Definition of TEAM Advances, Notes and Guarantees


TEAM Advances, Notes and Guarantees means those advances to Company and Seller made pursuant to section 2.10 and 2.11 of the Original Agreement for operations and earnings advances at the discretion of Buyer, along with the notes and guarantees described therein securing the Buyer's advances to Company and Seller, all as shown on Exhibit B attached hereto and made a part hereof.
Sample 1

Examples of TEAM Advances, Notes and Guarantees in a sentence

Upon the terms and subject to the conditions set forth in the Original Agreement, the Buyer made advances to the Company and the Seller, secured by Notes and Guarantees by Company and Seller, and the stock of Seller in Company, all as described in section 2.10 and 2.11 of the Original Agreement and as described on Exhibit B attached hereto and made a part hereof (collectively, the TEAM Advances, Notes and Guarantees").
Concurrently with the execution of this Agreement, the TEAM Advances, Notes and Guarantees shall be amended to reflect the current obligations of the Company, as guaranteed by the Seller, to the Buyer as of the date hereof (the "Amended TEAM Advances, Notes and Guarantees"), and shall remain an obligation of the Company and the Seller after the Closing.
The Amended TEAM Advances, Notes and Guarantees shall be evidenced by a Promissory Notes, in the form attached hereto as Exhibit B1 (the "Amended Promissory Notes"), executed by the Company, in favor of Buyer, or its affiliate, shall bear interest at the rate of six percent (6%) per annum, from the date of the advance and be payable on demand by the holder or, if no demand, one-year from the Effective Date of this Agreement.