Subordinated Promissory Note. On February 2, 2007, Pamida Operating made a pre-payment of $30 million to ShopKo Operating for services under the TSA and DSA and ShopKo Operating signed a Subordinated Promissory Note (the “Pamida Note”) in the same amount payable to Pamida in fifteen payments of $2 million on the last day of each month beginning February 28, 2007 and ending April 30, 2008, subject to set-off rights as set forth in the TSA and DSA. Interest accrues on a daily basis at the rate of 4.93% per annum on the unpaid principal amount and Pamida Operating has the option to call the Pamida Note in certain circumstances. The Pamida Note is subordinated to ShopKo Operating’s senior secured debt. As of February 3, 2007, the $30 million Pamida note is included in Deferred Taxes and Other Accrued Liabilities.
Subordinated Promissory Note. The Subordinated Loans shall be evidenced by Subordinated Promissory Notes, which shall be payable to the order of Lender upon the terms and conditions contained therein in a form acceptable to Lender, in its sole discretion. Payments of interest and principal shall be due monthly in the amounts and as set forth in the Subordinated Promissory Notes. All unpaid principal and unpaid accrued interest, if not sooner paid, shall be due and payable in full on the Maturity Date.
Subordinated Promissory Note. The Buyer will use commercially reasonable ---------------------------- efforts to provide in the Subordination Agreement referenced in Section 6.09 for payments when due under the Subordinated Promissory Note subject to the conditions as provided by the lending party in such Subordination Agreement. Notwithstanding the foregoing, the Buyer shall not be limited in any manner from selecting a loan commitment and entering into a Subordination Agreement pursuant thereto which, in its good faith judgment, is in the best interest of the Buyer.
Subordinated Promissory Note. The balance of the Purchase Price shall be paid by Buyer executing and delivering to Seller the Subordinated Promissory Note in the principal amount of such balance. The principal balance of the Subordinated Promissory Note delivered at Closing shall be based upon the Estimated Purchase Price, and shall subsequently be adjusted to reflect the final Purchase Price in accordance with Section 5.2.
Subordinated Promissory Note. Seller acknowledges and agrees that the Subordinated Promissory Note shall be subordinated as to payment and priority to any and all institutional lenders of PEI and its subsidiaries and in furtherance thereof, Seller shall execute such subordination agreements as may be required by such institutional lenders from time to time.
Subordinated Promissory Note. Buyer shall have executed and delivered to Buyer the Purchase Note in the form of Exhibit 1.3. -----------
Subordinated Promissory Note. Buyer will deliver to Sellers a promissory note in the form attached hereto as Exhibit A (the “Seller Note”).
Subordinated Promissory Note. Any subordinated promissory note issued pursuant to this Section 4 (each a "Subordinated Promissory Note") shall be subordinated to all other funded debt of the Company and its Subsidiaries on terms reasonably satisfactory to the Company and the lenders under the Company's senior credit facility. The principal of each Subordinated Promissory Note will be due and payable in five equal annual installments, the first such installment becoming due and payable on the first anniversary of the issuance of such Subordinated Promissory Note, and interest will accrue thereon at a rate equal to the applicable federal rate on the date of issuance and be payable annually in arrears, in each case subject to the provisions of Section 4.6. Each Subordinated Promissory Note may be prepaid in whole or in part at any time and from time to time without premium or penalty.
Subordinated Promissory Note. The execution of this Agreement and consummation of the transactions contemplated hereby shall not constitute an event of default under the $35,000,000 Promissory Note by Debtor to Creditor dated March 31, 2000.
Subordinated Promissory Note. The Subordinated Promissory Note to be issued under this Agreement, when issued by the Buyer to the Seller pursuant to the terms of this Agreement, will have been issued in compliance with all applicable federal and state securities laws, and will be free and clear of all Liens.
