Demand Notes Sample Clauses

Demand Notes. The Company shall hold Demand Notes such that, at all times, the ratio of the Value of such Demand Notes to the aggregate Unrecovered Capital of the Class A Limited Members shall be at least 1:1.

Demand Notes. 3.1 In connection with the execution and delivery of this Amendment, on April 1, 2024, the Company shall issue and sell to Purchaser, and Purchaser shall purchase from Company, a Demand Note with a principal amount of $1.5 million (the “Initial Demand Note”). 3.2 Subject to Section 3.3 and the terms and conditions of the Existing Agreement, Purchaser may purchase from Company up to $13.5 million in principal amount of Demand Notes, each at such time and in such principal amount as specified on the schedule set forth below or on such other schedule and/or in such other principal amount as the Company and Purchaser may agree, and if so purchased, the Company shall issue to Purchaser such Demand Note: 3.3 Notwithstanding anything to the contrary herein, other than with respect to the Initial Demand Note, Purchaser shall have no obligation to purchase any Demand Note, and Purchaser may decline to purchase any Demand Note in its sole discretion. 3.4 Notwithstanding anything herein to the contrary, the Company shall not issue any Conversion Shares in connection with the conversion of any Demand Note, and Purchaser shall not have any right to receive any such Conversion Shares, unless and until the Sixth Amendment Stockholder Approval Effectiveness Date occurs.

Demand Notes. Each of the Demand Notes shall have been repaid for shares of theglobe Common Stock in accordance with Section 5.17 and the terms of such Demand Note.

Demand Notes. 18 Section 4.5 Subordination........................................................................................................... 18 Section 4.6 Duty of the Trustee .................................................................................................. 19 Section 4.7 Representations of the Trustee................................................................................. 19 ARTICLE V

Demand Notes. The Shareholder shall have been released from its obligations under the Demand Notes, and the Buyer shall have provided for capitalization of the Company in the amount of at least $6 million.

Demand Notes. The Sellers shall cause each holder of a Demand Note to exercise simultaneously with the Effective Time its right to have the Demand Notes held by such holder repaid in shares of theglobe Common Stock in accordance with the original terms of such Demand Notes, which shall result in the delivery to the holder of each Demand Note of an amount of shares of theglobe Common Stock equal to the product of the number of Demand Note Company Shares deemed allocable to the Demand Notes held by such holder multiplied by the Merger Consideration Per Share. Such delivery shall be in full satisfaction of all amounts owing and all other obligations of the Company and theglobe arising under and with respect to the Demand Notes, and such delivery shall be deemed made at the Closing and the holder of the Demand Notes shall be deemed to be the record holder of such shares for all purposes. The Sellers shall deliver each Demand Note at the Closing, at which each such Demand Note shall be cancelled.

Demand Notes. The Trustee under the Series 2010-2 Supplement hereby agrees to deliver as promptly as practicable the Series 2010-2 Demand Note issued by DTAG in connection with the Series 2010-2 Supplement to DTAG for cancellation (and by its signature below, RCFC hereby consents and agrees to such delivery and cancellation).

Demand Notes. Other than pursuant to a demand thereon pursuant to Section 2.5, ABRCF shall not reduce the amount of the Series 2025-1 Demand Notes or forgive amounts payable thereunder so that the outstanding principal amount of the Series 2025-1 Demand Notes after such reduction or forgiveness is less than the Series 2025-1 Allocated Multi-Series Letter of Credit Liquidity Amount. ABRCF shall not agree to any amendment of the Series 2025-1 Demand Notes without first satisfying the Rating Agency Confirmation Condition and the Rating Agency Consent Condition.

Demand Notes. The Demand Notes shall have been discharged in full and cancelled by the Company and evidence thereof, in form and substance reasonable satisfactory to Buyer, shall have been delivered to Buyer;