Common use of The Buyer Notes Clause in Contracts

The Buyer Notes. (a) On the First Issuance Date, Buyer will deliver to each Seller a promissory note, substantially in the form of Exhibit A, payable to the order of such Seller (each such promissory note, as the same may be amended, supplemented, endorsed or otherwise modified from time to time, together with any promissory note issued from time to time in substitution therefor or renewal thereof in accordance with the Transaction Documents, being herein called a "Buyer Note"), that is subordinated to all Senior Interests now or hereafter arising under or in connection with the Pooling Agreement. Each Buyer Note is payable in full on the date (the "Seller Maturity Date") that is one year and one day after the date on which all Investor Certificates have been repaid in full and the Revolving Periods for all Investor Certificates have terminated. Each Buyer Note bears interest at a rate per annum equal to the rate publicly announced by the Trustee from time to time as its "reference" or "prime" rate, determined as of each Cut-Off Date. Buyer may prepay all or part of the outstanding balance of any Buyer Note from time to time without any premium or penalty, unless the prepayment would result in a default in Buyer's payment of any other amount required to be paid by it under any Transaction Document.

The Buyer Notes. (a) On the First Issuance Date, Buyer will deliver to each Seller a promissory note, substantially in the form of Exhibit A, payable to the order of such Seller (each such promissory note, as the same may be amended, amended and restated, supplemented, endorsed or otherwise modified from time to time, together with any promissory note issued from time to time in substitution therefor or renewal thereof in accordance with the Transaction Documents, being herein called a "Buyer Note"), that is subordinated to all Senior Interests now or hereafter arising under or in connection with amounts payable by the Pooling Buyer to the Purchasers pursuant to the Receivables Sale Agreement. Each Buyer Note is payable in full on the date (the "Seller Maturity Date") that is one year and one day after the date on which all Investor Certificates Investments (as defined in the Receivables Sale Agreement) and other amounts then due and owing by the Buyer to the Purchasers under the Transaction Documents have been repaid paid in full and the Revolving Periods for all Investor Certificates have terminated. Each Buyer Note bears interest at a rate per annum equal to the rate publicly announced by the Trustee from time to time as its "reference" or "prime" rate, determined as of each Cut-Off Datefull. Buyer may prepay all or part of the outstanding balance of any Buyer Note from time to time without any premium or penalty, unless the prepayment would result in a default in Buyer's payment of any other amount required to be paid by it under any Transaction Document. By its execution of this Agreement, the Parent acknowledges receipt of the Buyer Notes made in favor of the Sellers which on the First Issuance Date are party hereto.