Common use of Subordinated Note Clause in Contracts

Subordinated Note. (a) On the Closing Date, the Buyer will deliver to the Seller a subordinated promissory note, payable to the order of the Seller (as the same may be amended, supplemented, endorsed or otherwise modified from time to time, together with any promissory note issued from time to time in substitution therefor or renewal thereof, being herein called the "Subordinated Note"). (b) The Seller shall make all appropriate record keeping entries with respect to the Subordinated Note to reflect the payments on and adjustment of the Subordinated Note. The Seller's books and records shall constitute rebuttable presumptive evidence of the principal amount of and accrued interest on the Subordinated Note at any time, and the Seller hereby promises to xxxx the Subordinated Note "CANCELED" and return it to the Buyer upon the final payment thereof.

Subordinated Note. (a) On the Closing Date, the Buyer will deliver to the Seller a subordinated promissory note, payable to the order of the Seller (as the same may be amended, supplemented, endorsed or otherwise modified from time to time, together with any promissory note issued from time to time in substitution therefor or renewal thereof, being herein called the "Subordinated Note"). (b) The Seller shall make all appropriate record keeping entries with respect to the Subordinated Note to reflect the payments on and adjustment of the Subordinated Note. The Seller's books and records shall constitute rebuttable presumptive evidence of the principal amount of and accrued interest on the Subordinated Note at any time, and the Seller hereby promises to xxxx mark the Subordinated Note "CANCELED" and return it to the Buyer upon the xxx final payment thereof.

Subordinated Note. (a) On the Closing Date, the Buyer will deliver to the Seller a subordinated promissory note, payable to the order of the Seller (as the same may be amended, supplemented, endorsed or otherwise modified from time to time, together with any promissory note issued from time to time in substitution therefor or renewal thereof, being herein called the "“Subordinated Note"”). (b) The Seller shall make all appropriate record keeping entries with respect to the Subordinated Note to reflect the payments on and adjustment of the Subordinated Note. The Seller's ’s books and records shall constitute rebuttable presumptive evidence of the principal amount of and accrued interest on the Subordinated Note at any time, and the Seller hereby promises to xxxx the Subordinated Note "“CANCELED" ” and return it to the Buyer upon the final payment thereof.