Class 2 Notes or “Class 3 Notes” in a total aggregate amount outstanding at any time not to exceed $3,000,000, however such $3,000,000 shall be decreased by the principal amount of any Class 1 Notes surrendered to exercise warrants, and any Class 3 Notes converted, to purchase the Company’s common stock subsequent to August 8, 2007.”
Class 2 Notes or “Class 3 Notes” in a total aggregate amount outstanding at any time not to exceed $5,500,000, however such $5,500,000 shall be decreased by the principal amount of any Class 1 Notes surrendered to exercise warrants, and any Class 3 Notes converted, to purchase the Company’s common stock.” shall be replaced in it entirety with the following, “As used herein, "Notes" means either “Class 1 Notes,” “Class 2 Notes” or “Class 3 Notes” in a total aggregate amount outstanding at any time not to exceed $3,000,000, however such $3,000,000 shall be decreased by the principal amount of any Class 1 Notes surrendered to exercise warrants, and any Class 3 Notes converted, to purchase the Company’s common stock subsequent to August 8, 2007.”
Class 2 Notes means the aggregate in principal amount of the Company's 10% Secured Working Capital Notes due at the time the Accounts Receivable or the Letter of Credit proceeds on the orders specified in such Class 2 Note is received by the Company, together with all Class 2 Notes issued in exchange therefor or replacement thereof. Each Class 2 Note will be substantially in the form of the Class 2 Note set forth as Exhibit D hereto. Interest on the Class 2 Notes shall accrue from the Closing Date at the rate of 10% (12% if elected and no Class 2 Warrant is received). Class 2 Notes will be issued to fund working capital needs to enable the Company to manufacture and ship specified orders and will be paid as the accounts receivable of the Letter of Credit proceeds on those specified orders are received. Payments will be applied first to accrued interest and then to principal. In the event the Class 2 Notes are not paid by the Company out of receivables or Letter of Credit Proceeds and the Company defaults on its obligations on the Class 2 Notes, the Class 2 Notes will have rights to payment under the Collateral Assignment, as defined below, but such rights will be subordinate to the rights of the Class 1 Purchasers who purchased on or before April 15, 2002 and will be on a par with the Class 1 Purchasers who purchase after April 15, 2002. Class 2 Purchasers will have the right to payment out of the additional security granted to them in the Security Agreement in the Accounts and Inventory of the Company only in the event the Company voluntarily or involuntarily becomes subject to any proceedings under the Bankruptcy Code. At the time their Class 2 Note is issued or at any time their notes are outstanding, Class 2 Noteholders will have the option to elect to cease accruing Class 2 Warrants, as defined below, and to instead begin receiving interest on their Class 2 Note at the rate of 12%.
Examples of Class 2 Notes in a sentence
This Class 2 Warrant Certificate is one of the Class 2 Common Stock Purchase Warrant Certificates (the "Class 2 Warrants", which term includes all Class 2 Warrants issued in substitution therefor) originally issued in connection with the issue and sale by the Company of its Class 2 10% Secured Notes (the "Class 2 Notes").
In addition, the Company may make prepayment in full or part on the Class 2 Notes at any time.
Class 2 Notes must be paid at such times as the Company receives payment on the specified order(s) associated with such Notes, with payment being applied first to accrued interest and then to principal.
This amendment shall be effective when Class 2 Note holders holding at least 90% (ninety percent) of the principal face amount of all of the Company’s Class 2 Notes outstanding at May 17, 2011 sign this amendment.All of the Class 2 Notes held in the name of the undersigned Note holders as of May 17, 2011 shall be amended according to the terms herein.Additionally, the Class 2 Notes issued in the name of John R.
Following the Effective Date and the distribution of the Net Equity Contribution, the Class 2 Notes, the Insider Notes and the Additional Insider Notes in accordance with the Plan, Reorganized Ranch*1 may move to close the Chapter 11 Cases in accordance with section 350 of the Bankruptcy Code notwithstanding the fact that the notes have not been paid in full.
