Note Payable Sample Clauses

Note Payable. The Company shall have received a release from Adamjee, a form of which is attached hereto as Exhibit “E”.
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Note Payable. In addition to the Cash Portion of the Purchase Price, the Seller shall deliver a Note Payable to the Seller in the amount of One Million Dollars on the terms indicated on Exhibit 2(d) attached hereto.
Note Payable. The Company has a note payable to a bank which is payable in full in April 1998. Interest is payable monthly at the bank's prime rate plus 1.75% (effective rate of 10.25% as of July 31, 1997). The note is collateralized by substantially all of the Company's assets. The loan agreement subjects the Company to various financial and nonfinancial covenants, the most restrictive of which require the Company maintain certain levels of tangible net worth and current ratios. As of July 31, 1997, the company was in compliance with all covenants.
Note Payable. That certain Promissory Note in the original principal amount of $105,000, issued in April 2002 by HYTT to Bradley Conklin, Margaret Conklin and Susan McNear (collectively, xxx "Xxxx Xxxxxrs"), xxx xxxx xxxd in xxxx xxx XXXT has no further obligations, and the Note Holders have no further rights, thereunder, payment or otherwise.
Note Payable. Prior to Closing Seller shall pay off the note ------------ payable to Cendant Corporation and Buyer shall be entitled to no reduction in Purchase Price for such note to the extent that Seller pay it off.
Note Payable. On June 21, 2002, the Company received proceeds of $700,000 for issuance of a convertible note ("Note") payable to a third party investor. Pursuant to the terms of the Notes, the principal is due and payable on October 9, 2002 together with interest calculated at the rate of 8% per annum. The Note also contains a conversion feature that provides the holder with "conversion units" equivalent to approximately 350,000 shares of the Company's preferred stock at $2.00 per share plus a warrant to purchase up to 210,000 shares of the Company's common stock at $2.50 per share should the Company receive future financing of not less than $5,000,000. The parties to the Note are negotiating a settlement that would entitle the third party investor to 2,000,000 shares of Hy-Tech Technology Group, Inc.'s common stock in exchange for the notes cancellation.
Note Payable. It is agreed that the Company and the Consultant have negotiated past-due fees due to the Consultant. The Company has converted a portion of that past-due fees into a note payable. The terms of the note are as follows: $120,000 owed to Consultant. The term of the note is three (3) years, with a maturity date of January 1, 2022. Interest starts accruing on January 1, 2019. Interest rate for duration of note is 10%. Interest is payable on an annual basis with the first payment starting on January 1, 2020. If an interest payment is missed, then the entire interest payment can be converted to shares common stock using an average closing price for the prior ten (10) days from when the interest was due. The Consultant has forgiven a portion of past fees due to him. The Company and the Consultant agree that the note payable will be deemed as income only as it is paid, including principal. This note payable, along with the common stock issuance described above under Section 2.(b), are deemed as accepted compensation for all past due monies.
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Note Payable. Related Party The Company had a note payable to SNRY for $112,963 for services performed to start the Company. A $15,000 payment was made in January 2010. The loan was unsecured, with interest at 6% per annum. A payment of $14,500 was due February 19, 2010 with the balance of principal and interest payable in monthly amounts of $7,183 per month beginning March 2010 for 12 months. In January 2010, SNRY forgave the outstanding balance on the loan in the amount of $97,963. The Company recorded the forgiveness as a contribution of capital from SNRY. Note 10Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. The Company has provided a full valuation of deferred taxes as of January 31, 2010.
Note Payable. In November, 1995, the Company entered into a new $32,000,000 loan agreement with a single bank that extends to September 30, 2000. This agreement replaced an existing loan agreement, which was to mature on December 15, 2000. Under the new loan agreement, the Company has an unsecured reducing line of credit of $20,000,000 (Facility A Commitment), and an unsecured term loan of $12,000,000 (Facility B Commitment). The Company had aggregate advances under the Facility A Commitment of $6,200,000 outstanding at December 31, 1995. There were no aggregate advances under the Facility B Commitment outstanding at December 31, 1995. On each quarterly date commencing December 30, 1997, the Facility A Commitment shall be reduced by $1,000,000. On each quarterly date commencing June 30, 1996, the Facility B Commitment shall be reduced by $600,000. No net repayments are due as long as the amounts outstanding are below the current Facility A and Facility B Commitments. Advances under both the Facility A and Facility B Commitments bear interest at varying rates based (at the Company's Kwik Wash Laundries, Inc. and KWL, Inc. Notes to Combined Financial Statements (Continued)
Note Payable. After the applicable termination of this Agreement, Seller shall release CAVIT from any remaining liabilities associated with the note payable (see attached Exhibit C).
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