Security for Payment definition

Security for Payment. A Vendor’s Lien retained in an Assignment and Conveyance of even date herewith from Payee to Maker and further secured by a Deed of Trust to ▇▇▇ ▇. ▇▇▇▇▇▇▇, Trustee, with an address at ▇▇▇ ▇▇▇▇▇▇, Suite 300, Liberty, Texas 77575 on the following described Property, to wit:
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Security for Payment. As set forth in the July 2009 Amended and Restated Security Agreement dated July 7, 2009, as amended on October 7, 2011 (the “ARSA”), which is incorporated by reference in this Note for all purposes as if fully set forth at length. NGC promises to pay to the order of ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ at the place for payment and according to the terms of payment the principal amount plus interest at the rates stated above. All unpaid amounts shall be due by the final scheduled payment date. NGC reserves the right to prepay the entire principal due under this Note at any time prior to maturity without penalty, and interest shall cease on any amount prepaid. If NGC defaults in the payment of any installment of this Note, either of principal or interest, as the installment becomes due and payable, then in that event ▇▇▇▇▇▇ shall have the option to declare the entire unpaid balance of principal and accrued interest immediately due and payable. NGC [and each surety, guarantor, and endorser] waives all notices, demands for payment, presentations for payment, notices of intent to accelerate maturity, notice of acceleration, protests, and notices of protest. All definitions and provisions of the ARSA related to default and all other matters in the ARSA apply to this Note. The Parties to this Note intend to comply with the usury laws applicable to this Note. Accordingly, the Parties agree that no provision in this Note or in any related documents (if any) shall require or permit the collection of interest in excess of the maximum rate permitted by law. If any excess interest is provided for or contracted for in this Note, or charged to NGC or any other person responsible for payment, or received by ▇▇▇▇▇▇, or if any excess interest is adjudicated to be provided for or contracted for under this Note or adjudicated to be received by ▇▇▇▇▇▇ or her assignee or successor, then the Parties expressly agree that this paragraph shall govern and control and that neither NGC nor any other party liable for payment of the Note shall be obligated to pay the amount of excess interest. Any excess interest that may have been collected shall be, at ▇▇▇▇▇▇’ option, either applied as credit against any unpaid principal amount due or refunded to NGC. The effective rate of interest shall be automatically subject to reduction to the maximum lawful contract rate allowed under the usury laws of the State of Texas as they are now or subsequently construed by the courts of the State of Texas. If this Note is...
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Security for Payment. This note is secured by the general assets of Flux Power Inc. Notwithstanding any provision herein to the contrary, it is expressly understood that this note is a revolving note, and Lender may in his discretion, but shall not be obligated to, advance funds pursuant to this note from time to time until 90 days from the Maturity Date, after which no advances shall be made under this note. All advances shall be requested by Borrower by means of the attached advance request notice and notation made by Borrower in their records regarding this note hereunder shall reflect any advance and each payment of principal. The aggregate unpaid amount of advances reflected by the notation shall be deemed rebuttably presumptive evidence of the principal amount owing under this note, which amount the undersigned unconditionally promises to pay to the order of Lender under the terms hereof. The minimum amount of any advance shall be $10,000.00. The advances and repayments of principal under this note are not limited to $2,000,000 of principal, but to $2,000,000 of principal at any one time outstanding. Borrower promises to pay to the order of Lender the Principal Amount plus interest and any fees at the Annual Interest Rate. This note is payable at the Place for Payment and according to the Terms of Payment. All unpaid amounts are due by the Maturity Date. After maturity, Borrower promises to pay any unpaid principal balance plus interest at the Annual Interest Rate on Matured, Unpaid Amounts.”
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Examples of Security for Payment in a sentence

  • A Committee will be set up to work out a policy on Security for Payment of Wages.

  • The Distributor shall sign the following Security for Payment Agreement Letter on its own letterhead and forward it to the local ACTRA office for signature by the Branch and the ACTRA Performers’ Rights Society.

  • The Lessee shall reimburse the Authority for all the expenses it incurs as a result of non-compliance by the Lessee with the Insurance and Security for Payment of Rentals and Other Charges obligations covenanted by this agreement; or of the risks described herein.

  • Security for Payment: A security interest created and granted in the following Second Amended and Restated Security Agreement (the "Security Agreement"): Date: ......................................

  • Overdraft Facility and Security for Payment ..........................14 9.

  • The indebtedness evidenced by this Note, all other indebtedness now owing by Maker and/or Guarantors to Payee, any future indebtedness of Maker and/or Guarantors, in favor of said Payee; any indebtedness owing to said Payee, which is or will be guaranteed by Maker and/or Guarantors; and any renewals, modifications and/or extensions of said indebtedness, are secured by the collateral described in the Security for Payment described above.

  • Security for Payment: A security interest created and granted in the following Second Amended and Restated Security Agreement (the "Security Agreement"): Date: .....................

  • The Authority shall fine the Lessee $1,000.00 for each and every month the Security for Payment of Rentals and Other Charges and Insurance Policies are not submitted upon their expiration.

  • Security for Payment of Bank Obligations Under Repurchase Transactions Although the parties intend that all Repurchase Transactions shall be sales and purchases of securities, in the event any Repurchase Transactions are deemed to be loans, Bank shall be deemed to have pledged the Underlying Assets to Customer as security for the performance by Bank of its obligations under each such Repurchase Transaction.

  • Overdraft Facility and Security for Payment...........................


More Definitions of Security for Payment

Security for Payment. As set forth in the July 2009 Amended and Restated Security Agreement dated July 7, 2009 (the “ARSA”), which is incorporated by reference in this Note for all purposes as if fully set forth at length.
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Related to Security for Payment

  • Due for Payment means, with respect to any Insured Amounts, such amount that is due and payable under the Indenture on the related Payment Date.

  • Processing fee for payment of rent with bad check means the processing fee specified in the rental

  • Application for Payment means a written request submitted by Contractor to A/E for payment of Work completed in accordance with the Contract Documents and approved Schedule of Values, supported by such substantiating data as Owner or A/E may require.

  • Request for Payment means a payment application or declaration of expenditure submitted by the Member State to the Commission;

  • Extended Due for Payment Date means, in relation to any Series of Covered Bonds, the date, if any, specified as such in the applicable Final Terms to which the payment of all or (as applicable) part of the Final Redemption Amount payable on the Final Maturity Date will be deferred in the event that the Final Redemption Amount is not paid in full on the Extension Determination Date.