of the date of this Agreement, will be paid to and collected by Buyer from ▇▇▇▇'▇ franchisees on a monthly basis. Upon their receipt, Buyer will deposit all such Proceeds into a separate account at an institution to be selected by Buyer (subject to Seller's prior written approval) and established by both parties, but controlled and under the signature authority of Seller. Each month, by the fifth day of such month, Seller will pay to Buyer the first Three Thousand Three Hundred Thirty Three Dollars and 34/100s ($3,333.34) of the prior month's collected Proceeds. If any Proceeds remain, Seller will pay Fifty Percent (50%) of such remaining amount to Buyer in addition to, and at the same time as the initial payment described above. Seller will retain the remaining portion of each month's Proceeds as payments of principal (and interest if applicable pursuant to subsection 2.2(b)) due under the Promissory Note. (b) If the principal balance of the Promissory Note is not reduced by at least Twenty Five Thousand Dollars ($25,000.00) in any one year, interest equal to Six Percent (6%) of the outstanding balance of the Promissory Note on December 31 of such year shall be added to the principal balance of the Promissory Note. (c) Other than Accounts Receivable arising from the Excluded Agreements, Accounts Receivable prior to February 1, 1999, that are collected after such date will be paid Fifty Percent (50%) to Seller and Fifty Percent (50%) to Buyer upon collection; provided that until paid in full, Buyer's portion will be applied to reduce the principal and interest (if any) owed under the Promissory Note. Buyer will be responsible for all efforts of collection of the Accounts Receivable (other than efforts related to the Accounts Receivable for Excluded Agreements), but shall not take any action with respect to the collection of Accounts Receivable that is inconsistent with Seller's general policy of collection of accounts receivable, and Buyer shall indemnify and hold Seller harmless from any claim related to the collection of the Accounts Recei...