The Promissory Note. On the Effective Date, Congoleum will issue a promissory note to the Plan Trust in the initial aggregate principal amount of $2,738,234.75 (the "Original Principal Amount") which represents 51% of the market capitalization of Congoleum as of June 6, 2003, with such amount being subject to increase in the amount, if any, by which 51% of Congoleum's market capitalization based on the average trading prices at the close of trading for the 90 consecutive trading days beginning on the one year anniversary of the Effective Date, exceeds the Original Principal Amount. This adjustment amount could result in the principal amount of the note increasing materially. For example, if the adjustment amount were calculated based on the excess of 51% of the equity value of Congoleum over $2.7 million during the 90 consecutive day trading period ended March 31, 2005, the resulting adjustment amount would be $21.2 million. The form of the Promissory Note is attached to the Plan as Exhibit "F."
The Promissory Note. The outstanding principal amount of the Loan shall be evidenced by and subject to the terms of a promissory note, dated of even date herewith, substantially in the form set forth as Exhibit 1 hereto (as amended, renewed, restated, increased, consolidated or substituted from time to time, the "Note"), payable to the order of Lender and representing the obligation of Borrower to pay Lender the amount of the Loan, with interest thereon, as prescribed in Section 1.4. All references to the "Note" in this Loan Agreement and the Security Agreement (each as defined in this Loan Agreement) and in such other agreements and documents executed and delivered in connection with this Loan Agreement shall be deemed to be references to the Note referred to in this Section.
The Promissory Note. The outstanding principal amount of the Loan shall be evidenced by and subject to the terms of a promissory note, dated of even date herewith, substantially in the form set forth as Exhibit 1 hereto (the "Note") payable to the order of the Lender and representing the obligation of the Borrower to pay the Lender the amount of the Loan, with interest thereon, as prescribed in Section 1.4. The Lender is authorized to endorse the date and amount of the Loan and each repayment of principal and/or interest with respect thereto on the Schedule A annexed to and constituting a part of the Note, which endorsement shall constitute prima facie evidence of the information endorsed.
The Promissory Note. The Promissory Note has been duly authorized, executed and delivered by the Company and constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability.
The Promissory Note. When the Company executes and delivers this Agreement to Sponsor, the Company also will execute and deliver to Sponsor a Promissory Note in the form of Exhibit A hereto (the "Note"). The Note will evidence the Company's obligation to repay the Previously Advanced Amount and all Advances Sponsor makes pursuant to this Agreement.
The Promissory Note. (b) An Assignment and Assumption Agreement, in substantially the form attached as EXHIBIT E hereto;
The Promissory Note. The promissory note (the “Note(s)”) shall be: issued by Buyer in the principal amount of $1,250,000; fully amortizing and payable monthly over two (2) years; and bear interest at the rate of 4% interest per annum. The Notes shall be in the form of Exhibit A (for Xxxx Xxxxxx) and Exhibit B (for Xxxxx Xxxxxxx). The Note will be subordinated to senior indebtedness of WGI and Buyer pursuant to that certain Subordination Agreement dated on or about the date hereof executed by Seller in favor of BMO Xxxxxx Bank N.A. (the “Subordination Agreement”). Buyer will make all payments when due under the Note to the full extent allowed by the Subordination Agreement.
The Promissory Note. The Loan shall be evidenced by and subject to the terms of the promissory note, dated today, in the form of Exhibit A (the "Note"), payable to the Company on October 1, 1997. In consideration for ongoing management, financial and accounting consultation to the Company, the Loan shall not bear interest unless and until Wicker defaults under the Note, and after default shall bear interest at a rate equal to the prime rate at NationsBank N.A. (South) plus one percent (1%) per year.