UNSECURED PROMISSORY NOTE Sample Clauses

UNSECURED PROMISSORY NOTE. A portion of the Purchase Price shall be payable by the issuance by Buyer to Sellers of unsecured promissory notes, in the form attached hereto as EXHIBIT B (the "Unsecured Promissory Notes"), in an aggregate principal amount of One Million Dollars ($1,000,000), which shall accrue interest at a rate of 9% per annum. The Unsecured Promissory Notes shall be payable over three years in equal monthly installments of principal and interest, based upon a ten (10) year amortization schedule, on the first day of each month commencing on December 1, 2000 and continuing on the first day of each month thereafter to and including November 1, 2003, on which date all accrued and unpaid interest and the remaining balance of the principal then outstanding shall be due and payable.
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UNSECURED PROMISSORY NOTE. At the Consummation, the Buyer will provide to each Shareholder an eighteen (18) month unsecured balloon note. Each note will accrue interest at the rate of 6% per annum paid quarterly. The principal balance will be paid at the end of eighteen (18) months from the date of the Consummation. The Buyer has the right to make partial payments or prepay the entire amounts due at any time throughout the eighteen months, without penalty. If at anytime the Buyer is required to pay any additional liabilities of the Acquired Company not previously identified and assumed, the Buyer will provide notice of the same to each Shareholder and thereafter, credit the additional liability against each Promissory Note on a pro rata basis. The credit will be applied against each Note back to the date of Consummation.
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UNSECURED PROMISSORY NOTE. (a) Capitalized terms used in this Agreement (including in the introductory paragraph hereto) and not otherwise defined herein have the meanings specified in the Note.
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UNSECURED PROMISSORY NOTE. $2,915,206.11 June 20, 0000 Xxx Xxxxxxx, Xxxxxxxxxx FOR VALUE RECEIVED, the undersigned, AURA SYSTEMS, INC., a Delaware corporation with its principal offices located at 0000 Xxxxxxx Xxxxx Xxxxxx, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000 (“Maker”), hereby promises to pay to the order of KF BUSINESS VENTURES, LP, a California limited partnership with its principal offices located at 00000 Xxxxxxxx Xxxxxxxxx, Xxxxx 0000, Xxx Xxxxxxx, Xxxxxxxxxx 00000 (“Payee”), the original principal amount of TWO MILLION NINE HUNDRED FIFTEEN THOUSAND TWO HUNDRED SIX DOLLARS AND ELEVEN CENTS ($2,915,206.11), consisting of the sum of (i) Five Hundred Thousand Dollars ($500,000.00) in refinancing of a portion of the outstanding principal balance of Two Million Five Hundred Thousand Dollars ($2,500,000.00) of that certain Convertible Promissory Note dated August 19, 2013 by the Company payable to the order of Kopple Family Partnership, LP, an affiliate of Payee (the “Convertible Note”), plus (ii) Sixty Eight Thousand Twenty Seven Dollars and Seventy Eight Cents ($68,027.78), in refinancing of accrued unpaid interest and default interest on said portion of the outstanding principal balance of the Convertible Note as of the date hereof as provided in the Convertible Note, which accrued unpaid interest and default interest shall be capitalized and added to the principal amount of the indebtedness evidenced by this Note as of the date hereof, plus (iii) One Million Nine Hundred Sixty Three Thousand Dollars ($1,963,000.00) in refinancing of the entire outstanding principal balance of certain additional loans advanced by Payee to Maker prior to the date of this Note, plus (iv) Eighty Four Thousand One Hundred Seventy Eight Dollars and Thirty Three Cents ($84,178.33), in refinancing of accrued unpaid interest on said additional loans at the rate of ten percent (10%) per annum from the dates originally advanced to the date hereof, which accrued unpaid interest shall be capitalized and added to the principal amount of indebtedness evidenced by this Note as of the date hereof, plus (v) Three Hundred Thousand Dollars ($300,000.00), advanced by Payee to Maker on the date of this Note, together with interest on said original principal amount at the rate of TEN PERCENT (10%) PER ANNUM from the date of this Note until paid in full (collectively, the “Indebtedness”), on June 1, 2015 (the “Maturity Date”), at which time the entire principal balance of this Note and all then accrued unpaid interest there...
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Related to UNSECURED PROMISSORY NOTE

