Secured Promissory Notes Sample Clauses

Secured Promissory Notes. The Term Loans shall be evidenced by a Secured Promissory Note or Notes in the form attached as Exhibit D hereto (each a “Secured Promissory Note”), and shall be repayable as set forth in this Agreement. Borrower irrevocably authorizes each Lender to make or cause to be made, on or about the Funding Date of any Term Loan or at the time of receipt of any payment of principal on such Lender’s Secured Promissory Note, an appropriate notation on such Lender’s Secured Promissory Note Record reflecting the making of such Term Loan or (as the case may be) the receipt of such payment. The outstanding amount of each Term Loan set forth on such Lender’s Secured Promissory Note Record shall be prima facie evidence of the principal amount thereof owing and unpaid to such Lender, but the failure to record, or any error in so recording, any such amount on such Lender’s Secured Promissory Note Record shall not limit or otherwise affect the obligations of Borrower under any Secured Promissory Note or any other Loan Document to make payments of principal of or interest on any Secured Promissory Note when due. Upon receipt of an affidavit of an officer of a Lender as to the loss, theft, destruction, or mutilation of its Secured Promissory Note, Borrower shall issue, in lieu thereof, a replacement Secured Promissory Note in the same principal amount thereof and of like tenor.

Secured Promissory Notes. At the election of any Lender made as to each Credit Facility for which it has made Credit Extensions, each Credit Facility shall be evidenced by one or more secured promissory notes in form and substance satisfactory to Agent and Lenders (each a “Secured Promissory Note”). Upon receipt of an affidavit of an officer of a Lender as to the loss, theft, destruction, or mutilation of its Secured Promissory Note, Borrower shall issue, in lieu thereof, a replacement Secured Promissory Note in the same principal amount thereof and of like tenor.

Secured Promissory Notes. The Term Loan shall be evidenced by a Secured Promissory Note in the form attached as Exhibit D hereto (“Secured Promissory Note”) and shall be repayable as set forth in this Agreement.

Secured Promissory Notes. Each Lender's Pro Rata Share of the Term Loan and Revolving Line may at such Lender's request be evidenced by a Secured Promissory Note in the form attached as Exhibit C hereto (each a "Secured Promissory Note"), and shall be repayable as set forth herein. Agent has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied. Borrower shall have no right to specify the order or the accounts to which Agent shall allocate or apply any payments required to be made by Borrower to the Lenders or otherwise received by the Lenders under this Agreement when any such allocation or application is not specified elsewhere in this Agreement provided that no voluntary prepayment may be made to the Term Loan without the Borrower's consent. Borrower irrevocably authorizes each Lender to make or cause to be made, on or about the Effective Date or at the time of receipt of any payment of principal on such Lender's Secured Promissory Note, an appropriate notation on such Lender's Secured Promissory Note Record reflecting the making of the Term Loan, Revolving Line or (as the case may be) the receipt of such payment. The outstanding principal amount of the Term Loan set forth on such Lender's Secured Promissory Note Record shall be prima facie evidence of the principal amount thereof owing and unpaid to such Lender, but the failure to record, or any error in so recording, any such amount on such Lender's Secured Promissory Note Record shall not limit or otherwise affect the obligations of 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 a Lender as to the loss, theft, destruction, or mutilation of its Secured Promissory Note, Borrower shall issue, in lieu thereof, a replacement Secured Promissory Note in the same principal amount thereof and of like tenor.

Secured Promissory Notes. Buyer shall issue to Seller three secured promissory notes as follows: BCInet - APA (a) A secured promissory note in the amount of $311,215.00, representing the value of the Inventory being transferred, in the form attached hereto as Exhibit C (“Inventory Note”). The Inventory Note will carry an interest rate of 1% per annum, and the entire principal amount of the Inventory Note together with all accrued and unpaid interest shall become due and payable eleven months from the date of issuance. (b) A secured promissory note, in the form attached hereto as Exhibit D, in the amount of $170,000.00, representing the value of the Other Assets as well as the value of services referred to in Section 1.1(b) (“Other Assets Note”). Other Assets Note will carry an interest rate of 1% per annum, and the entire principal amount of the Other Assets Note together with all accrued and unpaid interest shall become due and payable two years from the date of issuance. (c) A secured convertible promissory note in the amount of $414,200.00, representing part of the total value of the Goodwill, in the form attached hereto as Exhibit E (“Goodwill Note”). The Goodwill Note will carry an interest rate of 3% per annum, and the entire principal amount of the Goodwill Note together with all accrued and unpaid interest shall become due and payable five (5) years from the date of issuance. (d) The Inventory Note, Other Assets Note, and Goodwill Note (collectively, the “Notes”) shall be issued pursuant to a security agreement in the form attached hereto as Exhibit F (the “Security Agreement”).

Secured Promissory Notes. Section 2.4 is amended in its entirety and replaced with the following:

Secured Promissory Notes. Section 2.5 of the Loan Agreement hereby is amended and restated in its entirety to read as follows:

Secured Promissory Notes. If certificates of title are now, or hereafter become, issued or outstanding with respect to any of the Collateral, Maker promptly shall cause the senior security interest of Holder to be properly noted thereon. Maker agrees that the security interest herein granted has attached and shall continue until Maker's obligations under this Note have been paid, performed and indefeasibly discharged in full.

Secured Promissory Notes. Contractor shall have executed and delivered ------------------------ the Asset Note and the Inventory Note, each of which shall be in full force and effect.

Secured Promissory Notes. The Borrower shall have issued the Secured Promissory Notes dated as of the date hereof to the Agent for the benefit of the Lenders pursuant to the terms of the Closing Date Warrant and the Delayed Draw Warrant, as amended, restated, amended and restated, supplemented and otherwise modified from time to time prior to the date hereof.