Note Receivable definition

Note Receivable means a promissory note evidencing a commercial loan made by Borrower in accordance with Borrower’s Credit Policy and secured by a Lien on property owned by the maker of such promissory note.

Note Receivable means a Receivable that is evidenced, in whole or in part, by any note, draft or other “instrument” or “document” within the meaning of Article 9 of the UCC.

Note Receivable means a negotiable promissory note evidencing a fully funded commercial loan purchased by Borrower in accordance with Borrower’s Required Procedures and secured by a Lien on property owned by the maker of such note; provided, that if Borrower’s Required Procedures as in effect at the time that such loan is made or purchased by Borrower do not require the execution of a promissory note and no promissory note is executed to evidence such loan, then the term “Note Receivable” means the obligation of the Account Debtor to repay such loan as evidenced by the agreements and documents evidencing such loan.

Examples of Note Receivable in a sentence

• Interest income represents the payments received or receivable from the Subordinated Note Receivable and interest expense represents payments paid or payable from the issuance of the Trust Preferred Securities.

• The relevant terms of the Subordinated Note Receivable are identical to the terms of the preferred securities subject to redemption, and the Trust would be required to redeem the preferred securities subject to redemption if DB PFK AG elects to redeem the Subordinated Note Receivable.

• Therefore, a reasonable estimate of the fair value of the Subordinated Note Receivable is represented by the fair value of the preferred securities subject to redemption and the Subordinated Note Receivable would also be classified within Level 2 of the fair value hierarchy.

• If DB PFK AG redeems the Subordinated Note Receivable, the Trust must redeem a corresponding number of Trust Preferred Securities.

• The financial assets held by the Trust include a subordinated note receivable (the Subordinated Note Receivable), which is issued by DB PFK AG.

More Definitions of Note Receivable

Note Receivable means a promissory note evidencing a loan made or acquired by any Subsidiary of a Borrower.

Note Receivable means a promissory note evidencing a commercial loan made or purchased by Borrower in accordance with Borrower’s Required Procedures and secured by a Lien on property owned by the maker of such note; provided, that if Borrower’s Required Procedures as in effect at the time that such loan is made or purchased by Borrower do not require the execution of a promissory note and no promissory note is executed to evidence such loan, then the term “Note Receivable” means the obligation of the Account Debtor to repay such loan as evidenced by the agreements and documents evidencing such loan.

Note Receivable means any Indebtedness owing to a member of the Consolidated Group which either is a recourse obligation of the obligor thereunder or is secured by a first-priority mortgage or deed of trust on commercial real estate having a value in excess of the amount of such Indebtedness or by a pledge of ownership interests in such commercial real estate and, in each case, which has been designated by the Borrower as a “Note Receivable” in its most recent compliance certificate.

Note Receivable in Section 1.1 of the Existing Credit Agreement is amended to read as follows:

Note Receivable means a promissory note or other right to payment received by Trendwest for Vacation Credits or Fractional Ownership Interests sold by Trendwest, and shall include both on and off balance sheet Notes Receivable.

Note Receivable means the obligation of any Term Loan Debtor to pay any SBA 7(a) Loan made by Borrower to such Term Loan Debtor, whether or not evidenced by a promissory note or other instrument; provided, that the term Note Receivable shall not include any Serviced ASBA Asset; and provided further, that upon Lender’s release of its Lien on a specific Note Receivable in connection with the transfer by Borrower of such Note Receivable to the trustee pursuant to a Securitization Transaction or the sale of a Non-Guaranteed Participation therein, or any other release by Lender of its Lien therein, such obligation shall cease to be considered a Note Receivable and the provisions of this Agreement shall no longer be applicable thereto.

Note Receivable means a promissory note evidencing a commercial loan made by Borrower in accordance with Borrower’s Credit Policy and secured by a Lien on property owned by the maker of such promissory note; provided, that if Borrower’s Credit Policy as in effect at the time that such loan is made or purchased by Borrower do not require the execution of a promissory note and no promissory note is executed to evidence such loan, then the term “Note Receivable” means the obligation of the Account Debtor to repay such loan as evidenced by the agreements and documents evidencing such loan.