Examples of Obligor Note in a sentence
Each Timeshare Loan which is not evidenced by an Obligor Note constitutes either "tangible chattel paper" or a "payment intangible" within the meaning of the Uniform Commercial Code in which such tangible chattel paper is located, in the case of tangible chattel paper, or within the meaning of the Uniform Commercial Code of the State of Delaware in the case of a payment intangible.
Upon receipt of written notice from the , the Custodian shall establish a BEDI Project Costs Account for a Note, and shall further establish with respect to each Obligor Note related to such Note, separate subaccounts therein for each such related Obligor Note, to be funded with funds derived from the BEDI Grant Reserve Account, all as more particularly described in such written notice.
The terms of each Purchase Contract and Obligor Note have not been modified in any material respect.
If any Note has been paid in full in accordance with the Fiscal Agency Agreement and the related Obligor Note also has been paid in full, and the shall also have paid or cause to be paid all other sums payable hereunder allocable thereto, then and in that case, the Note and the pledge of the Trust Estate, and all covenants, agreements and otherobligations of the under that Note shall cease, terminate, become void and be completely discharged and satisfied.
Under no circumstances shall the Custodian be liable in its individual capacity for the obligations evidenced by any Note or any Obligor Note.