Short Term Note and Stock Pledge Sample Clauses

Short Term Note and Stock Pledge. Seller shall accept from Buyer a Promissory Note ("Short Term Note") in the full amount of the Purchase Price intended to provide bridge loan financing to Buyer. This Short Term Note shall accrue interest at the rate of eight and one-half percent (8.50%) per annum. Principal and interest shall be payable in a single, balloon payment due by or before the December 31, 1997 maturity date. In the event that Buyer has a binding commitment for its permanent take-out financing and is in the final stages of closing on that financing, then Buyer shall have a grace period of up to twenty (20) days from the maturity date to complete payment of the Short Term Note. In the event that Buyer assigns its rights under this Agreement, and closes in the name of a subsidiary or affiliate, this Short Term Note shall be given by such assignee but guaranteed by Buyer. The Short Term Note shall be secured by a collateral assignment and possessory pledge of all of the issued and outstanding stock of the assignee corporation, or of Buyer if no assignment is made. The possessory pledge shall be accomplished by delivery of signed stock powers as to all of the outstanding stock of the Buyer Corporation, into an escrow to be held by Seller's attorney. Buyer shall pay all its costs associated with the preparation and delivery of this Short Term Note and the stock pledge, including any transfer taxes associated with same. Buyer acknowledges and recognizes that its purchase of the Gettysburg Division Assets will initially be subject and subordinate to the existing mortgage and blanket liens in favor of National Bank of Canada ("NBC"). The NBC mortgage and liens shall remain in place until such time as Buyer arranges its permanent, take-out financing by or before the December 31, 1997 maturity date, at which time Buyer shall repay the Short Term Note, in full, and Seller shall deliver releases of the NBC mortgage and liens at Seller's expense. The Buyer's repayment of the Short Term Note shall include at least $1,160,000 of principal repayment in the form of cash and a sum not to exceed $290,000 by delivery of Buyer's longer term promissory note, described in subparagraph (d) below.
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Related to Short Term Note and Stock Pledge

  • Agreement to Purchase and Sell Stock Subject to the terms and conditions of this Agreement, the Company agrees to sell to each of the Investors at the Closing (as defined below), and each of the Investors agrees to purchase from the Company at the Closing, the number of shares of the Company's Common Stock set forth opposite such Investor's name on the Schedule of Investors (collectively, the "Shares") at a price of $39.00 per share.

  • Stock Pledge Agreement The term "Stock Pledge Agreement" shall have the meaning set forth in Section 6.3(xiii).

  • Registration Rights Agreement and Escrow Agreement The parties have entered into the Registration Rights Agreement and the Escrow Agreement, each dated the date hereof.

  • Agreement to Purchase and Sell On the terms and subject to the conditions set forth in this Agreement, each Originator, severally and for itself, agrees to sell to the Buyer, and the Buyer agrees to purchase from such Originator, from time to time on or after the Closing Date, but before the Purchase and Sale Termination Date (as defined in Section 1.4), all of such Originator’s right, title and interest in and to:

  • Stock Purchase Agreement Each Purchaser understands and agrees that the conversion of the Notes into equity securities of the Company will require such Purchaser’s execution of certain agreements relating to the purchase and sale of such securities as well as any rights relating to such equity securities.

  • Pledge and Security Agreement The security interest granted pursuant to this Agreement is granted in conjunction with the security interest granted to the Security Agent for the Secured Parties pursuant to the Pledge and Security Agreement, and the Grantors hereby acknowledge and affirm that the rights and remedies of the Security Agent with respect to the security interest in the Copyright Collateral made and granted hereby are more fully set forth in the Pledge and Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Agreement is deemed to conflict with the Pledge and Security Agreement, the provisions of the Pledge and Security Agreement shall control.

  • Treatment as a Security Agreement Pursuant to Section 1 hereof, the Seller has conveyed to the Purchaser all of its right, title and interest in and to the Mortgage Loans. The parties intend that such conveyance of the Seller’s right, title and interest in and to the Mortgage Loans pursuant to this Agreement shall constitute a purchase and sale and not a loan. If such conveyance is deemed to be a pledge and not a sale, then the parties also intend and agree that the Seller shall be deemed to have granted, and in such event does hereby grant, to the Purchaser, a first priority security interest in all of its right, title and interest in, to and under the Mortgage Loans, all payments of principal or interest on such Mortgage Loans due after the Cut-Off Date, all other payments made in respect of such Mortgage Loans after the Cut-Off Date (and, in any event, excluding scheduled payments of principal and interest due on or before the Cut-Off Date) and all proceeds thereof, and that this Agreement shall constitute a security agreement under applicable law. If such conveyance is deemed to be a pledge and not a sale, the Seller consents to the Purchaser hypothecating and transferring such security interest in favor of the Trustee and transferring the obligation secured thereby to the Trustee.

  • Purchase and Sale of Convertible Debentures 5 2.1 Purchase and Sale; Purchase Price..........................................................................5 2.2 Execution and Delivery of Documents; the Closing...........................................................6 2.3 The Post-Closing...........................................................................................7

  • Securities Purchase Agreement This Agreement and the transactions contemplated hereby have been duly and validly authorized by the Company, this Agreement has been duly executed and delivered by the Company and this Agreement, when executed and delivered by the Company, will be, a valid and binding agreement of the Company enforceable in accordance with its terms, subject as to enforceability to general principles of equity and to bankruptcy, insolvency, moratorium, and other similar laws affecting the enforcement of creditors’ rights generally.

  • Asset Purchase Agreement The transactions contemplated by the Asset Purchase Agreement shall have been consummated.

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