Secured Promissory Notes Clause Samples

Secured Promissory Notes. The Term Loan and the Revolving Line shall be evidenced by a Secured Promissory Note or Notes in the forms attached as Exhibit E 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 Credit Extension 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 Credit Extension or (as the case may be) the receipt of such payment. The outstanding amount of each Credit Extension set forth on such Lender’s Secured Promissory Note Record shall, absent

Secured Promissory Notes. On the Effective Date, HTL shall provide to Chen executed promissory notes in the form of Exhibit B-1 (“448K Secured Promissory Note”) and an executed promissory note in the form of Exhibit B-3 (“700K Secured Convertible Promissory Note”)

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. Borrower’s obligations to pay each Lender its Term Loan, and interest thereon, shall, at the option of such Lender, be further evidenced by a secured promissory note in the form attached as Exhibit C hereto in favor of such Lender (each a “Secured Promissory Note”). As of the Effective Date, HTF and VLL are each requiring such a Secured Promissory Note, but SVB is not. The Borrower irrevocably authorizes each Lender to make or cause to be made, 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 (absent manifest error) 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 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 a Lender as to the loss, theft, destruction, or mutilation of its Secured Promissory Note, with an appropriate indemnity in favor of Borrower, the Borrower shall issue, in lieu thereof, a replacement Secured Promissory Note in the same principal amount thereof and of like tenor. Nothing in the Secured Promissory Notes shall be deemed to limit any of the terms or provisions of this Agreement or any of the other Loan Documents, and all of Lenders’ rights and remedies hereunder, under the Secured Promissory Notes, and under the Loan Documents are cumulative. In case of any conflict between the terms of the Secured Promissory Notes and this Agreement, this Agreement shall control.

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. With regard to those two separate Secured Promissory Notes issued by the Executive to North Atlantic Trading Company, Inc. on March 31, 2002 in the original principal amounts of $958,499.02 and $475,071.30, respectively, the Company agrees that the interest payments due on March 31, 2006 and March 31, 2007 may be deferred and paid by the Executive upon the maturity of such Secured Promissory Notes on March 31, 2008.