Pari Passu Note definition

Pari Passu Note means that certain Secured Promissory Note dated the date hereof, as amended by that certain Amendment to Secured Promissory Note dated as of May 10, 2021, made by Borrower in favor of the Pari Passu Noteholder in the aggregate principal amount equal to $4,500,000.00.

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Pari Passu Note means that certain Secured Promissory Note dated January 7, 2021, as amended by that certain Amendment to Secured Promissory Note dated as of May 10, 2021, as further Amended by that certain Second Amendment to Secured Promissory Note dated as of June 24, 2021, as further Amended by that certain Third Amendment to Secured Promissory Note dated as of August 31, 2021, in the principal amount of $4,500,000.

Examples of Pari Passu Note in a sentence

The Non-Lead Master Servicer and the Non-Lead Special Servicer and the Non-Lead Trustee, as applicable, shall be entitled to make their own recoverability determination with respect to a principal and interest Advance to be made on a Non-Lead Pari Passu Note based on the information that they have on hand and in accordance with the Non-Lead PSA.
The Non-Lead Master Servicer may be required to make principal and interest Advances on a Non-Lead Pari Passu Note, from time to time, subject to the terms of the Non-Lead Securitization Servicing Agreement, the Lead PSA and this Agreement.
A Pari Passu Note Trustee is not required to indemnify any other person, whether or not a Party in respect of the transactions contemplated by this Agreement.
A Pari Passu Note Trustee is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another party.
A Pari Passu Note Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or agent appointed with reasonable care by it hereunder.
Any information received or acquired by a Pari Passu Note Trustee which is received or acquired by some other division or department or otherwise than in its capacity as Pari Passu Note Trustee may be treated as confidential by that Pari Passu Note Trustee and will not be treated as information possessed by that Pari Passu Note Trustee in its capacity as such.
A Pari Passu Note Trustee shall not be required to give any bond or surety with respect to the performance of its duties or the exercise of its powers under this Agreement.
It is also acknowledged that a Pari Passu Note Trustee shall not have any responsibility for the actions of any individual Pari Passu Noteholder.
A Pari Passu Note Trustee is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.
Furthermore, prior to taking any action under this Agreement or the relevant Pari Passu Debt Documents, as the case may be, the Pari Passu Note Trustee may reasonably request and rely upon an opinion of counsel or opinion of another qualified expert, at the Parent’s expense, as applicable; provided, however, that any such opinions shall be at the expense of the relevant Pari Passu Noteholders, if such actions are on the instructions of the relevant Pari Passu Noteholders.

More Definitions of Pari Passu Note

Pari Passu Note shall have the meaning assigned to such term in Section 6.01(w).

Pari Passu Note means that certain Secured Promissory Note dated the date hereof made by Borrower in favor of the Pari Passu Noteholder in the original principal amount equal to $3,000,000.

Pari Passu Note means that certain Secured Promissory Note dated January 7, 2021, as amended by that certain Amendment to Secured Promissory Note dated as of May 10, 2021, as further Amended by that certain Second Amendment to Secured Promissory Note dated as of June 25, 2021, as further Amended by that certain Third Amendment to Secured Promissory Note dated as of August 31, 2021, as further Amended by that certain Fourth Amendment to Secured Promissory Note dated as of September 29, 2021 in the principal amount of $3,000,000.

Pari Passu Note is hereby amended and restated in its entirety as follows:

Pari Passu Note means individual reference and "Pari Passu Notes" shall mean collective reference to the promissory notes evidencing Indebtedness incurred by any member of the Borrower Consolidation as the Level One Term Loan and/or Level Two Term Loan, as applicable, which is PARI PASSU to the Obligations (and guaranties thereof issued by any member of the Borrower Consolidation) in priority of payment and in any Collateral securing repayment thereof in accordance with the terms, covenants and provisions contained in an Intercreditor Agreement.

Pari Passu Note. An A Note with one or more related Pari Passu Companion Notes and no related Junior Companion Notes.