Examples of Deferred Purchase Price Note in a sentence
In the event that Ocwen fails to provide a letter of payoff or provide the release of lien of this Instrument within the time period described above, and solely as a result of Ocwen's failure to timely respond (and not as a result of any action or inaction by Borrower), Borrower fails to make a payment when due under the Term Note, Ocwen may not accelerate payments due under the Term Note, or deem payment due under the Deferred Purchase Price Note and/or BCC Note.
Ocwen shall have such 30 days to provide Borrower with a payoff letter and to provide to a title company or other escrow agent a satisfaction and release of this Instrument to be held by such escrow agent in escrow until Ocwen shall have received payment in full of the Term Note, and if applicable, the Deferred Purchase Price Note and BCC Note.
Provided that Borrower is not in default hereunder and an Event of Default has not occurred and is not continuing under any of the Transaction Documents, specifically including but not limited to the BCC Note and the Deferred Purchase Price Note, insurance proceeds shall be held by Ocwen to reimburse Borrower for the cost of restoration and repair of the Property, and the Property shall be restored to the equivalent of its original condition or such other condition as Ocwen may approve in writing.
Any waiver by Ocwen of a requirement that Borrower pay such Funds following Borrower's default in payment of any of such items or the occurrence of an Event of Default under any of the Transaction Documents, specifically including but not limited to the BCC Note and Deferred Purchase Price Note, may be revoked by Ocwen, in Ocwen's sole discretion, at any time upon notice in writing to Borrower.
The Funds shall be held by Ocwen and shall be applied to pay said rates, rents, and/or license, permit, or other fees ("Other Impositions") so long as no Event of Default has occurred under any of the Transaction Documents, specifically including but not limited to the BCC Note and/or Deferred Purchase Price Note.
In the event that, notwithstanding the foregoing provision limiting such payment, the Seller shall receive any payment or distribution on this Deferred Purchase Price Note which is not specifically permitted by Section 2.03(c) of the Purchase and Contribution Agreement, such payment shall be received and held in trust by the Seller for the benefit of the entities to whom the obligations are owed under the Sale Agreement and shall be promptly paid over to such entities.
The obligations of the Purchaser under this Deferred Purchase Price Note are subordinated in right of payment, to the extent set forth in Section 2.03(c) of the Purchase and Contribution Agreement, to the prior payment in full of all Capital, Yield, Fees and other obligations of the Purchaser under the Sale Agreement.
In addition, the Seller acknowledges the subordination provisions set forth in the promissory note evidencing the Deferred Purchase Price (the "Deferred Purchase Price Note"), the form of which is attached hereto as Exhibit B, and agrees to be bound thereby.
This Deferred Purchase Price Note is issued and delivered pursuant to that certain Note and Collateral Agency Agreement dated as of the date hereof executed by and between Obligor, certain of its subsidiaries, Obligee and Stichting Pensioenfonds voor de Gezondheid, Geestelijke en Maatschappelijke Belangen, on its own behalf and as administrative agent, as amended, supplemented or modified (the "Loan Agreement") and shall be governed by the provisions of the Loan Agreement.
This Amended and Restated Deferred Purchase Price Note (this “Note”) amends and restates that certain Secured Term Note dated as of November 7, 2006 in the original principal amount of $2,500,000 made by iBroadband, Inc.