Creditor Note definition

Creditor Note means that certain unsecured promissory note in the original principal amount of $6,350,000 to be executed and delivered by the Reorganized Debtor to the Creditor Trust, substantially in the form contained in the Plan Supplement Document; provided, however, that the payments owed to the Creditor Trust by the Reorganized Debtor under the Creditor Note will be subject to the GUC Payment Collar. The Creditor Note will be a Plan Supplement Document.

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Creditor Note means the Note executed by the Buyer and delivered to the Liquidation Trust on the Confirmation Date per the Plan.

Creditor Note means the promissory note in the amount of $1,800,000, if the holders of Allowed Claims in Class 9 vote to accept the Plan, or $1,000,000, if the holders of Allowed Claims in Class 9 vote to reject the Plan, to be issued by the Reorganized Debtors as of the Effective Date which is made payable to the Med Creditors’ Trust for the benefit of Creditors in Class 9 holding Allowed Unsecured Claims against the Debtor, substantially in the form attached hereto as Exhibit “2.” The CCG Note, the CDSI Note, the CCS Note, and the Creditor Note, jointly, shall be secured by a second priority lien on all of the assets of the Reorganized Debtors, subordinate to any working capital line(s) obtained by the Reorganized Debtors in the ordinary course of business up to $15,000,000. The CCG Note shall be payable in equal quarterly payments with simple interest at a rate of 6% per annum, and payable pursuant to a two-year amortization. The CCG Note shall become due one year following the Effective Date.

Examples of Creditor Note in a sentence

• The Subordinated Creditor Note, and any renewals or replacements thereof, and all promissory notes or other securities for which it is exchanged or into which it is converted will, on the date hereof or prior to the issuance thereof, be inscribed with a legend conspicuously stating that payment thereof is subordinate and junior in right of payment to the Sanwa Debt pursuant to the terms of this Agreement.

• Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the subordination and related agreements set forth herein by the Subordinated Creditor are made solely in its capacity as trustee and collateral agent under the Subordinated Creditor Indenture and with respect to the Subordinated Creditor Notes (and not in its individual commercial capacity, except to the extent that it is or becomes the holder of any such Subordinated Creditor Note).

• Notwithstanding anything herein to the contrary, nothing herein shall be construed to limit the ability of, or the requirement that, the Subordinated Creditor convert its Subordinated Creditor Indebtedness into equity of the Debtor on the terms set forth in the Subordinated Creditor Note.

• The Master Creditor Note may be prepaid in whole or in part at any time without penalty.

• Audubon, PA 19403 The above listed titles and addresses for a Party or PJM may be changed by written notice to all other Parties and PJM.

• Lender has agreed to consent to the loan evidenced by the Junior Creditor Note and the granting of collateral to secure such loan on the condition that Junior Creditor subordinate its right to repayment of the obligations evidenced by the Junior Creditor Note and the collateral securing such obligations owing to Junior Creditor, to the Lender Obligations.

• Pursuant to the terms and provisions of the Plan, the Disbursing Agent shall hold the Master Creditor Note, make Master Creditor Note Distributions, and undertake any other duties required by the Plan or any retention agreement with the Debtors.

• The funds to be utilized to make Cash payments under this Plan have been and/or will be generated from, among other things, payments made, funds available, or obligations assumed under the Plan Sponsor Agreement, payments under the General Unsecured Creditor Note, the Cash of the Debtors as of the Effective Date, and Cash generated from operations of the Debtors or Reorganized Debtors.

• Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Participating Note or Security, as applicable, is a continuing consent by such Holder and every subsequent Holder or portion of a Creditor Note that evidences the same debt as the consenting Holder’s Creditor Note, even if notation of the consent is not made on any Creditor Note.

• Junior Creditor and Lender desire to enter into this Agreement in order to set forth the terms and conditions of the Junior Creditor's subordination in favor of Lender and Lender's consent to the loan evidenced by the Junior Creditor Note and the granting of collateral for such loan.

More Definitions of Creditor Note

Creditor Note has the meaning given to it in recital B of this Guarantee. Guaranteed Obligations shall have the meaning given to it in Section 2.1 of this Guarantee. Guaranteed Parties shall have the meaning given to it in Section 2.1 of this Guarantee. Notice shall have the meaning given to it in Section 5.1 of this Guarantee. Obligations shall mean the collective reference to the instalment of principal, interest and enforcement costs under the Convertible Note (including interest accruing at the then applicable rate under the Creditor Note after the date for payment of any instalment of the principal and interest accruing at the then applicable rate after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Purchaser, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), whether due or to become due. Purchase Agreement shall have the meaning given to it in recital A of this Guarantee. Purchaser shall have the meaning given to it in recital A of this Guarantee. Vendors shall have the meaning given to it in recital A of this Guarantee.