Secured Promissory Note Clause Samples
A Secured Promissory Note is a legal instrument that documents a borrower's promise to repay a specific sum of money to a lender, with the repayment obligation backed by collateral. In practice, this means that if the borrower defaults on the loan, the lender has the right to claim the specified assets—such as real estate, vehicles, or equipment—to recover the outstanding debt. The core function of this clause is to reduce the lender's risk by providing a security interest in the borrower's property, thereby increasing the likelihood of repayment or compensation in the event of default.
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Secured Promissory Note. Each Pledgor hereby agrees to be bound by any covenants stated to be binding upon them in the Note and such covenants are hereby incorporated by reference as if fully set forth herein.
Secured Promissory Note. Each Loan shall be evidenced by a Secured Promissory Note or Notes in the form attached as Exhibit D hereto (the “Secured Promissory Note”), and shall be repayable as set forth herein. The Borrower irrevocably authorizes Lender to make or cause to be made, on or about the Funding Date of any Loan or at the time of receipt of any payment of principal on Lender’s Secured Promissory Note, an appropriate notation on Lender’s Secured Promissory Note Record reflecting the making of the Loan or (as the case may be) the receipt of such payment. The outstanding amount of each Loan set forth on Lender’s Secured Promissory Note Record shall be prima facie evidence of the principal amount thereof owing and unpaid to Lender, but the failure to record, or any error in so recording, any such amount on Lender’s Secured Promissory Note Record shall not limit or otherwise affect the obligations of the Borrower hereunder or under any Secured Promissory Note to make payments of principal of or interest on any Secured Promissory Note when due. Upon receipt of an affidavit of an officer of Lender as to the loss, theft, destruction, or mutilation of its Secured Promissory Note, the Borrower shall issue, in lieu thereof, a replacement Secured Promissory Note in the same principal amount thereof and of like tenor.
Secured Promissory Note. A Secured Promissory Note in the original principal amount of Two Million and No/100 Dollars ($2,000,000.00), substantially in the form attached hereto as Exhibit A, and secured by, among other things, one or more mortgages on the Purchased Assets consisting of Owned Real Property giving Seller a first priority mortgage lien on such property, one or more leasehold mortgages on the Purchased Assets consisting of Leased Real Property giving Seller a first priority mortgage lien on such leases, a security agreement on the Purchased Assets consisting of personal property giving the Seller a first priority security interest on such personal property, and one or more pledge agreements on the Buyer’s ownership of the stock of Subsidiary.
Secured Promissory Note. This Note shall be secured by all of the intellectual property of the Company, as provided in the Intellectual Property Security Agreement between the parties entered into in connection with the Purchase Agreement for the Note.
Secured Promissory Note. This Secured Promissory Note (this “Note”) is made , 2008, by Fluidigm Corporation (“Borrower”) in favor of Lighthouse Capital Partners V, L.P. (collectively with its assigns, “Lender”). Initially capitalized terms used and not otherwise defined herein are defined in that certain Loan and Security Agreement No. 4561 between Borrower and Lender dated March 29, 2005, as amended (the “Loan Agreement”). For Value Received, Borrower promises to pay in lawful money of the United States, to the order of Lender, at 500 Drake’s ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, or such other place as Lender may from time to time designate (“Lender’s Office”), the principal sum of $ (the “Advance”), including interest on the unpaid balance and all other amounts due or to become due hereunder according to the terms hereof and of the Loan Agreement.
Secured Promissory Note. The due and punctual payment in full (and not merely the collectibility) of all principal (including any amounts advanced after the date hereof) and interest under the Secured Promissory Note dated January 7, 2002 made by the Debtor in favor of the Secured Party, as payee (the "Note"), in each case when due and payable, according to the terms of the Note, whether at maturity, by acceleration or otherwise, and regardless of the extent allowed as a claim in any proceeding in respect of the bankruptcy, reorganization or insolvency of the Debtor (a "Reorganization"); and (ii) the due and punctual payment in full (and not merely the collectibility) of all other sums and charges which may at any time be due and payable in accordance with or under the terms of the Note, regardless of the extent allowed as a claim in any Reorganization.
Secured Promissory Note. This Amended and Restated Secured Promissory Note issued by the Company in favor of the Payee amends and restates in its entirety, and is issued by the Company in replacement of and substitution for a Secured Promissory Note of identical principal amount issued to Payee pursuant to the Loan Agreement(the “Original Note”). The Company and the Payee acknowledge and agree that upon the execution delivery of this Amended and Restated Secured Promissory Note, the Original Note shall be null and void and of no further legal force or effect. The form of such Replacement Note shall be also be attached to the applicable Loan Agreement as an acceptable form of note to be issued pursuant thereto.
Secured Promissory Note. The Note duly executed by Borrower.
Secured Promissory Note. The amended and restated secured promissory note in the amount of Twelve Million Two Hundred Twenty-Six Thousand Six Hundred Twenty Dollars ($12,226,620) dated December 31, 1998, executed by the Borrower and delivered to the Lender."
(d) Section 2.1 of the Agreement is amended and restated in its entirety as follows:
Secured Promissory Note. The Purchaser shall have delivered to the Company the Secured Promissory Note;