Related Note. This Note is being executed and delivered simultaneously with the execution and delivery by Borrower of the Secured Promissory Note (the "Other Note") of even date in the original principal balance of $ 125,000 in favor of the Broomfield Family Trust (the "Other Lender"). Advances under this Note shall be requested simultaneously with advance requests under the Other Note and shall be requested by Borrower on a pro rata basis; and all prepayments and payments of principal under this Note and the Other Note shall be made by Borrower (if not paid in full) to Holder and the Other Lender on a pro rata basis (and if Holder shall receive more than its pro rata share, it shall be deemed to hold such excess in trust for the benefit of the Other Lender).
Appears in 1 contract
Sources: Security Agreement (Sand Hill It Security Acquisition Corp)
Related Note. This Note is being executed and delivered simultaneously with the execution and delivery by Borrower of the Secured Promissory Note (the "Other Note") of even date in the original principal balance of $ 125,000 $375,000 in favor of the Broomfield Family Trust Beebird Beheer B. V. (the "Other Lender"). Advances under this Note shall be requested simultaneously with advance requests under the Other Note and shall be requested by Borrower on a pro rata basis; and all prepayments and payments of principal under this Note and the Other Note shall be made by Borrower (if not paid in full) to Holder and the Other Lender on a pro rata basis (and if Holder shall receive more than its pro rata share, it shall be deemed to hold such excess in trust for the benefit of the Other Lender).
Appears in 1 contract
Sources: Securities Transfer Agreement (Sand Hill It Security Acquisition Corp)