Senior secured promissory note definition
Promissory Note. Oversimplifying, a promissory note is a written promise to repay a debt. It identifies the contractual obligations of the borrower (promisor) towards the lender (promisee) in terms of the loan, such as the amount and timing of repayment, and the lender's recourse if the loan isSecured Promissory Note. A promissory note may include terms that secure the agreement by a mortgage or deed of trust or a financing statement, which is a security agreement for personal collateral. senior secured promissory note definition
A secured promissory note is a legallybinding agreement between a lender and a borrower. A secured promissory note often comes with the loan and stipulates the terms and conditions in which the borrower is expected to pay back the loan.
Senior secured promissory note definition free
Definition of Senior Secured Promissory Notes Senior Secured Promissory Notes means the Company's Senior Secured Promissory Notes, dated December 30, 2005 and February 3, 2006, in the aggregate principal amount of 2, 500, 000.
, the registered holder of this Secured Promissory Note, issued, 2012, hereby gives notice of the conversion of all outstanding principal and accrued interest into Common Stock of eDiets. com, Inc. at a conversion price equal to per share.
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Whether you are lending or borrowing, a Secured Promissory Note protects both parties. Use our Secure Loan Agreement template to quickly document the terms of your loan agreement.
A secured note is a type of loan that is backed by the borrower's assets. If a borrower defaults on a secured note, the assets she has pledged as collateral can be sold to repay the note.
A promissory note is a contract between the bank and the borrower. A secured promissory note is accompanied by other documentation that pledges collateral. The borrower pledges this collateral in the event he can no longer pay and the loan is declared in default.
An Unsecured Promissory Note is a document that details the borrowing of money from one individual or entity to another without security if the debt is not paid in full. Unlike a secured promissory note, the lender is taking into account the borrowers credibility without receiving anything in return if they shall default on their payments.
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