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 Xxx X. Xxxxxxx, Trustee, with an address at 000 Xxxxxx, 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 Xxxxxx X. Xxxxxx 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 Xxxxxx 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 Xxxxxx, or if any excess interest is adjudicated to be provided for or contracted for under this Note or adjudicated to be received by Xxxxxx 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 Xxxxxx’ 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

  • Annual Interest Rate on Matured, Unpaid Amounts: 18% per annum, compounded monthly, or if less, the maximum legal rate of interest Security for Payment: None, unsecured.

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

  • Security for Payment: This note is secured by a Security Agreement of even date herewith from Maker to Payee granting a security interest in and to all property described in or referred to in said Security Agreement.

  • Security for Payment: This Note is hereby secured by all of the Collateral (as defined in that certain Pledge and Security Agreement, dated as of the date hereof, by and between Maker and Payee (the “Pledge and Security Agreement”)).

  • 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 ..........................12 9.

  • Security for Payment: First Lien Deed of Trust, of even date herewith, executed by Maker to Steven R.

  • Security for Payment of the Notes..........................................................

  • Security for Payment: Pursuant to the Security Agreement executed on the date hereof, One Hundred Thousand (100,000) shares of the common stock of Payee, owned and held of record by Maker, are pledged by Maker as security for the payment of this Promissory Note.

  • Verio shall perform all Resell Services in accordance with and subject to the Service Level Commitments set forth in Attachment B.

Related to Security for Payment

  • Due for Payment means, (i) with respect to an Insured Amount, the Payment Date on which Insured Amounts are due and payable pursuant to the terms of the Indenture and (ii) with respect to a Preference Amount, the Business Day on which the documentation required by the Insurer has been received by the Insurer.

  • Application for Payment means Contractor’s monthly partial invoice for payment that includes any portion of the Work that has been completed for which an invoice has not been submitted and performed in accordance with the requirements of the Contract Documents. The Application for Payment accurately reflects the progress of the Work, is itemized based on the Schedule of Values, bears the notarized signature of Contractor, and shall not include subcontracted items for which Contractor does not intend to pay.

  • 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.

  • Guarantor Payment as defined in Section 5.11.3.

  • Progress Payment means a payment by a public agency to a contractor for work in place under the terms of a construction contract.

  • Progress Payments County shall make periodic progress payments consist with the Contract Price on the basis of Contractor's Applications for Payments, as provided in paragraph

  • Guarantor Payment Date means (a) prior to the delivery of a Guarantor Default Notice, the date falling on the 10th day of February, May, August and November of each year or, if such day is not a Business Day, the immediately following Business Day, provided that the fist Guarantor Payment Date will be 10 February 2014; and (b) following the delivery of a Guarantor Default Notice, any day on which any payment is required to be made by the Representative of the Covered Bondholders in accordance with the Post-Enforcement Priority of Payments, the relevant Final Terms and the Intercreditor Agreement.

  • Improper Payment means: (a) any payment, offer, gift or promise to pay or authorization of the payment or transfer of other things of value, including without limitation any portion of the compensation, fees or reimbursements received hereunder or the provision of any service, gift or entertainment, directly or indirectly to (i) a Government Official; (ii) any director, officer, employee or commercial partner of a Party or its Affiliates; or, (iii) any other person at the suggestion, request or direction or for the benefit of any of the above-described persons and entities, for purposes of obtaining or influencing official actions or decisions or securing any improper advantage in order to obtain, retain or direct business; (b) payments made and expenses incurred in connection with performance of obligations under this Agreement that are not made and recorded with sufficient accuracy, detail, and control to meet the standards in applicable Anti-Corruption Laws; or, (c) any other transaction in violation of applicable Anti- Corruption Laws.

  • Payment Ahead means, with respect to a Precomputed Receivable and a Collection Period, any Excess Payment (not representing, when added to any Deferred Prepayment with respect to such Precomputed Receivable, a prepayment in full of such Precomputed Receivable) which the Servicer, in accordance with its customary servicing practices, will apply towards the payment of Scheduled Payments due in one or more future Collection Periods.

