Pledged Note Receivable definition
Examples of Pledged Note Receivable in a sentence
A properly recorded, first priority mortgage, deed of trust, deed to secure debt, assignment of beneficial interest or other security instrument, as applicable, executed and delivered by each Purchaser to Borrower, securing a Pledged Note Receivable and encumbering all of the right, title and interest of such Purchaser in the related Encumbered Interval and Common Elements, and related or appurtenant easement, access and use rights and benefits.
Borrower will maintain to the satisfaction of Agent and make available to Agent and other Lenders, accurate and complete files relating to the Resorts, the Pledged Notes Receivable and other Collateral, and such files will contain true copies of each Pledged Note Receivable, as amended from time to time, copies of all relevant credit memoranda relating to such Notes Receivable and all collection information and correspondence relating thereto.
When a Pledged Note Receivable that is in the possession of Agent or the Pledgeholder is repaid in its entirety, Agent shall return or shall authorize the Pledgeholder to return such Pledged Note Receivable to Borrower to facilitate its payment and Agent shall release Agent’s Liens in such Pledged Note Receivable promptly upon receipt of the final payment relating to such Pledged Note Receivable.
Borrower shall maintain to the satisfaction of Lender, and make available to Lender, accurate and complete files relating to the Pledged Notes Receivable and all of the other Collateral, and such files shall contain true copies of each Pledged Note Receivable, as amended from time to time, copies of all relevant credit memoranda relating to such Pledged Notes Receivable, and all collection information and correspondence relating thereto.
A Qualified Borrower that is the maker of a Pledged Note Receivable.
The Borrower will maintain to the satisfaction of the Lender, and make available to Lender, accurate and complete files relating to the Resort, the Pledged Notes Receivable and other Collateral, and such files will contain true copies of each Pledged Note Receivable, as amended from time to time, copies of all relevant credit memoranda relating to such Notes Receivable and all collection information and correspondence relating thereto.
In the event Borrower fails or refuses to perform its obligations under this Section with respect to a Lot encumbered by a Pledged Deed of Trust, the related Pledged Note Receivable shall be deemed to be an Ineligible Note Receivable under this Agreement, and if Borrower eliminates any Borrowing Base deficiency resulting from such ineligibility in compliance with Section 2.5(c) hereof, such compliance shall cure the breach of this Section arising from or out of such failure or refusal.
Prior to converting any Purchasers of a Timeshare Interest which is related to a Pledged Note Receivable to membership in a vacation club, Borrower acknowledges it is required to notify in writing and obtain the written consent of Lender to conversion to such vacation club.
The contemporaneous funding of the requested Receivables Advance and delivery of the aforesaid Collateral and title insurance endorsement and recording of the original Pledged Note Receivable Deeds of Trust and assignments thereof shall be effected by way of an escrow arrangement with Chicago Title Insurance Company (or such other title insurance company as shall be acceptable to the Lender), the form and substance of which shall be satisfactory to the Lender.
Lender shall have all the rights and remedies of a secured party under the Code and other legal and equitable rights to which it may be entitled, including, without limitation, and without notice to Borrower or Guarantor, the right to continue to collect all payments made on the Pledged Notes Receivable and to apply such payments to the Obligations, and to ▇▇▇ in its own name an Applicable Underlying Borrower or other maker of any defaulted Pledged Note Receivable.