Common use of Note Receivable Clause in Contracts

Note Receivable. a. Subject to receipt of the consent of the NGAS Lender Group (the “Lender Consent”), which NGAS shall use commercially reasonable efforts to obtain, but at no cost or expense to NGAS, NPC shall defer all payments of principal and interest due under the Note with respect to the period between January 1, 2011 through the earlier of the (i) Closing Date or (ii) Termination Event (as defined in Section 10 herein) (the “Deferral Period”) (such deferred principal and interest being referred to herein as the “Deferred Amount”). In the event the Lender Consent is not obtained prior to Closing, then within one (1) business day following the Closing Date, NPC shall reimburse SES, by wire transfer of immediately available funds, for all amounts paid by SES under the Note during the Deferral Period. At and subject to the occurrence of Closing, NPC shall cancel, and forgive any and all outstanding amounts under, the Note. b. If a Termination Event occurs, then the entire Deferred Amount shall be paid by SES to NPC by wire transfer of immediately available funds within two (2) business days after such event.