Secured Demand Note Agreement definition
Secured Demand Note Agreement means a notarized agreement (including the related secured demand note) entered into by a Broker Dealer as borrower and a lender, evidencing or governing the contribution of a secured demand note to a Broker Dealer and the pledge of securities and/or cash with the Broker Dealer as collateral to secure payment of such secured demand note.
Secured Demand Note Agreement means an agreement (including the related secured demand note) evidencing or governing the contribution of a secured demand note to a broker or dealer and the pledge of securities and/or cash with the broker or dealer as collateral to secure payment of such secured demand note. The secured demand note agreement may provide that neither the lender, his heirs, executors, administrators or assigns shall be personally liable on such note and that in the event of default the broker or dealer shall look for payment of such note solely to the collateral then pledged to secure the same.
Examples of Secured Demand Note Agreement in a sentence
This Note and the Securities and Cash from time to time pledged to secure it are subject in all respects to the provisions of the Secured Demand Note Agreement.
Pursuant to that certain Secured Demand Note Agreement of the Company dated as of March 31, 1992, as amended and restated (the "Note Agreement"), the Company borrowed from the Lenders under the Note Agreement (some of whom are also Prior Investors) an aggregate principal amount of $3,095,686.63 and, as evidence of the Company's indebtedness to each of such Lenders, executed and delivered to each of such Lenders the Company's Secured Demand Promissory Notes (the "Notes").