Promissory Note Terms Clause Samples

Promissory Note Terms. The Promissory Note will contain the following terms: (a) repayable by the Buyer over a period of seventeen (17) weeks following the Closing Date (the Maturity Date) and in two (2) equal installments of CAD$250,000 each provided that the Buyer will be entitled to prepay any amounts owing under the Promissory Note at any time in its sole discretion without notice, bonus or penalty. For greater certainty, the last instalment payment to be made by the Buyer to the Seller will include the amount of any and all outstanding accrued but unpaid interest on the Promissory Note; (b) the Promissory Note will bear interest in the manner more particularly set forth therein. The Buyer will pay the Seller the amount of such accrued interest on a monthly basis; and (c) the obligations of the Buyer set forth in the Promissory Note will be secured in the manner more particularly described in Section 3 of this Letter Agreement.

Promissory Note Terms. Any promissory note issued by a Shareholder or the Corporation pursuant to Section 2 hereof is hereinafter referred to as a "Promissory Note" and the person making such Promissory Note is hereinafter referred to as the "

Promissory Note Terms. DSI shall pay the Promissory Note balance in quarterly payments that shall be equal to twenty five percent (25%) of the net profits it generates in its operation of the Purchased Assets until the earlier of the balance having been paid in full or 18 months from the closing of this Purchase and Sale Agreement. The first payment shall be due ninety days (90) after the Closing of this Purchase and Sale Agreement.

Promissory Note Terms. Subject to the terms and conditions of this --------------------- Note, the Creditor hereby agrees to lend to Debtor and Debtor agrees to borrow from Creditor, $100,000 at the interest rate of Ten Percent (10%) per annum, interest and principle due on September 15, 2000. Upon default interest shall accrue after September 15, 2000 at the rate of Eighteen Percent (18%).

Promissory Note Terms. Any promissory note issued by a Shareholder or the Corporation pursuant to Section 2 hereof is hereinafter referred to as a "Promissory Note" and the person making such Promissory Note is hereinafter referred to as the "Maker". Each Promissory Note shall be payable in: (i) 120 equal monthly installments (such installments being herein referred to as "Installments") of principal, plus (ii) interest in an amount sufficient to pay all interest at the prime rate as declared from time to time by Citibank, N.A. (the "Prime Rate") in effect when the Installment is due. Each Installment shall be applied first to the payment of interest and then to the reduction of principal. Any unpaid interest will be added to the outstanding principal balance of the Promissory Note and interest shall accrue thereon at the rate provided for in the Promissory Note. Such Promissory Note shall provide for the acceleration of payments thereunder upon a default in the payment of principal or interest thereon, the voluntary or involuntary bankruptcy of the Maker or a default under any other material indebtedness of the Maker. Each Promissory Note may be prepaid by, and at the election of, the Maker at any time without premium or penalty, but with interest through the date of such prepayment. The Promissory Note shall be secured by the Ownership Interest, the acquisition of which generated production of the Promissory Note.