More Definitions of Class 2 Notes
Class 2 Notes means the aggregate in principal amount of the Company's 10% Secured Working Capital Notes due at the time the Accounts Receivable or the Letter of Credit proceeds on the orders specified in such Class 2 Note is received by the Company. Each Class 2 Note will be substantially in the form of the Class 2 Note set forth as Exhibit D hereto. Interest on the Class 2 Notes shall accrue from the Closing Date at the rate of 10% (12% if elected and no Class 2 Warrant is received). Class 2 Notes will be issued to fund working capital needs to enable the Company to manufacture and ship specified orders and will be paid as the accounts receivable of the Letter of Credit proceeds on those specified orders are received. Payments will be applied first to accrued interest and then to principal. In the event the Class 2 Notes are not paid by the Company out of receivables or Letter of Credit Proceeds and the Company defaults on its obligations on the Class 2 Notes, the Class 2 Notes will have rights to payment under the Collateral Assignment, as defined below, but such rights will be subordinate to the rights of the Class 1 Purchasers who purchased on or before April 15, 2002 and will be on a par with the Class 1 Purchasers who purchase after April 15, 2002. Class 2 Purchasers will have the right to payment out of the additional security granted to them in the Security Agreement in the Accounts and Inventory of the Company only in the event the Company voluntarily or involuntarily becomes subject to any proceedings under the Bankruptcy Code. At the time their Class 2 Note is issued or at any time their notes are outstanding, Class 2 Noteholders will have the option to elect to cease accruing Class 2 Warrants, as defined below, and to instead begin receiving interest on their Class 2 Note at the rate of 12%.
Class 2 Notes in a total aggregate amount not to exceed $2,000,000" shall be modified to read, "As used herein, "Notes" means either "Class 1 Notes" or "Class 2 Notes" in a total aggregate amount outstanding at any time not to exceed $2,500,000."
Class 2 Notes or “Class 3 Notes” in a total aggregate amount outstanding at any time not to exceed $5,500,000,, however such $5,500,000 shall be decreased by the principal amount of any Class 1 Notes surrendered to exercise warrants, and any Class 3 Notes converted, to purchase the Company’s common stock.” shall be replaced in it entirety with the following, “As used herein, "Notes" means either “Class 1 Notes,” “Class 2 Notes” or “Class 3 Notes” in a total aggregate amount outstanding at any time not to exceed $3,000,000, however such $3,000,000 shall be decreased by the principal amount of any Class 1 Notes surrendered to exercise warrants, and any Class 3 Notes converted, to purchase the Company’s common stock subsequent to August 8, 2007.” Section 1. (k) (ii): There following shall be added to this section: “Class 2 Note holders may elect to receive accrued Class 2 warrants at the time said Class 2 Note holders amend their notes. In addition to electing to receive accrued Class 2 warrants at the time Class 2 Note holders amend their notes, Class 2 Note holders may also elect to receive accrued Class 2 warrants once each calendar quarter.”
Class 2 Notes or “Class 3 Notes” in a total aggregate amount outstanding at any time not to exceed $3,000,000, however such $3,000,000 shall be decreased by the principal amount of any Class 1 Notes surrendered to exercise warrants, and any Class 3 Notes converted, to purchase the Company’s common stock subsequent to August 8, 2007.” Section 1. (k) (ii): There following shall be added to this section: “Class 2 Note holders may elect to receive accrued Class 2 warrants at the time said Class 2 Note holders amend their notes. In addition to electing to receive accrued Class 2 warrants at the time Class 2 Note holders amend their notes, Class 2 Note holders may also elect to receive accrued Class 2 warrants once each calendar quarter.”
Class 2 Notes in a total aggregate amount not to exceed $2,000,000. (i) "Class 1 Notes" means the aggregate in principal amount of the Company's 10% Secured Notes due four (4) years from the Closing Date for each Purchaser, together with all Notes issued in exchange therefor or replacement thereof. Each Note will be substantially in the form of the Note set forth as Exhibit B hereto. Interest on the Notes shall accrue from the Closing Date and shall be payable quarterly on the 30th day of March, June, September and December of each year (the "Quarterly Payment Dates"), commencing as to each Purchaser on the Quarterly Payment Date next following their Closing Date (which first interest payment shall be for the period from and including the Closing Date specified in Section 2 hereof through and including the next occurring Quarterly Payment Date) at the interest rates and in the manner specified in the form of Note attached hereto as Exhibit B. Principal on the Notes shall be paid in quarterly installments on the Quarterly Payment Dates beginning after one year from the Closing Date for each Purchaser through and including the Quarterly Payment Date immediately preceding the fourth anniversary from the Closing Date for such Purchaser. All Notes issued on or before April 15, 2002, in the total amount of $1,050,000 are Class 1 Notes. Class 1 Notes issued after April 15, 2002 will be subordinated to the Class 1 Notes issued on or before April 15, 2001 in their rights to receive payment under the Collateral Assignment, as defined below.
Class 2 Notes or "Class 3 Notes" in a total aggregate amount outstanding at any time not to exceed $4,000,000. Class 1 Notes and Class 2 Notes shall not exceed $3,000,000 outstanding, however such $3,000,000 shall be decreased by the principal amount of any Class 1 Notes exchanged for Class 3 Notes, as provided in Section 1(c), below.