Notes Payable. The term "Notes Payable" shall mean any and all indebtedness of Seller (i) pursuant to a credit facility dated March 13, 1997 ("WCMA Note, Loan and Security Agreement") between Seller and Xxxxxxx Xxxxx Financial Business Services, Inc. in the aggregate original principal amount of $300,000 due March 1998, or (ii) to Citibank.
Notes Payable. The notes payable referred to in Section ------------- 4.15(c) shall have been paid prior to or at Closing and such payment shall not be accomplished by using Company assets or incurring Company debt.
Notes Payable. With respect to the Borrower and all Restricted ------------- Subsidiaries, all Indebtedness for Money Borrowed other than promissory notes issued as xxxxxxx money for contracts, non-recourse promissory notes for seller financing and notes payable for insurance premiums and capitalized lease obligations.
Notes Payable. The term “
Notes Payable. EXHIBIT C --------- Attached is the results of a UCC lien and judgment lien search conducted through December 5, 2000 by Charles Baclet and Associatxx, Xxx. xx Xxcember 27, 2000. EXHIBIT D --------- EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES -------------------------------------------- The following are exceptions to the indicated representations and warranties of the Company contained in Section 3 of the Debenture Placement Agreement (the "Agreement"):
Notes Payable. At December 31, 1998 and 1997, notes payable consisted of the following: 1998 1997 -------- -------- Senior Credit Facility................................. $101,463 $110,000 Senior Subordinated Notes.............................. 100,000 100,000 -------- -------- 201,463 210,000 Less current portion................................... (3,398) (1,350) -------- -------- $198,065 $208,650 ======== ======== Senior Credit Facility--In connection with the Recapitalization, the Company entered into a Senior Credit Facility agreement on December 29, 1997, which provides for a revolving credit facility of $90,000 which, subject to certain conditions, can be increased to $115,000 and a term loan facility totaling $110,000. This agreement is secured by a pledge of substantially all of the Company's assets. The revolving credit facility is for a period of five years and requires a cleandown to less than $15,000 for thirty consecutive days during each twelve month period beginning April 1, 1998. Borrowings are limited to the lessor of $90,000 (unless the maximum has been increased to as much as $115,000, as provided for in the agreement) or 50% (60% from July 1-October 31 of each year) of eligible inventory, as defined. The availability is further reduced by the aggregate undrawn amount of outstanding letters of credit. At the Company's option, the amount borrowed will bear interest at either LIBOR plus 2.50% or the lender's alternate base rate plus 1.50%. There is a provision within the agreement to reduce the interest rates as the leverage ratio is reduced. The interest rate was reduced by 0.25% in early 1999 due to an improvement in the leverage ratio at December 31, 1998. The term loan facility consists of two tranches designated A and B. Tranche A term loans are for $40,000 and mature in five years while Tranche B term loans are $70,000 and mature in seven years. At the Company's option, Tranche A term loans bear interest at LIBOR plus 2.50% or the Alternate Base Rate plus 1.50%. Tranche B term loans bear interest at LIBOR plus 3.00% or the Alternate Base Rate plus 2.00%. The term loan interest rates will also be reduced as the leverage ratio is reduced. The interest rate was reduced by 0.25% in early 1999 due to an improvement in the leverage ratio at December 31, 1998. The Company had no balances outstanding related to the revolving line of credit at December 31, 1998. The remaining availability under the credit facility was $40,600 at December 31, 1998. As of D...
Notes Payable. December 2010 Notes On December 31, 2010, in connection with the repurchase and cancellation of 3,513,959 shares of its common stock, the Company paid an aggregate consideration of $515,361, consisting of $128,841 in cash and issued $386,520 in aggregate principal amount of promissory notes to two former employees of the Company (the “December 2010 Notes”). The December 2010 Notes accrue interest at a rate of 0.35% per annum, are subordinate to the Company’s obligations to the Bank, are payable in annual installments aggregating $128,840, plus accrued interest, and mature on December 30, 2013. During December 2011, pursuant to the terms of such subordination, the Company was precluded from making the 2011 annual installment payment and, accordingly, the Company deferred the payment of the 2011 annual installment until December 2012.
Notes Payable. Set forth on Schedule 6.15 for each of the Company and each Company Subsidiary is a list containing all promissory notes or other debt instruments payable by the Company or any Company Subsidiary to any former stockholder of the Company or any Company Subsidiary in connection with the repurchase of securities of the Company or any Company Subsidiary. Prior to Closing, the Company shall satisfy its obligations under the instruments listed in Schedule 6.15.
Notes Payable. The Company shall have delivered to Buyer evidence of the satisfaction of the obligations of the Company or any Company Subsidiary under, and the termination of, the instruments listed on Schedule 6.15, in form and substance reasonably acceptable to Buyer.
Notes Payable. Any liability or obligation of Servco that arises prior to the Effective Date and relates to any long-term debt, interest-bearing debt, line of credit or note payables or other encumbrances, including any accrued interest concerning the same. The Note Payable(s) are set forth on Schedule 3.4.1.