  • Secured Promissory Notes The Term Loans shall be evidenced by a Secured Promissory Note or Notes in the form attached as Exhibit D hereto (each a “Secured Promissory Note”), and shall be repayable as set forth in this Agreement. Borrower irrevocably authorizes each Lender to make or cause to be made, on or about the Funding Date of any Term Loan or at the time of receipt of any payment of principal on such Lender’s Secured Promissory Note, an appropriate notation on such Lender’s Secured Promissory Note Record reflecting the making of such Term Loan or (as the case may be) the receipt of such payment. The outstanding amount of each Term Loan set forth on such Lender’s Secured Promissory Note Record shall be prima facie evidence of the principal amount thereof owing and unpaid to such Lender, but the failure to record, or any error in so recording, any such amount on such Lender’s Secured Promissory Note Record shall not limit or otherwise affect the obligations of Borrower under any Secured Promissory Note or any other Loan Document to make payments of principal of or interest on any Secured Promissory Note when due. Upon receipt of an affidavit of an officer of a Lender as to the loss, theft, destruction, or mutilation of its Secured Promissory Note, Borrower shall issue, in lieu thereof, a replacement Secured Promissory Note in the same principal amount thereof and of like tenor.

  • Promissory Note The Promissory Note as set forth in Section 2;

  • Promissory Notes Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its permitted registered assigns) and in a form attached hereto as Exhibit C. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its permitted registered assigns).

  • Receivables Not To Be Evidenced by Promissory Notes Except in connection with its enforcement or collection of an Account, the Servicer will take no action to cause any Receivable to be evidenced by an instrument (as defined in the UCC as in effect in the State of Delaware). SECTION 17.

  • Term Note The Term Loan shall be evidenced by the Term Note. At the time of the disbursement of the Term Loan or a repayment made in whole or in part thereon, a notation thereof shall be made on the books and records of the Bank. All amounts recorded shall be, absent demonstrable error, conclusive and binding evidence of (i) the principal amount of the Term Loan advanced hereunder, (ii) any accrued and unpaid interest owing on the Term Loan and (iii) all amounts repaid on the Term Loan. The failure to record any such amount or any error in recording such amounts shall not, however, limit or otherwise affect the joint and several obligations of the Borrowers under the Term Note to repay the principal amount of the Term Loan, together with all interest accruing thereon.

  • Failure to Pledge Collateral In the event that the applicable Fund shall fail: (a) to pay, on behalf of the applicable Portfolio, the Overdraft Obligation described in such Written Notice; (b) to deliver to the Custodian a Pledge Certificate pursuant to Section 2; or (c) to identify substitute securities pursuant to Section 6 upon the sale or maturity of any securities identified as Collateral, the Custodian may, by Written Notice to the applicable Fund specify Collateral which shall secure the applicable Overdraft Obligation. Such Fund, on behalf of any applicable Portfolio, hereby pledges, assigns and grants to the Custodian a first priority security interest in any and all Collateral specified in such Written Notice; provided that such pledge, assignment and grant of security shall be deemed to be effective only upon receipt by the applicable Fund of such Written Notice.

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

  • Subordinated Note At any time, directly or indirectly, pay, prepay, repurchase, redeem, retire or otherwise acquire, or make any payment on account of any principal of, interest on or premium payable in connection with the repayment or redemption of the Subordinated Note, except as expressly permitted in the Subordination Agreement.

  • of the Pledge Agreement Upon the occurrence of a Termination Event, the Company shall promptly but in no event later than two Business Days thereafter give written notice to the Agent, the Collateral Agent and to the Holders, at their addresses as they appear in the Register.

  • Term Loan Agreement An Event of Default (as defined in the Term Loan Agreement) shall occur.

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