Participant Note definition

Participant Note means the note executed and delivered by each Participant to evidence its obligation to make all payments under a Loan Agreement.

Participant Note means a Financing Agreement in the form of a note issued by a Participant. “Paying Agent” means any bank or trust company so designated, and its successor or successors

Participant Note means a Financing Agreement in the form of a note issued by a Participant. “Participant Payment Accounts” means, for each Series of Bonds, the accounts of the Debt Service

Examples of Participant Note in a sentence

• The Participant Note shall bear interest (the “Loan Rate”) at the rate specified in the Loan Agreement and the Participant Note, the substantial forms of which are attached to the Loan Commitment.

• The Participant Note shall be subject to optional redemption by the Participant as set forth in the Participant Note and the Loan Agreement.

• The Participant is incurring indebtedness under the Debt Act that will be issued to DelVal, a public authority, and the Participant, by execution of the Loan Agreement, will become obligated for a notional amount of the DelVal Swap Agreement equal to the outstanding principal amount of the Participant Note.

• The amortization of the principal amounts of the Participant Note shall begin within two years of the date of issue in accordance with §8142(c) of the Debt Act.

• The Authorized Officers also are hereby authorized and directed (i) to execute and deliver such other certificates, instruments, and agreements (including those required by any institution issuing a financial guaranty insurance policy, municipal bond insurance policy, letter of credit, or similar instrument related to the DelVal Bonds or the Participant Note) and (ii) to take all actions that may be necessary or beneficial to issue the Participant Note.

• The principal of the Participant Note shall be amortized to provide level or declining annual debt service, pursuant to §8142(b)(1) of the Debt Act.

• The Bank shall maintain a separate account for the Sinking Fund until the Participant Note is paid in full.

• The Council hereby authorizes and awards the Loan Agreement and the portion of the DelVal Swap Agreement allocable to the Participant Note as the Qualified Interest Rate Management Agreement with respect to the Participant Note, pursuant to §8281(a)(2) of the Debt Act.

• The Council, after due deliberation and investigation, hereby determines that a private sale by negotiation of the Participant Note to DelVal is in the best financial interests of the Participant.

• The Council hereby authorizes and directs the Authorized Officers to prepare and submit an application for approval of the incurrence of the nonelectoral, general obligation debt evidenced by the Participant Note to DCED, including the proceedings that authorize issuance, the debt statement, and any other documents required by the Debt Act or DCED.

More Definitions of Participant Note

Participant Note means a promissory note of a Participant given to the Company in payment of the exercise price of an Option or the purchase price of a Restricted Stock Award. Any Participant Note shall bear interest at the applicable federal rate in effect on the date of the exercise of an Option or the grant of a Restricted Stock Award (which ever is applicable), and such interest shall be payable or accrue on the terms established by the Committee in its sole discretion. The term of any Participant Note shall not exceed five (5) years, provided however, that such Participant Note shall become immediately due and payable upon consummation of a Transaction in which the Participant will receive cash or marketable securities. Each Participant Note shall be secured by all Acquired Shares acquired by the Participant upon the exercise of the Option or all Incentive Shares acquired by the Participant upon the grant of the Restricted Stock Award, and in either case, any and all earnings thereon. The Company shall have a general right of recourse against the Participant for payment under any Participant Note. The Committee shall have no power or authority to authorize a Participant Note for a person who is subject to the prohibition of personal loans to executives in Section 402 of Sarbanes-Oxley, as codified in Section 13(k) of the Securities Exchange Act of 1934 and such Participant Note shall be void ab initio.

Participant Note means a Financing Agreement in the form of a note issued by any Participant, in substantially the form set forth in Annex A to the General Trust Indenture.