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. 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. 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. 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. The General Partner currently holds promissory notes from the holders of the Limited Partnership Interests, in the aggregate principal amount of $__________. Upon the merger, such promissory notes will be cancelled by the General Partner, and the Company, as the sole limited partner of the Surviving Limited Partnership, shall deliver to the General Partner a promissory note in the principal amount of $__________, payable to the General Partner on the same terms and conditions as the cancelled promissory notes.

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. On November 4, 2011, the Company issued $1,535,000 in 10% demand notes (“Demand Notes”) to certain officers and directors of the Company. These were due upon the demand of the holder on or after January 3, 2012 unless, prior to that date, the holder was able to exchange these notes for 10% subordinated convertible notes. On December 30, 2011, the holders exchanged the $1,535,000 unpaid principal and $23,879 accrued and unpaid interest under their Demand Notes for new Private Placement Notes and the Demand Notes were cancelled (See Note 5 – Convertible Promissory Notes). Notes payable consists of: December 2010 Notes $ 386,520 $ 386,520 Beacon Director Note - 350,000 EQ Officer Advance Note - 150,000 Total notes payable 386,520 886,520 Less current portion (257,680 ) (407,680 ) Total notes payable, long-term portion $ 128,840 $ 478,840 Future minimum principal payments of the notes payable are as follows: 2013 $ 257,680 2014 128,840 2015 - Total $ 386,520 On March 15, 2011 (“March 15 Notes”), May 13, 2011 (“May 13 Notes”), December 30, 2011 (“December 30 Notes”) and March 30, 2012 (“March 2012 Note”), pursuant to the terms of note purchase agreements by and between the Company and each investor (each a “Private Placement Note Purchase Agreement”), the Company completed the sale of $2,500,000, $500,000, $1,858,879, and $188,959 aggregate principal amount of subordinated convertible notes (collectively, the “Private Placement Notes”), respectively, to accredited investors in private placements. Of the total amount sold of $1,858,579 for the December 30 Notes, $1,535,000 was converted from principal amount of the Demand Notes (See Note 4 –Notes Payable), $23,879 from accrued interest on the Demand Notes, $250,000 from the EQ Officer Transition Note (See Note 4 – Notes Payable), and $50,000 was received in cash. Of the total amount sold of $188,959 for the March 2012 Note, $150,000 was issued in exchange for the EQ Officer Transition Note and $38,959 for accrued and unpaid interest thereon. The aggregate amount of accrued and unpaid interest under the Private Placement Notes as of June 30, 2012 and December 31, 2011 and was $475,110 and $229,452, respectively. The Private Placement Notes bear interest at a rate of 10% per annum, are due and payable on the third anniversary of their issuance (except for the March 2012 Note, which is due and payable on December 31, 2014), and are unsecured and subordinate to the Company’s obligations to its senior lender and the ...