Note Receivable definition

Note Receivable means a promissory note evidencing a commercial loan made or purchased by Borrower in accordance with the Required Procedures and secured by a Lien on property owned by the maker of such note.

Note Receivable means a Receivable that is evidenced, in whole or in part, by any note, draft or other “instrument” or “document” within the meaning of Article 9 of the UCC.

Note Receivable means a negotiable promissory note evidencing a fully funded commercial loan purchased by Borrower in accordance with Borrower’s Required Procedures and secured by a Lien on property owned by the maker of such note; provided, that if Borrower’s Required Procedures as in effect at the time that such loan is made or purchased by Borrower do not require the execution of a promissory note and no promissory note is executed to evidence such loan, then the term “Note Receivable” means the obligation of the Account Debtor to repay such loan as evidenced by the agreements and documents evidencing such loan.

Examples of Note Receivable in a sentence

• Unless otherwise expressly agreed by Agent, Borrower covenants that it will take all action necessary to maintain the effectiveness of such filings so long as Borrower has any commitment to extend credit under such Note Receivable or any sum remains owing under such Note Receivable.

• On or before the Transfer Date with respect to each Transferred Note Receivable, the Servicer shall have instructed all Obligors to make all payments in respect of all Transferred Notes Receivable included in the Collateral directly (or indirectly, including through a related administrative or paying agent under the Note Receivable Documents) to the Collection Account or other Cash Management Account designated by Agent and established pursuant to the Loan Agreement.

• Borrower or Servicer will provide to Agent copies of any Note Receivable Documents as Agent may request.

• Immediately upon receipt, deliver to Agent or the Collateral Custodian all of the Required Asset Documents related to such Note Receivable.

• Borrower or Servicer will maintain all Note Receivable Documents (other than Notes Receivable which have been delivered to Collateral Custodian pursuant to Section 4.2) in a secure manner in a location with fire, casualty and theft protection satisfactory to Agent.

More Definitions of Note Receivable

Note Receivable means a promissory note evidencing a loan made or acquired by any Subsidiary of a Borrower.

Note Receivable means a promissory note evidencing a commercial loan made or purchased by Borrower in accordance with Borrower’s Required Procedures and secured by a Lien on property owned by the maker of such note; provided, that if Borrower’s Required Procedures as in effect at the time that such loan is made or purchased by Borrower do not require the execution of a promissory note and no promissory note is executed to evidence such loan, then the term “Note Receivable” means the obligation of the Account Debtor to repay such loan as evidenced by the agreements and documents evidencing such loan.

Note Receivable means any Indebtedness owing to a member of the Consolidated Group which either is a recourse obligation of the obligor thereunder or is secured by a first-priority mortgage or deed of trust on commercial real estate having a value in excess of the amount of such Indebtedness or by a pledge of ownership interests in such commercial real estate and, in each case, which has been designated by the Borrower as a “Note Receivable” in its most recent compliance certificate.

Note Receivable in Section 1.1 of the Existing Credit Agreement is amended to read as follows:

Note Receivable means a promissory note or other right to payment received by Trendwest for Vacation Credits or Fractional Ownership Interests sold by Trendwest, and shall include both on and off balance sheet Notes Receivable.

Note Receivable means the obligation of any Term Loan Debtor to pay any SBA 7(a) Loan made by Borrower to such Term Loan Debtor, whether or not evidenced by a promissory note or other instrument; provided, that the term Note Receivable shall not include any Serviced ASBA Asset; and provided further, that upon Lender’s release of its Lien on a specific Note Receivable in connection with the transfer by Borrower of such Note Receivable to the trustee pursuant to a Securitization Transaction or the sale of a Non-Guaranteed Participation therein, or any other release by Lender of its Lien therein, such obligation shall cease to be considered a Note Receivable and the provisions of this Agreement shall no longer be applicable thereto.

Note Receivable means a promissory note evidencing a commercial loan made by Borrower in accordance with Borrower’s Credit Policy and secured by a Lien on property owned by the maker of such promissory note; provided, that if Borrower’s Credit Policy as in effect at the time that such loan is made or purchased by Borrower do not require the execution of a promissory note and no promissory note is executed to evidence such loan, then the term “Note Receivable” means the obligation of the Account Debtor to repay such loan as evidenced by the agreements and documents evidencing such loan.