Payment Note definition

Payment Note means a note, issued to the Asbestos Personal Injury Trust by the Reorganized Debtors as co-obligors in the principal amount of $1.0 million, in substantially the form of Exhibit I.A.98. As reflected in Exhibit I.A.98, the Payment Note will (a) beginning on the second anniversary of the Effective Date, bear interest at a rate of 10 percent per annum;

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Payment Note means a note, substantially in the form included in the Plan Supplement, issued to the Asbestos Trust by the Reorganized Debtor as obligor in the principal amount of $8.5 million. The Payment Note will (a) beginning on the third anniversary of the Effective Date, bear interest at a rate equal to 1.75% plus the U.S. Prime Rate (as published in the Wall Street Journal on the date set forth in the note) per annum on the amount of the unpaid principal,

Payment Note means a note, substantially in the form included in the Plan Supplement, issued to the Asbestos Trust by the Reorganized Debtor as obligor in the principal amount of $8.5 million. The Payment Note will (a) beginning on the third anniversary of the Effective Date, bear interest at a rate equal to 1.75% plus the U.S. Prime Rate (as published in the Wall Street Journal on the date set forth in the note) per annum on the amount of the unpaid principal, (b) mature on the fifth anniversary of the Effective Date, (c) be secured by the Pledge, and (d) provide for payment in full of the principal amount of the Payment Note on or before the Payment Note’s maturity date. The Payment Note may be prepaid, in whole or in part, at any time after the Effective Date, without penalty or premium. Pursuant to the Payment Note and the Pledge Agreement, upon the occurrence of a Payment Default, the Asbestos Trust may, upon written notice to the Reorganized Debtor and O-I Glass, foreclose on the Pledge. During the period in which the Payment Default has occurred and is continuing, interest will accrue at a rate equal to 3.75% plus the U.S. Prime Rate (as published in the Wall Street Journal on the date that the Payment Default occurs) per annum on the amount of the unpaid principal. A Payment Default shall not provide a basis for the Asbestos Trust or any other party in interest to contend that a material breach of this Plan has occurred or that any Protected Party is no longer entitled to the protections provided to such Protected Party pursuant to this Plan, including without limitation the protections of the Asbestos Channeling Injunction, the related indemnification by the Asbestos Trust, and the settlement of the Estate’s claims.

Examples of Payment Note in a sentence

• On and after the date, if any, that the Post-Breach Reference Payment Note is released to AOLB and AOLB, both the Pre-Breach Reference Payment Note and the Post-Breach Reference Payment Note, collectively, shall be deemed to be the Released Reference Payment Note.

• For purposes of Section 11 hereof, unless and until the Post-Breach Reference Payment Note is released to AOLA and AOLB, the Pre- Breach Reference Payment Note shall be deemed to be the Released Reference Payment Note.

• Upon receipt of any Payment Note (as defined in the Put Option Agreement) by any Preferred A or Preferred B Shareholder pursuant to the Put Option Agreement, the Borrower and the Holder shall promptly enter into the Intercreditor Agreement in the form of Exhibit A hereto.

• Itau shall not be entitled to exercise its option to substitute a Substituted Reference Payment Note in accordance with the terms of this subsection unless Itau shall deliver such Substituted Reference Payment Note to AOLA and AOLB by hand delivery or by reputable overnight mail service within five (5) days of the delivery by the Escrow Agent of the Released Reference Payment Note to AOLA and AOLB.

• Free Vehicle Payment Plan Agreement - PDF | Word | eForms If you want to create a contract in which the buyer will pay in one lump sum, use "Sales Contract (Lump-Sum Payment)." Note that a sales contract doesn't complete a sale -- for that, you'll need a "Bill of Sale for Goods." Sellers often want to create a "Security Agreement for Sale of Goods" to provide collateral for this type of sales contract.

• If Itau fails to make such payment, then AOLA and AOLB shall be entitled to deliver to the Escrow Agent a Certificate of Release of Reference Payment Note (in the form attached to the Escrow Agreement) for the purpose of releasing such Substituted Reference Payment Note to AOLA and AOLB.

• The Substituted Reference Payment Note shall be identical in all respects to the Released Reference Payment Note except that the Substituted Reference Payment Note shall have a stated principal amount equal to such Reference Payment.

• The Substituted Acceleration Payment Note shall be identical in all respects to the Released Acceleration Payment Notes except that the Substituted Acceleration Payment Note shall have a stated principal amount equal to such Acceleration Payment.

• Both Substituted Reference Payment Notes shall be identical in all respects to the Released Reference Payment Note except that one of the Substituted Reference Payment Notes shall have a stated principal amount equal to the Pre-Breach Reference Payment, and one Substituted Reference Payment Note shall have a stated principal amount equal to the Post-Breach Reference Payment.

• The making of such payment shall not entitle Itau to a release of any Reference Payment Note held in escrow pursuant to the terms of the Escrow Agreement.

More Definitions of Payment Note

Payment Note. The lease contract payment period is monthly unless otherwise indicated.) LESSOR ACCEPTANCE