Note Receivables Sample Clauses
The Note Receivables clause defines the rights and obligations related to promissory notes or other instruments that represent amounts owed to a party. It typically outlines how these receivables are identified, transferred, or used as collateral within the context of the agreement. For example, it may specify procedures for endorsing notes to another party or requirements for maintaining records of outstanding receivables. The core function of this clause is to ensure clarity and proper handling of financial instruments that represent debts owed, thereby reducing disputes and facilitating smooth transactions involving such assets.
Note Receivables. All notes and other receivables from any employees, consultants or other third parties due to the Company shall have been fully paid and satisfied.
Note Receivables. With regard to Financed Guaranteed Loans and Financed Non-Guaranteed Loans: (a) each related SBA 7(a) Guaranteed Note Receivable and each related SBA 7
Note Receivables. Each Eligible SBA 7
(a) Guaranteed Note Receivable and each Eligible SBA 7(a) Non-Guaranteed Note Receivable will (i) represent bona fide existing obligations created by the lending of money by Borrower to SBA 7
(a) Loan Obligors in the ordinary course of Borrower's business, and (ii) be unconditionally owed to Borrower without defenses, disputes, offsets or counterclaims, or rights of return or cancellation and is secured by SBA 7
(a) Note Receivable Collateral in accordance with the Required Procedures. Each Eligible SBA 7(a) Guaranteed Note Receivable and each Eligible SBA 7(a) Non-Guaranteed Note Receivable will be documented on Approved Forms in accordance with the Required Procedures. Unless otherwise clearly disclosed to Lender in writing prior to submission to Lender for evaluation for eligibility, Borrower will not have received notice of (a) actual or imminent bankruptcy, insolvency, or material impairment of the financial condition of any SBA 7(a) Loan Obligor regarding any Eligible SBA 7(a) Guaranteed Note Receivable or any Eligible SBA 7(a) Non-Guaranteed Note Receivable or (b) actual or threatened litigation regarding the validity or enforceability of any Eligible SBA 7(a) Guaranteed Note Receivable or any Eligible SBA 7(a) Non-Guaranteed Note Receivable or the validity, enforceability or priority of any SBA 7(a) Note Receivable Collateral. With respect to each Eligible SBA 7(a) Guaranteed Note Receivable and each Eligible SBA 7(a) Non-Guaranteed Note Receivable, Borrower will, no later than the respective funding date of the Financed SBA Loan, have taken the steps required to perfect Borrower's Liens in any SBA 7(a) Note Receivable Collateral for such Eligible SBA 7(a) Guaranteed Note Receivable or Eligible SBA 7(a) Non-Guaranteed Note Receivable, as applicable, against the applicable SBA 7
(a) Loan Obligor in all applicable jurisdictions. Unless otherwise clearly disclosed to Lender in writing prior to or simultaneously with submission to Lender for evaluation for eligibility, Borrower represents that it will be the sole legal and beneficial owner of each Eligible SBA 7
(a) Guaranteed Note Receivable, and that no participation interest or other ownership interest (legal, beneficial or otherwise) has been sold or is otherwise outstanding with respect thereto.
Note Receivables. The notes payable to Commercial Company or Land Company and all proceeds of the foregoing, as more particularly described on Schedule 1.6 hereto and which are subject to the Security Agreement to which Commercial Company or Land Company is a party, together with any additional notes payable to Commercial Company or Land Company and all proceeds of the foregoing hereafter approved by Agent in writing for inclusion as a Note Receivable and which is subject to a Security Agreement. Notes. Collectively, the Revolving Credit Notes and the Secured Term Loan Notes, if any.
Note Receivables. The notes payable to Commercial Company or Land Company and all proceeds of the foregoing, as more particularly described in the Security Agreement to which Commercial Company or Land Company is a party. Notes. Collectively, the Revolving Credit Notes, the Secured Term Loan Notes and the Second Secured Term Loan Notes.