Member Notes definition

Member Notes means any promissory notes issued under Article 3 of this Agreement, including a Mandatory Shortfall Note, Mandatory Equalization Note, Continuing Mandatory Note, Optional [***] Shortfall Note, Optional [***] Equalization Note or Optional Other Shortfall Note outstanding pursuant to the terms of this Agreement.

Member Notes means, collectively that certain: (a) Promissory Note, dated December 15, 2017, issued by the Company in favor of Scott Peyree,

Member Notes means, collectively that certain: (a) Promissory Note, dated December 15, 2017, issued by the Company in favor of Xxxxx Xxxxxx, (b) Promissory Note, dated December 15, 2017, issued by the Company in favor of Xxxx Xxxxxxxx and (c) Promissory Note, dated December 15, 2017, issued by the Company in favor of Xxxxxx Xxxxxx.

Examples of Member Notes in a sentence

• The closing of the purchase and sale of the Minority Member’s remaining Interest and any outstanding Member Notes held by the Minority Member (the “Minority Closing”) shall take place as of the last day of the Fiscal Month in which the notice is delivered (unless such notice is delivered within the last ten (10) days of the end of a Fiscal Month, in which case the Minority Closing shall take place on the last day of the first full Fiscal Month thereafter).

• The financial plan identifies a franchise for the food outlet paying in year 1 £13,615.

• Member Notes or Bonds: Occasionally a Lodge will borrow money from members and issue notes or bonds as security.

• The Member Notes were previously subordinated debt that were modified during the year ended September 30, 2018 to eliminate the subordination provision.

• This Note is being issued as part of a series of similar convertible notes of comparable terms all being issued by Maker on or about the date hereof in an aggregate principal amount of up to $[ ] (collectively, and together with this Note and the Member Notes, the “Transaction Notes”).

More Definitions of Member Notes

Member Notes means the indebtedness of KST LLC to various Persons set forth on Schedule 1.1(c) hereto. "New EWH" shall have the meaning ascribed to such term in recital 2(r). "New KST Corp" shall have the meaning ascribed to such term in recital 2(v). "New KST LLC" shall have the meaning ascribed to such term in recital 2(m).

Member Notes means (i) the Demand Promissory Notes, each dated August 1, 2005, held by Michael Kaplan, Rick Floyd, Peter Norden and Martin Levine in the aggregate principal amount of $10,833,000 and (ii) the Second Amended and Restated Non-Negotiable Subordinated Promissory Notes, each dated August 1, 2005, held by Michael Kaplan, Peter Norden and Martin Levine in the aggregate principal amount of $7,500,000.

Member Notes means a series of notes of the Company that: (i) are issued pro rata, to the members of the Company in contemplation of the Initial Public Offering; (ii) have terms specifying that principal amounts thereof may be paid only by proceeds from the Initial Public Offering; (iii) shall automatically be converted into membership interests, pro rata, (a) if not paid with proceeds of the Initial Public Offering within 90 days of issuance or (b) upon the occurrence of an event of default under the Notes; (iv) have a stated maturity after the Notes; (v) are expressly subordinated in right of payment to the prior payment in full of the Notes; (vi) have stated interest payment dates no more often than semi-annually; (vii) have a stated interest rate of less than 10%; (viii) are unsecured; (ix) are not redeemable prior to stated maturity except from the proceeds of the Initial Public Offering; and (x) do not contain any terms or covenants which would cause the Member Notes to be in default prior to the Notes.

Member Notes means unsecured and non-subordinated indebtedness for money borrowed by the Company from Members and employees of the Company evidenced by short-term promissory notes bearing interest at market rates issued to Members and to employees of the Company, as applicable, in compliance with the provisions of Section 7.16.

Member Notes has the meaning set forth in the Disclosure Schedules.

Member Notes means any promissory notes issued under Article 3 of this Agreement, including an Optional **** Shortfall Note, Optional **** Equalization Note or Other Optional Shortfall Note outstanding pursuant to the terms of this Agreement.

Member Notes means (i) the Demand Promissory Notes, each dated August 1, 2005, held by Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxx Xxxxxx and Xxxxxx Xxxxxx in the aggregate principal amount of $10,833,000 and (ii) the Second Amended and Restated Non-Negotiable Subordinated Promissory Notes, each dated August 1, 2005, held by Xxxxxxx Xxxxxx, Xxxxx Xxxxxx and Xxxxxx Xxxxxx in the aggregate principal amount of $7,500,000.