Reserve Note definition

Reserve Note means that certain restated term promissory note of the Borrower in the face amount of $350,000.00 in the form attached hereto as Exhibit "D-2", which amends and restates the Restated Note, together with any and all renewals, extensions for any period, increases and rearrangements thereof.
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Examples of Reserve Note in a sentence

  • The entire outstanding principal balance of the Reserve Note and all unpaid interest accrued thereon shall be due and payable on the Maturity Date.

  • Subject to the terms and conditions of this Agreement, and in reliance upon the representations and warranties made by Borrower herein, Lender agrees to make and fully fund the Reserve Loan to be evidenced by the Reserve Note.

  • This Agreement shall terminate upon the receipt by the Secured Parties of a notice in writing by Synergy that the Gran Reserve Note has been paid in full in cash.

  • Payments of accrued interest on the outstanding principal balance of the Reserve Note shall continue to be due and payable on the first (1st) day of each and every month and on the Maturity Date.

  • Any lien on the assets of Gran Reserve held by Junior Secured Party which secures the obligations owed by GRC under the Gran Reserve Note shall be fully subordinate to any lien granted by Gran Reserve pursuant to the Security Agreement in favor of the Senior Secured Parties which secures the Obligations (as defined in the Security Agreement).

  • If on the first (1st) day of any month the Reserve Loan balance exceeds the Reserve Loan Commitment Amount, the Borrower shall immediately make such principal payments as may be necessary to reduce the Reserve Loan balance of the Reserve Note to an amount less than or equal to the Reserve Loan Commitment Amount then in effect.

  • All cash or other proceeds from any sale, exchange, destruction, condemnation, foreclosure, or other disposition of any Collateral (as such term is defined in the Security Agreement) shall, for so long as the Security Agreement shall not have terminated in accordance with Section 4 hereof, be applied first to satisfy the Obligations owed to the Senior Secured Parties in full and second, to satisfy the obligations owed to Junior Secured Party by GRC under the Gran Reserve Note.

  • Commencing March 1, 2003, and each continuing on the first day of each month thereafter, Borrower shall make a principal payment under the Reserve Note sufficient to reduce the outstanding principal balance thereof to the borrowing base amount for the date set forth on Exhibit "F" attached hereto (the "Reserve Loan Commitment Amount").

Related to Reserve Note

  • Note means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form of Exhibit C.

  • Exchange Note means the Closed-End Exchange Note.

  • B Note means a promissory note of the Borrower payable to the order of any Lender, in substantially the form of Exhibit A-2 hereto, evidencing the indebtedness of the Borrower to such Lender resulting from a B Advance made by such Lender.

  • Definitive Note means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

  • Lost Mortgage Note Any Mortgage Note the original of which was permanently lost or destroyed and has not been replaced.