Land Notes definition
Land Notes means the non-interest bearing promissory notes issued by the Land Vehicle in consideration for the Land Assets.
Land Notes shall have the meaning set forth in Section 2.2 of the Credit Agreement.
Land Notes means any note executed by a Borrower Subsidiary to the order of the Borrower in an amount equal to: (a) for parcels owned in fee simple by the Borrower, fifteen percent (15%) of the actual hard costs of the Permitted Construction Project as shown on the Permitted Project Budget as amended from time to time, (b) for parcels affected by a Purchase Option (other than as set forth in subpart (c) hereof), four percent (4%) of actual hard costs of the Permitted Construction Project as shown on the Permitted Project Budget as amended from time to time, and (c) as to the Proposed Construction Project by Heavenly Resort, being the Grand Summit at Lake Tahoe, a mandatory distribution obligation in the amount of $2,500,000.00 subject to the verification by the Agent of the Permitted Construction Budget for this Proposed Construction Project. All Land Notes must be subordinated on terms reasonably acceptable to the Permitted Construction Lender and the Agent.
Examples of Land Notes in a sentence
Subject to the procedures for application of principal payments set forth in Section 2.2(a) and the provisions of Section 4.4D, Borrower may prepay the outstanding principal balance of Tranche A without prepayment penalty from Net Collateral Proceeds, Net Inventory Proceeds and Land Notes.
If the Company elects to develop additional land, the term “Land Note” shall in turn refer to such subsequent Horizontal Land Note(s) given as consideration for the purchase of the additional land to be developed.