Examples of New Promissory Notes in a sentence
Except to the extent satisfied by the issuance of New Promissory Notes, the Reorganized Debtors shall reserve and segregate Cash in an amount equal to accrued but unpaid Fee Claims as of the Effective Date, which Cash shall be used, until all Allowed Fee Claims have been paid in full, solely for the payment of Allowed Fee Claims.
Upon entry of the Confirmation Order, the lenders party to the Club Facility, including all former lenders under the Club Facility Agreement and the Subsequent Purchasers, are authorized, and, if requested by the Creditor Plan Proponents, are directed to turnover any and all promissory notes, including the New Promissory Notes, in connection with the Club Facility.
Either of the Note Holders may convert its New Promissory Note in whole, and not in Part to Pubco Common Stock on the terms set forth in the New Promissory Notes, at any time during the term of such New Promissory Notes.
Section III.A.3 of the Disclosure Statement describes the manner in which the issuance of the New Promissory Notes is expected to provide the Reorganized Debtors with liquidity to make certain of the Cash distributions required to be made on the Effective Date under the Plan.
The parties agree that the New Promissory Notes are intended to partially replace the Old Promissory Notes and to have the same security and other rights provided for with respect to the Old Promissory Notes, except as expressly set forth herein or in the New Promissory Notes.
Subject to the terms and conditions of this Agreement, Borrower’s Existing Indebtedness shall be consolidated into, and evidenced by, two New Promissory Notes in the forms attached hereto as Exhibit A (“New Promissory Note A”) and Exhibit B (“New Promissory Note B” and together with New Promissory Note A the, “New Promissory Notes”).
Issuances of the New Promissory Notes to the Non-Claimants will be effected pursuant to Rule 506 of Regulation D promulgated under the Securities Act.
The Escrow Agent’s sole responsibility thereafter shall be to keep safely the funds in the Escrow Account and deliver the same to such person designated as the Escrow Agent shall be directed pursuant to written instructions of the parties or a final court order, provided that, not withstanding the foregoing, at any time the Escrow Agent may deposit any or all of the funds in the Escrow Account with any court of competent jurisdiction in connection with an action in the nature of interpleader.
If any default were not remedied within the applicable grace period (if any), the holders of the New Promissory Notes would be entitled to declare the amounts outstanding under the New Promissory Notes due and payable and accelerate the payment of all such amounts.
At the time of issuing the New Promissory Notes and formal approval of the merger consent agreement by the Note Holders, Premier agrees that it will pay to the Note Holders a total of TWENTY FIVE THOUSAND DOLLARS ($25,000.00), which shall be a reduction of the remaining loan principal.