Short Term Note Sample Clauses
A Short Term Note clause defines the terms under which a borrower issues a promissory note to a lender for a loan with a relatively brief maturity period, typically less than one year. This clause outlines the principal amount, interest rate, repayment schedule, and any conditions for early repayment or default. Its core practical function is to provide a clear, legally binding framework for short-term borrowing, ensuring both parties understand their rights and obligations and reducing the risk of disputes over repayment terms.
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Short Term Note. GM shall issue to the LLC a short term note, substantially in the form attached as Exhibit C to this Settlement Agreement, with the face amount of $4,015,187,871.00 (the difference between $18.5 billion and the estimated value of the UAW Related Account on January 1, 2008 (“Short Term Note”), as may be amended in accordance with Section 6.A). The Short Term Note shall carry Interest on such face amount from and including the date of the Short Term Note to, but excluding, the date of payment to the New VEBA pursuant to Sections 8.B and 12.E. The parties agree that $1 billion of the Short Term Note represents the present value of the COLA adjustments agreed to by GM and the UAW with respect to the time period between December 1, 2007 and September 1, 2011 of up to four cents per hour per quarter and continued in perpetuity, and another $1.5 billion of the Short Term Note represents GM’s agreement to pre-fund what would have been the impact of providing a 3% general wage increase to UAW represented employees in 2009.
Short Term Note. GM shall cause the LLC to pay to the New VEBA $4,015,187,871.00 in cash (which amount is equal to the face amount of the Short Term Note), plus cash in an amount equal to the Interest accrued on such amount from and including the date of the Short Term Note to, but excluding, the date of deposit in the New VEBA, as described in Section 12.E of this Settlement Agreement.
Short Term Note. The term “Short Term Note” is defined in Section 7.C of this Settlement Agreement.
Short Term Note. Buyer shall deliver to Seller at Closing Buyer's nonnegotiable, nonassignable promissory note in the principal amount of Seven Hundred Thousand Dollars ($700,000), non-interest bearing, payable in sixty equal monthly payments of Eleven Thousand Six-hundred Sixty-six Dollars and Sixty-seven Cents ($11,666.67) each beginning thirty
Short Term Note. At the Closing, Purchaser shall deliver to Seller a promissory note bearing interest at the rate of Eight (8%) percent per annum (the "Promissory Note") in the principal amount of Four Hundred Thousand Dollars ($400,000.00) repayable as follows:
Short Term Note. Concurrently with the Closing, Airline shall have executed and delivered the Short Term Note in the form of Exhibit A, with only such changes as may have been agreed to by Lessor.
Short Term Note. A promissory note of the Purchaser (the "Short Term Note") in the principal amount of $300,000 (the "Short Term Note Amount"), the form of which is attached as Exhibit A hereto, will be issued to Seller at the Closing. The Short Term Note will bear simple interest of eight (8) percent per annum. Subject Section 2.5(d) and subject to the terms of the Short Term Note, all accrued interest on the unpaid principal balance, along with the unpaid principal balance of the Short Term Note, will mature and be due and payable in full on December 31, 1997 (the "Maturity Date").
Short Term Note. At the Closing, Purchaser shall deliver to Seller a promissory note bearing interest at the rate of Eight (8%) percent per annum (the "Promissory Note") in the principal amount of Four Hundred Thousand Dollars ($400,000.00) repayable as follows: (i) A lump sum payment of TWO HUNDRED THOUSAND DOLLARS ($200,000.00) is due and payable on the first anniversary date of the Promissory Note; and (ii) A second lump sum payment of TWO HUNDRED THOUSAND DOLLARS ($200,000.00) plus any and all accrued and unpaid interest owing under the note is due and payable on the second anniversary date of the (Promissory Note). The Promissory Note is to be in such form as is attached hereto as Exhibit 2.3 2.1
Short Term Note. The Buyer shall issue a 90-day note or notes (the "Short-term Note") to the Shareholders for THREE HUNDRED THOUSAND DOLLARS ($300,000) in the aggregate. Such Short-term Note shall be interest-free and shall all due and payable ninety (90) days from the date of the Closing. A copy of the Short-term Note is attached hereto as EXHIBIT "O" the terms and ------------ conditions of which are incorporated herein.