Promissory Note. At the discretion of the Board of Directors, all or a portion of the Purchase Price or Exercise Price (as the case may be) of Shares issued under the Plan may be paid with a full-recourse promissory note. The Shares shall be pledged as security for payment of the principal amount of the promissory note and interest thereon. The interest rate payable under the terms of the promissory note shall not be less than the minimum rate (if any) required to avoid the imputation of additional interest under the Code. Subject to the foregoing, the Board of Directors (at its sole discretion) shall specify the term, interest rate, amortization requirements (if any) and other provisions of such note.
Promissory Note. To the extent that a Stock Option Agreement or Restricted Stock Agreement so provides, payment may be made all or in part by delivering (on a form prescribed by the Company) a full-recourse promissory note.
Promissory Note. The Company promises to repay the unpaid principal balance of the loans on the last day of the term of the Commitment. In addition to the above, the Company promises to pay interest on the unpaid principal balance of the loans at the times and in accordance with the provisions set forth in Section 4 hereof. This note replaces and supersedes, but does not constitute payment of the indebtedness evidenced by, the promissory note set forth in the Supplement being amended and restated hereby.
Promissory Note. The Company promises to repay the loans as follows: (1) in two equal, consecutive quarterly installments of $500,000.00, with the first such installment due on February 20, 2007, and the last such installment due on May 20, 2007; (2) in 15 equal, consecutive quarterly installments of $1,100,000.00, with the first such installment due on August 20, 2007, and the last such installment due on February 20, 2011; and (3) followed by a final installment in an amount equal to the remaining unpaid principal balance of the loans on May 20, 2011. If any installment due date is not a day on which CoBank is open for business, then such installment shall be due and payable on the next day on which CoBank is open for business. In addition to the above, the Company promises to pay interest on the unpaid principal balance hereof at the times and in accordance with the provisions set forth in Section 4 hereof. This note replaces and supersedes, but does not constitute payment of the indebtedness evidenced by, the promissory note set forth in the Supplement being amended and restated hereby.
Promissory Note. With the Committees consent, all or any part of the Exercise Price and any withholding taxes may be paid by delivering (on a form prescribed by the Company) a full-recourse promissory note.
Promissory Note. The Loan shall be evidenced by the Promissory Note of the Borrower attached hereto as an exhibit payable to the order of the lender in the Principal Amount and otherwise duly completed.
Promissory Note. Borrower's obligation to repay the Loan will be evidenced by Promissory Notes in favor of each Lender. The Advances made by each Lender shall be evidenced by a single Promissory Note, dated, in the case of (i) any Lender party hereto as of the Closing Date, or (ii) any Lender that becomes a party hereto pursuant to an assignment, as of the effective date of the assignment, payable to the order of such Lender in a principal amount equal to its commitment as in effect on such date, and otherwise duly completed. In the event that any Lender's commitment increases or decreases for any reason, Borrower shall deliver on the effective date of such increase or decrease (and upon the surrender of any then existing Promissory Note evidencing the same obligation), a new Promissory Note payable to the order of such Lender in a principal amount equal to its commitment after giving effect to such increase or decrease, and otherwise duly completed. Each Lender will record on its books the date, amount and interest rate of each Advance made by such Lender, as well as a record of all principal payments made by Borrower in respect of such Promissory Note. If such Promissory Note is transferred to another holder, the applicable Lender may prepare a schedule of that information and attach it to such Promissory Note. However, neither an error in the recordation of that information on such Lender's books nor the failure to prepare and attach a schedule of that information to such Promissory Note when it is transferred to another holder will affect such Lender's or Borrower's rights and obligations in respect of such Promissory Note or the validity of any transfer of such Promissory Note to another holder.
Promissory Note. As a condition for the execution of this Agreement by the Investor, the Company shall issue to the Investor a 10% promissory note in the principal amount equal to $50,000.00 (the "Note") on the Subscription Date. The Note shall have no registration rights.
Promissory Note 2,620,000.00 Hampton, South Carolina October 15, 1996 FOR VALUE RECEIVED, the undersigned SAFETY DISPOSAL SYSTEM OF SOUTH CAROLINA, INC., a South Carolina corporation ("Borrower"), promises to pay to the order of CHAMBERS MEDICAL TECHNOLOGIES OF SOUTH CAROLINA, INC., a South Carolina corporation ("Chambers"), at the office of the Chambers at 3001 South Pioneer Drive, Smyrna, Georgia 30080, or at such other place as the holder hereof may from time to time designate in writing, the principal sum of TWO MILLION SIX HUNDRED TWENTY THOUSAND ($2,620,000.00) DOLLARS, without interest thereon. The principal shall be payable in lawful money of the United States, on the dates and in the amounts specified below, to wit: The principal balance of the Note shall be paid quarterly commencing January 1997 and payable on the first business day of each calender quarter thereafter as follows: (i) $52,500 per quarter in the first year; (ii) $102,500 per quarter in the second year; (iii) $225,000 per quarter during the third year: and (iv) $275,000 per quarter in the fourth year. Borrower will be required to make prepayments of principal during the first two years of the Note, if in either year, it burns at least 72,000,000 pounds of waste during such year. Such prepayment shall be made by February 28 of the following year in an amount equal to $.005 per pound for each pound burned in excess of 72,000,000 pounds up to 84,000,000 pounds and $.01 per pound for each pound in excess of 84,000,000 pounds. The prepayments shall reduce the principal payments due in the fourth year of the Note. Notwithstanding anything herein to the contrary, principal payments in the first two years of the Note, including any required prepayment, shall not exceed $700,000 per year. Buyer shall have the right to prepay the principal, in whole or in part, at any time during the term of the Note at a discount of 5% per year of prepayment in accordance with the amortization schedule attached hereto. Borrower shall pay all amounts owing under this Note in full when due without set-off, counterclaim, deduction or withholding for any reason whatsoever, including any amounts that may be owed under that certain Asset Purchase Agreement between Borrower and Chambers dated August 29, 1996. If Borrower fails to make any payment of any sums payable pursuant to the terms of this Note after thirty (30) days written notice, or if default or other event causing the acceleration of this Note occur under the Mortgage ...