Qualified Note definition

Qualified Note means a recourse note, with a market rate of interest, that may, at the discretion of the Administrator, be secured by the Optioned Stock or otherwise.

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Qualified Note means a recourse note, with a fixed market rate of interest, that may, at the discretion of the Committee, be secured by Shares or otherwise.

Qualified Note means a recourse note, with a market rate of interest, that may, at the discretion of the Committee, be secured by Optioned Stock or otherwise.

Examples of Qualified Note in a sentence

• The provisions regarding costs and expenses and indemnification Obligations contained in Section 10.04 of this Agreement shall apply in all respects to any transactions involving any Existing Qualified Note, any Existing Qualified Mortgage, any Qualified Term Note or any Qualified Mortgage and all actions taken or omitted to be taken by the Administrative Agent and the Lenders in connection therewith.

• At the request of Providers, the Company shall promptly file an application with the California Department of Corporations to qualify the issuance by the Company of a loan with substantially identical terms to the Note set forth in Exhibit B hereto, except that the interest rate shall be 12% per annum (a "Qualified Note"), and once qualified such Qualified Note shall replace the Note.

• Permit the Consolidated Senior Secured Leverage Ratio as of the end of any fiscal quarter of the Borrowers following the Closing Date and ending on or after the date of a Qualified Note Offering to be greater than (i) except during a Specified Acquisition Period, 3.75 to 1.00 and (ii) during a Specified Acquisition Period, 4.00 to 1.00.

• With respect to any period of determination and any Hybrid Mortgage or Qualified Note Receivable, the next scheduled monthly interest payment payable by the related borrower under the terms of the applicable loan documents.

• If TEC issues notes pursuant to a Qualified Note Placement, simultaneously with the closing thereof, the proceeds of such issuance shall be applied and the Term Loan Commitments shall be reduced in the same manner as set forth in Section 5.5.1.

More Definitions of Qualified Note

Qualified Note means a recourse note, with a fixed rate of interest equal to or greater than the market rate at the time of exercise, that may, at the discretion of the Administrator, be secured by the Optioned Stock or otherwise.

Qualified Note means a recourse note, with a fixed market rate of interest, that may, at the discretion of the Committee, be secured by Shares or otherwise. (ll) “Re-Load Option” means a new Option or SAR that is automatically granted to a Participant as result of such Participant’s exercise of an Option or SAR.

Qualified Note means an unsecured promissory note of the Company (i) maturing in five years, with principal due in five equal annual installments, (ii) bearing interest at an annual rate equal to the Prime Rate, with interest paid annually in arrears, and (iii) becoming payable on a Substantial Sale; PROVIDED, HOWEVER, that the terms of such note shall expressly be subordinated and subject to the Company's Credit Agreements as required by the lenders thereunder and any failure by the Company to make any principal or interest payment on such note shall not be a default under such note if such payment is at the time of payment prohibited under the terms of any of the subordination provisions of the Credit Agreements. ---------------

Qualified Note. Issuance shall mean the first issuance of unsecured Indebtedness under a New Note Indenture to occur after the Closing Date in an amount greater than or equal to $300,000,000 as permitted pursuant to Section 8.2.1

Qualified Note. PLACEMENT shall mean a private or public placement of senior unsecured notes issued by TEC after the Closing Date, having terms acceptable to the Agent and which in the judgment of the Agent (i) is for an aggregate amount not to exceed the lesser of (A) the sum of the Term Loans then outstanding plus $15,000,00 or (B) $60,000,000; (ii) has an average life longer than the then remaining unexpired term of the Revolving Credit Commitments; and (iii) has covenants that are no more restrictive than those under this Agreement; provided that the proceeds thereof are immediately applied as a mandatory prepayment of the Term Loans in inverse chronological order and that the Term Loan Commitments are permanently reduced by the amount of the paydown and provided further that (x) if such placement of senior unsecured notes issued by TEC is a public, and not a private, placement and (y) the Agent for any reason does not act as Agent with respect thereto, then the provisions of the fee letter referred to in Section 10.15 relating to such placement shall not be applicable.

Qualified Note has the meaning assigned to such term in the Partnership Agreement.

Qualified Note means a Note executed by a Purchaser or Purchasers, payable to the order of Borrower in connection with a Qualified Sale, which has been assigned and endorsed over to Lender with recourse, with respect to which all of the requirements for a Qualified Timeshare Loan are true.