Renewal Note definition

Renewal Note means a promissory note in the form attached hereto as Exhibit A.

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Renewal Note means any promissory note executed and delivered by the Borrower to the Bank in connection with a renewal, extension, modification, amendment, revision, replacement or substitution of any Note in accordance with the terms of this Agreement.

Renewal Note has the meaning specified in the Background section hereof.

Examples of Renewal Note in a sentence

• Any reference to the Note in any other Loan Document shall be deemed to be a reference to the Renewal Note issued and delivered pursuant to this Amendment.

• Interest on the Renewal Note shall be adjusted on the first day of each month to National Prime Rate as of such date less 1/2%.

• The term “Loan” under the Loan Agreement is hereby modified to include the Renewal Loan, and the term “Note” under the Loan Agreement is hereby modified to reference the Renewal Note.

• The Loan Documents, each Note, any Renewal Note and the Loan contemplated thereby, may be placed, participated, assigned and/or serviced by the Bank and/or its successors and assigns, and in connection with any of the foregoing, the Bank may retain a portion of the fees or interest paid on the Notes or may receive servicing, brokerage or other fees from the purchaser or participant.

• Except for those which have been obtained, no consent, approval, authorization or order of any court or governmental authority or third party is required in connection with the execution and delivery by Borrower of this Amendment and each Renewal Note or to consummate the transactions contemplated hereby and thereby.

More Definitions of Renewal Note

Renewal Note shall have the meaning set forth in the Recitals.

Renewal Note means a Note accepted by Buyer (i) which is substantially in the form of the annexed Exhibit D (ii) which is executed by all of the Obligors and Loan Guarantors of a note related to a Loan previously sold to Buyer ("Prior Note") which Prior Note was to be paid in full on the date the Renewal Note first becomes effective ("Renewal Date"); (iii) which evidences an obligation to repay a principal amount equal to or less than the principal amount required to be paid by the Obligor under the Prior Note on the Renewal Date; (iv) which provides for monthly principal payments in amounts not less than the monthly principal payments required pursuant to the terms of the Prior Note; (v) which provides that on and after the first Renewal Date after the purchase by the Buyer hereunder, the related Loan will fully amortize over the remaining term to maturity; and (vi) which remains subject to and secured by all of the Related Documents applicable to the Prior Note (as the same may be amended and restated by the terms of the Renewal Note).

Renewal Note means any promissory note executed and delivered by the Borrower to the Bank in connection with a renewal, extension, modification, amendment, revision, replacement or substitution of one or both Notes in accordance with the terms of this Agreement.

Renewal Note means the renewal promissory note of Borrower attached hereto as Exhibit A, expressly renewing and increasing the Original Note.

Renewal Note pursuant to Florida Statute Section 201.09. Documentary stamps in the amount of $9,275.00 were paid on the Mortgage recorded in Official Record Book 613, on Page 0002, of the Public Records of ▇▇▇▇▇▇▇ County, Florida (the "Original Mortgage") based upon the then value of the Florida property secured by the Original Mortgage in the amount of $2,650,000.00. The Original Mortgage as modified by that certain Modified, Restated and Consolidated Mortgage of even date herewith between Borrower and Lender encumbering the Florida property (the "Modified Mortgage") secures a Maximum Principal Amount of $3,629,378.00 (which Maximum Principal Amount is equal to the value of the Florida property secured by the Modified Mortgage). Accordingly, additional documentary stamps are being paid concurrently with the execution hereof in the amount of $3,427.90 based upon the difference between the Maximum Principal Amount secured in the amount of $3,629,378.00 and the value of the Florida property at the time of the Original Mortgage in the amount of $2,650,000.00 (upon which documentary stamps have been paid) which is a difference of $979,378.00. This Note also constitutes a renewal note in payment of an existing short-term note for purposes O.C.G.A. Sections 48-6-60 through 48-6-77 and the Rules promulgated by the Department of Revenue, Property Tax Division, pursuant thereto, all as in effect as of the date of this Note. FAC REALTY, INC. By: __________________________ Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Title: Executive Vice President SCHEDULE OF LOANS This Note evidences Loans made under the within-described Loan Agreement to the Borrower, on the dates, in the principal amounts, set forth below, subject to the payments and prepayments of principal set forth below: Principal Amount Amount Paid Unpaid Principal Date Made of Loan or Prepaid Amount --------- ---------------- ----------- ---------------- SCHEDULE C Notice of Borrowing , 199 Nomura Asset Capital Corporation ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Suite 6100 Chicago, Illinois 60606 Attention: Mr. ▇▇▇▇ ▇▇▇▇▇

Renewal Note means, collectively, a promissory note in the form attached hereto as Exhibit A-1 and a promissory note in the form attached hereto as Exhibit A-2.

Renewal Note means the renewal promissory note of Borrower attached hereto as Exhibit A.