Master Promissory Note Sample Clauses

Master Promissory Note. The Master Promissory Note, dated April 20, 2004, in the principal amount of $10,000,000.00 made by the Borrower in favor of the Bank (the “Prior Note”), shall be replaced and superseded by an Amended And Restated Promissory Note, substantially in the form attached hereto as Exhibit A (the “Note”). The Bank shall return the Prior Note, duly marked “Cancelled”, to the Borrower at the time that the Note is executed and delivered to the Bank.

Master Promissory Note. The following new definitions will take effect when the Department issues an approved Master Promissory Note. A Master Promissory Note(MPN) is a promissory note under which the borrower may receive loans for a single award year or multiple award years. The making of a loan occurs when the school makes the first disbursement of a loan to a student. You must ensure that each ▇▇▇▇▇▇▇ Loan is supported by a legally enforceable promissory note. You can no longer make a loan under an MPN: • more than 10 years from the date the borrower signed the MPN or the date you received the MPN (schools can still disburse a remaining portion of a loan after this date); • more than 12 months after the date the borrower signed the MPN, if you make no disbursement under that MPN; • after the date you are notified by the borrower to stop using the MPN. 34 CFR 674.19(e)(4)(iii) If an error is discovered in a promissory note, the school should obtain legal advice about what action it should take. The appropriate school official and the student should sign by or initial all approved changes in the note. When the borrower has fully repaid the ▇▇▇▇▇▇▇ Loan, the school must mark the note “paid in full,” have it certified by an official of the school, and give the original note to the borrower. The school must keep a copy of the note for at least three years after the date the loan was paid in full. A school must use a promissory note that the Department has approved. In Dear Partner Letter CB-01-15, dated November 2001, the Department issued open-end and closed-end approved promissory notes for NDSLs and ▇▇▇▇▇▇▇ Loans. (Although schools no longer issue NDSLs to new borrowers, schools must issue NDSLs to borrowers who have outstanding balances on previous NDSLs or Defense Loans.) See Appendix A for copies of the approved promissory notes. In Dear Colleague Letter CB-02-12, dated July 2002, the Department issued electronic versions of the ▇▇▇▇▇▇▇ Loan and NDSL promissory notes (▇▇▇▇▇▇▇ eNotes). Schools that use the ▇▇▇▇▇▇▇ ELECTRONIC SIGNATURE STANDARDS: HIGHLIGHTS FOR eNOTES Why apply these standards? If your school’s system for processing ▇▇▇▇▇▇▇ eNotes adheres to the Standards and a court finds the loan legally unenforceable based solely on the processing of the electronic signature or related records, the Department will not consider your school liable for the loan and will not require your school to reimburse its ▇▇▇▇▇▇▇ Loan Fund. If your school’s system for processing ▇▇▇▇▇▇▇ eN...

Master Promissory Note. Notary Public

Master Promissory Note. The Obligation, including any modifications, extensions, or renewals thereof, will be evidenced by a Master Promissory Note executed by the Debtor, substantially in the form attached hereto as Exhibit A-1 and incorporated herein by this reference (the "Master Promissory Note"), payable by December 31, 2000.