Initial Seller Note definition
Examples of Initial Seller Note in a sentence
Subject to the provisions set forth below, the Company shall pay accrued interest on this Initial Seller Note on each Settlement Date, and shall pay accrued interest on the amount of each principal payment made in cash on a date other than a Settlement Date at the time of such principal payment.
Paragraph captions used in this Initial Seller Note are for convenience only and shall not affect the meaning or interpretation of any provision of this Initial Seller Note.
Subject to the provisions set forth below, the principal amount of and accrued interest on this Initial Seller Note may be prepaid on any Business Day without premium or penalty.
The Borrower will not enter into any amendment or modification of, or supplement to, the Sale Agreement (Step 2) or the Initial Seller Note executed by the Borrower pursuant thereto or the Borrower's Organic Documents.
This promissory note (this "Initial Seller Note") is one of the Initial Seller Notes described in, and is subject to the terms and conditions set forth in, that certain Purchase and Sale Agreement of even date herewith (as the same may be amended or otherwise modified from time to time, the "Purchase Agreement"), among the Seller, the other "Sellers" under the Purchase Agreement and the Company.
Each Seller shall return its Initial Seller Note to the Company upon the final payment thereof after the termination of this Agreement pursuant to Section 10.4 hereof.
Each Seller shall make all appropriate record keeping entries with respect to amounts due to such Seller under its Initial Seller Note to reflect payments by the Company thereon and such Seller's books and records shall constitute rebuttable presumptive evidence of the principal amount and accrued interest owed to such Seller under its Initial Seller Note.
To the extent that amounts available to make payments due hereunder on any date are insufficient to make such payments in full, the Seller shall receive a ratable portion of such available amounts based upon the respective outstanding principal amounts owed to the Seller under this Initial Seller Note and the other "Sellers" under the Purchase Agreement on such date under the other Initial Seller Notes.
Subject to the provisions set forth below, the principal amount of and accrued and unpaid interest on this Initial Seller Note may be prepaid on any Business Day without premium or penalty.
No amendment, modification or waiver of, or consent with respect to, any provision of this Initial Seller Note shall in any event be effective unless (i) the same shall be in writing and signed and delivered by the Company and [SELLER] and (ii) all consents required for such actions under the Transaction Documents shall have been received by the appropriate Persons.