Consumer Notes definition

Consumer Notes means fixed, floating and index notes issued by Hartford Life Insurance Company to retail investors whereby the terms of such notes require that the net proceeds to Hartford Life Insurance Company be utilized to purchase a like amount of assets to be held by Hartford Life Insurance Company, and whereby the instrument issued is a registered security (and not an insurance contract of any type). Each set of Consumer Notes issued on the same date and which have common terms and a common maturity date is referred to as a tranche of Consumer Notes.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Consumer Notes means fixed, floating and index notes issued by any Subsidiary principally engaged in the life insurance business to retail investors whereby the terms of such notes require that the net proceeds to the issuer thereof be utilized to purchase a like amount of assets to be held by such Subsidiary, and whereby the instrument issued is a registered security (and not an insurance contract of any type). Each set of Consumer Notes issued on the same date and which have common terms and a common maturity date is referred to as a tranche of Consumer Notes.

Consumer Notes means those ongoing notations made in the individual consumer file at the facility which are incidental to specific events in the consumer's life, and which are made at the time of occurrence and are not a part of the quarterly or semi-annual report.

Examples of Consumer Notes in a sentence

• Purchaser Trust hereby purchases said Bank of America Direct to Consumer Notes on said terms and conditions.

• Subject to the next sentence of this SUBSECTION 3.4(d), Bank One shall not be under any duty at any time to credit Borrower for any amounts due from any Approved Investor in respect of any purchase of any Consumer Notes contemplated under SUBSECTION 3.4(b) above, until Bank One has actually received immediately available funds.

• The aggregate principal amount of all Advances at any time outstanding shall not exceed the lesser of (i) the aggregate Collateral Value of all Consumer Notes, or (ii) $20,000,000.

• No Related Person shall dissolve or liquidate or sell, transfer, lease or otherwise dispose of any material portion of its property or assets or business; PROVIDED HOWEVER, that subject to SECTION 3.4(b) hereof, nothing in this SECTION 7.4 shall be construed to prohibit such Related Person from selling Consumer Notes in the ordinary course of its business.

• So long as no Default or Event of Default shall be in existence, Borrower may obtain the release of the security interest in favor of Bank One in Consumer Notes constituting all or any part of the Collateral at any time, and from time to time, PROVIDED that the aggregate Collateral Value of the Consumer Notes (after giving effect to the contemplated release) is greater than or equal to the Loan.

• No Related Person shall acquire by purchase or otherwise all or substantially all of the assets (except to the extent that such assets consist solely of Consumer Notes and rights to service Consumer Notes) or capital stock of any Person.

• No Related Person shall grant, create, incur, assume, permit or suffer to exist any Lien, upon any of its Property, including without limitation any and all of each Related Person's Consumer Notes, and the proceeds from any thereof, other than (i) Liens which secure payment of the Obligations, and (ii) to the extent not otherwise prohibited hereunder, Liens which secure payment of the Indebtedness described in Section 7.2(b) on property other than Collateral.

• The security interest in favor of Bank One in all Consumer Notes transmitted pursuant to SUBSECTION 3.4(b) shall continue in effect until such time as Bank One shall have received payment in full of the amount described in SUBSECTION 3.4(b)(ii).

• Permit the aggregate principal amount of Consumer Notes outstanding at any time to exceed US$79,000,000.

• As to each Applicable Underlying Loan, the percentage determined by dividing the outstanding principal balance of the Pledged Note Receivable evidencing such Applicable Underlying Loan as of the date in question by the aggregate outstanding principal balance of all Eligible Consumer Notes Receivable which comprise a portion of the Applicable Underlying Loan Collateral for such Pledged Note Receivable as of such date.

More Definitions of Consumer Notes

Consumer Notes means promissory notes made by consumers for the purchase of motor vehicles that subsequent to their making have been purchased by or assigned to the Seller.

Consumer Notes means those promissory notes, installment contracts, membership contracts, land contracts, vacation club agreements and any other documents executed by consumer purchasers evidencing the terms of payment of the unpaid balance of the purchase price of such consumer’s purchase of a timeshare, land and/or club membership interest which are purchased or hypothecated as part of a portion of the Collateral for an Account.