Subscription Notes Clause Samples

Subscription Notes. In order to effect the issuance of the paired shares of common stock and OP units which were issued in connection with certain of the Companies' mergers, other acquisition transactions and equity transactions, Patriot and Wyndham have issued promissory notes to fund the issuance of paired shares and OP units. These promissory notes are referred to as subscription notes. As of December 31, 1998, Patriot's obligations to ▇▇▇▇▇▇▇ under the subscription notes totaled $91,020. In connection with each issuance of shares and OP units pursuant to a specific transaction, these subscriptions for shares and OP units are funded through the issuance of promissory notes between the Companies. The notes bear interest ranging from 6.06% to 8.7% per annum and mature from 1999 through 2001. As of December 31, 1998, ▇▇▇▇▇▇▇'s obligations to Patriot under a subscription note totaled $133,669. The note bears interest at 8.7% per annum and mature January 2001.