Deficiency Note definition

Deficiency Note means a non-interest bearing promissory note issued by Reorganized FCI on the Effective Date to the holders of Revolving Claims with a face amount equal to an amount determined on the Effective Date as the difference between (a) the amount of the Revolving Claims and (b) the sum of (x) the original principal amount of the Revolving Lenders’ New First Lien Loans and (y) the value of the New Equity Interests to be distributed to the holders of Revolving Claims on account of such Revolving Claims based upon the midpoint of equity value set forth in Exhibit E to the Disclosure Statement dated October 7, 2019, which note shall have sole recourse for non-payment of or non-compliance with any obligation thereunder to the Vector Subordinated Note Collateral and otherwise shall be non-recourse to Reorganized FCI or any of its other property or other assets.
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Deficiency Note has the meaning specified in Section 8.03(m).
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Deficiency Note means the note contemplated in Section 1.5 of the Settlement Agreement, executed by SNP Holding in favor of the Agent for the benefit of the Senior Lenders for the expected remaining balance of the Senior Lender Claim after closing of the Refinancing Transactions, in the amount of approximately $13 million (with the amount to be fixed based upon the amounts paid to the Agent through consummation of the Refinancing Transactions).
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Examples of Deficiency Note in a sentence

  • The following terms shall have the meanings set forth on Schedule II attached hereto and made a part hereof: [__________] Program, Applicable Interest Rate, Consolidation Payment, Credit Enhancement Amount, Indebtedness, Loan Amount, Loan Deficiency, Note Amount, Ratable Share, Scheduled Monthly Loan Payment, State and Stated Maturity Date.

  • This Subordinated Deficiency Note may not be changed orally, but only by an agreement in writing signed by the parties against whom enforcement of any waiver, change, modification or discharge is sought.

  • The validity and construction of this Subordinated Deficiency Note and all matters pertaining thereto are to be determined according to the laws of the State of North Carolina.

  • The unpaid principal amount of this Subordinated Deficiency Note shall mature and become due and payable in full on the date that is three (3) years from the date hereof (the “Maturity Date”).

  • The Deficiency Note shall contain a payment priority provision relative to the loans under the New First Lien Credit Agreement that are not Revolving Lenders’ New First Lien Loans substantively identical to the final paragraph of section 5.02 of the Pledge and Security Agreement (as defined in the Prepetition First Lien Credit Agreement) for the benefit of the Deficiency Note.

  • On the Effective Date, Reorganized FCI shall be authorized to execute, deliver, enter into and perform under the Deficiency Note without the need for any further corporate, limited liability partnership or limited liability company action and without further action by the holders of Claims or Interests.

  • Subject to Paragraph 8 below, this Subordinated Deficiency Note may be prepaid, in whole or in part, at any time without penalty or premium.

  • Collectively, the XX Xxxxxx Subordinate Debt and the Deficiency Note Subordinate Debt.

  • The MPAN Senior Credit Facility also includes an approximately $26.5 million promissory note ("Deficiency Note") in favor of Bank of America, N.A., representing a deficiency obligation arising from MPAN's 1998 Total Return Swap Agreement (as defined below).

  • Any credits to which Borrower becomes entitled under this section shall be reflected in an Amended and Restated Subordinate Deficiency Note, which shall be issued by Lender on or before October 14, 2009.


More Definitions of Deficiency Note

Deficiency Note shall have the meaning assigned to it in Section 10(a)(ii).
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Deficiency Note the promissory note dated August 16, 1999, by the --------------- Borrower in favor of BofA in an aggregate principal amount equal to $26,485,562.79 which, among other things (i) provides for the payment of interest thereon at a rate equal to the interest rate from time to time in effect with respect to the Revolving Credit Loans, (ii) has a tenor equal to that of the Revolving Credit Loans, (iii) provides that the loans thereunder may only be accelerated by BofA (A) upon a failure to pay principal and interest due thereon or (B) if the Loans are declared to be, or automatically become, due and payable in accordance with Section 8, (iv) does not contain any financial or operating covenants with respect to the Borrower or any of its Subsidiaries, (v) is not assignable by BofA unless contemporaneous with any assignment thereof BofA shall assign all of the remaining Loans and Commitments held by it at such time to the assignee of the Deficiency Note, (vi) provides that any amendments, supplements, modifications, extensions or forebearances of the Revolving Credit Loans or the Revolving Credit Commitments shall be equally and automatically applicable to the loans thereunder mutatis mutandis without any further consent of BofA thereunder, (vii) provides that any permanent reduction of the Revolving Credit Commitments resulting in a prepayment of the Revolving Credit Loans will be accompanied by a prepayment of the loans under the Deficiency Note, ratably based on the amount of the prepayment of the Revolving Credit Loans, (viii) acknowledges that BofA shall not be entitled to be treated as a class separate from the Lenders with respect to the obligations thereunder in any bankruptcy, insolvency or reorganization proceedings of the Borrower and (ix) is on other terms and conditions reasonably satisfactory to the Administrative Agent."
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Deficiency Note has the meaning specified in Section 3.9(a) of this Agreement.
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Deficiency Note means that certain Deficiency Note, made by the --------------- Borrower, dated August 16, 1999 in the principal amount of $26,485,562.79 held by Bank of America, N.A.
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Related to Deficiency Note

  • Deficiency Notice has the meaning specified in Section 6.1(a);

  • Deficiency Claim Date means, with respect to any Distribution Date, the fourth Business Day immediately preceding such Distribution Date.

