First Note Clause Samples
The "First Note" clause typically designates the initial promissory note or debt instrument issued in a financial transaction. This clause clarifies which specific note is considered the primary or original obligation, often for the purposes of priority, repayment order, or reference in subsequent agreements. For example, in a series of loans or notes, the First Note may determine which lender is repaid first or which terms govern the overall transaction. Its core practical function is to establish a clear point of reference and priority among multiple financial instruments, thereby reducing confusion and potential disputes over repayment or enforcement.
First Note. The first note ("First Note") shall be in the principal amount of Seven Hundred Fifty Thousand and 00/100 ($750,000.00). The First Note shall (i) bear interest at the rate of eight percent (8%) per annum, (ii) shall provide for monthly payments of principal and interest based on a 25-year amortization schedule; (iii) provide for a principal reduction payment in the amount of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) on the date which is six (6) months from the date of the First Note; and (iv) shall be fully due and payable on the date which is one (1) year from the date of the First Note.
First Note. Upon execution of this Agreement, the Subsidiary shall issue a secured subordinated promissory note substantially in the form attached hereto as Exhibit A in the principal amount of $1,800,000 (the "First Note"). The parties acknowledge that the Purchaser delivered to the Subsidiary the purchase price of the First Note on December 9, 2002.
First Note. The outstanding principal balance of the First Note as of the date hereof is $17,000,000.00;