First Note Clause Samples

The "First Note" clause typically designates the initial promissory note or debt instrument issued in a financial transaction. This clause clarifies which specific note is considered the primary or original obligation, often for the purposes of priority, repayment order, or reference in subsequent agreements. For example, in a series of loans or notes, the First Note may determine which lender is repaid first or which terms govern the overall transaction. Its core practical function is to establish a clear point of reference and priority among multiple financial instruments, thereby reducing confusion and potential disputes over repayment or enforcement.
First Note. The first note ("First Note") shall be in the principal amount of Seven Hundred Fifty Thousand and 00/100 ($750,000.00). The First Note shall (i) bear interest at the rate of eight percent (8%) per annum, (ii) shall provide for monthly payments of principal and interest based on a 25-year amortization schedule; (iii) provide for a principal reduction payment in the amount of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) on the date which is six (6) months from the date of the First Note; and (iv) shall be fully due and payable on the date which is one (1) year from the date of the First Note.
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First Note. Upon execution of this Agreement, the Subsidiary shall issue a secured subordinated promissory note substantially in the form attached hereto as Exhibit A in the principal amount of $1,800,000 (the "First Note"). The parties acknowledge that the Purchaser delivered to the Subsidiary the purchase price of the First Note on December 9, 2002.
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First Note. The outstanding principal balance of the First Note as of the date hereof is $17,000,000.00; ​
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Related to First Note

  • Convertible Note From and after the Effective Time, the Company's $8,000,000 10% convertible subordinated promissory note, dated November 20, 1998, payable to Wind Point Partners III, L.P. (the "Convertible Note") shall, in accordance with the terms of the Convertible Note, represent the right, upon conversion thereof in accordance with its terms, to receive in cash, without interest, a single lump sum cash payment equal to the product of (i) the number of shares of Company Common Stock issuable upon the conversion of such Convertible Note in accordance with its terms immediately prior to the Effective Time and (ii) the Common Stock Merger Consideration, such cash payment to be reduced by any required withholding of Taxes.

  • Promissory Note The Promissory Note is enclosed. The Chief Financial Officer is required to sign it and return it to the OPWC Loan Officer, ▇▇▇▇▇ ▇▇▇▇▇▇. It is preferable that you scan and email it to her at ▇▇▇▇▇.▇▇▇▇▇▇@▇▇▇.▇▇▇▇▇.▇▇.▇▇ but may also mail it to the address on our letterhead. Only use one method.

  • Term Note The Term Loan shall be evidenced by the Term Note. At the time of the disbursement of the Term Loan or a repayment made in whole or in part thereon, a notation thereof shall be made on the books and records of the Bank. All amounts recorded shall be, absent demonstrable error, conclusive and binding evidence of (i) the principal amount of the Term Loan advanced hereunder, (ii) any accrued and unpaid interest owing on the Term Loan and (iii) all amounts repaid on the Term Loan. The failure to record any such amount or any error in recording such amounts shall not, however, limit or otherwise affect the joint and several obligations of the Borrowers under the Term Note to repay the principal amount of the Term Loan, together with all interest accruing thereon.

  • Revolving Note The Revolving Loans made by each Lender shall, in addition to this Agreement, also be evidenced by a promissory note of the Borrower substantially in the form of Exhibit K (each a “Revolving Note”), payable to the order of such Lender in a principal amount equal to the amount of its Commitment as originally in effect and otherwise duly completed.

  • Purchase of Convertible Debentures Subject to the satisfaction (or waiver) of the terms and conditions of this Agreement, each Buyer agrees, severally and not jointly, to purchase at each Closing and the Company agrees to sell and issue to each Buyer, severally and not jointly, at each Closing, Convertible Debentures in amounts corresponding with the Subscription Amount set forth opposite each Buyer’s name on Schedule I hereto.