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 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 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. Buyer shall have executed and delivered to Buyer the Purchase Note in the form of Exhibit 1.3. -----------
Subordinated Promissory Note. The Seller has not sold, assigned or otherwise transferred the Note and the Note, when issued, will be free and clear of all Encumbrances that could otherwise be imposed by the Seller, except as otherwise set forth in the Company’s Senior Debt (as such term is defined in the Note).
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. Execute and deliver to Seller the Subordinated Promissory Note.
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.
Subordinated Promissory Note. This Amendment No. 1 (this “Amendment”) dated as of April 25, 2014 between Model Reorg Acquisition, LLC, a Delaware limited liability company (the “Issuer”) and Quality King Distributors, Inc., a New York corporation (the “Holder”) to that certain Amended and Restated Promissory Note dated January 7, 2011 of the Issuer payable to the order of the Holder in the principal amount of $35,000,000 (“A&R Note”) is entered into by and between the parties hereto to amend the A&R Note. Capitalized terms used herein that are not defined shall have the meaning set forth in the A&R Note.
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.
