Definition of Seller Notes


Seller Notes means, collectively (a) the convertible promissory note issued to the former majority stockholder of Vance Baldwin in the initial principal amount of $1,000,000 by Encompass, issued on August 17, 2007 and (b) the subordinated promissory note issued in favor of Tritronics in the initial principal amount of $1,000,000 by Encompass, issued on August 1, 2008.
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Seller Notes means, collectively, the Subordinated Promissory Notes, dated October 31, 2003, bearing interest at a rate of 10% compounded annually, issued by the Company to each of Leeds Equity Partners III, L.P., Arthur E. Benjamin, Richard Bentz, Kevin A. Bodily, David Cahoon, Thomas L. Deardon, Jennifer A. Gray, Anthony P. Johnson, Thomas G. Milne, Leanna Henley Packett, Edwin Ray Paterson, Jr., Timothy K. Richards, Oraldo Rivera, Donald A. Stroh, Pamela K. Tiemeyer, Melanie Mortensen Wilcox and the Gail L. & Arthur E. Benjamin Foundation.
Sample 1

Examples of Seller Notes in a sentence

On each Distribution Date after the Closing Date and prior to the enforcement of the Security (as defined in the General Security Deed), the Trustee must, subject to Clauses 4.7(d) and (e), repay the outstanding principal on the A$ Notes in part by applying the Total Principal Collections on each Distribution Date in accordance with Clauses 4.7 and 9.1 to 9.3 (inclusive) until the Invested Amounts of the Class B Notes, Class C Notes, Class D Notes, Class E Notes and Seller Notes are reduced to zero.
As at the Closing Date, such interest will be comprised of an interest in the Seller Notes in accordance with each of Article 405 of Regulation (EU) No 575/2013, Article 51 of Regulation (EU) No 231/2013 and Article 254 of Regulation (EU) No 2015/35.
The Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Seller Notes issued on the Closing Date (the A$ Notes) and the US$ Notes (together with the A$ Notes, the Notes) are direct, secured (as described in Condition 5.2) and limited recourse (as described in Condition 5.3) obligations of the Issuer Trustee.
If part of the Available Income for a Monthly Period is allocated pursuant to Clause 10.1(m) or 10.2(d) on a Distribution Date, the effect of this will be to reduce pari passu and rateably the Seller Charge-Offs remaining unreimbursed from all prior Distribution Dates by the amount of that allocation until the Collateralised Amount of the Seller Notes is equal to the Invested Amount of the Seller Notes.
If part of the Available Income for a Monthly Period is allocated pursuant to Clause 10.1(p) or 10.2(d) on a Distribution Date, the effect of this will be to reduce pari passu and rateably the Seller Charge-Offs remaining unreimbursed from all prior Distribution Dates by the amount of that allocation until the Collateralised Amount of the Seller Notes is equal to the Invested Amount of the Seller Notes.