  • Service Payment has the meaning given to it in clause 9.1;

  • Final Payment Certificate means the payment certificate issued under Sub-Clause 14.13 [Issue of Final Payment Certificate].

  • Statement of Account means the consolidated statement of account, or statement of account, issued by us every month to you setting out transactions of your Account(s).

  • Delivery Obligation In lieu of the obligations set forth in Sections 8.1 and 9.1 of the Equity Definitions, and subject to “Notice of Exercise” above and “Discretionary Adjustments” and “Consequences of Merger Events” below, in respect of an Exercise Date, Dealer will deliver to Counterparty on the related Settlement Date (the “Delivery Obligation”), (i) a number of Shares equal to the product of the Applicable Percentage and the aggregate number of Shares, if any, that Counterparty would be obligated to deliver to the holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 4.02(a)(ii)(A) or 4.02(a)(ii)(C) of the Indenture (rounded down to the nearest whole number) and cash in lieu of any fractional Share resulting from such rounding and/or (ii) the product of the Applicable Percentage and the aggregate amount of cash, if any, in excess of the principal amount of the Relevant Convertible Securities that Counterparty would be obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date pursuant to Section 4.02(a)(ii)(B) or 4.02(a)(ii)(C) of the Indenture, determined, for each of clauses (i) and (ii), by the Calculation Agent (by reference to such Sections of the Indenture) as if Counterparty had elected to satisfy its conversion obligation in respect of such Relevant Convertible Securities by the Applicable Settlement Method, notwithstanding any different actual election by Counterparty with respect to the settlement of such Relevant Convertible Securities; provided that the Delivery Obligation shall be determined excluding any Shares and/or cash that Counterparty is obligated to deliver to holder(s) of the Relevant Convertible Securities as a direct or indirect result of any adjustments to the Conversion Rate pursuant to a Discretionary Adjustment and any interest payment that Counterparty is (or would have been) obligated to deliver to holder(s) of the Relevant Convertible Securities for such Conversion Date. Notwithstanding the foregoing, if, in respect of any Exercise Date, (x)(I) the number of Shares included in the Delivery Obligation multiplied by the Share Obligation Value Price plus (II) the amount of cash included in the Delivery Obligation, would otherwise exceed (y) the product of the Applicable Percentage and the relevant Net Convertible Share Obligation Value, such number of Shares and such amount of cash shall be proportionately reduced to the extent necessary to eliminate such excess.

  • Payment Agreement means a written agreement which provides

  • Late Payment Charge means the charge that is applied when either Party fails to remit payment for any charges by the Bill Due Date, or if payment for any portion of the charges is received after the Bill Due Date, or if payment for any portion of the charges is received in funds which are not immediately available or received by either Party as of the Bill Due Date, or if either Party does not submit the Remittance Information.

  • Final Payment is a payment (in addition to and not a substitution for the regular monthly payments of principal plus accrued interest) due on the earliest to occur of (a) the Maturity Date, or (b) the acceleration of any Term Loan, or (c) the prepayment of a Term Loan pursuant to Section 2.2(c) or (d), equal to the original principal amount of such Term Loan multiplied by the Final Payment Percentage, payable to Lenders in accordance with their respective Pro Rata Shares.

  • Note Payment Account means the account established and maintained as such pursuant to Section 4.1(b).

  • Notice to Proceed means notice issued by the OPWC pursuant to Section IV of this Agreement. "OPWC" means the Ohio Public Works Commission created pursuant to Revised Code Section 164.02.

  • Payment means any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or otherwise.

  • Evidence of coverage means any certificate, agreement or contract issued to an enrollee setting out the coverage to which the enrollee is entitled.

  • Agreement Payment means a Payment paid or payable pursuant to this Agreement.

  • Interim Payment Certificate means a payment certificate issued under Clause 14 [Contract Price and Payment], other than the Final Payment Certificate.

  • Service payments means payments to the private entity of a qualifying project pursuant to a service contract.