Subordinated Secured Promissory Note definition

Subordinated Secured Promissory Note is defined in Section 2.5.
Sample 1Sample 2Sample 3
Subordinated Secured Promissory Note. ("this Note") is given by Maker as part of the purchase money consideration paid for the purchase of Holder's shares in U.S. Rubber Reclaiming, Inc., as more fully set forth in that certain Stock Purchase Agreement of this date, with Maker as "Buyer" and Holder as "Seller," and Maker acknowledges the receipt, adequacy and sufficiency of the consideration given for this Note. Repayment of this Note is secured by a Stock Pledge Agreement given by Obsidian Capital Partners, LP ("OCP"), Maker's sole shareholder, as is more fully set forth below.
Sample 1

Examples of Subordinated Secured Promissory Note in a sentence

  • All payments on the Subordinated Secured Promissory Note shall be made via automated clearing house transfers of immediately available funds to be initiated by Lender in accordance with the authorization and direction of Borrower to Lead Lender provided in Exhibit B-6 of this Agreement.

  • In addition to the subordination and other provisions contained in any subordination or intercreditor agreement, Borrower, Collateral Agent and Lenders agree that the payment of all amounts payable hereunder and under the Subordinated Secured Promissory Note are expressly subordinated in right of payment to the payment when due of all obligations under the Senior Indebtedness.

  • The Term Loan shall be evidenced by a Subordinated Secured Promissory Note in the form attached as Exhibit D hereto (“Subordinated Secured Promissory Note”) and shall be repayable as set forth in this Agreement.

  • Xxxxxxxx agrees to pay all amounts owing pursuant to the terms of this Agreement, including any financing charge, specified fees, interest and any other charges that may be assessed as provided in this Agreement or as documented in the Business Loan and Security Agreement Supplement on Exhibit B-5 (the “Supplement”) or the Subordinated Secured Promissory Note (as defined below).

  • Borrower shall pay all reasonable costs and expenses incurred by or on behalf of Lenders or Collateral Agent in connection with Lenders’ exercise of any or all of its rights and remedies under this Agreement or the Subordinated Secured Promissory Note, including, without limitation, reasonable attorneys' fees.

  • If any payment on the Subordinated Secured Promissory Note is due on a day which is not a Business Day, such payment shall be due on the next succeeding Business Day, and such extension of time shall be taken into account in calculating the amount of interest payable under this Note.

Related to Subordinated Secured Promissory Note

  • Senior Loan Agreement means that certain Term Loan Agreement, dated as of June 26, 2015, by and among Borrower and Senior Lenders, as amended, restated, supplemented or otherwise modified from time to time.

  • First Lien/First Lien Intercreditor Agreement means an intercreditor agreement substantially in the form of Exhibit H hereto, or such other customary form reasonably acceptable to the Administrative Agent and the Borrower, as such document may be amended, restated, supplemented or otherwise modified from time to time.