Purchase of Promissory Notes Sample Clauses

Purchase of Promissory Notes. On and subject to the terms and conditions of definitive agreements to be executed between and among the parties, CCI will purchase from Digitec, and Digitec will sell to CCI, two promissory notes, each in the original principal amount of $500,000 (the "Promissory Notes"). The first Promissory Note will be purchased by CCI at the Initial Closing, as defined in paragraph 7 below. The second Promissory Note will be purchased by CCI, assuming it is not in default on its obligations under the first Promissory Note, upon the execution by CCI and Digitec of the definitive agreements for the transactions described in paragraph 3 below. The principal amounts of each of the Promissory Notes will be payable in twelve equal monthly installments, together with interest on all unpaid portions thereof at the rate of 10% per annum (except in the event of a default thereunder, in which case the interest rate will be 12% per annum from the date of default until all amounts due under the Promissory Notes are paid in full.). At the sole election of CCI at any time during the period when any amounts remain unpaid under the Promissory Notes, all or any portion of those unpaid amounts (including interest and charges and fees, if any) will be payable through the conversion of those amounts into common shares of Digitec (the "Conversion Right"). If CCI elects to exercise the Conversion Right, the number of Digitec common shares CCI will be entitled to receive in the conversion will be equal to the aggregate amounts elected by CCI to be so converted, divided by an amount equal to the average bid price for Digitec's common shares on the principal market on which they trade during the 5 day period immediately preceding the closing of CCI's purchase of the Promissory Notes (hereinafter, the "5 Day Average Price"). In connection with CCI's purchase of the Promissory Notes, CCI will also acquire, for a nominal price, warrants to acquire common shares of Digitec. The number of shares subject to the warrants, the terms of their exercise and their exercise price will be determined by good faith negotiations between the parties.
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Purchase of Promissory Notes. Buyer agrees to purchase up to $2,500,000 of Promissory Notes owned by note holders of Seller and Seller's affiliates in exchange for 5,000,000 shares of Buyer's Common Stock valued at $.50 per share in the following order: FIRST Secured Promissory Notes of approximately $1,600,000 owned by non-affiliates of the Seller. SECOND Unsecured Promissory Notes of approximately $820,000 owned by non-affiliates of the Seller. THIRD Secured Promissory Notes of approximately $1,315,000 owned by affiliates of the Seller. FOURTH Unsecured Promissory Notes of approximately $460,000 owned by affiliates of the Seller. These Unsecured Promissory Notes may be converted subject to conversion of corresponding percentages of Secured Promissory Notes owned by affiliates of the Seller, if any. For purposes of this section, Affiliates shall include officers and directors of the Seller. The offer to purchaser up to $2,500,000 of Promissory Notes shall terminate 60 days after the Closing Date or the issuance of 5 million shares of Buyer's Common Stock, whichever is earlier.
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Purchase of Promissory Notes 
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Related to Purchase of Promissory Notes

  • Promissory Notes Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its permitted registered assigns) and in a form attached hereto as Exhibit C. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its permitted registered assigns).

  • Purchase of Notes The Company will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except upon the payment or prepayment of the Notes in accordance with the terms of this Agreement and the Notes. The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes.

  • Purchase of Convertible Debentures Subject to the satisfaction (or waiver) of the terms and conditions of this Agreement, each Buyer agrees, severally and not jointly, to purchase at each Closing and the Company agrees to sell and issue to each Buyer, severally and not jointly, at each Closing, Convertible Debentures in amounts corresponding with the Subscription Amount set forth opposite each Buyer’s name on Schedule I hereto.

  • Repurchase of Notes Neither the Company nor any Restricted Subsidiary or Affiliate, directly or indirectly, may repurchase or make any offer to repurchase any Notes unless the offer has been made to repurchase Notes, pro rata, from all holders of the Notes at the same time and upon the same terms. In case the Company repurchases any Notes, such Notes shall thereafter be cancelled and no Notes shall be issued in substitution therefor.

  • Promissory Note The Promissory Note as set forth in Section 2;

  • Note Purchase Agreement The conditions precedent to the obligations of the Applicable Pass Through Trustees and the other requirements relating to the Aircraft and the Equipment Notes set forth in the Note Purchase Agreement shall have been satisfied.

  • SALE AND PURCHASE OF NOTES Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section 3, Notes in the principal amount specified opposite such Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder.

  • Purchase of Notes and Warrants On the Closing Date, the Subscriber will purchase the Notes and Warrants as principal for its own account for investment only and not with a view toward, or for resale in connection with, the public sale or any distribution thereof.

  • Sale and Purchase of the Notes Subject to the terms and conditions of this Agreement, at the Closing the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase and acquire from the Company, the Notes for a purchase price equal to the principal amount of the Notes purchased (the “Purchase Price”).

  • Receivables Not To Be Evidenced by Promissory Notes Except in connection with its enforcement or collection of an Account, the Servicer will take no action to cause any Receivable to be evidenced by an instrument (as defined in the UCC as in effect in the State of Delaware). SECTION 17.

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