THE LENDER NOTE Clause Samples
The Lender Note clause defines the formal written instrument that evidences the borrower's obligation to repay a loan to the lender. Typically, this clause outlines the principal amount, interest rate, repayment schedule, and any other key terms governing the loan. For example, it may specify when payments are due and the consequences of late payment. Its core practical function is to provide a clear, enforceable record of the debt and its terms, ensuring both parties understand their rights and obligations under the loan agreement.
THE LENDER NOTE. The Loan shall be evidenced by a Senior Secured Promissory Note dated the date hereof (the "LENDER NOTE"), representing the obligation of the Company to repay the Loan, together with interest thereon. A form of the Lender Note is attached hereto as Exhibit A. The Company authorizes Lender to endorse the date and amount of the Loan and any prepayment on the schedule annexed to and constituting a part of the Lender Note, which endorsement shall constitute prima facia evidence of the accuracy of the information, in the absence of manifest error. The failure to record any such amount or any error in recording shall not, however, limit or otherwise affect the obligations of the Company to repay the principal amount of the Loan together with all interest accruing thereon.
THE LENDER NOTE. The Lender Note, duly executed by an authorized officer of the Company.