The Subordinated Note Sample Clauses
The Subordinated Note clause defines the terms and conditions governing a debt instrument that ranks below other forms of debt in terms of claims on assets or earnings. In practice, this clause outlines the note's interest rate, maturity date, and the specific rights of noteholders, clarifying that repayment is subordinate to senior creditors in the event of liquidation or bankruptcy. Its core function is to allocate risk by establishing the priority of payment, ensuring that all parties understand the noteholder's position relative to other creditors.
The Subordinated Note. The Facility shall be further evidenced by the Subordinated Note.
The Subordinated Note. The indebtedness of the Borrower to the Subordinated Lender resulting from Loans made from time to time pursuant to this Agreement shall be evidenced by a Subordinated Note. The Subordinated Lender will note on the grid attached to the Subordinated Note and in its internal records, to the extent applicable, the date and amount of each Loan made hereunder, and the amount of each payment in respect thereof, and prior to any transfer of the Subordinated Note or any portion thereof, will endorse thereon the outstanding principal amount evidenced thereby. Failure to make any such notation shall not affect the Borrower's obligations in respect of the Loans. Absent manifest error, the Subordinated Lender's records or notations on the Subordinated Note as to the outstanding principal amount of the Subordinated Note shall be conclusive.
The Subordinated Note. The Borrower's obligation to repay the Loan with interest as provided herein, shall be evidenced by a note (the "SUBORDINATED NOTE") in the form of [EXHIBIT 2.4], annexed hereto, executed by the Borrower. Neither the original nor a copy of the Subordinated Note shall be required, however, to establish or prove any Liability. In the event that the Subordinated Note is ever lost, mutilated, or destroyed, the Borrower shall execute a replacement thereof and deliver such replacement to the Lender upon receipt of a lost note affidavit and an indemnity reasonably satisfactory to the Borrower.
The Subordinated Note. The Borrower has authorized the issue to the Lender of the Subordinated Note, to be dated as of the date of issue thereof, to mature and to bear interest as provided therein. The Borrower shall repay the outstanding principal balance of the Subordinated Note in full in cash on the “Maturity Date” (as defined in the Subordinated Note), unless accelerated, redeemed or prepaid in accordance the terms thereof.
The Subordinated Note. The Facility shall be further evidenced by the Subordinated Note, to be executed and delivered to Lender by Borrower contemporaneously herewith.
The Subordinated Note. On the Closing Date, the --------------------- Issuer shall deliver to the Seller the Subordinated Note in the form set forth as Exhibit E. Pursuant to the terms of, and subject to the limitations set forth --------- in, the Subordinated Note, the Issuer will request from the Seller an advance (each, a "Subordinated Loan") on or prior to the Purchase Termination Date for ------------------ the purpose of purchasing Purchased Assets from the Seller hereunder. Pursuant to the terms of the Subordinated Note, the Issuer shall not request or receive any advance thereunder on any date if after giving effect to such advance, the sum of the Subordinated Loans then outstanding and the aggregate Outstanding Amount of all Notes would exceed the Net Eligible Receivables Balance minus the Adjusted Loss Reserve, (such maximum amount required to be advanced at any time, the "Subordinated Note Cap"). The ---------------------- Subordinated Loans shall be evidenced by, and shall be payable in accordance with the terms and provisions of, the Subordinated Note. Notwithstanding any other provision of this Agreement, the Issuer shall not use funds borrowed under the Subordinated Note for any purpose other than paying the Purchase Price for the Purchased Assets.
The Subordinated Note. On and after the Effective Date, any and all references in the Restated Financing Agreement to “Subordinated Note” shall be deemed to refer to “Unsecured Note”.
The Subordinated Note