Purchase Money Notes. If the transferor of an interest accepts a note made by the transferee of such interest in payment of all or a portion of the acquisition cost (a “Purchase Money Note”), such note shall be valued at its face amount; provided that if the interest rate on such Purchase Money Note is in excess of a market rate, then the value of such note shall be increased to reflect such above-market rate. Any disputes between County and Lessee as to whether the interest rate on a Purchase Money Note is in excess of a market rate or with respect to the valuation of a Purchase Money Note with an above-market rate of interest, shall be settled by arbitration pursuant to Article 16 below.
Purchase Money Notes. If the transferor of an interest accepts a note made by the transferee of such interest in payment of all or a portion of the acquisition cost (a "Purchase Money Note"), such note shall be valued at its face amount. [strike through end]
Purchase Money Notes. In connection with the sale of the Assets to the Company, the Company as of the Closing Date has issued to the Transferor, as a Holder, a single Class of Purchase Money Notes with the designation of the Class A Purchase Money Notes in the principal face amount of $62,418,668.00 (inclusive of the Purchase Money Notes Issuance Fee).
Purchase Money Notes. The purchase money note, if any, shall provide a 30 day grace period in the event of default if it is a first position loan and a 15 day grace period if a second position loan; shall provide for right of prepayment in whole or in part without penalty, shall not provide for acceleration or interest adjustment in event of resale of the Property; and shall be otherwise in form and content as required by Seller's attorney; provided, however, Seller may only require clauses customarily found in notes generally utilized by savings and loan institutions in the county wherein the Property is located. Buyer shall require all prior lien and encumbrances to be kept in good standing and forbid modifications of or future advances under prior mortgage(s).
Purchase Money Notes. (a) The Purchase Money Loans of each Bank to Borrower shall be evidenced by a Purchase Money Reducing Revolving Credit Note of Borrower dated the date of its execution and payable to the order of such Bank in a principal amount equal to its initial Purchase Money Reducing Revolving Credit Commitment in substantially the form of Exhibit K attached hereto (with appropriate insertions) (as the same may from time to time be amended, modified extended or renewed, the "Purchase Money Notes"). The Borrower recognizes that each Bank's Purchase Money Reducing Revolving Credit Commitment shall reduce from time to time on the dates and to the levels set forth opposite each Bank's name on the signature pages
Purchase Money Notes. If the transferor of an interest accepts a note made by the transferee of such interest in payment of all or a portion of the acquisition cost (a “Purchase Money Note”), then for purposes of calculating the Net Proceeds Share from such transaction, such note shall be valued at its face amount; provided that if the interest rate on such Purchase Money Note is in excess of a market rate, then the value of such note shall be increased to reflect such above-market rate discounted to present value. Any disputes between County and Lessee as to whether the interest rate on a Purchase Money Note is in excess of a market rate or with respect to the valuation of a Purchase Money Note with an above-market rate of interest, shall be submitted to binding arbitration pursuant to Article 16 below.
Purchase Money Notes. (a) In consideration of the transfer of the Assets to the Company to the extent such transfer constitutes a sale, the Company is, contemporaneously with the execution and delivery hereof, (i) issuing, executing and delivering to the Transferor the Purchase Money Note dated as of the date hereof with the maturity date and in the principal amount set forth on Schedule II hereto and (ii) executing and delivering the Reimbursement, Security and Guaranty Agreement, the Custodial and Paying Agency Agreement and the Account Control Agreement. In consideration of the Transferor agreeing to accept the Purchase Money Note, (x) on each Distribution Date prior to the Guaranty Issuance Date the Transferor will receive in respect of each Purchase Money Note, and (y) on each Distribution Date on or after the Guaranty Issuance Date the Purchase Money Notes Guarantor will receive in respect of each Guaranteed Purchase Money Note, and the Transferor will receive in respect of each Non-Guaranteed Purchase Money Note, in each case, a fee equal to one-twelfth of 1.0% of the outstanding principal amount of such Purchase Money Note (determined for this purpose disregarding any principal payments made under a Purchase Money Notes Guaranty, except to the extent having been reimbursed by the Company to the PMN Guarantor) calculated on each Determination Date and payable on each Distribution Date in accordance with Section 5.1(b)(vi) of the Custodial and Paying Agency Agreement (the “Purchase Money Notes Issuance Fee”).
