Green Note definition
Examples of Green Note in a sentence
All unpaid principal and any accrued interest on the Green Note shall be due and payable on the date or dates set forth in the Green Note (the “Maturity Date”); provided, however, that $50,000 of the original principal amount and accrued interest thereon (the “First Payment Amount”) shall be due and payable on January 2, 2008 (the “First Payment Date”).
The descriptions of the Pledge Agreement and Green Note are by way of summary only and the terms of the Pledge Agreement and Green Note shall control.
Green may elect, in his sole discretion, to prepay all or any portion of the outstanding principal and/or interest on the Green Note at any time without premium or penalty.
The Green Note shall be payable to SPG in the original principal amount of $150,000 and shall accrue interest at the fixed rate of eight (8%) percent per annum, simple interest.
In the event that the First Payment Amount is not paid on or before the First Payment Date, then the full amount of unpaid principal and accrued interest outstanding under the Green Note shall become immediately due and payable five (5) days following written notice received by Green of non-payment of the First Payment Amount.
Contemporaneously with the delivery of the Green Note, SPG and ▇▇▇▇▇▇▇▇ shall be deemed to have transferred, conveyed and assigned their entire right, title and interest in and to all of the shares of common stock, preferred stock or other securities, including any and all rights to receive any securities through the exercise of any warrant, option or other right, of which SPG and ▇▇▇▇▇▇▇▇ own or are entitled to, without any further action or agreement.
Upon payment in full of the Green Note the Pledge Agreement shall terminate and the Subject Shares remaining subject to the pledge, if any, shall be irrevocably delivered to Green and neither Green nor Company shall have any further obligation to SPG or ▇▇▇▇▇▇▇▇.
The escrow agent shall have the authority to liquidate all or any portion of the Subject Shares pledged in any manner approved by Green, provided that the proceeds from any sales shall first be paid to SPG within five (5) days of receipt of funds by the agent to reduce the outstanding principal amount (and following payment of all principal, any accrued interest) under the Green Note.
Any cash payments made to the Company after October 15, ------- -------- 1996 by Culligan, Green or the United States, as the case may be, in respect of the Culligan Tax Receivable, the Green Note Receivable or the Samsonite Tax Refund Claim, as the case may be.
The Pledge Agreement and Green Note, and the rights and obligations thereunder, are intended to be wholly independent from and independently enforceable from any provisions, performance or claim of nonperformance of this Agreement.