Example ContractsClausesPromise to Pay; Promissory Notes
Promise to Pay; Promissory Notes
Promise to Pay; Promissory Notes contract clause examples

The Company’s obligations under the Plan shall be totally unfunded so that the Company or any Subsidiary is under merely a contractual duty to make payments when due under the Plan. The promise to pay shall not be represented by notes and shall not be secured in any way.

Any Lender may request that any portion of its Commitments or the Loans made by it be evidenced by one or more promissory notes. In such event, Borrowers shall execute and deliver to such Lender the requested promissory notes payable to the order of such Lender in a form furnished by Agent and reasonably satisfactory to Borrowers. Thereafter, the portion of the Commitments and Loans evidenced by such promissory notes and interest thereon shall at all times be represented by one or more promissory notes in such form payable to the order of the payee named therein.

Notes”: collectively, any promissory note evidencing Loans.

all instruments, including, without limitation, all promissory notes;

The Promissory Notes, if any, outstanding as of Closing.

Subordinated Notes. The Subordinated Notes have been duly authorized by the Company and when duly executed, issued and delivered by the Company to the and paid for by the in accordance with the terms of this Agreement, will constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.

Kicker Notes. In the event that, at the close of business on November 29, 2024, the 2024 Secured Notes have not been fully satisfied, then during the period from December 2, 2024 through March 31, 2025, each of the Subscribers will have a right to purchase a Kicker Note from in the form annexed hereto as Appendix E (each a “Kicker Note” and collectively, the “Kicker Notes”), as follows:

Revolver Notes The Revolver Loans made by each Lender and interest accruing thereon shall be evidenced by the records of Agent and such Lender At the request of any Lender, Borrowers shall deliver to such Lender a promissory note evidencing its Revolver Loans

Note” means a promissory note made by the Borrowers in favor of a Lender evidencing Revolving Credit Loans or Swing Line Loans, as the case may be, made by such Lender, substantially in the form of Exhibit B-11], with respect to promissory notes evidencing Revolving Credit Loans or Exhibit B-22], with respect to promissory notes evidencing Swing Line Loans.

Severance Pay. Severance pay equal to two times (2x) the sum of Pennypacker’s # base salary ($1,000,000.00) and # his bonus at target ($1,000,000.00), for a grand total of Four Million Dollars and Zero Cents ($4,000,000.00), less applicable withholding and deductions. The severance pay will be provided in accordance with the Company’s regular payroll process for a twenty-four month period, commencing with the first payroll that is more than thirty (30) days after the Separation Date (see paragraph 1), provided that the Agreement has then become effective (see paragraph 17). The severance payments shall be allocated as if provided during the twenty-four (24) months immediately following the Separation Date for unemployment compensation and other purposes – this period shall be known as the “Severance Period” – and the first payment shall include an initial catch-up payment to

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