  • Index Linked Note means an Index Linked Interest Note and/or an Index Linked Redemption Note.

  • Deficiency Claim means any portion of a Claim (a) to the extent the value of the holder’s interest in Assets securing such Claim is less than the amount of such Claim or (b) to the extent the amount of a Claim is subject to setoff is less than the amount of the Claim, each as determined by § 506(a) of the Bankruptcy Code.

  • Deficiency Payment has the meaning set forth in Section 9(a).

  • Deficiency Claim Amount has the meaning set forth in Section 5.5(a).

  • Deficiency Amount shall have the meaning set forth for such term in Section 4.03(a) hereof. “Department” shall mean the South Carolina Department of Revenue.

  • Erroneous Payment Deficiency Assignment has the meaning assigned to it in Section 14.14(d).

  • Equipment Note means and includes any equipment notes issued under the Indenture in the form specified in Section 2.01 thereof (as such form may be varied pursuant to the terms of the Indenture) and any Equipment Note issued in exchange therefor or replacement thereof pursuant to Section 2.07 or 2.08 of the Indenture.

  • Subordinate Note means each B Note.

  • Document Defect As defined in Section 2.03(a).

  • Additional Series Equipment Notes means Equipment Notes issued under the Indenture and designated as a Series (other than “Series AA” or “Series A”) thereunder in the principal amounts and maturities and bearing interest as specified in Schedule I to the Indenture amended at the time of original issuance of such Additional Series under the heading for such Series.

  • Gas Supply Deficiency means any occurrence relating to Seller's gas supply which causes Seller to deliver less than the total requirements of its system, including failures of suppliers to deliver gas for any reason, requirement of gas for system storage, conservation of gas for future delivery, or any other occurrence which is not enumerated herein which affects Seller's gas supply.

  • Deficiency means a defect, flaw, anomaly, failure, omission, interruption of service, or other problem of any nature whatsoever with respect to a Deliverable, including, without limitation, any failure of a Deliverable to conform to or meet an applicable specification. Deficiency also includes the lack of something essential or necessary for completeness or proper functioning of a Deliverable.

  • Underlying Note means the one or more promissory notes executed by an obligor evidencing a Loan.

  • Principal Deficiency Amount For any Distribution Date and for any Undercollateralized Group, the excess, if any, of the aggregate Class Certificate Principal Balance of such Undercollateralized Group immediately prior to such Distribution Date over the sum of the Principal Balances of the Mortgage Loans in the related Loan Group immediately prior to such Distribution Date.

  • Collateral Deficiency Amount With respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated Principal Balance of such AB Modified Loan (taking into account the related junior note(s) included therein), over (ii) the sum of (in the case of a Loan Combination, solely to the extent allocable to the subject Mortgage Loan) (x) the most recent Appraised Value for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account in such Appraised Value and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital or additional collateral contributed by the related Mortgagor at the time the Mortgage Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged Properties (provided, that in the case of an Outside Serviced Mortgage Loan, the amounts set forth in this clause (y) will be taken into account solely to the extent relevant information is received by the Special Servicer), plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held by the lender in respect of such AB Modified Loan as of the date of such determination. The Certificate Administrator, the Master Servicer and the Operating Advisor (other than with respect to any Collateral Deficiency Amount calculations that the Operating Advisor is required to review, recalculate and/or verify pursuant to Section 3.29) shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Collateral Deficiency Amount.

  • Series AA Equipment Notes means Equipment Notes issued and designated as “Series AA Equipment Notes” under the Indenture, in the original principal amount and maturities as specified in Schedule I to the Indenture under the heading “Series AA Equipment Notes” and bearing interest at the Debt Rate for Series AA Equipment Notes specified in Schedule I to the Indenture.

  • Material Document Defect As defined in Section 2.03(a) of this Agreement.

  • Zero Coupon Note means a Note specified as such in the relevant Final Terms.

  • Subordinated Note means the Subordinated Note (or collectively, the “Subordinated Notes”) in the form attached as Exhibit A hereto, as amended, restated, supplemented or modified from time to time, and each Subordinated Note delivered in substitution or exchange for such Subordinated Note.

  • Deficiency Balance means, with respect to any Receivable, any deficiency balance, charged-off amount, Principal Balance, accrued interest and/or fees and any Related Security; provided, that such amounts and Related Security relate to a Receivable which is a Defaulted Receivable.

  • Contract Note means a promissory note of the Borrower payable to the order of a Lender, in substantially the form of Exhibit 1.01A hereto, evidencing the aggregate indebtedness of the Borrower to such Lender resulting from the Contract Advances made by such Lender to the Borrower.