Exchange Promissory Note definition

Exchange Promissory Note means an unsecured promissory note of the Corporation in such form as the Corporation shall reasonably prescribe with a maturity date ninety (90) days after the date of issuance of such note. Such Exchange Promissory Note shall bear interest in a amount equal to (i) in the case of the substitution of an Exchange Promissory Note for Paired Shares constituting Excess Shares pursuant to Section 3(e) hereof, the amount of any dividends paid during the period that such note remains outstanding on a number of Paired Shares equal to the number of Paired Shares for which such Exchange Promissory Note is being substituted and (ii) in the case of the substitution of an Exchange Promissory Note for any shares of Class B EPS constituting Excess Shares pursuant to such Section, the amount of any dividends accrued (whether or not paid) during the period that such note remains outstanding on a number of shares of Class B EPS equal to the number of shares of Class B EPS for which such Exchange Promissory Note is being substituted, which interest shall be payable on the dates of payment of the corresponding dividends.
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Exchange Promissory Note means an unsecured promissory note of the Trust in such form as the Trust shall reasonably prescribe with a maturity date ninety (90) days after the date of issuance of such note. Such Exchange Promissory Note shall bear interest in an amount equal to the amount of any dividends paid during the period that
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Exchange Promissory Note means an unsecured promissory note of the Trust in such form as the Trust shall reasonably prescribe with a maturity date ninety (90) days after the date of issuance of such note. Such Exchange Promissory Note shall bear interest in a amount equal to the amount of any dividends paid during the period that such note remains outstanding on a number of Paired Shares equal to the number of Excess Shares for which such Exchange Promissory Note is being substituted pursuant to paragraph (a)(ii) of Article 6.15.5 hereof, which interest shall be payable on the dates of payment of the corresponding dividends.
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Examples of Exchange Promissory Note in a sentence

  • Following the date of any Triggering Event, the Purchaser may elect in its sole discretion to exchange Preferred Shares having a Stated Value of up to two million dollars ($2,000,000) plus any accrued but unpaid dividends owing on such Preferred Shares (the “Exchanged Amount”) for the Exchange Promissory Note having an initial principal amount equal to the Exchange Amount.

  • All such costs and expenses shall bear interest from the date of outlay until paid, at the highest rate set forth in the Exchange Promissory Note, or if none is so stated, the highest rate allowed by law.

  • In furtherance of the foregoing, the Company shall deliver to the Holder a duly executed copy of the Exchange Promissory Note on the Initial Tranche Closing Date to be held in escrow until the Purchaser shall deliver a notice following a Triggering Event whereby it shall elect to convert Preferred Shares for the Exchange Promissory Note (the “Exchange Notice”).

  • Such Exchange Notice shall set forth the Exchanged Amount and the maturity date of the Exchange Promissory Note, which shall be six months following the delivery of the Exchange Notice, and the Company hereby authorizes the Purchaser to insert such amount and date in the Exchange Promissory Note.

  • The Company shall pay to Secured Party upon demand all such advances made by Secured Party with interest thereon at the highest rate set forth in the Exchange Promissory Note, or if none is so stated, the highest rate allowed by law.

  • If Purchaser does not elect to deliver an Exchange Notice, following such date as there shall be no outstanding Preferred Shares, upon their redemption or conversion in full, the Purchaser agrees that it shall return the Exchange Promissory Note to the Company for cancellation.


More Definitions of Exchange Promissory Note

Exchange Promissory Note means a secured promissory note in the form of Exhibit E hereto issuable to the Purchaser in accordance with Section 4.25.
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