Common use of The Purchaser Note Clause in Contracts

The Purchaser Note. (a) On the Closing Date, the Purchaser shall deliver to the Seller a promissory note, substantially in the form of Exhibit A, payable to the order of the Seller (such promissory note, as the same has been or hereafter may be amended, supplemented, endorsed or otherwise modified from time to time, together with any promissory note issued from time to time in substitution therefor or renewal thereof in accordance with this Agreement, being herein called the "Purchaser Note"), which Purchaser Note shall, in accordance with its terms, be subordinated to all interests of the Trust, all claims to the cash flows from Trust assets and all obligations of the Purchaser, of any nature, now or hereafter arising under or in connection with the Sale and Servicing Agreement. The Purchaser Note shall evidence all amounts incurred thereunder subsequent to the Closing Date as provided in this Agreement. Subject to the foregoing, the Purchaser Note shall be payable in full on the date which is one year and one day after the